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Company No: 06174877 (England and Wales)

CHELSTON DIRECT LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

CHELSTON DIRECT LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

CHELSTON DIRECT LIMITED

COMPANY INFORMATION

For the financial year ended 31 May 2024
CHELSTON DIRECT LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 May 2024
DIRECTOR R W F Simon
SECRETARY R C T Simon
REGISTERED OFFICE Ground Floor Blackbrook Gate 1
Blackbrook Business Park
Taunton
TA1 2PX
United Kingdom
COMPANY NUMBER 06174877 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Blackbrook Gate 1
Blackbrook Business Park
Taunton
Somerset TA1 2PX
CHELSTON DIRECT LIMITED

BALANCE SHEET

As at 31 May 2024
CHELSTON DIRECT LIMITED

BALANCE SHEET (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 14,901 15,877
14,901 15,877
Current assets
Stocks 232,202 234,334
Cash at bank and in hand 13,284 43,276
245,486 277,610
Creditors: amounts falling due within one year 4 ( 41,071) ( 44,557)
Net current assets 204,415 233,053
Total assets less current liabilities 219,316 248,930
Net assets 219,316 248,930
Capital and reserves
Called-up share capital 5 100 100
Share premium account 59,900 59,900
Profit and loss account 159,316 188,930
Total shareholder's funds 219,316 248,930

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

Director's responsibilities:

The financial statements of Chelston Direct Limited (registered number: 06174877) were approved and authorised for issue by the Director on 31 July 2024. They were signed on its behalf by:

R W F Simon
Director
CHELSTON DIRECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
CHELSTON DIRECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Chelston Direct Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Ground Floor Blackbrook Gate 1, Blackbrook Business Park, Taunton, TA1 2PX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

In light of the current economic situation, both in the UK and globally, impacted by rising energy costs, inflation and general cost of living increases, the director has given consideration to the impact of these issues on the operations and financial position of the company, as well as upon customers and suppliers. The director is satisfied that, having considered no less than 12 months from the date of approval of the financial statements, the issues identified do not present a significant risk to the going concern basis of the company and, therefore, the going concern basis of preparation remains appropriate.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Leasehold improvements 20 years straight line
Plant and machinery 5 years straight line
Fixtures and fittings 4 years straight line
Office equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 3 3

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 June 2023 26,050 8,528 1,606 2,841 39,025
Additions 0 0 0 938 938
At 31 May 2024 26,050 8,528 1,606 3,779 39,963
Accumulated depreciation
At 01 June 2023 11,725 7,471 1,512 2,440 23,148
Charge for the financial year 1,302 259 35 318 1,914
At 31 May 2024 13,027 7,730 1,547 2,758 25,062
Net book value
At 31 May 2024 13,023 798 59 1,021 14,901
At 31 May 2023 14,325 1,057 94 401 15,877

4. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 21,807 28,504
Accruals 6,027 3,979
Corporation tax 7,122 6,234
Other taxation and social security 2,778 2,000
Other creditors 3,337 3,840
41,071 44,557

5. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100