Registered number
10886666
1st Developments Chelsea Limited
Filleted Accounts
31 July 2024
1st Developments Chelsea Limited
Registered number: 10886666
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 11,798 13,352
Investments 4 68,283 68,283
80,081 81,635
Current assets
Debtors 5 50,075 77,108
Cash at bank and in hand 52,880 32,306
102,955 109,414
Creditors: amounts falling due within one year 6 (78,511) (94,461)
Net current assets 24,444 14,953
Net assets 104,525 96,588
Capital and reserves
Called up share capital 10 10
Profit and loss account 104,515 96,578
Shareholder's funds 104,525 96,588
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M Venezia
Director
Approved by the board on 23 July 2025
1st Developments Chelsea Limited
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computer and office equipment 25% reducing balance
Motor vehicles 25% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 2
3 Tangible fixed assets
Computer and office equipments Motor vehicle Total
£ £ £
Cost
At 1 August 2023 13,220 26,160 39,380
Additions 2,378 - 2,378
At 31 July 2024 15,598 26,160 41,758
Depreciation
At 1 August 2023 10,904 15,124 26,028
Charge for the year 1,173 2,759 3,932
At 31 July 2024 12,077 17,883 29,960
Net book value
At 31 July 2024 3,521 8,277 11,798
At 31 July 2023 2,316 11,036 13,352
4 Investments
Other
investments
£
Cost
At 1 August 2023 68,283
At 31 July 2024 68,283
5 Debtors 2024 2023
£ £
Other debtors 50,075 77,108
50,075 77,108
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 22,558 29,230
Trade creditors 4,515 7,153
Taxation and social security costs 15,425 43,030
Other creditors 36,013 15,048
78,511 94,461
7 Other information
1st Developments Chelsea Limited is a private company limited by shares and incorporated in England. Its registered office is:
9 Bonhill Street
London
EC2A 4DJ
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