2023-04-012024-03-312024-03-31false04704078CHASE (WHITEHAVEN) 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CHASE (WHITEHAVEN) LIMITED

Registered Number
04704078
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

CHASE (WHITEHAVEN) LIMITED
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

PROCTOR, Brian Robert
PROCTOR, Nadtaphat

Registered Address

The Chase Hotel, Inkerman
Terrace, Whitehaven
Cumbria
CA28 8AA

Registered Number

04704078 (England and Wales)
CHASE (WHITEHAVEN) LIMITED
Statement of Financial Position
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets4802,106805,087
802,106805,087
Current assets
Stocks65,8676,286
Debtors4,975315,829
Cash at bank and on hand33,26347,915
44,105370,030
Creditors amounts falling due within one year7(496,847)(422,824)
Net current assets (liabilities)(452,742)(52,794)
Total assets less current liabilities349,364752,293
Creditors amounts falling due after one year8(13,354)(54,073)
Provisions for liabilities9(24,261)(24,000)
Net assets311,749674,220
Capital and reserves
Called up share capital100100
Revaluation reserve162,299162,299
Profit and loss account149,350511,821
Shareholders' funds311,749674,220
The financial statements were approved and authorised for issue by the Board of Directors on 21 August 2024, and are signed on its behalf by:
PROCTOR, Brian Robert
Director
Registered Company No. 04704078
CHASE (WHITEHAVEN) LIMITED
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis 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.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement
2.Average number of employees

20242023
Average number of employees during the year1920
3.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 April 2331,60031,600
At 31 March 2431,60031,600
Amortisation and impairment
At 01 April 2331,60031,600
At 31 March 2431,60031,600
Net book value
At 31 March 24--
At 31 March 23--
4.Tangible fixed assets

Land & buildings

Fixtures & fittings

Total

£££
Cost or valuation
At 01 April 23750,000173,333923,333
Additions-2,8092,809
At 31 March 24750,000176,142926,142
Depreciation and impairment
At 01 April 23-118,246118,246
Charge for year-5,7905,790
At 31 March 24-124,036124,036
Net book value
At 31 March 24750,00052,106802,106
At 31 March 23750,00055,087805,087
5.Revaluation of property, plant and equipment
The Freehold property is shown at Market value It is the opinion of the directors that this valuation has not materiality altered at the period end date. Had the Land and Buildings been measured at historical cost the amounts would have been Cost £587,701 (2023 - £587,701), Accumulated depreciation £240,601 (2023 - £228,847), Carrying value £347,100 (2023 - £358,854).
6.Stocks

2024

2023

££
Raw materials and consumables5,8676,286
Total5,8676,286
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables18,03010,667
Bank borrowings and overdrafts42,83443,367
Taxation and social security20,89529,983
Other creditors415,088338,807
Total496,847422,824
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. The bank loan is secured via a legal charge over the freehold property of the company.
8.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts13,35454,073
Total13,35454,073
The bank loan is secured via a legal charge over the freehold property of the company.
9.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)24,26124,000
Total24,26124,000
10.Pension commitments
The pension cost charge represents contributions payable by the company to the fund and amounted to £4,205 (2023 - £3,123).