Chelsea Management Services Ltd
Unaudited Financial Statements
For the year ended 31 May 2022
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 - 4
Chelsea Management Services Ltd
Balance Sheet
As at 31 May 2022
Page 1
2022
2021
Notes
£
£
£
£
Current assets
Debtors
3
19,983
19,999
Cash at bank and in hand
5,449
6,696
25,432
26,695
Creditors: amounts falling due within one year
4
(5,614)
(4,569)
Net current assets
19,818
22,126
Creditors: amounts falling due after more than one year
5
(1,500)
(2,000)
Net assets
18,318
20,126
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
18,317
20,125
Total equity
18,318
20,126
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 2022 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 2022
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 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.
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 2022
1
Accounting policies
(Continued)
Page 3
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons employed by the company during the year was:
2022
2021
Number
Number
Total
3
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
19,983
19,999
4
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
500
500
Corporation tax
1,614
1,569
Other creditors
3,500
2,500
5,614
4,569
Chelsea Management Services Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 May 2022
Page 4
5
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
1,500
2,000
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.
6
Called up share capital
2022
2021
£
£
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 £19,941 (2021: £19,998) as due from the director. Interest is charged on the loan at the HMRC official rate.