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Registration number: 04226975

Unity Street Chambers Management Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2024

 

Unity Street Chambers Management Limited

Contents

Balance Sheet

1 to 2

Statement of Changes in Equity

3

Notes to the Financial Statements

4 to 10

 

Unity Street Chambers Management Limited

(Registration number: 04226975)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

206,604

189,915

Current assets

 

Debtors

5

8,170

51,224

Cash at bank and in hand

 

2,227

77,666

 

10,397

128,890

Creditors: Amounts falling due within one year

6

(61,161)

(79,804)

Net current (liabilities)/assets

 

(50,764)

49,086

Total assets less current liabilities

 

155,840

239,001

Creditors: Amounts falling due after more than one year

6

(34,980)

(34,980)

Provisions for liabilities

(4,668)

-

Net assets

 

116,192

204,021

Capital and reserves

 

Called up share capital

7

32

42

Share premium reserve

14,997

14,997

Capital redemption reserve

10

-

Retained earnings

101,153

188,982

Shareholders' funds

 

116,192

204,021

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Unity Street Chambers Management Limited

(Registration number: 04226975)
Balance Sheet as at 31 July 2024

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 14 April 2025 and signed on its behalf by:
 

Mr Toby Huggins
Director

   
     
 

Unity Street Chambers Management Limited

Statement of Changes in Equity for the Year Ended 31 July 2024

Share capital
£

Share premium
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 August 2023

42

14,997

-

188,982

204,021

Loss for the year

-

-

-

(19,827)

(19,827)

Purchase of own share capital

(10)

-

10

(68,002)

(68,002)

At 31 July 2024

32

14,997

10

101,153

116,192

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 August 2022

42

14,997

177,185

192,224

Profit for the year

-

-

11,797

11,797

At 31 July 2023

42

14,997

188,982

204,021

 

Unity Street Chambers Management Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

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:
5 Unity Street
College Green
Bristol
BS1 5HH

These financial statements were authorised for issue by the Board on 14 April 2025.

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

The financial statements have been prepared under the historical cost convention and in accordance with FRS 102 (Section 1A) 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

The accounts are being prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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.

 

Unity Street Chambers Management Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

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.

Deferred and current taxation assets or liabilities are not discounted.

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

2% straight line

Furniture, fittings and equipment

20% - 33% straight line

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.

Debtors

Trade debtors are amounts due from customers 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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

 

Unity Street Chambers Management Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.


Finance income and costs
Interest income and expenses are recognised using the effective interest rate method.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 6 (2023 - 5).

 

Unity Street Chambers Management Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

4

Tangible assets

Freehold land and buildings
£

Furniture, fittings and equipment
£

Total
£

Cost or valuation

At 1 August 2023

332,257

31,385

363,642

Additions

20,680

3,956

24,636

At 31 July 2024

352,937

35,341

388,278

Depreciation

At 1 August 2023

144,994

28,733

173,727

Charge for the year

6,749

1,198

7,947

At 31 July 2024

151,743

29,931

181,674

Carrying amount

At 31 July 2024

201,194

5,410

206,604

At 31 July 2023

187,263

2,652

189,915

Included within the net book value of land and buildings above is £201,194 (2023 - £187,263) in respect of freehold land and buildings.
 

5

Debtors

2024
£

2023
£

Trade debtors

270

1,553

Other debtors

2,919

47,494

Prepayments

2,433

2,177

Income tax asset

2,548

-

8,170

51,224

 

Unity Street Chambers Management Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

6

Creditors


 

Due within one year

Note

2024
£

2023
£

 

Loans and borrowings

8

-

17,745

Trade creditors

 

9,175

4,176

Amounts due to related parties

11

10,494

10,494

Social security and other taxes

 

15,763

13,741

Other creditors

 

1,594

4,254

Accruals

 

4,098

21,587

Corporation tax liability

-

7,807

Deferred income

 

20,037

-

 

61,161

79,804

Due after one year

 

Loans and borrowings

8

34,980

34,980

Creditors within one year include bank loans and overdrafts which are secured against land and buildings of £Nil (2023 - £17,745 ).

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

32

32

42

42

       

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

34,980

34,980

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

17,745

 

Unity Street Chambers Management Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

Bank borrowings

The mortgage is denominated in GBP with a nominal interest rate of Base Rate + 5.25%, and the final instalment was paid 5 June 2024. The carrying amount at year end is £Nil (2023 - £17,745).

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

2,031

-

The amount of non-cancellable operating lease payments recognised as an expense during the year was £2,031 (2023 - £Nil).

10

Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

Included in the balance sheet are pensions of £504 (2023 - £470).

11

Related party transactions

Summary of transactions with other related parties

During the prior year the directors repaid a loan to the company. The loan was interest-free and repayable on demand.
 

 

Income and receivables from related parties

2024

Key management
£

Rent recharged

63,169

2023

Key management
£

Rent recharged

39,298

Loans to related parties

 

Unity Street Chambers Management Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

2023

Key management
£

Total
£

At start of period

2,361

2,361

Repaid

(2,361)

(2,361)

At end of period

-

-