Company No: 08482665 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	Matthew Ambown (Resigned 27 April 2025)
	Emma Bridgewater
	Lisa Burger
	David Hicks
	Jeremy O'Dwyer (Appointed 28 April 2025)
	Christopher Jenkins (Appointed 18 June 2024)
	Dame Karen Jones (Appointed 15 April 2025)
	Jeremy King (Resigned 18 June 2024)
	Geoffrey Matthews
	Emma McGuigan Burns

SECRETARY

Geoffrey Matthews

REGISTERED OFFICE	143-145 Old Church Street
	London
	SW3 6EB
	United Kingdom

COMPANY NUMBER

08482665 (England and Wales)

AUDITOR	Dixon Wilson Audit Services LLP
	Statutory Auditor
	22 Chancery Lane
	London
	WC2A 1LS
	United Kingdom

BANKERS	C Hoare & Co
	37 Fleet Street
	London
	EC4P 4DQ

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	3	24,850		0
Tangible assets	4	2,456,720		2,613,292
		2,481,570		2,613,292
Current assets
Stocks		120,351		88,553
Debtors	5	295,280		115,706
Cash at bank and in hand		3,681		90,796
		419,312		295,055
Creditors: amounts falling due within one year	6	( 1,369,836)		( 1,157,304)
Net current liabilities		(950,524)		(862,249)
Total assets less current liabilities		1,531,046		1,751,043
Creditors: amounts falling due after more than one year	7	( 225,000)		( 621,245)
Net assets		1,306,046		1,129,798
Capital and reserves
Called-up share capital		7		7
Profit and loss account		1,306,039		1,129,791
Total shareholders' funds		1,306,046		1,129,798

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Chelsea Arts Club Trading Limited (registered number: 08482665) were approved and authorised for issue by the Board of Directors on 16 June 2025. They were signed on its behalf by:

David Hicks Director

Geoffrey Matthews Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Chelsea Arts Club Trading Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 143-145 Old Church Street, London, SW3 6EB, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

In assessing the Company's ability to continue as a going concern, the directors have considered the liquidity position and reviewed cash flow forecasts for the foreseeable future.

In addition to current working capital available, the Company has an overdraft facility with its bankers.

The cash flow forecasts indicate that the company will need to make use of its overdraft facility for the 12 months from the date of signing of these financial statements and the directors have concluded that the company has adequate funding available to meets its liabilities as they fall due.

Turnover

Turnover comprises revenue recognised by the Company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts and comprises subscriptions, food and beverage, bedroom and other income from club trading. Life subscriptions are accounted for over an estimated period of the life of the subscription.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Intangible assets

Intangible assets are stated at cost, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost of each asset over its expected useful life as follows:

Website costs

3 - 5 years straight line

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is provided on the following basis:

Leasehold improvements	33 - 40 years straight line
Fixtures and fittings	3 - 20 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Borrowing costs

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

The company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and net realisable value.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the company during the year, including directors	66		67

3. Intangible assets

	Website costs		Total
	£		£
Cost
At 01 April 2024	0		0
Additions	28,170		28,170
At 31 March 2025	28,170		28,170
Accumulated amortisation
At 01 April 2024	0		0
Charge for the financial year	3,320		3,320
At 31 March 2025	3,320		3,320
Net book value
At 31 March 2025	24,850		24,850
At 31 March 2024	0		0

4. Tangible assets

	Leasehold improve- ments		Fixtures and fittings		Total
	£		£		£
Cost
At 01 April 2024	3,012,540		637,636		3,650,176
Additions	0		10,001		10,001
At 31 March 2025	3,012,540		647,637		3,660,177
Accumulated depreciation
At 01 April 2024	604,676		432,208		1,036,884
Charge for the financial year	100,529		66,044		166,573
At 31 March 2025	705,205		498,252		1,203,457
Net book value
At 31 March 2025	2,307,335		149,385		2,456,720
At 31 March 2024	2,407,864		205,428		2,613,292

5. Debtors

	2025		2024
	£		£
Trade debtors	5,588		5,475
Other debtors	52,345		60,712
Prepayments	237,347		49,519
	295,280		115,706

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank overdrafts	157,268		0
Other loans	396,242		396,248
Trade creditors	220,641		162,209
Amounts owed to related parties	108,466		151,449
Other taxation and social security	197,780		182,866
Accruals and deferred income	243,603		220,955
Other creditors	45,836		43,577
	1,369,836		1,157,304

The overdraft facility is secured against the land and buildings in Chelsea Arts Club Limited. A cross guarantee between the two entities exists.

Amounts owed to related parties are due to Chelsea Arts Club Limited £78,749 (2024 - £127,823) a company with shareholders and a director in common with Chelsea Arts Club Trading Limited and £29,717 (2024 - £23,956) owing to Chelsea Arts Club, an unincorporated mutual and the 100% shareholder of Chelsea Arts Club Trading Limited. The amounts due are interest free and repayable on demand.

7. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Other loans	225,000		621,245

The unsecured loan notes bear interest on the principal amount from 1 December 2015 at a fixed rate of interest of 5% per annum. They are being repaid in four equal instalments from 1 December 2022 to 1 December 2025. The loan notes are only available for subscription by members of Chelsea Arts Club and are non-transferable.

The loan facilities, also unsecured, represent pledges made by a small number of members of Chelsea Arts Club, drawn down by the company between December 2015 and July 2017. Interest is charged on the anniversary of the drawdown on the principal amount at 5% per annum for the first 5 years of the loan, at 6% per annum in years 6 and 7 and at 7% in years 8, 9 and 10. The principal loan amounts are being repaid in four equal instalments in years 7, 8, 9 and 10.

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2025		2024
	£		£
within one year	20,000		1,907
between one and five years	80,000		7,628
after five years	2,397,753		109,749
Total future minimum lease payments under non-cancellable operating leases	2,497,753		119,284

During the year Chelsea Arts Club Limited renewed its lease relating to the land and buildings at 143-145 Old Church Street, London, SW3 6EB, United Kingdom. Under the terms of the new lease, rent of £20,000 per annum is payable by either Chelsea Arts Club Limited or Chelsea Arts Club Trading Limited.

9. Audit Opinion

The auditor's report on the accounts for the financial year ended 31 March 2025 was unqualified.

The audit report was signed by Oliver Jackson on behalf of Dixon Wilson Audit Services LLP.