ACCOUNTS - Final Accounts

CHASENAME SERVICES LIMITED - Company Information

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Registered number: 05089561

CHASENAME SERVICES LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2018

CHASENAME SERVICES LIMITED

REGISTERED NUMBER:05089561

STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2018

		2018		2017
Note		£		£


Current assets
Stocks		1,606,775		1,606,775
Cash at bank and in hand		17,720		3,636
		1,624,495		1,610,411
Creditors: amounts falling due within one year	4	(1,399,072)		(1,389,817)
Net current assets			225,423		220,594
Total assets less current liabilities			225,423		220,594

Net assets			225,423		220,594

Capital and reserves
Called up share capital	5	1	1
Profit and loss account		225,422	220,593
		225,423	220,594

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Mr M Tucker

Director

Date: 10 January 2019

The notes on pages 2 to 3 form part of these financial statements.

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CHASENAME SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2018

1.	General information

Chasename Services Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 05089561 and registered office address is 2nd Floor Stratus House Emperor Way, Exeter Business Park, Exeter, Devon, EX1 3QS.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

2.3

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a normal business practicebasis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.4

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

2.5

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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CHASENAME SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2018

2.Accounting policies (continued)

2.6

Taxation

Tax is recognised in the Statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Employees

The average monthly number of employees, including directors, during the year was 1 (2017: 1).

4.	Creditors: AMOUNTS FALLING DUE WITHIN ONE YEAR
		2018	2017
		£	£

Trade creditors	793	-
Amounts owed to group undertakings	179,389	181,996
Other taxation and social security	2,776	2,776
Other creditors	1,209,179	1,198,073
Accruals and deferred income	6,935	6,972
	1,399,072	1,389,817

5.	Share capital
		2018	2017
		£	£

ALLOTTED, CALLED UP AND FULLY PAID

1 (2017: 1) Ordinary share of £1.00	1	1

Related party transactions

During the year, the director of the company maintained a current account with the company. At the year end, the company owed the director £248,450 (2017: £248,450). No interest has been charged on this loan and there are no set repayment terms.

Included within other creditors is a loan of £947,666 (2017: £936,560) from a family settlement, The Marcus Newton Tucker No. 1 Settlement Trust, in which M N Tucker has an interest. The accounts bear interest at 1.5% per annum.

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