Chase Gate Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08809843 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

CHASE GATE LTD

Page

Statement of Financial Position

1

Notes to the Financial Statements

3

FIXED ASSETS

Property, plant and equipment

4

2,329

1,905

Investment property

5

1,200,000

1,200,000

1,202,329

1,201,905

CURRENT ASSETS

Debtors

6

187,309

186,560

Cash at bank and in hand

3,357

1,868

190,666

188,428

CREDITORS

Amounts falling due within one year

7

52,055

60,179

NET CURRENT ASSETS

138,611

128,249

TOTAL ASSETS LESS CURRENT LIABILITIES

1,340,940

1,330,154

CREDITORS

Amounts falling due after more than one year

8

(840,000

)

(840,000

)

PROVISIONS FOR LIABILITIES

10

(96,994

)

(96,994

)

NET ASSETS

403,946

393,160

CAPITAL AND RESERVES

Called up share capital

900

900

Fair value reserve

11

413,503

413,503

Retained earnings

(10,457

)

(21,243

)

SHAREHOLDERS' FUNDS

403,946

393,160

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 September 2021 and were signed on its behalf by:

Mr A S Christofis - Director

1.	STATUTORY INFORMATION

Chase Gate Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

08809843

Registered office:

1 Kings Avenue

London

N21 3NA

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates

In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.

There are no significant judgements or estimates involved in the preparation of the financial statements.

Revenue

Revenue represents rents receivable during the year. Revenue is recognised when services are rendered to the customers.

Property, plant & equipment

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Plant and machinery - 25% reducing balance

The company has adopted the policy of not to depreciate in the year of purchase of the asset, however full depreciation will be provided in the year of disposal.

Investment property

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Cash and cash equivalent

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

£

COST

At 1 January 2020

8,028

Additions

900

At 31 December 2020

8,928

DEPRECIATION

At 1 January 2020

6,123

Charge for year

476

At 31 December 2020

6,599

NET BOOK VALUE

At 31 December 2020

2,329

At 31 December 2019

1,905

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2020

and 31 December 2020

1,200,000

NET BOOK VALUE

At 31 December 2020

1,200,000

At 31 December 2019

1,200,000

Fair value at 31 December 2020 is represented by:

£

Valuation in 2016

635,497

Valuation in 2018

(125,000

)

Cost

689,503

1,200,000

If investment property had not been revalued it would have been included at the following historical cost:

2020

2019

£

£

Cost

689,503

689,503

Investment property was valued on an open market basis on 31 December 2020 by the directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other debtors

187,309

186,560

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

2,900

3,458

Taxation and social security

4,132

1,667

Other creditors

45,023

55,054

52,055

60,179

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

840,000

840,000

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

840,000

840,000

The loan is secured on the property of the company by way of a fixed and floating charge and contains a negative pledge.

10.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

Other timing differences

96,994

96,994

Deferred

tax

£

Balance at 1 January 2020

96,994

Balance at 31 December 2020

96,994

11.

RESERVES

Fair

value

reserve

£

At 1 January 2020

and 31 December 2020

413,503

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The directors' loan was interest free and was repaid on 06 April 2021.

13.	RELATED PARTY DISCLOSURES

Included in other debtors less than one year is an amount of £174,689 (2019: £184,690) due from connected companies with common control. The amount is interest free and repayable on demand.

Included in other debtors less than one year is the amount of £12,000 (2019: £Nil) due from the directors of the company. The loan was interest free and was repaid on 06 April 2021.

Included in other creditors less than one year is an amount of £42,000 (2019: £52,834) due to connected companies with common control. The amount is interest free and repayable on demand.