Company registration number 12674165 (England and Wales)
52 KINGS ROAD CHELSEA LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
52 KINGS ROAD CHELSEA LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
52 KINGS ROAD CHELSEA LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
3
1,250,000
Current assets
-
-
Creditors: amounts falling due within one year
4
(2,400)
(1,254,467)
Net current liabilities
(2,400)
(1,254,467)
Net liabilities
(2,400)
(4,467)
Capital and reserves
Called up share capital
5
1
1
Profit and loss reserves
(2,401)
(4,468)
Total (deficit)
(2,400)
(4,467)
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 27 September 2024 and are signed on its behalf by:
P Loutit
S Patel
Director
Director
Company registration number 12674165 (England and Wales)
52 KINGS ROAD CHELSEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
52 Kings Road Chelsea Limited is a private company limited by shares incorporated in England and Wales. The registered office is 10 Duke Of York Square, London, SW3 4LY.
1.1
Reporting period
The financial statements for the comparative period have been prepared over an extended 14 months period to 31 March 2023. As a result, the current amounts presented in the financial statements are not entirely comparable.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.3
Going concern
As explained in the directors' report, thetrue company ceased trading on the 31 March 2024. As a result the financial statements have been prepared on a basis other than going concern.
1.4
Turnover
Turnover represents rents receivable from letting of investment properties. Rents receivable from tenants are measured at fair value and is recognised in the period to which it arises on an accrual basis and in accordance with the terms of the lease.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in the income statement.
The fair value model is determined by the directors with the benefit of professional external valuers 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.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
52 KINGS ROAD CHELSEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
3
3
Investment property
2024
£
Fair value
At 1 April 2023
1,250,000
Disposals
(1,250,000)
At 31 March 2024
52 KINGS ROAD CHELSEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3
Investment property
(Continued)
- 4 -
No depreciation is provided in respect of these properties.
On a historical cost basis the investment properties would have been included at an original cost of £nil (2023: £1,250,000).
4
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
1,249,001
Other creditors
2,400
5,466
2,400
1,254,467
5
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
10
10
1
1
6
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
19,000
7
Related party transactions
The company has taken advantage of the exemptions available under FRS 102 not to disclose transactions with wholly owned group companies.
8
Parent company
The parent company is Sidney Smith Chelsea Limited and its registered office is 10 Duke Of York Square, London, SW3 4LY.
The ultimate parent company is Cadogan Estates Limited and its registered office is 10 Duke Of York Square, London, SW3 4LY.