Chase Commercial Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 05889020 (England and Wales)

Chase Commercial Limited

Unaudited Financial Statements

for the Year Ended 31 December 2022

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTORS:

Ms G J Ackrill

Mr J K Retallack

Mr J R Meredith

Mr D J Parker

REGISTERED OFFICE:

19-20 Vine Street

Evesham

Worcestershire

WR11 4RL

REGISTERED NUMBER:

05889020 (England and Wales)

ACCOUNTANTS:

Grenfell James Associates Limited

13 The Courtyard

Timothys Bridge Road

Stratford Upon Avon

Warwickshire

CV37 9NP

FIXED ASSETS

Tangible assets

4

188,835

190,722

Investments

5

50

64,550

188,885

255,272

CURRENT ASSETS

Stocks

9,628,199

1,748,562

Debtors

6

1,770,693

1,653,852

Cash at bank

2,412,829

665,659

13,811,721

4,068,073

CREDITORS

Amounts falling due within one year

7

13,877,018

4,425,841

NET CURRENT LIABILITIES

(65,297

)

(357,768

)

TOTAL ASSETS LESS CURRENT LIABILITIES

123,588

(102,496

)

CREDITORS

Amounts falling due after more than one year

8

35,652

41,203

NET ASSETS/(LIABILITIES)

87,936

(143,699

)

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

86,936

(144,699

)

SHAREHOLDERS' FUNDS

87,936

(143,699

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 August 2023 and were signed on its behalf by:

Mr J R Meredith - Director

1.	STATUTORY INFORMATION

Chase Commercial Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover

Turnover comprises revenue recognised by the company in respect of management and licence fees and profit share agreements during the year, exclusive of Value Added Tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2021 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2022

182,619

4,248

9,653

196,520

Additions

-

170

-

170

At 31 December 2022

182,619

4,418

9,653

196,690

DEPRECIATION

At 1 January 2022

-

2,254

3,544

5,798

Charge for year

-

530

1,527

2,057

At 31 December 2022

-

2,784

5,071

7,855

NET BOOK VALUE

At 31 December 2022

182,619

1,634

4,582

188,835

At 31 December 2021

182,619

1,994

6,109

190,722

5.	FIXED ASSET INVESTMENTS

Interest

Interest

in other

in joint

participating

venture

interests

Totals

£

£

£

COST

At 1 January 2022

50

64,500

64,550

Disposals

-

(64,500

)

(64,500

)

At 31 December 2022

50

-

50

NET BOOK VALUE

At 31 December 2022

50

-

50

At 31 December 2021

50

64,500

64,550

Participating interests

During the year, the participating interest shareholding in Ashchurch 9 Limited, a company incorporated in the United Kingdom, with 1,000 ordinary shares and a shareholding in Tetrao Investments Limited, a company incorporated in Jersey, with 10 ordinary shares, 1,979,991 A ordinary shares and 219,999 B ordinary shares, was disposed of on 2nd August 2022.

Joint Venture

The Joint venture comprises a shareholding in Chase-Reynes (Gloucester) Ltd, a company incorporated in the United Kingdom, with 100 ordinary shares.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

1,456,541

21,579

Other debtors

314,152

1,632,273

1,770,693

1,653,852

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

5,556

5,555

Trade creditors

1,685,058

56,384

Amounts owed to participating interests

50

50

Taxation and social security

1,003,255

61,111

Other creditors

11,183,099

4,302,741

13,877,018

4,425,841

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

35,652

41,203

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

13,429

18,985

9.	RELATED PARTY DISCLOSURES

J R Meredith resigned as a director of Ashbridge Developments Limited on 19th April 2022. Ashbridge Developments has a subsidiary called Chase Midlands Estates Limited.

G J Ackrill and J R Meredith are directors of Chase-Reynes (Gloucester) Limited, a company that Chase Commercial Limited has entered into a joint venture agreement with.

J R Meredith is a director of Park Mill Developments Limited.

At 31 December 2022 the company was owed £NIL (2021: £827,471) by Chase Midlands Estates Limited, a company in which Mr J Meredith is also a director. This loan was interest free and was repayable upon demand, and was repaid in full during the year.

At 31 December 2022 the company was owed £250,000 (2021: £250,000) by Chase-Reynes (Gloucester) Limited. This is repayable upon demand.

A Loan from Park Mill Developments Limited of £35,000 was repaid during the year. Interest of £1,445 was accrued and charged, in respect of the loan, during the year.

Others creditors include the following loans:

- An amount of £587,721 (2021: £1,348,192) owed to Worlddream Limited, a company owned by G J Ackrill and her children. Interest of £30,530 was accrued and charged, in respect of the loan, during the year.

- An amount of £241,063 (2021: £241,063) owed to Gail Ackrill. Interest of £14,133 was accrued and charged, in respect of the loan, during the year.

- An amount of £148,000 (2021: £148,000) owed to Gail Ackrill. Interest of £6,908 was accrued and charged, in respect of the loan, during the year.