PTP Accounts Production v24.3.0.553 01728085 Board of Directors 1.7.23 30.6.24 30.6.24 true false true true false false true false Ordinary A 0.01000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh017280852023-06-30017280852024-06-30017280852023-07-012024-06-30017280852022-06-30017280852022-07-012023-06-30017280852023-06-3001728085ns15:EnglandWales2023-07-012024-06-3001728085ns14:PoundSterling2023-07-012024-06-3001728085ns10:Director12023-07-012024-06-3001728085ns10:PublicLimitedCompanyPLC2023-07-012024-06-3001728085ns10:FRS1022023-07-012024-06-3001728085ns10:Audited2023-07-012024-06-3001728085ns10:LargeCompaniesRegimeForDirectorsReport2023-07-012024-06-3001728085ns10:LargeCompaniesRegimeForAccounts2023-07-012024-06-3001728085ns10:FullAccounts2023-07-012024-06-3001728085ns10:OrdinaryShareClass12023-07-012024-06-3001728085ns10:Director22023-07-012024-06-3001728085ns10:Director32023-07-012024-06-3001728085ns10:Director42023-07-012024-06-3001728085ns10:CompanySecretary12023-07-012024-06-3001728085ns10:RegisteredOffice2023-07-012024-06-3001728085ns5:CurrentFinancialInstruments2024-06-3001728085ns5:CurrentFinancialInstruments2023-06-3001728085ns5:ShareCapital2024-06-3001728085ns5:ShareCapital2023-06-3001728085ns5:SharePremium2024-06-3001728085ns5:SharePremium2023-06-3001728085ns5:RetainedEarningsAccumulatedLosses2024-06-3001728085ns5:RetainedEarningsAccumulatedLosses2023-06-3001728085ns5:ShareCapital2022-06-3001728085ns5:RetainedEarningsAccumulatedLosses2022-06-3001728085ns5:SharePremium2022-06-3001728085ns5:ShareCapital2022-07-012023-06-3001728085ns5:SharePremium2022-07-012023-06-3001728085ns5:RetainedEarningsAccumulatedLosses2022-07-012023-06-3001728085ns5:RetainedEarningsAccumulatedLosses2023-07-012024-06-3001728085ns5:ReportableOperatingSegment12023-07-012024-06-3001728085ns5:ReportableOperatingSegment12022-07-012023-06-3001728085ns5:ReportableOperatingSegment22023-07-012024-06-3001728085ns5:ReportableOperatingSegment22022-07-012023-06-3001728085ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2023-07-012024-06-3001728085ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2022-07-012023-06-3001728085ns15:UnitedKingdom2023-07-012024-06-3001728085ns15:UnitedKingdom2022-07-012023-06-3001728085ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2023-07-012024-06-3001728085ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2022-07-012023-06-3001728085ns10:HighestPaidDirector2023-07-012024-06-3001728085ns10:HighestPaidDirector2022-07-012023-06-300172808512023-07-012024-06-300172808512022-07-012023-06-3001728085132023-07-012024-06-3001728085132022-07-012023-06-3001728085ns10:OrdinaryShareClass12022-07-012023-06-3001728085ns5:LeaseholdImprovements2023-06-3001728085ns5:FurnitureFittings2023-06-3001728085ns5:LeaseholdImprovements2023-07-012024-06-3001728085ns5:FurnitureFittings2023-07-012024-06-3001728085ns5:LeaseholdImprovements2024-06-3001728085ns5:FurnitureFittings2024-06-3001728085ns5:LeaseholdImprovements2023-06-3001728085ns5:FurnitureFittings2023-06-3001728085ns5:CostValuation2023-06-3001728085ns5:WithinOneYearns5:CurrentFinancialInstruments2024-06-3001728085ns5:WithinOneYearns5:CurrentFinancialInstruments2023-06-3001728085ns5:WithinOneYear2024-06-3001728085ns5:WithinOneYear2023-06-3001728085ns5:BetweenOneFiveYears2024-06-3001728085ns5:BetweenOneFiveYears2023-06-3001728085ns5:AllPeriods2024-06-3001728085ns5:AllPeriods2023-06-3001728085ns10:OrdinaryShareClass12024-06-3001728085ns5:RetainedEarningsAccumulatedLosses2023-06-3001728085ns5:SharePremium2023-06-3001728085ns5:OtherRelatedPartyRelationshipType1ComponentTotalRelatedParties2023-07-012024-06-3001728085ns5:OtherRelatedPartyRelationshipType1ComponentTotalRelatedParties2024-06-3001728085ns5:OtherRelatedPartyRelationshipType1ComponentTotalRelatedParties2023-06-3001728085ns5:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl2023-07-012024-06-3001728085ns5:OtherRelatedParties2023-07-012024-06-30
REGISTERED NUMBER: 01728085 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 June 2024

