Company registration number 04260976 (England and Wales)
JUDGMENT LIMITED
A COMPANY LIMITED BY GUARANTEE HAVING NO SHARE CAPITAL
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
JUDGMENT LIMITED
A COMPANY LIMITED BY GUARANTEE HAVING NO SHARE CAPITAL
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
JUDGMENT LIMITED
A COMPANY LIMITED BY GUARANTEE HAVING NO SHARE CAPITAL
STATEMENT OF FINANCIAL POSITION
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
4
243,833
276,231
Investments
5
1
1
243,834
276,232
Current assets
Trade and other receivables
7
1,053,768
879,325
Cash and cash equivalents
4,757,498
4,598,643
5,811,266
5,477,968
Current liabilities
8
(4,044,303)
(4,596,422)
Net current assets
1,766,963
881,546
Total assets less current liabilities
2,010,797
1,157,778
Provisions for liabilities
(3,000)
(17,000)
Net assets
2,007,797
1,140,778
Equity
Retained earnings
9
2,007,797
1,140,778
Total equity
2,007,797
1,140,778

The directors of the company have elected not to include a copy of the income statement 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 23 January 2025 and are signed on its behalf by:
S Brannigan K.C.
R Ansell K.C.
Director
Director
Company registration number 04260976 (England and Wales)
JUDGMENT LIMITED
A COMPANY LIMITED BY GUARANTEE HAVING NO SHARE CAPITAL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information

Judgment Limited is a company limited by guarantee and not having share capital incorporated in England and Wales. The registered office is 4 Pump Court, Temple, London, EC4Y 7AN.

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
Revenue

Turnover represents amounts receivable for administration services net of VAT. Income is recognised over the period in which services are provided.

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:

Land and buildings Leasehold
Over the term of the lease
Fixtures, fittings and other equipment
7 years straight line basis
Computer equipment and software
3 years straight line basis

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
Non-current investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

JUDGMENT LIMITED
A COMPANY LIMITED BY GUARANTEE HAVING NO SHARE CAPITAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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.

Basic financial liabilities

Basic financial liabilities, including trade and other payables and loans from fellow group companies, 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.

 

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 income statement, 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.

JUDGMENT LIMITED
A COMPANY LIMITED BY GUARANTEE HAVING NO SHARE CAPITAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

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 are charged against income on a straight line basis over the lease term.

1.11

Group accounts

The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.

2
Employees

The average monthly number of persons employed by the company during the year was:

2024
2023
Number
Number
Total
36
37
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
356,857
350,085
Deferred tax
Origination and reversal of timing differences
(14,000)
(5,000)
Total tax charge
342,857
345,085
JUDGMENT LIMITED
A COMPANY LIMITED BY GUARANTEE HAVING NO SHARE CAPITAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
4
Property, plant and equipment
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 October 2023
561,780
427,603
989,383
Additions
43,374
10,217
53,591
At 30 September 2024
605,154
437,820
1,042,974
Depreciation and impairment
At 1 October 2023
316,863
396,289
713,152
Depreciation charged in the year
68,702
17,287
85,989
At 30 September 2024
385,565
413,576
799,141
Carrying amount
At 30 September 2024
219,589
24,244
243,833
At 30 September 2023
244,917
31,314
276,231
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1
1
6
Subsidiaries

Details of the company's subsidiaries at 30 September 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
BarPlus Limited
England and Wales
Arbitration and mediation services
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
BarPlus Limited
1
-
0
JUDGMENT LIMITED
A COMPANY LIMITED BY GUARANTEE HAVING NO SHARE CAPITAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
7
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
207,366
104,302
Amounts owed by group undertakings
37,848
38,441
Other receivables
808,554
736,582
1,053,768
879,325
8
Current liabilities
2024
2023
£
£
Trade payables
336,950
376,878
Corporation tax
356,857
350,085
Other taxation and social security
444,363
520,902
Other payables
2,906,133
3,348,557
4,044,303
4,596,422
9
Retained earnings
2024
2023
£
£
At the beginning of the year
1,140,778
140,406
Profit for the year
867,019
1,000,372
At the end of the year
2,007,797
1,140,778
10
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:
David Marks FCA
Statutory Auditor:
TC Group
Date of audit report:
30 January 2025
JUDGMENT LIMITED
A COMPANY LIMITED BY GUARANTEE HAVING NO SHARE CAPITAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
11
Operating lease commitments
Lessee

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

2024
2023
£
£
1,178,745
1,010,389

The company's leasehold properties are guaranteed by certain members of Chambers.

12
Related party transactions

The company has taken advantage of the exemption in FRS 102 Section 33 - Related Party Disclosures, from the requirement to disclose transactions with wholly owned companies within the same group.

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