Company registration number 08192610 (England and Wales)
PUMP COURT CHAMBERS MANAGEMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
PUMP COURT CHAMBERS MANAGEMENT LIMITED
CONTENTS
Page
Statement of financial position
2
Statement of changes in equity
1
Notes to the financial statements
3 - 8
PUMP COURT CHAMBERS MANAGEMENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 1 -
Income and expenditure
£
Balance at 1 March 2022
956,695
Year ended 28 February 2023:
Surplus and total comprehensive income
73,253
Former members balances to creditors
(31,290)
Balance at 28 February 2023
998,658
Year ended 28 February 2024:
Surplus and total comprehensive income
14,070
Former members balances to creditors
(41,715)
Balance at 28 February 2024
971,013
PUMP COURT CHAMBERS MANAGEMENT LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
28 FEBRUARY 2024
28 February 2024
- 2 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
4
225,907
24,887
Current assets
Trade and other receivables
5
925,002
754,377
Cash and cash equivalents
495,770
861,954
1,420,772
1,616,331
Current liabilities
6
(675,666)
(642,560)
Net current assets
745,106
973,771
Net assets
971,013
998,658
Reserves
Income and expenditure account
971,013
998,658
Members' funds
971,013
998,658
For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 15 November 2024 and are signed on its behalf by:
Ms C Iten
Director
Company registration number 08192610 (England and Wales)
PUMP COURT CHAMBERS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information
Pump Court Chambers Management Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 3 Pump Court, Temple, London, EC4Y 7AJ.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
Expenses include VAT where applicable as the company cannot reclaim it.
1.3
Property, plant and equipment
Property, plant and equipment 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:
Leasehold improvements
Over the term of the lease
Fixtures and fittings
15% Reducing Balance
Computers
33% Straight Line
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 surplus or deficit.
1.4
Impairment of non-current assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
PUMP COURT CHAMBERS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
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.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Taxation
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.
PUMP COURT CHAMBERS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
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.
1.11
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
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.
PUMP COURT CHAMBERS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
23
20
4
Property, plant and equipment
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 March 2023
35,801
35,801
Additions
167,315
48,947
216,262
At 28 February 2024
167,315
84,748
252,063
Depreciation and impairment
At 1 March 2023
10,914
10,914
Depreciation charged in the year
15,242
15,242
At 28 February 2024
26,156
26,156
Carrying amount
At 28 February 2024
167,315
58,592
225,907
At 28 February 2023
24,887
24,887
5
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Prepayments
69,401
106,059
Other receivables
855,601
648,318
925,002
754,377
PUMP COURT CHAMBERS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 7 -
6
Current liabilities
2024
2023
£
£
Trade payables
139,443
91,403
Taxation and social security
134,554
115,597
Amounts due to retired members
239,660
197,944
Other payables
140,154
212,012
Accruals and deferred income
21,855
25,604
675,666
642,560
7
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
PUMP COURT CHAMBERS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 8 -
8
Events after the reporting date
Fraud Incident in the Trading Year
Background
During August 2024, the Company became aware of a fraudulent activity that occurred within its operations. The fraud involved an employee misappropriating funds from a bank account used to distribute funds to members. The incident has been reported to the relevant authorities, and an internal investigation is underway to assess the full scope and impact of the fraud.
Impact on Financial Statements
It has not yet been possible to assess the financial effect of the fraudulent activity on the company. The extent of the loss of assets is still being calculated. The Company will incur legal fees and other costs related to the investigation and litigation. Additionally, if any portion of the fraud is recoverable through legal action or insurance claims, the company will pursue the expected recovery amount. At the date the accounts are approved, no reasonable estimate can be made of the financial impact or the amount for any provision required.
Internal Controls and Response
Following the discovery of the fraud, the Company has taken the following actions:
Enhanced Internal Controls: A thorough review of the internal controls has been, and continues to be, conducted, and corrective measures being implemented to prevent similar incidents in the future. These measures include segregation of duties, increased oversight, and strengthening approval processes.
