Company registration number 08170666 (England and Wales)
4 NEW SQUARE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
11 De Grey Square
De Grey Road
Colchester
Essex
CO4 5YQ
4 NEW SQUARE LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2
Notes to the financial statements
3 - 8
4 NEW SQUARE LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr J Hough
Mr N Bacon
Mr D B Turner
Mr. T Chelmick
(Appointed 1 April 2023)
Company number
08170666
Registered office
4 New Square
London
WC2A 3RJ
Auditor
TC Group
11 De Grey Square
De Grey Road
Colchester
Essex
CO4 5YQ
4 NEW SQUARE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
70,842
74,510
Current assets
Debtors
5
944,909
854,249
Cash at bank and in hand
3,078,713
1,859,016
4,023,622
2,713,265
Creditors: amounts falling due within one year
6
(4,023,616)
(2,713,259)
Net current assets
6
6
Total assets less current liabilities
70,848
74,516
Provisions for liabilities
(13,460)
(14,157)
Net assets
57,388
60,359
Capital and reserves
Called up share capital
7
6
6
Profit and loss reserves
57,382
60,353
Total equity
57,388
60,359

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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 4 July 2024 and are signed on its behalf by:
Mr N Bacon
Mr. T Chelmick
Director
Director
Company Registration No. 08170666
4 NEW SQUARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

4 New Square Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4 New Square, London, WC2A 3RJ.

1.1
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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

1.2
Turnover

Turnover represents the amounts due for service charges during the year net of VAT, and is recognised in the year to which it relates. An interim charge is computed against an expenditure budget with any shortfall against actual expenditure being payable by the members of chambers, but any excess being repayable.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
straight line over 5 years
Computers
straight line over 4, 5 and 8 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
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.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

4 NEW SQUARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.7
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

4 NEW SQUARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

In the opinion of the directors there are no significant judgements or areas of estimation uncertainty.

 

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
35
35
4 NEW SQUARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
163,843
Additions
32,815
Disposals
(7,590)
At 31 March 2024
189,068
Depreciation and impairment
At 1 April 2023
89,333
Depreciation charged in the year
35,813
Eliminated in respect of disposals
(6,920)
At 31 March 2024
118,226
Carrying amount
At 31 March 2024
70,842
At 31 March 2023
74,510
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
71,531
43,704
Other debtors
798,378
778,045
869,909
821,749
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
75,000
32,500
Total debtors
944,909
854,249
4 NEW SQUARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
84,748
83,105
Taxation and social security
413,402
323,772
Other creditors
3,525,466
2,306,382
4,023,616
2,713,259

The bank facilities are secured by way of a fixed and floating charge over all the company's assets dated 22 May 2014.

7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
6
6
6
6
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Jacqueline Frost ACA
Statutory Auditor:
TC Group
9
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
2,421,250
2,189,476
4 NEW SQUARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
10
Related party transactions

The Company provides services to members of a Barristers Chambers and incurs costs which it recharges those members. The Directors are all members. The Company is governed by a Management Committee which is drawn from those members, together with the Senior Clerk of Chambers.

The Company's turnover derives from recharged costs to the members.

11
Ultimate Controlling Party

The company is established as a service company for the members of 4 New Square Chambers.

The company is owned by six senior members who hold the shares on trust for all the members in chambers.

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