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Registered number: 01982372










ATKIN CHAMBERS LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
ATKIN CHAMBERS LIMITED
 
 
COMPANY INFORMATION


Directors
R G Hanna 
S J Walker 
C-A Doerries 
D I Hale (appointed 14 March 2024)




Registered number
01982372



Registered office
89 Spa Road

SE16 3SG




Trading Address
1 Atkin Building
Gray's Inn

London

WC1R 5AT






Independent auditors
Greenback Alan LLP
Chartered Accountants & Statutory Auditor

89 Spa Road

London

SE16 3SG





 
ATKIN CHAMBERS LIMITED
 

CONTENTS



Page
Balance Sheet
1 - 2
Notes to the Financial Statements
3 - 11

 
ATKIN CHAMBERS LIMITED
REGISTERED NUMBER: 01982372

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 6 
133,850
106,305

  
133,850
106,305

Current assets
  

Debtors: amounts falling due within one year
 7 
1,052,899
1,335,027

Cash at bank and in hand
 8 
570
1,031

  
1,053,469
1,336,058

Creditors: amounts falling due within one year
 9 
(1,186,796)
(1,441,844)

Net current liabilities
  
 
 
(133,327)
 
 
(105,786)

Total assets less current liabilities
  
523
519

  

Net assets
  
523
519


Capital and reserves
  

Called up share capital 
  
112
108

Share premium account
  
398
398

Profit and loss account
  
13
13

  
523
519

Page 1

 
ATKIN CHAMBERS LIMITED
REGISTERED NUMBER: 01982372
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 November 2024.



C-A Doerries
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
ATKIN CHAMBERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Atkin Chambers Limited is a private company limited by shares, incorporated in the United Kingdom and registered in England and Wales. Its registration number is 01982372. Its registered office address is 89 Spa Road, London SE16 3SG. Its place of business is 1 Atkin Building, Gray's Inn, London WC1R 5AT.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
ATKIN CHAMBERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

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.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
ATKIN CHAMBERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 5

 
ATKIN CHAMBERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
Over the term of the lease
Fixtures and fittings
-
10 years
Office equipment
-
7 years
Computer equipment
-
3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Debtors

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.

 
2.13

Cash and cash equivalents

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.

 
2.14

Creditors

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.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6

 
ATKIN CHAMBERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Other operating income

2024
2023
£
£

Net rents receivable
250
-

Sundry income
34,204
31,509

34,454
31,509



4.


Employees

The average monthly number of employees, including directors, during the year was 25 (2023 - 25).


5.


Intangible assets




Patents

£



Cost


At 1 July 2023
100,000



At 30 June 2024

100,000



Amortisation


At 1 July 2023
100,000



At 30 June 2024

100,000



Net book value



At 30 June 2024
-



At 30 June 2023
-



Page 7

 
ATKIN CHAMBERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Tangible fixed assets





Short-term leasehold property
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 July 2023
6,839
201,424
47,231
259,371
514,865


Additions
30,471
36,162
3,015
6,867
76,515


Disposals
-
(11,315)
(3,873)
(59,239)
(74,427)



At 30 June 2024

37,310
226,271
46,373
206,999
516,953



Depreciation


At 1 July 2023
-
133,492
33,693
241,375
408,560


Charge for the year on owned assets
3,198
22,060
5,852
17,576
48,686


Disposals
-
(11,315)
(3,589)
(59,239)
(74,143)



At 30 June 2024

3,198
144,237
35,956
199,712
383,103



Net book value



At 30 June 2024
34,112
82,034
10,417
7,287
133,850



At 30 June 2023
6,839
67,932
13,538
17,996
106,305


7.


Debtors

2024
2023
£
£


Trade debtors
340,072
805,912

Other debtors
125,766
42,318

Prepayments and accrued income
582,811
481,568

Deferred taxation
4,250
5,229

1,052,899
1,335,027


Page 8

 
ATKIN CHAMBERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
570
1,031

Less: bank overdrafts
(219,504)
(569,555)

(218,934)
(568,524)



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
219,504
569,555

Trade creditors
103,597
108,554

Corporation tax
81,788
69,616

Other taxation and social security
313,275
191,610

Other creditors
56,889
34,293

Accruals and deferred income
411,743
468,216

1,186,796
1,441,844


The following liabilities were secured:

2024
2023
£
£



Bank overdraft
219,504
569,555

219,504
569,555

Details of security provided:

The bank overdraft is secured by way of personal guarantees provided by certain members totalling £1,980,000 and by a mortgage debenture over the assets of the Company.

Page 9

 
ATKIN CHAMBERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

10.


Deferred taxation




2024


£






At beginning of year
5,229


Charged to profit or loss
(979)



At end of year
4,250

The deferred tax asset is made up as follows:

2024
2023
£
£


Fixed asset timing differences
(1,190)
1,588

Short term timing differences
5,440
3,641

4,250
5,229


11.


Capital commitments


At 30 June 2024 the Company had capital commitments as follows:

2024
2023
£
£


Contracted for but not provided in these financial statements
-
58,496

-
58,496


12.


Pension commitments

The Company operates a defined contributions pension scheme, the assets of which are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £230,118 (2023: £186,061). Contributions totalling £26,752 (2023: £14,562) were payable to the fund at the balance sheet date and are included in creditors.

Page 10

 
ATKIN CHAMBERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

13.


Commitments under operating leases

At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
988,597
977,397

Later than 1 year and not later than 5 years
3,936,757
3,941,524

Later than 5 years
2,951,490
3,935,320

7,876,844
8,854,241


14.


Related party transactions

The Company is a service company providing offices and administration services to the member barristers who are all shareholders of the Company. Substantially all of the Company's turnover is derived from the shareholders and represents recharged expenses at an arm's length price. All of the directors of the Company are shareholders.


15.


Auditors' information

The auditors' report on the financial statements for the year ended 30 June 2024 was unqualified.

The audit report was signed on 29 November 2024 by Ian Clive Rowe (Senior Statutory Auditor) on behalf of Greenback Alan LLP.

 
Page 11