REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 30 June 2024 |
for |
Chelsea Financial Services PLC |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITOR: |
Statutory Auditor |
PO Box 27075 |
London |
N2 0FZ |
SOLICITORS: |
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: |
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. |
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: |
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. |
Statutory Auditor |
PO Box 27075 |
London |
N2 0FZ |
Chelsea Financial Services PLC (Registered number: 01728085) |
Income Statement |
for the Year Ended 30 June 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 |
Administrative expenses |
871,444 | 1,381,972 |
Other operating income | ( |
) |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
Chelsea Financial Services PLC (Registered number: 01728085) |
Other Comprehensive Income |
for the Year Ended 30 June 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Chelsea Financial Services PLC (Registered number: 01728085) |
Balance Sheet |
30 June 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
Investments | 9 |
CURRENT ASSETS |
Debtors | 10 |
Investments | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 14 |
Share reserves | 15 |
Retained earnings | 15 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Issue of share capital | ( |
) | - | ( |
) |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 30 June 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 30 June 2024 |
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 |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Purchase of current asset investments | - | (3,481,160 | ) |
Purchase of EBT shares | - | (875,600 | ) |
Interest received |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
Share issue | ( |
) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Decrease in cash and cash equivalents | ( |
) | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
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 |
Revaluation of current asset investments | (81,133 | ) | - |
Revaluation of Investments | (273,537 | ) | - |
Finance income | (149,042 | ) | (65,771 | ) |
Taxation |
817,747 | 1,328,063 |
Decrease/(increase) in trade and other debtors | ( |
) |
Decrease in trade and other creditors | ( |
) | ( |
) |
Cash generated from operations |
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 | ( |
) | 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 Fittings | 10-20% | 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 |
£ | £ |
An analysis of turnover by geographical market is given below: |
2024 | 2023 |
£ | £ |
United Kingdom |
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 |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Administration |
2024 | 2023 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
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 |
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 |
Operating lease rentals Land and Buildings |
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 |
Tax on profit |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Total tax charge | 386,127 | 352,819 |
7. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary A shares of .01 each |
Final |
8. | TANGIBLE FIXED ASSETS |
Fixtures |
Paintings | and |
& Artwork | fittings | Totals |
£ | £ | £ |
COST |
At 1 July 2023 |
Additions |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
and 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
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 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
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 |
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 |
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 |
Amounts owed to associated companies | 1 | 1 |
Accruals and deferred income |
13. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
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: | £ | £ |
Ordinary A | .01 | 50,000 | 50,000 |
15. | RESERVES |
Retained | Share |
earnings | reserves | Totals |
£ | £ | £ |
At 1 July 2023 | 8,597,992 |
Profit for the year | - |
Dividends | ( |
) | - | ( |
) |
At 30 June 2024 | 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 |
2024 | 2023 |
£ | £ |
Expenses Paid | 321,438 | 306,161 |
Rent received | 6,000 | 6,000 |
Amount due from related party |
2024 | 2023 |
£ | £ |
Dividends | 950,000 | 1,150,000 |
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. |