for

Chelsea Financial Services PLC

Chelsea Financial Services PLC (Registered number: 01728085)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditor 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 16


Chelsea Financial Services PLC

Company Information
for the Year Ended 30 June 2024







DIRECTORS: Dr J M Holder
Mr D M McDermott
Mr S D Holder
Mr S T McDermott



SECRETARY: Mrs S Holder



REGISTERED OFFICE: St James Hall
Moore Park Road
London
SW6 2JS



REGISTERED NUMBER: 01728085 (England and Wales)



AUDITOR: Paul Hartley FCA
Statutory Auditor
PO Box 27075
London
N2 0FZ



SOLICITORS: Eversheds
Senator House
85 Queen Victoria Street
London
EC4V 4JL

Chelsea Financial Services PLC (Registered number: 01728085)

Strategic Report
for the Year Ended 30 June 2024

The directors present their strategic report for the year ended 30 June 2024.

REVIEW OF BUSINESS
Markets have been stronger this year and that has driven growth in Assets under Administration (AUA).

As always, the focus remains on serving the best interests of our clients and meeting their needs. Chelsea keeps in regular client contact with clear communications. The company is financially robust, the brand is strong and there is good engagement.

New business during the period amounted to £29.9m. Platform AUA was £934.2 million.

On 5th June 2024, the VT Chelsea Managed Funds marked their 7th anniversary. All four of the funds are top quartile since launch. The Monthly Income fund was 2/136 in its sector.

The total AUA for these funds increased to £171m, up from £144m last year. Hence an increase of £27m. The fees associated with the funds have risen to £346,917 from £318,992.

Chelsea is now the advisor to the funds, replacing CPMS. We are soon to request a Variation to Permissions to become the Investment Manager. This should lead to an increase in fees as we will no longer need to pay the IM fees.

Additionally, the VT Chelsea Managed funds continue to be a sought-after service, contributing to strong client retention.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risk to the Company's business remains a stock market crash or loss in investor confidence. Such scenarios could reduce Chelsea's income because of decreased fund values and clients selling their investments. However , recent market volatilities have indicated that our clients tend to remain steadfast during downturns, refraining from selling their investments. Some even see these downturns as opportune to invest further.

Chelsea is well-equipped to address regulatory challenges, having successfully navigated through significant regulatory changes in the past. The Board continues to monitor its Consumer Duty implementation plan.

KEY PERFORMANCE INDICATORS
The Directors consider Key Performance Indicators continue to be fee income and net profit. Fees this year were £4,273,052 against £4,558,984 last year and net profit for the year amounted to £1,099,654 (2023 £1,393,834)

Revenue was slightly lower this year due to one off costs associated with one of our platform providers. This is now close to being resolved.

ON BEHALF OF THE BOARD:





Mr D M McDermott - Director


17 October 2024

Chelsea Financial Services PLC (Registered number: 01728085)

Report of the Directors
for the Year Ended 30 June 2024

The directors present their report with the financial statements of the company for the year ended 30 June 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of arranging investment transactions on an execution only basis.

