Chelsea Management Services Ltd
Unaudited Financial Statements
For the year ended 31 May 2024
Pages for Filing with Registrar
Company Registration No. 03564583 (England and Wales)
Chelsea Management Services Ltd
Company Information
Directors
M Foley
L Foley
Secretary
L Foley
Company number
03564583
Registered office
6th Floor
9 Appold Street
London
EC2A 2AP
Business address
Rawley & Co.
P O Box 688
Kingston St.Mary
Taunton
Somerset
United Kingdom
TA2 8ZQ
Chelsea Management Services Ltd
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
Chelsea Management Services Ltd
Balance Sheet
As at 31 May 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
777
Current assets
Debtors
4
3,932
Cash at bank and in hand
67,563
39,811
67,563
43,743
Creditors: amounts falling due within one year
5
(15,061)
(9,706)
Net current assets
52,502
34,037
Total assets less current liabilities
53,279
34,037
Creditors: amounts falling due after more than one year
6
(1,074)
(1,000)
Net assets
52,205
33,037
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
52,204
33,036
Total equity
52,205
33,037
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 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.
Chelsea Management Services Ltd
Balance Sheet (Continued)
As at 31 May 2024
Page 2
The financial statements were approved by the board of directors and authorised for issue on 25 February 2025 and are signed on its behalf by:
L Foley
Director
Company Registration No. 03564583
Chelsea Management Services Ltd
Notes to the Financial Statements
For the year ended 31 May 2024
Page 3
1
Accounting policies
Company information
Chelsea Management Services Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.
1.1
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 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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration receivable for services provided in the normal course of business.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
33% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Chelsea Management Services Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 May 2024
1
Accounting policies
(Continued)
Page 4
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments at fair value.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
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.
Chelsea Management Services Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 May 2024
Page 5
2
Employees
The average monthly number of persons employed by the company during the year was:
2024
2023
Number
Number
Total
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2023
Additions
1,166
At 31 May 2024
1,166
Depreciation and impairment
At 1 June 2023
Depreciation charged in the year
389
At 31 May 2024
389
Carrying amount
At 31 May 2024
777
At 31 May 2023
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
-
3,932
Chelsea Management Services Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 May 2024
Page 6
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
500
500
Corporation tax
9,664
4,067
Other taxation and social security
1,689
2,638
Other creditors
530
1,501
Accruals and deferred income
2,678
1,000
15,061
9,706
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,074
1,000
Included within bank loans is an unsecured bank loan repayable by instalments by May 2026. Interest is charged on the loan at 2.5% per annum.
7
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1
1
1
8
Directors' transactions
At the year end, included within other debtors is an amount of £Nil (2023: £3,931) as due from the director. Interest is charged on the loan at the HMRC official rate.