Chelsea Management Services Ltd
Unaudited Financial Statements
For the year ended 31 May 2021
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
6th Floor
9 Appold Street
London
EC2A 2AP
Business address
Rawley & Co.
P O Box 688
Kingston St.Mary
Taunton
Somerset
TA2 8ZQ
Chelsea Management Services Ltd
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 3
Chelsea Management Services Ltd
Balance Sheet
As at 31 May 2021
Page 1
2021
2020
Notes
£
£
£
£
Current assets
Debtors
3
19,999
20,082
Cash at bank and in hand
6,696
181
26,695
20,263
Creditors: amounts falling due within one year
4
(4,569)
(1,000)
Net current assets
22,126
19,263
Creditors: amounts falling due after more than one year
5
(2,000)
(2,500)
Net assets
20,126
16,763
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
20,125
16,762
Total equity
20,126
16,763
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 2021 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.
T
he 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.
The financial statements were approved by the board of directors and authorised for issue on 20 January 2023 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 2021
Page 2
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 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 £.
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
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.
1.4
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
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 2021
Page 3
2
Employees
The average monthly number of persons employed by the company during the year was
:
2021
2020
Number
Number
Total
3
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
19,999
20,082
4
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
500
Corporation tax
1,569
Other creditors
2,500
1,000
4,569
1,000
5
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
2,000
2,500
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. No interest or instalments were due in the first year of the loan.
6
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1
1
1
7
Directors' transactions
At the year end, included within other debtors is an amount of £
19,998
(
2021
: £
19,640
) as due from the director. Interest is charged on the loan at the HMRC official rate.