Investigation and Legal Actions: The Company has engaged professional Advisers to conduct a full investigation into the fraudulent activity. Law enforcement authorities have been notified, and legal actions are being pursued against the individual responsible for the fraud.
Employee Training and Awareness: The Company is implementing additional employee training and awareness programmes to reinforce the importance of ethical conduct and the detection of fraud.
Conclusion
The Company remains committed to maintaining the highest standards of financial integrity and transparency. The fraudulent activity is being addressed and necessary actions are being taken to prevent any recurrence. The Management Committee will continue to monitor the situation and take further steps as needed to safeguard the interests of the Company and its stakeholders. The Management Committee has strived to provide transparency regarding the fraud and made all members aware of this incident
9
Parent company
The parent company of Pump Court Chambers Management Limited is Pump Court Chambers Holdings Limited and its registered office is 3 Pump Court, Temple, London, EC4Y 7AJ.
2024-02-282023-03-01falsefalsefalse15 November 2024CCH SoftwareCCH Accounts Production 2024.310No description of principal activityMr E P BoydellMr M E DubberyMr J A GrimeMr J A NicklessMr O E NsugbeMs H PlattMr L SamuelsMr J Newton-PriceMs V A EllisMr M S AblettMr P E J MertensMs P A Macgregor JonesMs C ItenSarah Frances TynerH McKiddie081926102023-03-012024-02-2808192610core:RetainedEarningsAccumulatedLosses2022-02-2808192610core:RetainedEarningsAccumulatedLosses2023-02-2808192610core:RetainedEarningsAccumulatedLosses2024-02-28081926102024-02-28081926102023-02-2808192610core:RetainedEarningsAccumulatedLosses2022-03-012023-02-2808192610core:RetainedEarningsAccumulatedLosses2023-03-012024-02-2808192610core:LandBuildings2024-02-2808192610core:OtherPropertyPlantEquipment2024-02-2808192610core:LandBuildings2023-02-2808192610core:OtherPropertyPlantEquipment2023-02-2808192610core:CurrentFinancialInstrumentscore:WithinOneYear2024-02-2808192610core:CurrentFinancialInstrumentscore:WithinOneYear2023-02-2808192610core:CurrentFinancialInstruments2024-02-2808192610core:CurrentFinancialInstruments2023-02-2808192610bus:Director132023-03-012024-02-2808192610core:LeaseholdImprovements2023-03-012024-02-2808192610core:FurnitureFittings2023-03-012024-02-2808192610core:ComputerEquipment2023-03-012024-02-28081926102022-03-012023-02-2808192610core:LandBuildings2023-02-2808192610core:OtherPropertyPlantEquipment2023-02-28081926102023-02-2808192610core:LandBuildings2023-03-012024-02-2808192610core:OtherPropertyPlantEquipment2023-03-012024-02-2808192610bus:CompanyLimitedByGuarantee2023-03-012024-02-2808192610bus:SmallCompaniesRegimeForAccounts2023-03-012024-02-2808192610bus:FRS1022023-03-012024-02-2808192610bus:AuditExemptWithAccountantsReport2023-03-012024-02-2808192610bus:Director12023-03-012024-02-2808192610bus:Director22023-03-012024-02-2808192610bus:Director32023-03-012024-02-2808192610bus:Director42023-03-012024-02-2808192610bus:Director52023-03-012024-02-2808192610bus:Director62023-03-012024-02-2808192610bus:Director72023-03-012024-02-2808192610bus:Director82023-03-012024-02-2808192610bus:Director92023-03-012024-02-2808192610bus:Director102023-03-012024-02-2808192610bus:Director112023-03-012024-02-2808192610bus:Director122023-03-012024-02-2808192610bus:Director142023-03-012024-02-2808192610bus:CompanySecretary12023-03-012024-02-2808192610bus:FullAccounts2023-03-012024-02-28xbrli:purexbrli:sharesiso4217:GBP