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REGISTERED NUMBER: 04042840 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

CHC ASSETS LTD

CHC ASSETS LTD (REGISTERED NUMBER: 04042840)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Statement of Financial Position 1

Notes to the Financial Statements 3


CHC ASSETS LTD (REGISTERED NUMBER: 04042840)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 27,366 36,488
Investments 5 1,668,531 1,441,637
Investment property 6 10,238,534 9,259,954
11,934,431 10,738,079

CURRENT ASSETS
Debtors 7 12,038 11,740
Cash at bank 694,354 696,211
706,392 707,951
CREDITORS
Amounts falling due within one year 8 13,540,516 10,842,617
NET CURRENT LIABILITIES (12,834,124 ) (10,134,666 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(899,693

)

603,413

PROVISIONS FOR LIABILITIES 5,200 7,147
NET (LIABILITIES)/ASSETS (904,893 ) 596,266

CAPITAL AND RESERVES
Called up share capital 9 100 100
Non-distributable reserves 10 (1,799,562 ) (336,031 )
Retained earnings 10 894,569 932,197
SHAREHOLDERS' FUNDS (904,893 ) 596,266

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

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 December 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.

CHC ASSETS LTD (REGISTERED NUMBER: 04042840)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2024 and were signed on its behalf by:





C Osman - Director


CHC ASSETS LTD (REGISTERED NUMBER: 04042840)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

CHC Assets Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 04042840

Registered office: 368 Forest Road
London
E17 5JF

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investment Property revaluation reflects the change in property value in the local currency wherever situated.

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.

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

CHC ASSETS LTD (REGISTERED NUMBER: 04042840)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 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 statement of financial position 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.

Going concern
The company continues with the support of it's director and it's connected companies (listed in note 13) which will not allow any of it's creditors to suffer as a result of the Directors decision to allow the company to continue to operate under the circumstances.

Thus the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 January 2023
and 31 December 2023 34,782 41,520 538 76,840
DEPRECIATION
At 1 January 2023 18,686 21,298 368 40,352
Charge for year 4,024 5,056 42 9,122
At 31 December 2023 22,710 26,354 410 49,474
NET BOOK VALUE
At 31 December 2023 12,072 15,166 128 27,366
At 31 December 2022 16,096 20,222 170 36,488

CHC ASSETS LTD (REGISTERED NUMBER: 04042840)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
2023 2022
£    £   
Collectable investments cost
Brought forward 1,441,637 1,471,598
Additions 231,894 42,073
Disposals (5,000 ) (72,034 )
1,668,531 1,441,637

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 9,259,954
Additions 2,442,111
Revaluations (1,463,531 )
At 31 December 2023 10,238,534
NET BOOK VALUE
At 31 December 2023 10,238,534
At 31 December 2022 9,259,954

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2023 10,238,534

Any unrealised translation gains or losses on the revaluation of Investment property are offset against any revaluation gains or losses and taken to unrealised reserves.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 12,038 11,740

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed to connected undertakings 13,095,280 10,826,444
Taxation and social security - 4,573
Other creditors 445,236 11,600
13,540,516 10,842,617

CHC ASSETS LTD (REGISTERED NUMBER: 04042840)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

10. RESERVES
Retained Non-distributable
earnings reserves Totals
£    £    £   

At 1 January 2023 932,197 (336,031 ) 596,166
Deficit for the year (1,501,159 ) (1,501,159 )
Transfers 1,463,531 (1,463,531 ) -
At 31 December 2023 894,569 (1,799,562 ) (904,993 )

It is the company's policy to only allow the distribution of retained profits to the shareholders after the deduction of all net revaluation reserve losses to date.

11. RELATED PARTY DISCLOSURES

The Company's related parties, the nature of the relationship and the extent of the transactions with them are summarised below:

20232022
£   £   
Amounts owed by/ (to) Connected Undertakings(13,095,280)(10,826,444)
Amounts owed by/ (to) C Osman, Director(438,036)(5,000)

Related Party Relationship:

Connected Undertakings
Charing Care Ltd
Charing Court Investments Ltd
Charing Hill Ltd
Charing Oast Ltd
Charing Vale Ltd
Charing Holdings Ltd
Charing Gardens Ltd

Connected Undertakings
A company having the same or predominantly the same shareholders and or Board of Directors but which neither is a parent, subsidiary, fellow subsidiary nor associated company.

12. ULTIMATE CONTROLLING PARTY

The controlling party is C Osman.