Chelsea Square Commercial Limited - Accounts to registrar (filleted) - small 18.2

Chelsea Square Commercial Limited - Accounts to registrar (filleted) - small 18.2

CHELSEA SQUARE COMMERCIAL LIMITED - Company Information

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REGISTERED NUMBER: 05036714 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 December 2019

for

Chelsea Square Commercial Limited
Chelsea Square Commercial Limited (Registered number: 05036714)






Contents of the Financial Statements
for the year ended 31 December 2019




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Chelsea Square Commercial Limited

Company Information
for the year ended 31 December 2019







DIRECTOR: A R Burgering





REGISTERED OFFICE: Global House
303 Ballards Lane
London
N12 8NP





REGISTERED NUMBER: 05036714 (England and Wales)





ACCOUNTANTS: Pittalis Gilchrist LLP
Chartered Certified Accountants
Global House
303 Ballards Lane
London
N12 8NP
Page 1
Chelsea Square Commercial Limited (Registered number: 05036714)

Statement of Financial Position
31 December 2019

31.12.19 31.12.18
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 888,025 888,025

CURRENT ASSETS
Debtors 5 235,931 -
Cash at bank 26,729 3,796
262,660 3,796
CREDITORS
Amounts falling due within one year 6 4,376 366,000
NET CURRENT ASSETS/(LIABILITIES) 258,284 (362,204 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
1,146,309
525,821

CREDITORS
Amounts falling due after more than one
year
7
622,500
188,107
NET ASSETS 523,809 337,714

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Revaluation reserve 303,891 303,891
Retained earnings 209,918 23,823
523,809 337,714

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 notes form part of these financial statements

Page 2 continued...
Chelsea Square Commercial Limited (Registered number: 05036714)

Statement of Financial Position - continued
31 December 2019


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 director and authorised for issue on 17 December 2020 and were signed by:





A R Burgering - Director


The notes form part of these financial statements

Page 3
Chelsea Square Commercial Limited (Registered number: 05036714)

Notes to the Financial Statements
for the year ended 31 December 2019

1. STATUTORY INFORMATION

Chelsea Square Commercial Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 represents rents receivable from the investment properties owned by company. Rents are recognised up to the year end date.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided

Land and building held and used in the Company's own activities for production and supply of goods or for administration purposes are stated in the statement of financial position at their revalued amounts. Revaluations are carried out regularly so that the carrying amounts do not materially differ from using the fair value at the date of the statement of financial position.

Any revaluation increase or decrease on land and buildings is credited to the property revaluation reserve.

Depreciation on cost of buildings is charged to profit and loss. Depreciation on the revaluation amount on buildings is charged to the revaluation reserve, so as to write off their value less residual value, over their estimated useful life, using the straight line method.

Once the property is sold or retired any attributable revaluation surplus that is remaining in the property revaluation reserve is transferred to retained earnings. No transfer is made from the revaluation reserve to retained earnings unless an asset is derecognised.

Taxation
Taxation for the year 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 statement of financial position date.


Page 4 continued...
Chelsea Square Commercial Limited (Registered number: 05036714)

Notes to the Financial Statements - continued
for the year ended 31 December 2019

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 year 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2018 - 1 ) .

4. TANGIBLE FIXED ASSETS
Freehold
property
£   
COST
At 1 January 2019
and 31 December 2019 888,025
NET BOOK VALUE
At 31 December 2019 888,025
At 31 December 2018 888,025

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.19 31.12.18
£    £   
Amounts owed by group undertakings 232,439 -
Other debtors 3,492 -
235,931 -

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.19 31.12.18
£    £   
Bank loans and overdrafts - 13,400
Amounts owed to group undertakings - 349,607
Taxation and social security - 1,913
Other creditors 4,376 1,080
4,376 366,000

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.19 31.12.18
£    £   
Bank loans 622,500 188,107

Page 5 continued...
Chelsea Square Commercial Limited (Registered number: 05036714)

Notes to the Financial Statements - continued
for the year ended 31 December 2019

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
31.12.19 31.12.18
£    £   
Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 622,500 -

Repayable by instalments
Bank loans more 5 yr by instalments - 121,106

8. RELATED PARTY DISCLOSURES

At year end the company was owed the following amounts from companies where Mr A Burgering is a common director and shareholder.

Company Name Amount
Ingarangi Design and Build Ltd 5,600
Koru London Ltd 107,338
Chelsea Square Residential Ltd 1,080
DECOE Ltd 118,421

Total 232,429

Page 6