Company registration number 06219078 (England and Wales)
CHASEBLUE LOANS LTD.
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
332,791
330,949
Current assets
Debtors
5
80,733
57,053
Cash at bank and in hand
634,063
482,801
714,796
539,854
Creditors: amounts falling due within one year
6
(243,725)
(142,301)
Net current assets
471,071
397,553
Total assets less current liabilities
803,862
728,502
Creditors: amounts falling due after more than one year
7
(164,811)
(210,961)
Provisions for liabilities
Deferred tax liability
14,191
13,331
(14,191)
(13,331)
Net assets
624,860
504,210
Capital and reserves
Called up share capital
9
110
90
Capital redemption reserve
90
90
Profit and loss reserves
624,660
504,030
Total equity
624,860
504,210

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 2024 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 10 March 2025
Mr B Gillespie
Director
Company Registration No. 06219078
CHASEBLUE LOANS LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 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
CHASEBLUE LOANS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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.

1.9
Leases

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.

CHASEBLUE LOANS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
23
21
3
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 October 2023
298,855
33,746
47,804
380,405
Additions
-
0
7,650
2,052
9,702
At 30 September 2024
298,855
41,396
49,856
390,107
Depreciation and impairment
At 1 October 2023
-
0
3,459
45,997
49,456
Depreciation charged in the year
-
0
6,680
1,180
7,860
At 30 September 2024
-
0
10,139
47,177
57,316
Carrying amount
At 30 September 2024
298,855
31,257
2,679
332,791
At 30 September 2023
298,855
30,287
1,807
330,949
4
Intangible fixed assets
Licensing
£
Cost
At 1 October 2023 and 30 September 2024
8,421
Amortisation and impairment
At 1 October 2023 and 30 September 2024
8,421
Carrying amount
At 30 September 2024
-
0
At 30 September 2023
-
0
CHASEBLUE LOANS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
6,066
2,989
Amounts owed by group undertakings
2,520
2,520
Other debtors
72,147
51,544
80,733
57,053
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
46,419
45,270
Trade creditors
9,688
8,342
Amounts owed to group undertakings
1,625
993
Corporation tax
107,798
39,680
Other creditors
10,326
5,237
Accruals and deferred income
67,869
42,779
243,725
142,301
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
164,811
210,941
Other creditors
-
0
20
164,811
210,961

 

Amounts included above which fall due after five years are as follows:
Payable by instalments
94,057
-
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
14,191
13,331
CHASEBLUE LOANS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
90
90
90
90
Ordinary B shares of £1 each
10
-
10
-
Ordinary C shares of £1 each
10
-
10
-
110
90
110
90
10
Directors' transactions

Advances or credits have been granted by the company to its director as follows:

Description
% Rate
Opening balance
Interest charged
Amounts repaid
Closing balance
£
£
£
£
Director
2.25
17,126
663
(4,700)
13,089
17,126
663
(4,700)
13,089
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 £1,625 (2023 - £993) was due to be repaid to the related party and is included in creditors; amounts falling due within one year.

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