CHESTER FAIR LTD


Director	HARRISON, Timothy Oliver


Registered Address	51 Cromford Road
	London
	SW18 1PA


Registered Number	14630970 (England and Wales)

Statement of Financial Position
31 January 2025

	Notes	2025		2024
		£	£	£	£
Fixed assets
Tangible assets	4		357,885		-
			357,885		-
Current assets
Debtors	5	30,109		1
Cash at bank and on hand		154,542		-
		184,651		1
Creditors amounts falling due within one year	6	(123,267)		-
Net current assets (liabilities)			61,384		1
Total assets less current liabilities			419,269		1
Creditors amounts falling due after one year	7		(429,609)		-
Provisions for liabilities			(2,082)		-
Net assets			(12,422)		1
Capital and reserves
Called up share capital			1		1
Profit and loss account			(12,423)		-
Shareholders' funds			(12,422)		1

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).

The financial statements were approved and authorised for issue by the Director on 15 October 2025, and are signed on its behalf by:

HARRISON, Timothy Oliver
Director
Registered Company No. 14630970

CHESTER FAIR LTD

Notes to the Financial Statements
for the year ended 31 January 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Current taxation
	Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.

Current taxation

Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income.

Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Tangible fixed assets and depreciation
	Investment Properties Investment properties, being land and buildings held to generate rental income and/or for capital appreciation, are measured at fair value. Changes in fair value are recognised directly in the profit and loss account. No depreciation is charged on investment properties. Plant and Equipment Plant and equipment used in the company’s principal activity are stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Tangible fixed assets and depreciation

Investment Properties
Investment properties, being land and buildings held to generate rental income and/or for capital appreciation, are measured at fair value. Changes in fair value are recognised directly in the profit and loss account. No depreciation is charged on investment properties.

Plant and Equipment
Plant and equipment used in the company’s principal activity are stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:


		Straight line (years)
	Plant and machinery	5
	Fixtures and fittings	10

	Trade and other debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Trade and other debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Cash and cash equivalents
	Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less.

Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.

	Trade and other creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Financial instruments
	A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment.

Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. 

	Share capital
	Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

2.	Average number of employees


		2025		2024
	Average number of employees during the year	0		0

3.	Deferred tax
	Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.

4.	Tangible fixed assets

		Total
		£
	Cost or valuation
	Additions	359,550
	At 31 January 25	359,550
	Depreciation and impairment
	Charge for year	1,665
	At 31 January 25	1,666
	Net book value
	At 31 January 25	357,885
	At 31 January 24	-

5.	Debtors: amounts due within one year

	2025	2024
	£	£
Trade debtors / trade receivables	447	-
Prepayments and accrued income	29,662	-
Total	30,109	-

6.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	267	-
Bank borrowings and overdrafts	122,250	-
Accrued liabilities and deferred income	750	-
Total	123,267	-

7.	Creditors: amounts due after one year

	2025	2024
	£	£
Bank borrowings and overdrafts	102,410	-
Amounts owed to related parties	327,199	-
Total	429,609	-


	At the year end, the company’s director held a credit balance on their loan account of £327,200 (2024: £0). The director has confirmed that no repayment is required within 12 months from the balance sheet date. Accordingly, the balance has been classified as a non-current liability.

8.	Secured creditors
	At the balance sheet date, the company had two secured borrowings. MS Lending provided a bridging loan of £122,250, secured on the property at 31 Bowling Green Road. This loan is classified as a current liability as it is repayable within 12 months. MT Finance provided a mortgage of £102,410, secured on the property at 18 Geranium Close, which is classified as a non-current liability. Both borrowings are secured against the respective properties and rank pari passu with the lenders’ rights to the underlying assets.

Secured creditors

At the balance sheet date, the company had two secured borrowings. MS Lending provided a bridging loan of £122,250, secured on the property at 31 Bowling Green Road. This loan is classified as a current liability as it is repayable within 12 months. MT Finance provided a mortgage of £102,410, secured on the property at 18 Geranium Close, which is classified as a non-current liability. Both borrowings are secured against the respective properties and rank pari passu with the lenders’ rights to the underlying assets.

9.	Guarantees provided on behalf of directors
	At the balance sheet date, the director had provided personal guarantees in respect of the company’s secured borrowings. The guarantees relate to a bridging loan with MS Lending of £122,250 secured on 31 Bowling Green Road and a mortgage with MT Finance of £102,410 secured on 18 Geranium Close. The director has no expectation that these guarantees will be called upon.

10.	Further information regarding the company's financial position
	The company was dormant in prior periods. It became active on 31 March 2024 following the commencement of property investment activities. The company’s principal activity is the holding and letting of investment properties and it is therefore not considered to be trading in the ordinary sense.