Company registration number 12037921 (England and Wales)
CHASE CONSULTANCY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
CHASE CONSULTANCY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
CHASE CONSULTANCY LIMITED
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,679
3,578
Investment property
4
140,000
136,564
142,679
140,142
Current assets
Debtors
5
2,893
3,339
Cash at bank and in hand
1,171
9,659
4,064
12,998
Creditors: amounts falling due within one year
6
(110,778)
(16,084)
Net current liabilities
(106,714)
(3,086)
Total assets less current liabilities
35,965
137,056
Creditors: amounts falling due after more than one year
7
(32,322)
(132,878)
Net assets
3,643
4,178
Capital and reserves
Called up share capital
8
100
100
Revaluation reserve
2,577
-
0
Profit and loss reserves
966
4,078
Total equity
3,643
4,178

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 20 February 2024 and are signed on its behalf by:
Mr N J G E Clissold
Director
Company registration number 12037921 (England and Wales)
CHASE CONSULTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
1
Accounting policies
Company information

Chase Consultancy Limited is a private company limited by shares incorporated in England and Wales. The registered office is Chase House, 14 Bassetts Field, Thornhill, Cardiff, CF14 9UG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for rents received in the normal course of business net of VAT and trade discount.

 

Revenue from the rents received is recognised over the rental period when, and to the extent that, the company obtains the rights to consideration in exchange for rental provided.

1.3
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
20% on cost
IT equipment
20% on cost
1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any loses arising from impairment are recognised in the profit and loss account in other administrative expenses.

CHASE CONSULTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
CHASE CONSULTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
3
Tangible fixed assets
Fixtures and fittings
IT equipment
Total
£
£
£
Cost
At 1 July 2022
1,869
5,253
7,122
Additions
564
-
0
564
At 30 June 2023
2,433
5,253
7,686
Depreciation and impairment
At 1 July 2022
467
3,077
3,544
Depreciation charged in the year
412
1,051
1,463
At 30 June 2023
879
4,128
5,007
Carrying amount
At 30 June 2023
1,554
1,125
2,679
At 30 June 2022
1,402
2,176
3,578
4
Investment property
2023
£
Fair value
At 1 July 2022
136,564
Revaluations
3,436
At 30 June 2023
140,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 30 June 2023 by the directors of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

5
Debtors
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset
2,893
3,339
CHASE CONSULTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
4,931
4,810
Other creditors
105,847
11,274
110,778
16,084
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
32,322
132,878
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
11,317
112,392
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
75 Ordinary of £1 each
75
75
25
25
25 Ordinary B of £1 each
25
25
75
75
100
100
100
100
9
Directors' transactions

Dividends totalling £2,000 (2022 - £4,000) were paid in the year in respect of shares held by the company's directors.

The directors operate a current loan account with the company, which is debited with payments made by the company on behalf of the directors and credited with funds introduced and undrawn director's fees. At the year end the amount outstanding to the directors was £103,964 (2022 - £9,600); this amount being included in creditors: amounts falling due within one year.

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