Chevy Chase Limited

Contents

Statement of Financial Position	1
Notes to the Unaudited Financial Statements	2 to 4

Chevy Chase Limited

(Registration number: 15041283)
Statement of Financial Position as at 31 December 2024

	Note	2024 £	2023 £
Current assets
Debtors	4	2,862	10
Cash at bank and in hand		317	-
		3,179	10
Creditors: Amounts falling due within one year	5	(1,242)	-
Net assets		1,937	10
Capital and reserves
Called up share capital		10	10
Profit and loss account		1,927	-
Shareholders' funds		1,937	10

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 15 August 2025 and signed on its behalf by:
 

Eric Olson Director

Chevy Chase Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
47 Boutport Street
Barnstaple
Devon
EX31 1SQ

Principal activity

The principal activity of the company is is management consultancy services.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Chevy Chase Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Debtors

	2024 £	2023 £
Other debtors	2,862	10
	2,862	10

Chevy Chase Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

5

Creditors

Creditors: amounts falling due within one year

	2024 £	2023 £
Due within one year
Taxation and social security	522	-
Accruals and deferred income	720	-
	1,242	-

6

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

7	Related party transactions

Transactions with directors

2024	At 1 January 2024 £	Advances to director £	At 31 December 2024 £
The Directors	10	2,852	2,862

2023	At 1 August 2023 £	Advances to director £	At 31 December 2023 £
The Directors	-	10	10

The loan is repayable on demand and interest is charged at the official rate on overdrawn balances.