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REGISTERED NUMBER: 01560973 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 March 2024

for

CHELSEA GATE STUDIOS LIMITED

CHELSEA GATE STUDIOS LIMITED (REGISTERED NUMBER: 01560973)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CHELSEA GATE STUDIOS LIMITED

Company Information
for the Year Ended 31 March 2024







DIRECTORS: C F Wenstrom
F S Wenstrom





REGISTERED OFFICE: 18 High Street
Lindfield
Haywards Heath
West Sussex
RH16 2HH





REGISTERED NUMBER: 01560973 (England and Wales)





ACCOUNTANTS: Paddenburg & Co Limited
100 Church Street
Brighton
East Sussex
BN1 1UJ

CHELSEA GATE STUDIOS LIMITED (REGISTERED NUMBER: 01560973)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,481 1,646
Investments 5 232,649 206,509
Investment property 6 2,656,005 2,650,000
2,890,135 2,858,155

CURRENT ASSETS
Debtors 7 44,251 35,714
Cash at bank 36,587 71,325
80,838 107,039
CREDITORS
Amounts falling due within one year 8 170,785 175,547
NET CURRENT LIABILITIES (89,947 ) (68,508 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,800,188

2,789,647

CREDITORS
Amounts falling due after more than one
year

9

(598,003

)

(654,955

)

PROVISIONS FOR LIABILITIES 11 (73,486 ) (73,527 )
NET ASSETS 2,128,699 2,061,165

CAPITAL AND RESERVES
Called up share capital 1,566,136 1,566,136
Fair value reserve 236,893 236,893
Retained earnings 325,670 258,136
2,128,699 2,061,165

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

CHELSEA GATE STUDIOS LIMITED (REGISTERED NUMBER: 01560973)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2024 and were signed on its behalf by:




C F Wenstrom - Director



F S Wenstrom - Director


CHELSEA GATE STUDIOS LIMITED (REGISTERED NUMBER: 01560973)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Chelsea Gate Studios Limited is a private company, 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.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about Chelsea Gate Studios Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on cost
Computer equipment - 33% on cost

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

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 or deferred taxation assets and liabilities are not discounted.

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.

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.

CHELSEA GATE STUDIOS LIMITED (REGISTERED NUMBER: 01560973)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 April 2023 4,425 - 4,425
Additions - 762 762
At 31 March 2024 4,425 762 5,187
DEPRECIATION
At 1 April 2023 2,779 - 2,779
Charge for year 885 42 927
At 31 March 2024 3,664 42 3,706
NET BOOK VALUE
At 31 March 2024 761 720 1,481
At 31 March 2023 1,646 - 1,646

5. FIXED ASSET INVESTMENTS

2024 2023
£    £   
Shares in group undertakings 12 12
Loans to group undertakings 232,637 206,497
232,649 206,509

Additional information is as follows:
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 12
NET BOOK VALUE
At 31 March 2024 12
At 31 March 2023 12
Loans to
group
undertakings
£   
At 1 April 2023 206,497
New in year 26,140
At 31 March 2024 232,637

CHELSEA GATE STUDIOS LIMITED (REGISTERED NUMBER: 01560973)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 2,650,000
Additions 6,005
At 31 March 2024 2,656,005
NET BOOK VALUE
At 31 March 2024 2,656,005
At 31 March 2023 2,650,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2020 5,000
Valuation in 2022 287,461
Cost 2,363,544
2,656,005

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 1,602
Accrued income 5,317 4,319
Prepayments 38,934 29,793
44,251 35,714

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 10) 56,953 56,953
Payments on account 384 384
Trade creditors 36,448 27,723
Tax 26,942 43,385
VAT 484 457
Other creditors 36,234 36,234
Directors' loan accounts 1,186 1,204
Accrued expenses 12,154 9,207
170,785 175,547

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 10) 598,003 654,955

CHELSEA GATE STUDIOS LIMITED (REGISTERED NUMBER: 01560973)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2024 2023
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 370,192 427,144

10. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 56,953 56,953

Amounts falling due between one and two years:
Bank loans - 1-2 years 56,953 56,953

Amounts falling due between two and five years:
Bank loans - 2-5 years 170,858 170,858

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 370,192 427,144

11. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 73,486 73,527

Deferred
tax
£   
Balance at 1 April 2023 73,527
Accelerated capital allowances (41 )
Balance at 31 March 2024 73,486

12. RELATED PARTY DISCLOSURES

The reporting entity is the parent company for both Dawlin Investments Limited and Dawlin Capital Limited which are registered outside of the United Kingdom and have directors in common with the reporting entity.

The company made further advances during the period to these companies of £26,140 (2022: £31,275) with total advances to the companies amounting to £232,637 (2022: £206,497).

CHELSEA GATE STUDIOS LIMITED (REGISTERED NUMBER: 01560973)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

13. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is F S Wenstrom.

By virtue of right by holding the overriding vote in the event of a deadlock.