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Registered Number: 09462626
England and Wales

 

 

 


Abridged Accounts

for the year ended 29 February 2024

for

THE GREAT CHASE LTD

 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 124,045    125,856 
124,045    125,856 
Current assets      
Stocks 5,500    2,888 
Debtors 7,703    9,654 
Cash at bank and in hand 26,651    18,376 
39,854    30,918 
Creditors: amount falling due within one year (192,240)   (170,095)
Net current assets (152,386)   (139,177)
 
Total assets less current liabilities (28,341)   (13,321)
Creditors: amount falling due after more than one year (119,978)   (140,150)
Net assets (148,319)   (153,471)
 

Capital and reserves
     
Called up share capital 1,000    1,000 
Profit and loss account (149,319)   (154,471)
Shareholders' funds (148,319)   (153,471)
 


For the year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 14 October 2024 and were signed on its behalf by:


-------------------------------
M H Khan
Director
1
General Information
The Great Chase Ltd is a private company, limited by shares, registered in England and Wales, registration number 09462626, registration address 316 St Johns Street, London, EC1V 4NT.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
The Director has made continued effort to reduce the company's expenditure and would expect to return to profitability within the near future.
The company has also agreed its long term continured support from its' director and family.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 20% Reducing Balance
Fixtures and Fittings 20% Reducing Balance
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Average number of employees

Average number of employees during the year was 17 (2023 : 17).
3.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Total
  £   £   £   £   £
At 01 March 2023 116,799    11,931    4,075    6,226    139,031 
Additions        
Disposals        
At 29 February 2024 116,799    11,931    4,075    6,226    139,031 
Depreciation
At 01 March 2023   7,114    1,467    4,594    13,175 
Charge for year   963    522    326    1,811 
On disposals        
At 29 February 2024   8,077    1,989    4,920    14,986 
Net book values
Closing balance as at 29 February 2024 116,799    3,854    2,086    1,306    124,045 
Opening balance as at 01 March 2023 116,799    4,817    2,608    1,632    125,856 


4.

Advances and Credits



Directors Advances, Credits and Guarantees
The following advances and credits to a director subsisted during the years ended 29 February 2024 and 28 February 2023

Current year (2024)
Brought Forward
£
Amount
£
Interest
£
Repaid
£
Written Off
£
Waived
£
Carry Forward
£
Directors Advances, Credits and Guarantees6,106 2,930 5,000 4,036 
6106293005000004036
Previous year (2023)
Brought Forward
£
Amount
£
Interest
£
Repaid
£
Written Off
£
Waived
£
Carry Forward
£
Directors Advances, Credits and Guarantees1,962 4,144 6,106 
1962414400006106
5.

Ultimate Controlling Party

The controlling party is M H Khan.

The ultimate controlling party is S R D Pearson.
2