Registered number: OC360005
39 ESSEX CHAMBERS LLP
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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39 ESSEX CHAMBERS LLP
REGISTERED NUMBER: OC360005
BALANCE SHEET
AS AT 31 DECEMBER 2021
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Debtors: amounts falling due within one year
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Creditors: Amounts Falling Due Within One Year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Loans and other debts due to members within one year
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Members' capital classified as equity
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Other reserves classified as equity
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Amounts due from members (included in debtors)
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Loans and other debts due to members
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Page 1
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39 ESSEX CHAMBERS LLP
REGISTERED NUMBER: OC360005
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.
The entity was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.
The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The entity has opted not to file the profit and loss account in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements were approved and authorised for issue by the members and were signed on their behalf by:
The notes on pages 4 to 7 form part of these financial statements.
Page 2
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39 ESSEX CHAMBERS LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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EQUITY
Members' other interests
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DEBT
Loans and other debts due to members less any amounts due from members in debtors
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Members' capital (classified as equity)
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Members' interests after profit for the year
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Amounts introduced by members
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Balance at 31 December 2020
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Members' interests after profit for the year
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Amounts introduced by members
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Balance at 31 December 2021
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There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.
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Page 3
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39 ESSEX CHAMBERS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
39 Essex Chambers LLP is a Limited Liability Partnership incorporated in England, United Kingdom. The LLP registered number is OC360005 and the registered office and trading address is 81 Chancery Lane London, WC2A 1DD. The Company is part of a group.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".
The following principal accounting policies have been applied:
During the year the LLP has been affected by restrictions imposed by UK and overseas Governments in response to the COVID-19 pandemic.
The members consider that the resources available to the LLP will be sufficient for it to be able to continue as a going concern during the restrictions and once the restrictions are lifted. However, there is a high level of uncertainty about how long the restrictions will last and the level of demand once the restrictions have ended which could affect this assessment. The financial statements do not contain any adjustments that would be required if the LLP were not able to continue as a going concern
Turnover comprises revenue recognised by the LLP in respect of services supplied during the year, exclusive of Value Added Tax
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Page 4
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39 ESSEX CHAMBERS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.Accounting policies (continued)
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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The entity has no employees.
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The average monthly number of employees, including directors, during the year was 0 (2020 - 0).
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Investments in subsidiary companies
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Amounts owed by group undertakings
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Prepayments and accrued income
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Page 5
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39 ESSEX CHAMBERS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Bank loans totalling £nil (2020 - £2,363,699) are secured against the lease of the property.
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Page 6
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39 ESSEX CHAMBERS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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Loans and other debts due to members
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Other amounts due to members
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Loans and other debts due to members may be further analysed as follows:
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Falling due within one year
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Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
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Commitments under operating leases
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At 31 December 2021 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Related party transactions
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During the year the LLP charged £256,235 (2020 - £294,529) for services provided and £2,246,724 (2020 - £2,253,436) for premises provided to 39 Essex Chambers (Services) Limited, a subsidiary.
The amount due from the company at the year end was £2,082,674 (2020 - £4,052,492). This amount is repayable on demand.
The amount due from members at the year end was £450,000 (2020 - £650,000) and at the year end the amount due to members amounted to £4,320,000 (2020 - £4,140,000).
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Page 7
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