CHASEDENE_LIMITED - Accounts

CHASEDENE LIMITED - Company Information

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Company Registration No. 03505178 (England and Wales)

CHASEDENE LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2014

CHASEDENE LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 4

CHASEDENE LIMITED

ABBREVIATED BALANCE SHEET

AS AT

30 JUNE 2014

- 1 -

2014

2013

Notes

Fixed assets

Tangible assets

3,651,446

3,540,462

Current assets

Debtors

738,433

786,820

Cash at bank and in hand

1,453

7,636

739,886

794,456

Creditors: amounts falling due within one year

(121,723)

(124,782)

Net current assets

618,163

669,674

Total assets less current liabilities

4,269,609

4,210,136

Creditors: amounts falling due after more than one year

(3,754,776)

(3,769,783)

514,833

440,353

Capital and reserves

Called up share capital

100

Revaluation reserve

1,592,918

1,482,918

Profit and loss account

(1,078,185)

(1,042,665)

Shareholders' funds

514,833

440,353

For the financial year ended 30 June 2014 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 financial statements for the year in question in accordance with section 476;

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

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 27 March 2015

Mr M Powis

Director

Company Registration No. 03505178

CHASEDENE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 JUNE 2014

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The directors will continue to monitor expenses and expect to reduce losses further into the next year. Based on this assessment the directors believe it appropriate to prepare accounts under a going concern basis.

1.2

Turnover

Turnover represents rental income from investment properties.

1.3

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Fixtures, fittings & equipment

25% straight line

Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on these investment properties which are leasehold and where the unexpired lease term is less than 20 years.

Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

CHASEDENE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2014

- 3 -

Fixed assets

Tangible assets

Cost or valuation

At 1 July 2013

3,548,871

Additions

1,312

Revaluation

110,000

At 30 June 2014

3,660,183

Depreciation

At 1 July 2013

8,409

Charge for the year

328

At 30 June 2014

8,737

Net book value

At 30 June 2014

3,651,446

At 30 June 2013

3,540,462

Creditors: amounts falling due after more than one year

2014

2013

Analysis of loans repayable in more than five years

Total not repayable by instalments and due in more than five years

917,862

907,862

Total amounts repayable by instalments which are due in more than five years

2,736,914

2,761,921

The aggregate amount of creditors for which security has been given amounted to £2,836,914 (2013 - £2,861,921).

The bank loans are secured by fixed charges over 17 of the company's properties and their associated rental income and by a floating charge over the other assets of the company.

CHASEDENE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2014

- 4 -

Share capital

2014

2013

Allotted, called up and fully paid

50 Ordinary A Shares of £1 each

50 Ordinary B Shares of £1 each

100

The A and B shares carry the respective rights and restrictions contained in the Articles of Association of the company adopted on 9th June 2000, but in all other aspects rank pari passu.

Control

The ultimate controlling party is the director M Powis, by virtue of his majority shareholding.