Company registration number 06219078 (England and Wales)
CHASEBLUE LOANS LTD.
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CHASEBLUE LOANS LTD.
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
CHASEBLUE LOANS LTD.
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
438
Tangible assets
3
386,785
5,576
386,785
6,014
Current assets
Debtors
5
39,927
79,742
Cash at bank and in hand
482,801
777,239
522,728
856,981
Creditors: amounts falling due within one year
6
(135,507)
(175,848)
Net current assets
387,221
681,133
Total assets less current liabilities
774,006
687,147
Creditors: amounts falling due after more than one year
7
(248,955)
(126,719)
Provisions for liabilities
Deferred tax liability
27,640
1,479
(27,640)
(1,479)
Net assets
497,411
558,949
Capital and reserves
Called up share capital
9
90
90
Capital redemption reserve
90
90
Profit and loss reserves
497,231
558,769
Total equity
497,411
558,949
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 member has 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 and signed by the director and authorised for issue on 18 April 2024
Mr B Gillespie
Director
Company Registration No. 06219078
CHASEBLUE LOANS LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 2 -
1
Accounting policies
Company information
Chaseblue Loans Ltd. is a private company limited by shares incorporated in England and Wales. The registered office is Unit 37 Atlantic Business Park, Hayes Lane, Sully, Penarth, South Glamorgan, CF64 5XU.
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 from the arrangement of broker loans is recognised when it is probable that the company will receive the previously agreed upon payment. This criteria is considered to be met at the date of completion of the loan.
Run rate commissions on loans are recognised when it is probable that the company will receive the agreed upon payment for loans performing well within terms.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation 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:
Licensing
5 years
1.4
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:
Freehold land and buildings
not depreciated
Fixtures and fittings
20% straight line
Computers
20% straight line
Motor vehicles
20% written down value
CHASEBLUE LOANS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 3 -
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 losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
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.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
CHASEBLUE LOANS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.9
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
21
21
3
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2022
27,408
47,234
74,642
Additions
297,365
33,085
570
65,690
396,710
Disposals
(25,257)
(25,257)
Transfers
1,490
(1,490)
At 30 September 2023
298,855
33,746
47,804
65,690
446,095
Depreciation and impairment
At 1 October 2022
25,113
43,953
69,066
Depreciation charged in the year
3,113
2,044
9,854
15,011
Eliminated in respect of disposals
(24,767)
(24,767)
At 30 September 2023
3,459
45,997
9,854
59,310
Carrying amount
At 30 September 2023
298,855
30,287
1,807
55,836
386,785
At 30 September 2022
2,295
3,281
5,576
CHASEBLUE LOANS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 5 -
4
Intangible fixed assets
Licensing
£
Cost
At 1 October 2022 and 30 September 2023
8,421
Amortisation and impairment
At 1 October 2022
7,983
Amortisation charged for the year
438
At 30 September 2023
8,421
Carrying amount
At 30 September 2023
At 30 September 2022
438
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,989
Corporation tax recoverable
11
Amounts owed by group undertakings
2,520
2,520
Other debtors
34,418
77,211
39,927
79,742
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
45,270
40,000
Obligations under finance leases
4,969
Trade creditors
8,342
7,470
Amounts owed to group undertakings
993
1,082
Corporation tax
26,043
66,952
Deferred income
5,000
Other creditors
7,111
2,847
Accruals and deferred income
42,779
52,497
135,507
175,848
CHASEBLUE LOANS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 6 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
210,941
126,699
Other creditors
38,014
20
248,955
126,719
8
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
27,640
1,479
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
90
90
90
90
10
Directors' transactions
Included within other creditors is a loan to directors for £1,874 (2022 included in other debtors - £1,851). The loan is unsecured, interest free and payable on demand.
11
Parent company
The immediate and ultimate parent undertaking is Specialist Mortgage Group Limited, a company incorporated in England and Wales. SMG is the parent of the largest and smallest group in which the results of the company are consolidated. Copies of the group financial statements of Specialist Mortgage Group Limited are available from its registered office; Unit 9 Neptune Court, Vanguard Way, Cardiff, CF24 5PJ.
12
Related party transactions
During the year, the company received a loan from B2B Loans & Mortgages Limited, a business under common control. At the year end, an amount of £993 (2022 - £1,082) was due to be repaid to the related party and is included in creditors; amounts falling due within one year.