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Registration number: 12974360

Chambers Group Holdings Limited

Report of the Directors and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Chambers Group Holdings Limited

Contents of The Financial Statements
for the Year Ended 31 December 2023

 

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 13

 

Chambers Group Holdings Limited

Company Information
for the Year Ended 31 December 2023

Director

Mr A Hilliard

Registered office

4 Roche Close
Rochford
Essex
SS4 1PX

Accountants

Insight Strategic Associates
Chartered Certified Accountants
10 Towerfield Road
Shoeburyness
Essex
SS3 9QE

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Chambers Group Holdings Limited
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Chambers Group Holdings Limited for the year ended 31 December 2023 as set out on pages 3 to 13 from the company's accounting records and from information and explanations you have given us.
 

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.
 

This report is made solely to the Board of Directors of Chambers Group Holdings Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Chambers Group Holdings Limited and state those matters that we have agreed to state to the Board of Directors of Chambers Group Holdings Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Chambers Group Holdings Limited and its Board of Directors as a body for our work or for this report.
 

It is your duty to ensure that Chambers Group Holdings Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Chambers Group Holdings Limited. You consider that Chambers Group Holdings Limited is exempt from the statutory audit requirement for the year.
 

We have not been instructed to carry out an audit or a review of the accounts of Chambers Group Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Insight Strategic Associates
Chartered Certified Accountants

10 Towerfield Road
Shoeburyness
Essex
SS3 9QE

19 September 2024

 

Chambers Group Holdings Limited

(Registration number: 12974360 )
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,146,313

921,125

Investment property

5

623,320

-

Investments

6

149

200

 

1,769,782

921,325

Current assets

 

Debtors

7

1,072,233

404,458

Cash at bank and in hand

 

884,032

176,031

 

1,956,265

580,489

Creditors: Amounts falling due within one year

8

(419,990)

(440,179)

Net current assets

 

1,536,275

140,310

Total assets less current liabilities

 

3,306,057

1,061,635

Creditors: Amounts falling due after more than one year

8

(52,500)

(111,364)

Provisions for liabilities

-

(1,125)

Net assets

 

3,253,557

949,146

Capital and reserves

 

Called up share capital

200

200

Retained earnings

3,253,357

948,946

Shareholders' funds

 

3,253,557

949,146

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Chambers Group Holdings Limited

(Registration number: 12974360 )
Balance Sheet as at 31 December 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 19 September 2024
 

.........................................
Mr A Hilliard
Director

 

Chambers Group Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
4 Roche Close
Rochford
Essex
SS4 1PX
England

These financial statements were authorised for issue by the director on 19 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

 

Chambers Group Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

Not depreciated

 

Chambers Group Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2

Accounting policies (continued)

Office equipment

33% on cost

Fixtures and fittings

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Chambers Group Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Chambers Group Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2

Accounting policies (continued)

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2022 - 0).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Cost or valuation

At 1 January 2023

451,549

8,504

-

463,654

Additions

-

-

56,843

176,815

At 31 December 2023

451,549

8,504

56,843

640,469

Depreciation

At 1 January 2023

-

2,582

-

-

Charge for the year

-

2,407

6,063

-

At 31 December 2023

-

4,989

6,063

-

Carrying amount

At 31 December 2023

451,549

3,515

50,780

640,469

At 31 December 2022

451,549

5,922

-

463,654

 

Chambers Group Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets (continued)

Total
£

Cost or valuation

At 1 January 2023

923,707

Additions

233,658

At 31 December 2023

1,157,365

Depreciation

At 1 January 2023

2,582

Charge for the year

8,470

At 31 December 2023

11,052

Carrying amount

At 31 December 2023

1,146,313

At 31 December 2022

921,125

Included within the net book value of land and buildings above is £451,549 (2022 - £451,549) in respect of freehold land and buildings.
 

5

Investment properties

2023
£

Additions

623,320

At 31 December

623,320

There has been no valuation of investment property by an independent valuer.

6

Investments

2023
£

2022
£

Investments in subsidiaries

149

200

 

Chambers Group Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Investments (continued)

Subsidiaries

£

Cost or valuation

At 1 January 2023

200

Disposals

(51)

At 31 December 2023

149

Provision

Carrying amount

At 31 December 2023

149

At 31 December 2022

200

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

900

-

Amounts owed by related parties

10

303,300

402,175

Prepayments

 

1,437

-

Other debtors

 

766,596

2,283

   

1,072,233

404,458

 

Chambers Group Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

70,000

63,636

Trade creditors

 

16,586

27,131

Accruals and deferred income

 

69,409

59,412

Other creditors

 

263,995

290,000

 

419,990

440,179

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

52,500

111,364

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

52,500

111,364

2023
£

2022
£

Current loans and borrowings

Other borrowings

70,000

63,636

 

Chambers Group Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

10

Related party transactions

During the year Chambers Group Holdings Limited charged £123,970 (2022: £125,885) to AJ Chambers Recruitment Limited in respect of rent and recharged expenses. Chambers Group Holdings Limited are a 49% shareholder in AJ Chambers Recuitment Ltd.

At the year end a balance of £238,985 (2022: £377,447) was due from AJ Chambers Recruitment Limited a company who Chambers Group Holdings Limited are a 49% shareholder.

During the year Chambers Group Holdings Limited charged £6,453 (2022: £21,146) to Katy's Bistro Limited a company who Chambers Group Holdings Limited are a 100% shareholder in respect of rent and recharged expenses.

At the year end a balance of £64,316 (2022: £24,728) was due from Katy's Bistro Limited a company who Chambers Group Holdings Limited are a 100% shareholder.