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Registered number: 08039783










CHASESTEAD GROUP LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2024

 
CHASESTEAD GROUP LIMITED
REGISTERED NUMBER: 08039783

BALANCE SHEET
AS AT 31 AUGUST 2024

2024
2024
2023
2023
Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
1,008,595
1,117,214

Investments
 5 
1,130
1,130

  
1,009,725
1,118,344

Current assets
  

Debtors
 6 
1,150,773
697,577

Cash at bank and in hand
 7 
1,066,257
804,120

  
2,217,030
1,501,697

Creditors: amounts falling due within one year
 8 
(2,282,767)
(1,401,248)

Net current (liabilities)/assets
  
 
 
(65,737)
 
 
100,449

Total assets less current liabilities
  
943,988
1,218,793

Creditors: amounts falling due after more than one year
 9 
(271,142)
(366,286)

Provisions for liabilities
  

Deferred tax
 10 
-
(195,774)

  
 
 
-
 
 
(195,774)

Net assets
  
672,846
656,733


Capital and reserves
  

Called up share capital 
  
130
130

Profit and loss account
  
672,716
656,603

  
672,846
656,733


Page 1

 
CHASESTEAD GROUP LIMITED
REGISTERED NUMBER: 08039783
    
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 9 form part of these financial statements.

Page 2

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

1.


General information

Chasestead Group 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

Turnover

Turnover comprises revenue recognised by the company in respect of management charges supplied during the year, exclusive of Value Added Tax and trade discounts.

 
2.3

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.

 
2.4

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.

 
2.5

Interest income

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

 
2.6

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.

Page 3

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

2.Accounting policies (continued)

 
2.7

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.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 4

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

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the below basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25% reducing balance per annum
Motor vehicles
-
17.5% straight line per annum
Fixtures and fittings
-
20% straight line per annum
Computer equipment
-
50% reducing balance per annum
Leasehold property improvements
-
10% reducing balance per annum

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

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.

 
2.12

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.

 
2.13

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.

Page 5

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

2.Accounting policies (continued)

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Financial instruments

The Company only enters into basic financial instrument 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 ordinary shares.

 
2.16

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 6

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

4.


Tangible fixed assets





S/Term Leasehold Property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 September 2023
62,137
2,598,385
172,531
213,179
168,423
3,214,655


Additions
-
150,420
7,580
8,449
27,073
193,522


Disposals
-
-
(1,673)
-
(2,764)
(4,437)



At 31 August 2024

62,137
2,748,805
178,438
221,628
192,732
3,403,740



Depreciation


At 1 September 2023
40,471
1,657,996
46,322
203,563
149,089
2,097,441


Charge for the year on owned assets
2,167
252,072
30,605
4,671
10,926
300,441


Disposals
-
-
(450)
-
(2,287)
(2,737)



At 31 August 2024

42,638
1,910,068
76,477
208,234
157,728
2,395,145



Net book value



At 31 August 2024
19,499
838,737
101,961
13,394
35,004
1,008,595



At 31 August 2023
21,666
940,389
126,209
9,616
19,334
1,117,214


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 September 2023
1,130



At 31 August 2024
1,130




Page 7

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

6.


Debtors


2024
2023
£
£



Trade debtors
-
8,160

Amounts owed by group undertakings
1,094,163
502,654

Other debtors
52,512
186,763

Prepayments and accrued income
4,098
-

1,150,773
697,577



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,066,257
804,120



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
8,318
100

Amounts owed to group undertakings
2,160,023
1,150,726

Corporation tax
-
48,181

Other taxation and social security
11,060
-

Obligations under finance lease and hire purchase contracts
91,347
86,675

Other creditors
9,619
-

Accruals and deferred income
2,400
115,566

2,282,767
1,401,248


The hire purchase agreement is secured by a fixed and floating charge over the assets of the Company


9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
271,142
366,286


The hire purchase agreement is secured by a fixed and floating charge over the assets of the Company.

Page 8

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

10.


Deferred taxation




2024
2023


£

£






At beginning of year
(195,774)
(82,479)


Charged to profit or loss
195,774
(113,295)



At end of year
-
(195,774)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Fixed asset timing differences
-
(195,774)


11.


Related party transactions

During the year the Company received management charges from its subsidiary, Chasestead Limited, of £360,000 (2023 -  £400,000). At 31 August 2024 Chasestead Limited owed £nil (2023 - £nil).
During the year dividends of £1,000,000 (2023 - £1,100,000) were received from Chasestead Limited.
The balance due to Chasestead Limited amounted to £1,094,163 (2023 - £502,654) at 31 August 2024. No interest is paid on the balance and the amount is repayable on demand. 
During the year management charges of £215,000 (2023: £nil) were received from Chasestead Special Projects LLP.
At 31 August 2024 £2,160,023 (2023 - £1,150,726) was owed to Chasestead Holdings Limited. The loan is interest free and repayable on demand. Dividends paid to Chasestead Holdings Limited during the year were £1,000,000 (2023 - £1,100,000).
Contributions received from the Chasestead Group EBT amounted to £nil (2023 - £637).

 
Page 9