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Company No: 00670040 (England and Wales)

CHELSEA SECURITIES "B" LIMITED

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

CHELSEA SECURITIES "B" LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

CHELSEA SECURITIES "B" LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2024
CHELSEA SECURITIES "B" LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTORS Charles Kane Antelme
The Honourable James Henry Morys Bruce
The Rt Hon The 8th Earl Cadogan (Resigned 12 June 2023)
The Rt Hon The 9th Earl Cadogan
Charles Vincent Ellingworth
John David Gordon
SECRETARY St Andrew Trustees Limited
REGISTERED OFFICE 5 Fleet Place
London
EC4M 7RD
England
United Kingdom
COMPANY NUMBER 00670040 (England and Wales)
CHELSEA SECURITIES "B" LIMITED

BALANCE SHEET

As at 31 March 2024
CHELSEA SECURITIES "B" LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 31.03.2024 31.03.2023
£ £
Fixed assets
Investments 3 1,562,681 1,649,584
1,562,681 1,649,584
Current assets
Cash at bank and in hand 4,941 0
4,941 0
Creditors: amounts falling due within one year 4 ( 9,190) ( 106,271)
Net current liabilities (4,249) (106,271)
Total assets less current liabilities 1,558,432 1,543,313
Provision for liabilities 5 ( 40,657) 0
Net assets 1,517,775 1,543,313
Capital and reserves
Called-up share capital 100 100
Capital contribution reserve 603,178 603,178
Profit and loss account 914,497 940,035
Total shareholders' funds 1,517,775 1,543,313

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

Directors' responsibilities:

The financial statements of Chelsea Securities "B" Limited (registered number: 00670040) were approved and authorised for issue by the Board of Directors on 01 August 2024. They were signed on its behalf by:

John David Gordon
Director
CHELSEA SECURITIES "B" LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
CHELSEA SECURITIES "B" LIMITED

NOTES TO THE FINANCIAL STATEMENTS

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

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.

General information and basis of accounting

Chelsea Securities "B" 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 5 Fleet Place, London, EC4M 7RD, England, 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 £.

Reporting period length

The current accounting period represents the 12 months to 31 March 2024. The prior accounting period represents the 15 months from 1 January 2022 to 31 March 2023 and therefore the figures are not comparative.

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.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Interest income

Interest received from investments are recognised in the profit and loss account. Interest is recognised on the accruals basis.

Dividend income

Dividends received from investments are recognised in the profit and loss account. Dividends are recognised on the date they become ex-div without making any adjustment for amounts accrued at the dates of purchase and sale of the securities.

Taxation

Current tax
Current tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current 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.

Deferred tax
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Fixed asset investments

Investments in equity shares and other securities which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Final dividends are recognised when approved by the members and interim dividends are recognised when paid.

2. Employees

Year ended
31.03.2024
Period from
01.01.2022 to
31.03.2023
Number Number
Monthly average number of persons employed by the Company during the year 0 0

3. Fixed asset investments

Listed investments Total
£ £
Cost or valuation before impairment
At 01 April 2023 1,649,584 1,649,584
Additions 36,798 36,798
Disposals ( 280,359) ( 280,359)
Movement in fair value 156,658 156,658
At 31 March 2024 1,562,681 1,562,681
Carrying value at 31 March 2024 1,562,681 1,562,681
Carrying value at 31 March 2023 1,649,584 1,649,584

The historic cost of investments held at fair value at 31 March 2024 was £1,400,053.

4. Creditors: amounts falling due within one year

31.03.2024 31.03.2023
£ £
Bank overdrafts 0 77,201
Taxation and social security 0 21,782
Other creditors 9,190 7,288
9,190 106,271

5. Provision for liabilities

Deferred taxation Total
£ £
At 01 April 2023 0 0
Charged to the Profit and Loss Account 40,657 40,657
At 31 March 2024 40,657 40,657

Deferred tax

31.03.2024 31.03.2023
£ £
Other timing differences 40,657 0
Provision for deferred tax 40,657 0