No 5 Chambers Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 02727465 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2017

FOR

NO 5 CHAMBERS LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

P E Bleasdale QC

R H Tedd QC

T McDaid

N Preston

R H Jones QC

D Mitchell

J Coughlan

P Mantle

J Cahill QC

R J Hignett

D Mason QC

M Gill QC

N Khalique

J Rothwell

M Anderson QC

J Jones QC

A Keeling QC

C Bright QC

S Brown

A Wynne

R Grimshaw

I Brownhill

I Halstead

S Chelvan

REGISTERED OFFICE:

5 Fountain Court

Steelhouse Lane

Birmingham

B4 6DR

REGISTERED NUMBER:

02727465 (England and Wales)

AUDITORS:

DNG Dove Naish

Chartered Accountants

and Statutory Auditor

Eagle House

28 Billing Road

Northampton

Northamptonshire

NN1 5AJ

BANKERS:

The Royal Bank of Scotland Plc

79/83 Colmore Row

Birmingham

B3 2AP

FIXED ASSETS

Tangible assets

4

471,780

538,483

CURRENT ASSETS

Stocks

18,758

33,766

Debtors

5

1,927,413

1,884,872

Cash at bank and in hand

352,254

122,218

2,298,425

2,040,856

CREDITORS

Amounts falling due within one year

6

1,593,645

1,339,617

NET CURRENT ASSETS

704,780

701,239

TOTAL ASSETS LESS CURRENT LIABILITIES

1,176,560

1,239,722

PROVISIONS FOR LIABILITIES

39,725

51,989

NET ASSETS

1,136,835

1,187,733

CAPITAL AND RESERVES

Called up share capital

9

247

246

Share premium

85,919

85,919

Retained earnings

1,050,669

1,101,568

SHAREHOLDERS' FUNDS

1,136,835

1,187,733

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 8 June 2018 and were signed on its behalf by:

D Mitchell - Director

M Anderson QC - Director

1.	STATUTORY INFORMATION

No 5 Chambers 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

The preparation of financial statements requires the use of certain critical accounting estimates. It also

requires management to exercise its judgement in the process of applying the company accounting

policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions

and estimates are significant to the financial statements are disclosed within the individual accounting

policies below.

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.

Long leasehold

-

over the life of the lease

Fixtures and fittings

-

20% on cost and 15% on reducing balance

Computer equipment

-

25% on cost

Fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Where parts of an item of property, plant and equipment have different useful lives, they are accounted

for as separate items of property, plant and equipment.

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The

selection of these residual values and estimated lives requires the exercise of judgement. The

directors are required to assess whether there is an indication of impairment to the carrying value of

assets. In making that assessment, judgements are made in estimating value in use. The directors

consider that the individual carrying values of assets are supportable by their value in use.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

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.

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.

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

The company makes contributions to a group personal pension plan on behalf of eligible employees.

Contributions payable are charged in the profit and loss account in the period to which they relate.

Financial instruments

Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term

deposits with an original maturity date of three months or less.

Debtors and creditors with no stated interest rate and receivable or payable within one year are

recorded at transaction price. Any losses arising from impairment are recognised in the statement of

comprehensive income under administrative expenses.

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in

the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a

similar debt instrument, those financial instruments are classed as financial liabilities. Financial

liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to

financial liabilities are included in the profit and loss account. Finance costs are calculated so as to

produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a

financial liability then this is classed as an equity instrument. Dividends and distributions relating to

equity instruments are debited direct to equity.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 94 (2016 - 90 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Long

and

Computer

leasehold

fittings

equipment

Totals

£

£

£

£

COST

At 1 October 2016

1,936,483

713,535

421,263

3,071,281

Additions

36,098

31,085

18,754

85,937

Disposals

(146,621

)

(108,776

)

(46,396

)

(301,793

)

At 30 September 2017

1,825,960

635,844

393,621

2,855,425

DEPRECIATION

At 1 October 2016

1,672,475

574,310

286,013

2,532,798

Charge for year

45,916

36,829

69,895

152,640

Eliminated on disposal

(146,621

)

(108,776

)

(46,396

)

(301,793

)

At 30 September 2017

1,571,770

502,363

309,512

2,383,645

NET BOOK VALUE

At 30 September 2017

254,190

133,481

84,109

471,780

At 30 September 2016

264,008

139,225

135,250

538,483

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other debtors

107,198

107,300

Directors' current accounts

5,428

5,423

Tax

1,764

1,346

Accruals

1,310,141

1,270,524

Prepayments

502,882

500,279

1,927,413

1,884,872

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

-

15,047

Trade creditors

517,662

353,424

Tax

62,951

92,998

Social security and other taxes

82,307

78,450

VAT

203,608

236,489

Other creditors

234,382

49,012

Accruals and deferred income

492,735

514,197

1,593,645

1,339,617

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2017

2016

£

£

Within one year

484,342

554,640

Between one and five years

756,658

866,249

1,241,000

1,420,889

8.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank overdraft

-

15,047

The bank overdraft is secured by all assets of the company.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

243

A

£1

243

242

(2016 - 242 )

4

B

£1

4

4

247

246

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Robyn Favill FCCA (Senior Statutory Auditor)

for and on behalf of DNG Dove Naish

11.	TRANSACTIONS WITH DIRECTORS

Included within debtors is an amount of £5,428 (2016: £5,423) owing from the director Mr T McDaid.

There is no interest charged and no fixed terms of repayment.