DIVIDENDS
The total distribution of dividends for the year ended 30 June 2024 will be £950,000 (2023 - £1,150,000)

FUTURE DEVELOPMENTS
The firm continues to do well in an ultra competitive market place. The high level of customer service offered alongside the guidance, website, bi-monthly e-news letter, access to the managed fund range, continues to resonate well with our clients. After a number of years and thousands of hours we believe we now have found the right platform partner to help us to grow.

We continue to work through the regulatory changes including consumer duty.

After a few one off expenses in the past year we are pleased to remain profitable and have a high level of company assets.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

Dr J M Holder
Mr D M McDermott
Mr S D Holder
Mr S T McDermott

POLITICAL DONATIONS AND EXPENDITURE
There were no political donations.

CLOSE COMPANY
The Company is a close company as defined by the Income and Corporation Taxes Act 1988.


Chelsea Financial Services PLC (Registered number: 01728085)

Report of the Directors
for the Year Ended 30 June 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditor is unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.

AUDITOR
The auditor, Paul Hartley FCA, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr D M McDermott - Director


17 October 2024

Report of the Independent Auditor to the Members of
Chelsea Financial Services PLC

Opinion
I have audited the financial statements of Chelsea Financial Services PLC (the 'company') for the year ended 30 June 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In my opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
I conducted my audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. My responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial statements section of my report. I am independent of the company in accordance with the ethical requirements that are relevant to my audit of the financial statements in the UK, including the FRC's Ethical Standard, and I have fulfilled my other ethical responsibilities in accordance with these requirements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.

Conclusions relating to going concern
In auditing the financial statements, I have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work I have performed, I have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

My responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and my Report of the Auditor thereon.

My opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in my report, I do not express any form of assurance conclusion thereon.

In connection with my audit of the financial statements, my responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or my knowledge obtained in the audit or otherwise appears to be materially misstated. If I identify such material inconsistencies or apparent material misstatements, I am required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work I have performed, I conclude that there is a material misstatement of this other information, I am required to report that fact. I have nothing to report in this regard.

Report of the Independent Auditor to the Members of
Chelsea Financial Services PLC


Opinions on other matters prescribed by the Companies Act 2006
In my opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which I am required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, I have not identified material misstatements in the Strategic Report or the Report of the Directors.

I have nothing to report in respect of the following matters where the Companies Act 2006 requires me to report to you if, in my opinion:
- adequate accounting records have not been kept, or returns adequate for my audit have not been received from branches not visited by me; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- I have not received all the information and explanations I require for my audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditor to the Members of
Chelsea Financial Services PLC


Auditor's responsibilities for the audit of the financial statements
My objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditor that includes my opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which my procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. I design procedures in line with my responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

I considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), I am also required to perform specific procedures to respond to the risk of management override of controls.

I also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations I considered in this context included the UK Companies Act, Accounting Standards and local tax legislation.

In addition, I considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company's ability to operate or to avoid a material penalty.

Audit Response to Risks Identified

The biggest fraud risk is that, the Chairman and Managing Director have override of controls so there is insufficient segregation of duties. This is addressed by ensuring the Managing Director, whose economic Interests are aligned with the firm, oversees all activities and controls bank transfers.

My procedures to respond to risks Identified included the following:

-reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- reading minutes of meetings of those charged with governance,
- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non- recognition of tax provisions; and
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made In making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

I also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.


Report of the Independent Auditor to the Members of
Chelsea Financial Services PLC

A further description of my responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of my Report of the Auditor.

Use of my report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. My audit work has been undertaken so that I might state to the company's members those matters I am required to state to them in a Report of the Auditor and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's members as a body, for my audit work, for this report, or for the opinions I have formed.




