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REGISTERED NUMBER: 08868103 (England and Wales)








Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Chase Cars Ltd

Chase Cars Ltd (Registered number: 08868103)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Chase Cars Ltd

Company Information
for the Year Ended 31 March 2023







DIRECTORS: D Shawyer
M J Shawyer





REGISTERED OFFICE: Mill Lane
Wickham
Fareham
Hampshire
PO17 5HY





REGISTERED NUMBER: 08868103 (England and Wales)





ACCOUNTANTS: Behegan Lynes
Accountancy & Taxation Advisers
Bank Chambers
Brook Street
Bishops Waltham
Hampshire
SO32 1AX

Chase Cars Ltd (Registered number: 08868103)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 30,464 15,005

CURRENT ASSETS
Debtors 5 29,752 25,974
Cash at bank 6,708 3,043
36,460 29,017
CREDITORS
Amounts falling due within one year 6 140,708 77,713
NET CURRENT LIABILITIES (104,248 ) (48,696 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(73,784

)

(33,691

)

CREDITORS
Amounts falling due after more than one
year

7

10,336

17,258
NET LIABILITIES (84,120 ) (50,949 )

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings (84,220 ) (51,049 )
SHAREHOLDERS' FUNDS (84,120 ) (50,949 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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.

Chase Cars Ltd (Registered number: 08868103)

Balance Sheet - continued
31 March 2023


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 March 2024 and were signed on its behalf by:





D Shawyer - Director


Chase Cars Ltd (Registered number: 08868103)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Chase Cars 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.

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.

The accounts have been prepared on a going concern basis due to the continued support of the directors of the company. The company meets its day-to-day working capital requirements through this support and the directors expect this to continue for at least one year from the date of signing these financial statements.

If the going concern basis was not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that might arise, and to reclassify fixed assets as current assets and long term liabilities as current liabilities.

Turnover
Turnover represents invoiced sales of services.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Motor vehicles - 20% on cost
Computer equipment - 25% on cost

Financial instruments
The Company only enters into basic financial instruments 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.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Short term creditors are measured at the transaction price.

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 balance sheet date.


Chase Cars Ltd (Registered number: 08868103)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Employee benefits
Short term employee benefits, including holiday pay and other similar non monetary benefits, are recognised as an expense in the period in which they are incurred.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. TANGIBLE FIXED ASSETS
Plant & Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2022 420 101,869 1,961 104,250
Additions - 29,289 - 29,289
Disposals - (4,750 ) - (4,750 )
At 31 March 2023 420 126,408 1,961 128,789
DEPRECIATION
At 1 April 2022 420 87,296 1,529 89,245
Charge for year - 13,686 144 13,830
Eliminated on disposal - (4,750 ) - (4,750 )
At 31 March 2023 420 96,232 1,673 98,325
NET BOOK VALUE
At 31 March 2023 - 30,176 288 30,464
At 31 March 2022 - 14,573 432 15,005

Chase Cars Ltd (Registered number: 08868103)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2022
and 31 March 2023 14,499
DEPRECIATION
At 1 April 2022 5,800
Charge for year 2,899
At 31 March 2023 8,699
NET BOOK VALUE
At 31 March 2023 5,800
At 31 March 2022 8,699

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 19,749 11,774
Other debtors 10,003 14,200
29,752 25,974

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts (see note 8) 3,000 3,000
Hire purchase contracts 3,922 3,472
Trade creditors 3,413 7,385
Other creditors 130,373 63,856
140,708 77,713

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans (see note 8) 6,750 9,750
Hire purchase contracts 3,586 7,508
10,336 17,258

Chase Cars Ltd (Registered number: 08868103)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

8. LOANS

An analysis of the maturity of loans is given below:

31.3.23 31.3.22
£    £   
Amounts falling due within one year or on demand:
Bank loans 3,000 3,000

Amounts falling due between one and two years:
Bank loans - 1-2 years 3,000 3,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 3,750 6,750

9. SECURED DEBTS

The Bank Loan is secured by the UK Government, under the bounce back loan scheme.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
100 Ordinary £1 100 100