REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
CHASEOPTION LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
CHASEOPTION LIMITED |
CHASEOPTION LIMITED (REGISTERED NUMBER: 03336542) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
CHASEOPTION LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
2nd Floor |
Medway Bridge House |
1-8 Fairmeadow |
Maidstone |
Kent |
ME14 1JP |
CHASEOPTION LIMITED (REGISTERED NUMBER: 03336542) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Non distributable reserves | 8 |
Retained earnings | 8 | ( |
) | ( |
) |
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. |
CHASEOPTION LIMITED (REGISTERED NUMBER: 03336542) |
BALANCE SHEET - continued |
31 MARCH 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
CHASEOPTION LIMITED (REGISTERED NUMBER: 03336542) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Chaseoption Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going Concern |
Accounting standards require the directors to consider the appropriateness of the going concern basis when preparing the financial statements. The directors confirm that they consider that the going concern basis remains appropriate. The directors believe that the company has sufficient resources to continue in operational existence for the foreseeable future. The directors believe this to be the case as the company has positive reserves, cash balances and no significant long term liabilities. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
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. |
CHASEOPTION LIMITED (REGISTERED NUMBER: 03336542) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Debtors |
Short term debtors are measured at transaction price, less any impairment. |
Creditors |
Short term creditors are measured at the transaction price. |
Cash and Equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more then 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known accounts of cash with no significant risk of change in value. |
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of the financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
Financial reporting standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial |
statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
- the requirements of Section 7 Statement of Cash Flows; |
- the requirements of Section 3 Financial Statement Presentation paragraph 3.17 (d); |
- the requirements of Section 11 Financial Instruments paragraphs 11.39 to 11.48A; |
- the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.29; |
- the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23; |
- the requirements of Section 33 Related Party Disclosures paragraph 33.7. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
Revaluations | (3,500 | ) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
CHASEOPTION LIMITED (REGISTERED NUMBER: 03336542) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
4. | INVESTMENT PROPERTY - continued |
The properties were revalued on the 31 March 2024 by the director, using the valuation prepared by McBeath Property Consultancy Limited. The valuation by McBeath Property Consultancy Limited was prepared for the properties as a whole and was apportioned according to the share owned by the company. |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2014 (10,000) |
Valuation in 2015 (5,000) |
Valuation in 2016 (3,000) |
Valuation in 2017 (6,000) |
Valuation in 2018 1,000 |
Valuation in 2019 6,000 |
Valuation in 2020 4,000 |
Valuation in 2021 (1,000) |
Valuation in 2022 (1,000) |
Valuation in 2023 (4,500) |
Valuation in 2024 (3,500) |
Cost 125,000 |
102,000 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Corporation tax |
Other creditors |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £0.8 | 280,000 | 280,000 |
CHASEOPTION LIMITED (REGISTERED NUMBER: 03336542) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
8. | RESERVES |
Non |
Retained | distributable |
earnings | reserves | Totals |
£ | £ | £ |
At 1 April 2023 | ( |
) | (33,807 | ) |
Profit for the year |
At 31 March 2024 | ( |
) | (15,500 | ) |
9. | RELATED PARTY DISCLOSURES |
During the year A D Morrison, a director of the company, received management fees of £1,100 (2023: £1,000). |
10. | ULTIMATE CONTROLLING PARTY |
The company is under the control of A D Morrison and H Morrison who, between them, hold 100% of the issued share capital as trustees of the D H Morrison settlement. |
11. | CORPORATE PARTNERSHIPS |
The company was a member of a corporate partnership which was engaged in significant development projects. The partnership ceased trading on 18 August 2023 and the company's share of the partnerships profits for this period is taken from the partnerships accounts for the period ended 18 August 2023. |
On 18 August 2023, trade and assets were transferred to a new LLP and the company sold its membership on 3 January 2024. |
12. | CHARGES |
There are charges registered at Companies House over the assets and undertakings of the company. |