REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
CHC ASSETS LTD |
REGISTERED NUMBER: |
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 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
PROVISIONS FOR LIABILITIES |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Non-distributable reserves | 10 | ( |
) | ( |
) |
Retained earnings | 10 | 894,569 | 932,197 |
SHAREHOLDERS' FUNDS | ( |
) |
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 were approved by the Board of Directors and authorised for issue on |
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 |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
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 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
Additions |
Revaluations | (1,463,531 | ) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
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 |
Other creditors |
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: | £ | £ |
Ordinary | £1 | 100 | 100 |
10. | RESERVES |
Retained | Non-distributable |
earnings | reserves | Totals |
£ | £ | £ |
At 1 January 2023 | 932,197 | ( |
) | 596,166 |
Deficit for the year | ( |
) | ( |
) |
Transfers | 1,463,531 | (1,463,531 | ) | - |
At 31 December 2023 | 894,569 | ( |
) | (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: |
2023 | 2022 |
£ | £ |
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. |