| CHASE GATE LTD |
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| Abbreviated Balance Sheet |
| as at 31 December 2015 |
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| Notes |
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2015 |
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2014 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
2 |
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|
1,033,521 |
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|
1,008,028 |
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| Current assets |
| Debtors |
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|
867 |
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|
229 |
| Cash at bank and in hand |
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|
5,801 |
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|
3,460 |
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|
6,668 |
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|
3,689 |
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| Creditors: amounts falling due within one year |
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(91,054) |
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(728,427) |
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| Net current liabilities |
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(84,386) |
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(724,738) |
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| Total assets less current liabilities |
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949,135 |
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283,290 |
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| Creditors: amounts falling due after more than one year |
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(664,928) |
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- |
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| Net assets |
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284,207 |
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283,290 |
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| Capital and reserves |
| Called up share capital |
4 |
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900 |
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|
900 |
| Revaluation reserve |
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337,997 |
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337,997 |
| Profit and loss account |
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(54,690) |
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(55,607) |
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| Shareholders' funds |
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284,207 |
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283,290 |
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| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| Members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
| Approved by the board on 15 September 2016 |
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| Mr A S Christofis |
| Director |
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| CHASE GATE LTD |
| Notes to the Abbreviated Accounts |
| for the year ended 31 December 2015 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention as modified by the revaluation of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015). |
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Turnover |
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Turnover represents rents receivable by the company. |
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Depreciation |
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Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. |
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Freehold land and buildings |
no depreciation provided. |
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Plant and machinery |
25% on reducing balance |
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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. |
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Investment properties |
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In accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), no depreciation is provided in respect of properties held as investments. This is a departure from the Companies Act 2006 which requires all properties to be depreciated. Such properties are held for investment and not for consumption and the directors consider that to depreciate them would not provide a true and fair view. Depreciation is only one of the many elements reflected in the annual valuation of properties and accordingly the amount of depreciation which might otherwise have been charged cannot be separately identified or quantified. The director considers that this policy results in the accounts giving a true and fair view. |
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Deferred taxation |
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Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes, provided the amount is material in the context of the Financial Statement as a whole. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse. |
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| 2 |
Tangible fixed assets |
£ |
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Cost |
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At 1 January 2015 |
1,008,028 |
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Additions |
27,500 |
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At 31 December 2015 |
1,035,528 |
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Depreciation |
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Charge for the year |
2,007 |
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At 31 December 2015 |
2,007 |
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Net book value |
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At 31 December 2015 |
1,033,521 |
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At 31 December 2014 |
1,008,028 |
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The valuation of the properties were made on 9 September 2014 by Robert Sterling Surveyors LLP, Chartered Surveyors, on an open market value basis to be £1,000,000. No depreciation is provided in respect of the investment properties. The directors consider that the resultant book value of £1,027,500 did not materially differ from the market value on a market value basis at 31 December 2015. This value has therefore been reflected in the table above. |
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| 3 |
Loans |
2015 |
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2014 |
| £ |
£ |
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Creditors include: |
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Secured loans |
689,503 |
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609,750 |
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| 4 |
Share capital |
Nominal |
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2015 |
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2015 |
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2014 |
| value |
Number |
£ |
£ |
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Allotted, called up and fully paid: |
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Ordinary shares |
£1 each |
|
900 |
|
900 |
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900 |
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