Chase Gate Ltd - Accounts to registrar - small 17.2

Chase Gate Ltd - Accounts to registrar - small 17.2

CHASE GATE LTD - Company Information

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REGISTERED NUMBER: 08809843 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

CHASE GATE LTD

CHASE GATE LTD (REGISTERED NUMBER: 08809843)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 DECEMBER 2016




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


CHASE GATE LTD

COMPANY INFORMATION
For The Year Ended 31 DECEMBER 2016







DIRECTORS: S T Savage
A S Christofis



REGISTERED OFFICE: 1 Kings Avenue
London
N21 3NA



BUSINESS ADDRESS: Riverside House
27d High Street
Ware
SG12 9BA



REGISTERED NUMBER: 08809843 (England and Wales)



ACCOUNTANTS: AGK Partners
Chartered Accountants
1 Kings Avenue
London
N21 3NA



BANKERS: Metro Bank Plc
1 Southampton Row
London
WC1B 5HA
Page 1
CHASE GATE LTD (REGISTERED NUMBER: 08809843)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2016

2016 2015
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 4,516 6,021
Investment property 4 1,325,000 1,027,500
1,329,516 1,033,521

CURRENT ASSETS
Debtors 5 14,932 867
Cash at bank 4,016 5,801
18,948 6,668
CREDITORS
Amounts falling due within one year 6 87,159 91,054
NET CURRENT LIABILITIES (68,211 ) (84,386 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
1,261,305
949,135

CREDITORS
Amounts falling due after more than one
year
7
(664,954
)
(664,928
)

PROVISIONS FOR LIABILITIES 9 (124,084 ) (67,559 )
NET ASSETS 472,267 216,648

CAPITAL AND RESERVES
Called up share capital 900 900
Retained earnings 471,367 215,748
SHAREHOLDERS' FUNDS 472,267 216,648

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 26 September 2017 and were signed on its behalf
by:




A S Christofis - Director


The notes form part of these financial statements

Page 2
CHASE GATE LTD (REGISTERED NUMBER: 08809843)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 DECEMBER 2016

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 can be found on the Company Information page.

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

Turnover
Turnover represents rents receivable by the company.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on 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
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in
fair value is recognised in profit or loss.
Investment property is included at fair value. Any gains or losses arising from changes in fair value is recognised
in profit or loss. Deferred taxation is provided on these gains or losses at the rate expected to apply when the
property is sold.

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.

3. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 January 2016
and 31 December 2016 8,028
DEPRECIATION
At 1 January 2016 2,007
Charge for year 1,505
At 31 December 2016 3,512
NET BOOK VALUE
At 31 December 2016 4,516
At 31 December 2015 6,021

Page 3 continued...
CHASE GATE LTD (REGISTERED NUMBER: 08809843)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 DECEMBER 2016

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2016 1,027,500
Revaluations 297,500
At 31 December 2016 1,325,000
NET BOOK VALUE
At 31 December 2016 1,325,000
At 31 December 2015 1,027,500

Cost or valuation at 31 December 2016 is represented by:

£   
Valuation in 2016 635,497
Cost 689,503
1,325,000

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 valuation on a market value basis at 31 December 2016 to
be £1,325,000. This value has therefore been reflected in the table above.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2016 2015
£    £   
Other debtors 14,932 867

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2016 2015
£    £   
Trade creditors 2,220 -
Other creditors 84,939 91,054
87,159 91,054

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2016 2015
£    £   
Bank loans 664,954 664,928

8. SECURED DEBTS

The following secured debts are included within creditors:

2016 2015
£    £   
Bank loans 665,954 689,503

The loan is secured on the property, First Floor Chasegate House, Potters Bar, Herts EN6 5DR by Cambridge &
Counties Bank Limited.

9. PROVISIONS FOR LIABILITIES
2016 2015
£    £   
Deferred tax 124,084 67,559

Page 4 continued...
CHASE GATE LTD (REGISTERED NUMBER: 08809843)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 DECEMBER 2016

9. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2016 67,559
Deferred tax on revaluation 56,525
Balance at 31 December 2016 124,084

10. RELATED PARTY DISCLOSURES

As at year end, £25,000 (2015: £25,000) was owed to Drayton Property Investments Ltd, £15,000 (2015:
£15,000) to Brick Mort Investments Ltd, and £784 (2015: £784) to Quantum Investments Ltd. Amount due from
SAA Investments Ltd as at year end was £14,000. All companies are connected due to common director.

Included in other creditors is an amount of £8,257 (2015: £2,707) owed to the director, Mr S Savage. The
amount is interest free and repayable on demand.

11. ULTIMATE CONTROLLING PARTY

In the opinion of the director, there is no single controlling party.

Page 5