Chelsea Management Services Ltd
Annual Report and Unaudited Financial Statements
For the year ended 31 May 2017
PAGES FOR FILING WITH REGISTRAR
Company Registration No. 03564583 (England and Wales)
Chelsea Management Services Ltd
Company Information
Directors
M Foley
L Foley
Secretary
Mr A Shaw
Company number
03564583
Registered office
Devonshire House
60 Goswell Road
London
EC1M 7AD
Accountants
Kingston Smith LLP
Devonshire House
60 Goswell Road
London
EC1M 7AD
Chelsea Management Services Ltd
Contents
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 4
Chelsea Management Services Ltd
Balance Sheet
As at 31 May 2017
Page 1
2017
2016
Notes
£
£
£
£
Current assets
Debtors
2
16,622
16,349
Cash at bank and in hand
1,889
253
18,511
16,602
Creditors: amounts falling due within one year
3
(1,879)
(1,500)
Net current assets
16,632
15,102
Capital and reserves
Called up share capital
4
1
1
Profit and loss reserves
16,631
15,101
Total equity
16,632
15,102
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 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
• 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;
-
• The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 12 February 2018 and are signed on its behalf by:
M Foley
Director
Company Registration No. 03564583
Chelsea Management Services Ltd
Statement of Changes in Equity
For the year ended 31 May 2017
Page 2
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 June 2015
1
36,885
36,886
Period ended 31 May 2016:
Loss and total comprehensive income for the year
-
(21,784)
(21,784)
Balance at 31 May 2016
1
15,101
15,102
Period ended 31 May 2017:
Loss and total comprehensive income for the year
-
1,530
1,530
Balance at 31 May 2017
1
16,631
16,632
Chelsea Management Services Ltd
Notes to the Financial Statements
For the year ended 31 May 2017
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
Devonshire House, 60 Goswell Road, London, EC1M 7AD.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of 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 a
mounts
in these financial statements are
rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31
May
2017 are the first financial statements of
Chelsea Management
Limited prepared in accordance with Section 1A of FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1
June
2015. The reported financial position and financial performance for the previous period are not affected by transition to FRS 102.
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
Cash and cash equivalents
Cash and cash equivalents 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.
1.4
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.
1.5
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.
Chelsea Management Services Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 May 2017
Page 4
2
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
-
16,240
Corporation tax recoverable
-
109
Other debtors
16,622
-
16,622
16,349
3
Creditors: amounts falling due within one year
2017
2016
£
£
Corporation tax
379
-
Other creditors
1,500
1,500
1,879
1,500
4
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1
1
1
5
Related party transactions
Included within debtors is an amount of £16,622 (2016: £nil) due from M Foley, director. The max outstanding amount is £16,138 and there were advances of £16,138 and interest charged of £484 in the year. Interest has been charged at the HMRC official rate of interest.