The Chambers Leeds Limited
Unaudited Financial Statements
For the period ended 31 May 2023
Pages for Filing with Registrar
Company Registration No. 14130782 (England and Wales)
The Chambers Leeds Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 4
The Chambers Leeds Limited
Balance Sheet
As at 31 May 2023
Page 1
2023
Notes
£
£
Current assets
Stock
3
9,757,702
Debtors
4
40,138
Cash at bank and in hand
78,017
9,875,857
Creditors: amounts falling due within one year
5
(3,527,402)
Net current assets
6,348,455
Creditors: amounts falling due after more than one year
6
(6,351,216)
Net liabilities
(2,761)
Capital and reserves
Called up share capital
7
100
Profit and loss reserves
(2,861)
Total equity
(2,761)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 29 April 2024 and are signed on its behalf by:
J S Rixson
Director
Company Registration No. 14130782
The Chambers Leeds Limited
Notes to the Financial Statements
For the period ended 31 May 2023
Page 2
1
Accounting policies
Company information
The Chambers Leeds Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor Charlotte Building, 17 Gresse Street, London, United Kingdom, W1T 1QL.
1.1
Reporting period
The financial statements cover the 12 month and 7 day period from incorporation to the first statutory year end of 31 May 2023. A May year end has been chosen as a sensible cut off date for operations.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Going concern
At the period end the company had net liabilities of £2,761, net current assets of £6,348,455 and made losses in the period of £2,861. The directors of the company have considered the company's losses in the period, the net liabilities position, future projected profits and the availability of cash within the group when preparing the financial statements on a going concern basis. true
Therefore, at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Stock
Stock are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to their present location and condition.
Stock held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
The Chambers Leeds Limited
Notes to the Financial Statements (Continued)
For the period ended 31 May 2023
1
Accounting policies
(Continued)
Page 3
1.6
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
Number
Total
3
Stock
2023
£
Stock
9,757,702
4
Debtors
2023
Amounts falling due within one year:
£
Other debtors
40,138
5
Creditors: amounts falling due within one year
2023
£
Trade creditors
6,844
Amounts owed to group undertakings
2,888,163
Accruals and deferred income
632,395
3,527,402
The Chambers Leeds Limited
Notes to the Financial Statements (Continued)
For the period ended 31 May 2023
Page 4
6
Creditors: amounts falling due after more than one year
2023
£
Bank loans and overdrafts
6,351,216
7
Called up share capital
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
100
100
On incorporation, the company issued 100 Ordinary Shares of £1 at par.
8
Related party transactions
The Chambers Leeds Limited has taken the exemption to disclose related party transactions under the same 100% control in accordance with FRS102 - Section 33 "Related Party Disclosures" paragraph 33.1A.
During the year, the company incurred costs of £34,085 from Studious Investment Management Limited, a related company by virtue of common directorship. There were no balances outstanding at the year end in relation to these amounts.
During the year, the company incurred costs of £101,901 from Studious Building (Brighton) Limited, a related company by virtue of common directorship. There were no balances outstanding at the year end in relation to these amounts.
9
Parent company
The immediate and ultimate parent company is Celeres Investments Limited, a company incorporated in Guernsey.
There is no ultimate controlling party.