Chelsea Gate Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04669101 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

1 AUGUST 2017 TO 30 NOVEMBER 2018

FOR

CHELSEA GATE LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs S Randall

J Diamond

REGISTERED OFFICE:

12 Romney Place

Maidstone

Kent

ME15 6LE

REGISTERED NUMBER:

04669101 (England and Wales)

ACCOUNTANTS:

Mackenzies Accountants Limited

Chartered Accountants

12 Romney Place

Maidstone

Kent

ME15 6LE

FIXED ASSETS

Tangible assets

4

10,706

5,785

Investments

5

35,000

-

45,706

5,785

CURRENT ASSETS

Debtors

6

257,626

87,741

Cash at bank

146,903

77,066

404,529

164,807

CREDITORS

Amounts falling due within one year

7

353,372

239,796

NET CURRENT ASSETS/(LIABILITIES)

51,157

(74,989

)

TOTAL ASSETS LESS CURRENT LIABILITIES

96,863

(69,204

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

96,763

(69,304

)

SHAREHOLDERS' FUNDS

96,863

(69,204

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 November 2018.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 November 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 18 December 2019 and were signed on its behalf by:

J Diamond - Director

Mrs S Randall - Director

1.	STATUTORY INFORMATION

Chelsea Gate Ltd is a private company, limited by shares , registered in England and Wales. The company's registered

number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value

added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the

extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet

date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those

in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been

enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing

difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be

recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme

are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 9 (2017 - 8 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 August 2017

17,774

Additions

10,274

At 30 November 2018

28,048

DEPRECIATION

At 1 August 2017

11,989

Charge for period

5,353

At 30 November 2018

17,342

NET BOOK VALUE

At 30 November 2018

10,706

At 31 July 2017

5,785

5.	FIXED ASSET INVESTMENTS

2018

2017

£

£

Other investments not loans

35,000

-

Additional information is as follows:

Shares in

group

undertakings

£

COST

At 1 August 2017

100

Disposals

(100

)

At 30 November 2018

-

NET BOOK VALUE

At 30 November 2018

-

At 31 July 2017

100

Investments (neither listed nor unlisted) were as follows:

2018

2017

£

£

Film investment

35,000

-

On 28th February 2018, the director accepted an offer from the late Baroness Rowena Von Albedyhll, who at that time

was the sole director and controlling shareholder of the company, for the purchase the company's 100% shareholding in

Wight Folly Limited for £30,000, the company had originally paid £100 for this investment on 4th February 2016. The

director considered the sale to be at arms length open market value, and was undertaken to improve the company's cash

flow by liquidating a non-income producing asset.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

110

3,255

Owed by companies under common control

88,151

78,637

Other debtors

10,872

4,425

Other debtors - RVA executors

158,493

-

Social security refund due

-

1,424

257,626

87,741

Amounts owed to companies under common control consists of:

£77,521 owed by Wight Folly Limited (2017: £78,637)

£10,630 owed by Hollier Farms Limited (2017: Nil)

Other debtors consists of:

Shaleen Von Albedhyll £2,080 a payment made on 31st January 2018 (2017: Nil)

Yvonne Von Albedhyll £8,792 personal housing expenses (2017: Nil)

House of Chilli Limited £Nil (2017: £4,425).

The amount included in other debtors - RVA executors represents amounts advanced to Rowena Von Albedyhll

(deceased) during the year. The movement on the account includes £226,000 withdrawn via bank transfers and an

adjustment of £37,500 relating to unrecorded cash sales of electricity meter takings.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

870

667

Owed to companies under common control

261,339

58,152

Tax

31,216

9,951

Other creditors

54,775

54,600

Directors' current accounts

39

115,638

Accrued expenses

5,133

788

353,372

239,796

Amounts owed to companies under common control consists of;

£46,992 to MCC Investments Ltd (2017: £29,045)

£4,890 to Cheltenham Investments Ltd (2017: £3,000)

£209,457 owed to Cheltenham Developments Ltd (2017: £26,107)

Directors current accounts consists £39 owed to Jeffrey Diamond. The 2017 comparative amount of £115,638 related

entirely to the late Baroness Rowena Von Albedhyll.

Other creditors consists of a pension creditor of £205 and £54,570 (2017: £54,600) owed to James Hewitt being an

amount introduced to the company on 22nd September 2016

Accrued expenses relates to accountancy fees £5,133 (2017: £788).

8.	RELATED PARTY TRANSACTIONS

The company manages a property portfolio the freeholds of which are owned by companies which were under the

common control of the late Baroness Rowena Von Albedhyll, these companies are now under the common control of

her executors.

The company pays an agreed fixed rent to these companies under common control and in turn sub-lets the properties,

which in many cases are houses of multiple occupation, to individual residential tenants. As part of the agreement with

the companies under common control, the company is responsible for the collection of rents from tenants and for all

maintenance and other operating costs relating to the properties.

During the period ended 30 November 2018 the company paid rent of £216,000 to Cheltenham Developments Limited,

£19,259 to MCC Investments Limited and £32,000 to Cheltenham Investments Limited in respect of properties which it

subsequently sub-let to residential tenants. The amounts paid to the freeholder companies was considered to be at open

market value, taking into account the cost of rent collection, maintenance and other operating expenses.

The company paid rent of £29,060 to Hollier Farms Limited, a company also under common control, for storage and

workshop space, again this was considered to be at open market value.

Sale of fixed asset investment to a related party - on 28th February 2018, the director accepted an offer from the late

Baroness Rowena Von Albedyhll, who at that time was the sole director and controlling shareholder of the company,

for the purchase the company's 100% shareholding in Wight Folly Limited for £30,000, the company had originally

paid £100 for this investment on 4th February 2016. The director considered the sale to be at arms length open market

value, and was undertaken to improve the company's cash flow by liquidating a non-income producing asset.

9.	ULTIMATE CONTROLLING PARTY

The executors of the late Baroness Rowena Von Albedyhll, who was the majority shareholder of the company, are

collectively the ultimate controlling party of the company. Jeffrey Diamond an executor is one of two directors of the

company.