Company No:
Contents
DIRECTORS | C K Antelme |
The Hon J H M Bruce | |
The Earl Cadogan KBE DL | |
Viscount Chelsea DL | |
C V Ellingworth | |
J D Gordon |
SECRETARY | J L Richards |
REGISTERED OFFICE | 9 New Square |
Lincoln's Inn | |
London | |
WC2A 3QN | |
United Kingdom |
COMPANY NUMBER | 00670040 (England and Wales) |
AUDITOR | Dixon Wilson Audit Services LLP |
22 Chancery Lane | |
London | |
WC2A 1LS |
Note | 2021 | 2020 | ||
£ | £ | |||
Fixed assets | ||||
Investments | 3 |
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1,918,572 | 1,763,494 | |||
Current assets | ||||
Cash at bank and in hand |
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14,311 | 88,811 | |||
Creditors | ||||
Amounts falling due within one year | 4 | (
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Net current (liabilities)/assets | (65,441) | 35,019 | ||
Total assets less current liabilities | 1,853,131 | 1,798,513 | ||
Provision for liabilities | 5 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Capital contribution reserve |
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Profit and loss account |
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Total shareholders' funds |
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The financial statements of Chelsea Securities "B" Limited (registered number:
J D Gordon
Director |
Called-up share capital | Capital contribution reserve | Profit and loss account | Total | ||||
£ | £ | £ | £ | ||||
At 01 January 2020 |
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Profit for the financial year |
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Total comprehensive income |
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Issue of share capital |
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At 31 December 2020 |
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At 01 January 2021 |
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Profit for the financial year |
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Total comprehensive income |
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Dividends paid on equity shares |
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At 31 December 2021 |
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The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Chelsea Securities "B" 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 9 New Square, Lincoln's Inn, London, WC2A 3QN, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, 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 £.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is
set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Investments in equity shares and other securities which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss.
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Final dividends are recognised when approved by the members and interim dividends are recognised when paid.
2021 | 2020 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year |
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Listed investments | Total | ||
£ | £ | ||
Carrying value before impairment | |||
At 01 January 2021 |
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Additions |
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Disposals | (
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Movement in fair value |
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At 31 December 2021 |
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Provisions for impairment | |||
At 01 January 2021 |
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At 31 December 2021 |
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Carrying value at 31 December 2021 |
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Carrying value at 31 December 2020 |
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2021 | 2020 | ||
£ | £ | ||
Other creditors |
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Deferred taxation | Total | ||
£ | £ | ||
At 01 January 2021 |
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105,631 | |
Credited to the Profit and Loss Account | (
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( 22,117) | |
At 31 December 2021 |
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83,514 | |
Deferred tax
2021 | 2020 | ||
£ | £ | ||
Accelerated capital allowances |
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Provision for deferred tax |
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The audit report was unqualified and no reference was made to any matters to which the auditor drew attention by way of emphasis.