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Registered number: 00764976










CHASESTEAD LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2024

 
CHASESTEAD LIMITED
REGISTERED NUMBER: 00764976

BALANCE SHEET
AS AT 31 AUGUST 2024

2024
2024
2023
2023
£
£
£
£

  

Current assets
  

Stocks
 4 
437,740
675,139

Debtors: amounts falling due within one year
 5 
2,853,382
2,510,801

Cash at bank and in hand
 6 
830,229
359,636

  
4,121,351
3,545,576

Creditors: amounts falling due within one year
 7 
(2,320,668)
(1,602,593)

Net current assets
  
 
 
1,800,683
 
 
1,942,983

  

Net assets
  
1,800,683
1,942,983


Capital and reserves
  

Called up share capital 
  
130
130

Capital redemption reserve
  
2,742
2,742

Profit and loss account
  
1,797,811
1,940,111

  
1,800,683
1,942,983

Page 1

 
CHASESTEAD LIMITED
REGISTERED NUMBER: 00764976
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Robin Moore
Director

Date: 1 May 2025


The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
CHASESTEAD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

Chasestead Limited is a private limited company, incorporated in England and Wales. 
The registered office and principal place of business is Icknield Way, Letchworth Garden City, Hertfordshire, SG6 1JX.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The Directors have looked forward 12 months and have concluded that the Company should be able
to operate within its current cash resources for the foreseeable future and therefore believe it is
appropriate to prepare these financial statements on a going concern basis.

Page 3

 
CHASESTEAD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. Raw materials and consumables are adjusted in cost of sales whereas work in progress is adjusted against revenue. 

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4

 
CHASESTEAD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 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 amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.11

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 5

 
CHASESTEAD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.12

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.13

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.14

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.



3.


Employees

The average monthly number of employees, including directors, during the year was 66 (2023 - 65).


4.


Stocks

2024
2023
£
£

Raw materials and consumables
155,740
231,395

Work in progress (goods to be sold)
282,000
443,744

437,740
675,139


Page 6

 
CHASESTEAD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

5.


Debtors

2024
2023
£
£


Trade debtors
1,927,534
1,400,333

Other debtors
742,370
933,056

Prepayments and accrued income
183,478
177,412

2,853,382
2,510,801


Other debtors includes a Lloyds factoring account totalling £212,984 (2023 -  £430,233).


6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
830,229
359,636



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
542,153
674,783

Amounts owed to group undertakings
1,102,761
511,252

Corporation tax
256,036
49,306

Other taxation and social security
344,151
331,821

Other creditors
75,567
35,431

2,320,668
1,602,593


2024
2023
£
£

Other taxation and social security

PAYE/NI control
59,019
68,809

VAT
285,132
263,012

344,151
331,821


Page 7

 
CHASESTEAD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

8.


Commitments under operating leases

At 31 August 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
204,750
193,050

Later than 1 year and not later than 5 years
374,850
579,600

579,600
772,650


9.


Ultimate parent company

The ultimate parent company is Chasestead Holdings Limited, a company registered in England and Wales. The registered office is Icknield Way, Letchworth Garden City, Hertfordshire, SG6 1JX.


10.


Related party transactions

During the year the parent companyChasestead Group Limited, were paid management charges amounting to £360,000 (2023 - £400,000). Management charges of £nil (2023 - £-nil) were received. 
During the year dividends of £1,000,000 (2023 - £1,100,000) were paid to Chasestead Group Limited. The outstanding balance owed to Chasestead Group Limited amounting to £1,094,163 (2023 - £502,654) is included within creditors. No interest is charged on this balance and the amount is repayable on demand.
During the year, the Company recharged £-nil (2023 - £354,498) to Chasestead LV Limited. At 31 August 2024 there was a balance of £ 8,595 (2023 - £8,595) due from Chasestead LV Limited, a fellow subsidiary, and it included within trade debtors. 
At 31 August 2024, £8,598 (2023 - £8,598) was owed to Chasestead LV Limited. The loan is interest free and repayable on demand.

 
Page 8