Paul Hartley FCA
Statutory Auditor
PO Box 27075
London
N2 0FZ

17 October 2024

Chelsea Financial Services PLC (Registered number: 01728085)

Income Statement
for the Year Ended 30 June 2024

2024 2023
Notes £    £   

TURNOVER 3 4,273,052 4,558,984

Administrative expenses 3,401,608 3,177,012
871,444 1,381,972

Other operating income 300,973 (53,909 )
OPERATING PROFIT 5 1,172,417 1,328,063

Interest receivable and similar income 149,042 65,771
PROFIT BEFORE TAXATION 1,321,459 1,393,834

Tax on profit 6 386,127 352,819
PROFIT FOR THE FINANCIAL
YEAR

935,332

1,041,015

Chelsea Financial Services PLC (Registered number: 01728085)

Other Comprehensive Income
for the Year Ended 30 June 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 935,332 1,041,015


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR

935,332

1,041,015

Chelsea Financial Services PLC (Registered number: 01728085)

Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 570,214 564,547
Investments 9 1 1
570,215 564,548

CURRENT ASSETS
Debtors 10 864,507 961,489
Investments 11 6,011,245 5,656,575
Cash at bank 1,667,730 1,928,603
8,543,482 8,546,667
CREDITORS
Amounts falling due within one year 12 480,373 463,223
NET CURRENT ASSETS 8,063,109 8,083,444
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,633,324

8,647,992

CAPITAL AND RESERVES
Called up share capital 14 50,000 50,000
Share reserves 15 111,750 111,750
Retained earnings 15 8,471,574 8,486,242
SHAREHOLDERS' FUNDS 8,633,324 8,647,992

The financial statements were approved by the Board of Directors and authorised for issue on 17 October 2024 and were signed on its behalf by:





Mr D M McDermott - Director


Chelsea Financial Services PLC (Registered number: 01728085)

Statement of Changes in Equity
for the Year Ended 30 June 2024

Called up
share Retained Share Total
capital earnings reserves equity
£    £    £    £   
Balance at 1 July 2022 54,400 8,595,227 111,750 8,761,377

Changes in equity
Issue of share capital (4,400 ) - - (4,400 )
Dividends - (1,150,000 ) - (1,150,000 )
Total comprehensive income - 1,041,015 - 1,041,015
Balance at 30 June 2023 50,000 8,486,242 111,750 8,647,992

Changes in equity
Dividends - (950,000 ) - (950,000 )
Total comprehensive income - 935,332 - 935,332
Balance at 30 June 2024 50,000 8,471,574 111,750 8,633,324

Chelsea Financial Services PLC (Registered number: 01728085)

Cash Flow Statement
for the Year Ended 30 June 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 872,584 1,026,016
Tax paid (326,832 ) (122,212 )
Net cash from operating activities 545,752 903,804

Cash flows from investing activities
Purchase of tangible fixed assets (5,667 ) (1,370 )
Purchase of current asset investments - (3,481,160 )
Purchase of EBT shares - (875,600 )
Interest received 149,042 65,771
Net cash from investing activities 143,375 (4,292,359 )

Cash flows from financing activities
Share issue - (4,400 )
Equity dividends paid (950,000 ) (1,150,000 )
Net cash from financing activities (950,000 ) (1,154,400 )

Decrease in cash and cash equivalents (260,873 ) (4,542,955 )
Cash and cash equivalents at
beginning of year

2

1,928,603

6,471,558

Cash and cash equivalents at end of
year

2

1,667,730

1,928,603

Chelsea Financial Services PLC (Registered number: 01728085)

Notes to the Cash Flow Statement
for the Year Ended 30 June 2024

1. RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED
FROM OPERATIONS

2024 2023
£    £   
Profit for the financial year 935,332 1,041,015
Revaluation of current asset investments (81,133 ) -
Revaluation of Investments (273,537 ) -
Finance income (149,042 ) (65,771 )
Taxation 386,127 352,819
817,747 1,328,063
Decrease/(increase) in trade and other debtors 96,982 (277,308 )
Decrease in trade and other creditors (42,145 ) (24,739 )
Cash generated from operations 872,584 1,026,016

