Chrome Assets Ltd

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

1. General Information

Chrome Assets Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11717156 . The registered office is Prospect House, 50 Leigh Road, Eastleigh, Hampshire, SO50 9DT.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Motor Vehicles

25% reducing balance

2.4. Investment Properties

All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.

2.5. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.6. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

...CONTINUED

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Chrome Assets Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.6. Taxation - continued

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 3 (2023: 3)

4. Investment Property

	2024
	£
Fair Value
As at 1 January 2024	8,751,898
Additions	1,511,586

As at 31 December 2024	10,263,484

If investment property had been accounted for under historical cost accounting rules, the amounts would be:

	2024	2023
	£	£
Cost	10,263,484	8,751,898

5. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	14,842	23,677
Prepayments and accrued income	17,053	8,620
Deferred tax current asset	1,978	-

	33,873	32,297

6. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Net obligations under finance lease and hire purchase contracts	12,829	-
Trade creditors	526	1,709
Bank loans and overdrafts	5,365	5,138
Corporation tax	56,885	40,281
Other taxes and social security	15,000	-
Net wages	2,714	1,048
Other creditors	180,930	80,920
Tenant deposits held (Current liabilities - creditors < 1 year)	74,438	60,269
Rents in advance (Current liabilities - creditors < 1 year)	11,225	12,165
Other creditors (3)	60,000	-
Accruals and deferred income	31,027	12,399
Directors' loan accounts	509,542	503,722

	960,481	717,651

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Chrome Assets Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

7. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Net obligations under finance lease and hire purchase contracts	89,427	-
Bank loans	5,183,630	4,060,121

	5,273,057	4,060,121

8. Secured Creditors

Of the creditors the following amounts are secured.

	2024		2023
	£		£
Bank loans and overdrafts	5,188,994		4,065,259

9. Obligations Under Finance Leases and Hire Purchase

	2024	2023
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	18,201	-
Later than one year and not later than five years	105,095	-

	123,296	-
Less: Finance charges allocated to future periods	21,040	-

	102,256	-

10. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	2,846,011	2,846,011

11. Dividends

	2024	2023
	£	£
On equity shares:
Interim dividend paid	-	45,000

12. Related Party Transactions

Vibe Enterprises Ltd

A company in which both Mr R Singh and Mrs S Kaur are the only shareholders and directors.

During the year, the company was provided an interest-free loan by Vibe Enterprises Ltd. The amount outstanding at the year end was £100,930 (2023 - £920).

Chrome Property Solutions Ltd

A company in which both Mr R Singh and Mrs S Kaur are the only shareholders and directors.

During 2022, the company was provided an interest-free loan by Chrome Property Solutions Ltd. The amount outstanding at the year end was £80,000 (2023 - £80,000).

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		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets			91,520		-
Investment Properties	4		10,263,484		8,751,898

			10,355,004		8,751,898
CURRENT ASSETS
Debtors	5	33,873		32,297
Cash at bank and in hand		373,000		351,624

		406,873		383,921
Creditors: Amounts Falling Due Within One Year	6	(960,481 )		(717,651 )

NET CURRENT ASSETS (LIABILITIES)			(553,608 )		(333,730 )

TOTAL ASSETS LESS CURRENT LIABILITIES			9,801,396		8,418,168

Creditors: Amounts Falling Due After More Than One Year	7		(5,273,057 )		(4,060,121 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(1,688 )		-

NET ASSETS			4,526,651		4,358,047

CAPITAL AND RESERVES
Called up share capital	10		2,846,011		2,846,011
Share premium account			695,089		695,089
Profit and Loss Account			985,551		816,947

SHAREHOLDERS' FUNDS			4,526,651		4,358,047