Chelsea Truck Company Ltd - Filleted accounts

Registered number

07609947

Chelsea Truck Company Ltd

Unaudited Accounts

31 December 2024

Chelsea Truck Company Ltd
Report and accounts
Contents




Page

Company information	1
Balance sheet	2
Accounting policies	3-4
Notes to the accounts	4-6

Chelsea Truck Company Ltd

Company Information

Directors

A Kahn

J Khan

Accountants

MAYDEN GROUP LTD

Auburn House, 4th Floor

42 Upper Piccadilly

Bradford

BD1 3NU

Registered office

240 Canal Road

Bradford

BD1 4SX

Registered number

07609947

Chelsea Truck Company Ltd
Registered number:		07609947
Balance Sheet
as at 31 December 2024

Notes			2024			2023
£				£
Fixed assets
Tangible assets	3		3,871,065			3,954,434

Current assets
Stocks		2,455,333			2,618,928
Debtors	4	182,649			53,175
Cash at bank and in hand		19,150			108,819
		2,657,132			2,780,922

Creditors: amounts falling due within one year	5	(4,896,379)			(5,077,033)

Net current liabilities			(2,239,247)			(2,296,111)

Net assets			1,631,818			1,658,323

Capital and reserves
Called up share capital	6		10,000			10,000
Profit and loss account	7		1,621,818			1,648,323

Shareholder's funds			1,631,818			1,658,323

The directors are 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 directors acknowledge their 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.




A Kahn
Director
Approved by the board on 15 September 2025

Chelsea Truck Company Ltd
Notes to the Accounts
for the year ended 31 December 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). There are no material departures from the standard.

	Going Concern
	The Directors have considered the going concern basis of preparation of the accounts. As disclosed in the contingent liabilities note, the Company is part of a banking group ("The Group") involving other related companies and is potentially liable for certain banking liabilities of those companies. The Group also benefits from the potential access to funds of other related companies outside of the banking group. Accordingly, the Directors have considered the going concern basis of preparation of the accounts with regard to these potential liabilities and access to other funds. The Company has prepared cash flow forecasts for a period of twelve months following the date of approval of these accounts.Having reviewed the forecast information referred to above, the Directors are confident that the business can settle its debts as they fall due over the next 12 months. Accordingly, the Directors have concluded that no material uncertainty in relation to going concern exists and have prepared the accounts on a going concern basis.

	Turnover
	Turnover comprises the fair value of the consideration received for the sale of goods in the ordinary course of the company's activities. Turnover is shown net of value added tax and discounts and is recognised when the amount of revenue can be reliably measured, and it is probable that future economic benefits will flow to the entity. The sale of a vehicle is recognised on the date on which the customer takes possession of the vehicle.

	Tangible fixed assets
	Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:

	Land and buildings	2% straight line from commencement of the lease
	Lease hold improvements	4% straight line from commencement of the lease
	Office equipment	25% reducing balance

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. The cost of finished goods and work in progress comprises direct material and, where applicable, direct labour cost and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to the selling price less cost to complete and sell; the impairment loss is recognised immediately in profit or loss.

	Debtors
	Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

	Creditors
	Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method.

	Cash and cash equivalents
	Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods.

	Financial Instruments
	Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments according to the substance of the contractual arrangement. Equity instruments are those that entitle the holder to a residual interest in the company's assets after deducting all of its liabilities. Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

	Foreign exchange
	Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of teh entity at the rates prevailing on the reporting period date. Non-monetary items carried at fari value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

	Share capital
	Equity instruments are measured at the fair value of the cash or other resources received, net of direct costs of issuing equity instruments.

2	Employees					2024		2023
Number							Number

	Average number of persons employed by the company					3		3

3	Tangible fixed assets
		Land and buildings		Lease hold Improvements		Office Equipment		Total
£			£		£		£
	Cost
	At 01 January 2024	3,819,282		208,301		14,867		4,042,450
	Additions	-		2,200		2,763		4,963
	At 31 December 2024	3,819,282		210,501		17,630		4,047,413

	Depreciation
	At 01 January 2024	76,386		8,332		3,298		88,016
	Charge for the year	76,386		8,420		3,526		88,332
	At 31 December 2024	152,772		16,752		6,824		176,348

	Net book value
	At 31 December 2024	3,666,510		193,749		10,806		3,871,065

	At 31 December 2023	3,742,896		199,969		11,569		3,954,434



4	Debtors					2024		2023
£							£

	Trade debtors					3,500		1,235
	Taxation recoverable					81,904		21,686
	Amount due from related undertakings					60,127		3,050
	Other debtors					1,900		-
	Prepayments and accrued income					35,218		27,204
						182,649		53,175

5	Creditors: amounts falling due within one year					2024		2023
£							£

	Trade creditors					306,804		311,154
	Amounts owed to group and related undertakings					4,422,755		4,571,612
	Taxation and social security costs					131,628		158,849
	Accruals					35,192		35,418
						4,896,379		5,077,033


6	Called-up share capital					Authorised	Alloted
£							£
	The authorised and allotted share capital at 31 December 2023 and 31 December 2024 was:
	Equity shares
	Ordinary shares of £100 each					10,000		10,000
						10,000		10,000

7	Reserves					2024		2023
£							£
	Balance at 1 January 2024					1,648,323		1,374,030
	Profit for the financial year					(14,705)		274,293
	Dividend paid					(11,800)		-
	Balance at 31 December 2024					1,621,818		1,648,323

8	Contingent liabilities

	The Company has provided a cross guarantee for debts owed by Kensington Landmark Limited. These debts are secured by fixed and floating charges over all property, assets and rights of the Company, present and future. At 31 December 2024, the gross and net debt owed under guarantee amounted to £2,080,017.

9	Controlling party

	The Company is controlled by Mr A Kahn by virtue of his shareholding.

10	Other information

	Chelsea Truck Company Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office is:
	240 Canal Road
	Bradford
	BD1 4SX