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2024
30.6.24 1.7.23
£    £   
Cash and cash equivalents 1,667,730 1,928,603
Year ended 30 June 2023
30.6.23 1.7.22
£    £   
Cash and cash equivalents 1,928,603 6,471,558


Chelsea Financial Services PLC (Registered number: 01728085)

Notes to the Cash Flow Statement
for the Year Ended 30 June 2024

3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.7.23 Cash flow At 30.6.24
£    £    £   
Net cash
Cash at bank 1,928,603 (260,873 ) 1,667,730
1,928,603 (260,873 ) 1,667,730

Liquid resources
Current asset investments 5,656,575 354,670 6,011,245
5,656,575 354,670 6,011,245
Total 7,585,178 93,797 7,678,975

Chelsea Financial Services PLC (Registered number: 01728085)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Chelsea Financial Services PLC is a public limited company not listed on any exchange, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation and functional currency of the accounts is £Sterling.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention modified to include certain assets at fair value.

Turnover
Turnover represents brokerage and fees and is taken to credit when earned, with the exception of life and pensions brokerage fees which are credited when received. Brokerage and fees received post year end that relate to the current year are recognised on a time-proportioned basis.

Depreciation
Depreciation is provided using the following rates and bases to reduce by annual instalments the cost of tangible assets over their estimated useful lives:-

Office Equipment,Fixtures and Fittings10-20%Straight Line

Art Work has been purchased for decorative purposes, rather than for capital growth, and so is included in tangible fixed assets at cost. Depreciation is no longer provided on the art work as its residual value is not considered to be less that the current carrying value.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less impairment.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Chelsea Financial Services PLC (Registered number: 01728085)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
Pension contributions are charged to the profit and loss account in the year of payment. These contributions are invested separately from the company's assets.

Consolidated accounts
The company has not prepared consolidated accounts as any effect would be immaterial.

Investments
Current asset investments are valued at fair value. Listed investments are included at Stock market bid price.

Operating Leases

Rentals payable under operating leases are taken to the profit and loss account on a straight line basis over the lease term.

Debtors and Creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Key Judgments and Estimations

The key judgments and estimations used by the directors are the residual value and useful lives of fixed assets including artwork

Chelsea Financial Services PLC (Registered number: 01728085)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Initial and Renewal Fees 4,235,748 4,492,567
Life and Pension 37,304 66,417
4,273,052 4,558,984

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 4,273,052 4,558,984
4,273,052 4,558,984

The turnover is wholly attributable to that of Chelsea Financial Services PLC, which during the year represented brokerage and commission earned and life and pensions brokerage fees received.

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,284,827 1,252,474
Social security costs 216,057 231,264
Other pension costs 57,558 50,140
1,558,442 1,533,878

The average number of employees during the year was as follows:
2024 2023

Administration 18 20

2024 2023
£    £   
Directors' remuneration 737,222 861,266
Directors' pension contributions to money purchase schemes 31,000 28,800

Chelsea Financial Services PLC (Registered number: 01728085)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

4. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 268,714 366,355

Commission paid to a director (not highest paid director) 125,000 151,250
Benefits in Kind 49,644 37,701

The number of directors accruing benefits under money purchase
pension schemes are:

Number Number
Money Purchase 3 3

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Auditors remuneration 35,000 35,000
Operating lease rentals Land and Buildings 171,000 171,000

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 386,127 352,819
Tax on profit 386,127 352,819

Chelsea Financial Services PLC (Registered number: 01728085)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 1,321,459 1,393,834
Profit multiplied by the standard rate of corporation tax in the UK
of 25% (2023 - 20.500%)

330,365

285,736

Effects of:
Expenses not deductible for tax purposes 55,828 67,164
Capital allowances in excess of depreciation (66 ) (81 )
Total tax charge 386,127 352,819

7. DIVIDENDS
2024 2023
£    £   
Ordinary A shares of .01 each
Final 950,000 1,150,000

8. TANGIBLE FIXED ASSETS
Fixtures
Paintings and
& Artwork fittings Totals
£    £    £   
COST
At 1 July 2023 564,547 296,112 860,659
Additions 5,667 - 5,667
At 30 June 2024 570,214 296,112 866,326
DEPRECIATION
At 1 July 2023
and 30 June 2024 - 296,112 296,112
NET BOOK VALUE
At 30 June 2024 570,214 - 570,214
At 30 June 2023 564,547 - 564,547

Chelsea Financial Services PLC (Registered number: 01728085)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

9. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 July 2023
and 30 June 2024 1
NET BOOK VALUE
At 30 June 2024 1
At 30 June 2023 1

Chelsea Portfolio Management Services Limited (Company No 10604512) is a 100% subsidiary company.and started trading on 12 November 2021. The company, which has the same registered address at the parent, has £1 share capital which is held by Chelsea Financial Services plc. The balance due to Chelsea Financial Services amounts to £Nil as at 30 June 2024 (2023- £25,143)

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 363,857 185,955
Chelsea Portfolio Management Services
Limited

-

25,143
Loans to clients 162,133 -
Amounts owed by associated
undertakings 321,438 726,786
Season ticket loan - 1,732
Prepayments 17,079 21,873
864,507 961,489

Debtors are shown after making provisions for all debts which the Directors feel are likely to prove irrecoverable.

11. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Listed investments 6,011,245 5,656,575
Market value of listed investments at 30 June 2024 - £ 6,011,245 (2023 - £ 5,657,575 ).

Chelsea Financial Services PLC (Registered number: 01728085)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Corporation Tax 316,744 257,449
Social security and other taxes - 135,385
Amounts owed to associated companies 1 1
Accruals and deferred income 163,628 70,388
480,373 463,223

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 171,000 133,890
Between one and five years 684,000 -
855,000 133,890

On 24 July 2023 the lease on St James Hall was extended to 30 June 2029 at a cost of £105,000 and the lease on 755 Fulham Road was extended to 30 June 2029 at a cost of £66,000..

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
50,000 Ordinary A .01 50,000 50,000

15. RESERVES
Retained Share
earnings reserves Totals
£    £    £   

At 1 July 2023 8,486,242 111,750 8,597,992
Profit for the year 935,332 - 935,332
Dividends (950,000 ) - (950,000 )
At 30 June 2024 8,471,574 111,750 8,583,324

The share reserves arose due to the exercise of share options in 2010 and 2012. The scheme was subsequently closed.

Chelsea Financial Services PLC (Registered number: 01728085)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

16. PENSION COMMITMENTS

The company operates five money purchase pension schemes. The assets of the schemes are held separately from those of the company in independently administered funds. Contributions payable by the company amounted to £57,558 (2023 - £50,140). All contributions were paid in the year.

17. CAPITAL COMMITMENTS

There are no capital commitments as at 30 June 2024 (None at 30 June 2023).

18. RELATED PARTY DISCLOSURES

Entities under common control
2024 2023
£    £   
Expenses Paid 321,438 306,161
Rent received 6,000 6,000
Amount due from related party 321,438 726,786

Key management personnel of the entity (in the aggregate)
2024 2023
£    £   
Dividends 950,000 1,150,000

Other related parties
2024 2023
£    £   
Rent Paid to Pension Scheme in which directors are members and
trustees

171,000

171,000

There are no key management personnel other than the directors. Directors' remuneration can be found in Note 4.

19. ULTIMATE CONTROLLING PARTY

The controlling party is Dr J M Holder.

20. REVENUE COMMITMENTS

The company has a lease agreement with Chelsea Financial Services PLC Pension Fund for its office premises from 31 July 2019 for 10 years to 30 June 2029 in the sum of £171,000 per annum.