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Registered number: 00540008










ONSLOW CHAMBERS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024




















 
ONSLOW CHAMBERS LIMITED
 
 
Company Information


Directors
S J Davie 
M W Wright (resigned 30 April 2024)
R D Ferrand (resigned 12 November 2024)
C L Ralston-Boyle (appointed 12 November 2024)




Registered number
00540008



Registered office
3rd Floor
12 Gough Square

London

EC4A 3DW





 
ONSLOW CHAMBERS LIMITED
Registered number: 00540008

Balance sheet
As at 30 November 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,650,539
1,651,040

Investments
 5 
322,857
354,923

  
1,973,396
2,005,963

Current assets
  

Debtors: amounts falling due within one year
 6 
18,133
17,712

Cash at bank and in hand
  
467,048
633,739

  
485,181
651,451

Creditors: amounts falling due within one year
 7 
(18,193)
(76,143)

Net current assets
  
 
 
466,988
 
 
575,308

Total assets less current liabilities
  
2,440,384
2,581,271

Provisions for liabilities
  

Deferred tax
  
(296,799)
(299,505)

  
 
 
(296,799)
 
 
(299,505)

Net assets
  
2,143,585
2,281,766


Capital and reserves
  

Called up share capital 
  
17,000
17,000

Profit and loss account
 8 
2,126,585
2,264,766

  
2,143,585
2,281,766


Page 1

 
ONSLOW CHAMBERS LIMITED
Registered number: 00540008
    
Balance sheet (continued)
As at 30 November 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

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 8 July 2025.




S J Davie
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
ONSLOW CHAMBERS LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 30 November 2024

1.


General information

Onslow Chambers Limited is a private company limited by shares and is incorporated in England and Wales. The company's registered address is 3rd Floor, 12 Gough Square, London, EC4A 3DW.
The company's principal activity during the year continued to be that of property investment.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Turnover

The turnover shown in the profit and loss account represents rents receivable during the year.

 
2.3

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:

Fixtures & fittings
-
20% straight line

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.

 
2.4

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Profit or loss account.

Page 3

 
ONSLOW CHAMBERS LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 30 November 2024

2.Accounting policies (continued)

 
2.5

Valuation of investments

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.7

Cash at bank and in hand

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

 
2.9

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.

 
2.10

Finance costs

Finance costs are charged to the Profit or loss account 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.

 
2.11

Interest income

Interest income is recognised in the Profit and loss account using the effective interest method.

 
2.12

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 of the amount of the obligation.
Provisions are charged as an expense to Profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

Page 4

 
ONSLOW CHAMBERS LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 30 November 2024

2.Accounting policies (continued)

 
2.13

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.


 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 3).

Page 5

 
ONSLOW CHAMBERS LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 30 November 2024

4.


Tangible fixed assets





Freehold  Investment  properties
Fixtures & fittings
Total

£
£
£



Cost or valuation


At 1 December 2023
1,650,000
8,556
1,658,556


Additions
-
673
673



At 30 November 2024

1,650,000
9,229
1,659,229



Depreciation


At 1 December 2023
-
7,516
7,516


Charge for the year on owned assets
-
1,174
1,174



At 30 November 2024

-
8,690
8,690



Net book value



At 30 November 2024
1,650,000
539
1,650,539



At 30 November 2023
1,650,000
1,040
1,651,040

Page 6

 
ONSLOW CHAMBERS LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 30 November 2024

5.


Fixed asset investments





Listed investments

£



Cost or valuation


At 1 December 2023
354,923


Disposals
(47,250)


Revaluations
15,184



At 30 November 2024

322,857






Net book value



At 30 November 2024
322,857



At 30 November 2023
354,923



6.


Debtors

2024
2023
£
£


Trade debtors
10,145
9,197

Prepayments and accrued income
7,988
8,515

18,133
17,712



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
9,625
68,695

Other taxation and social security
194
-

Other creditors
1,874
573

Accruals and deferred income
6,500
6,875

18,193
76,143


Page 7

 
ONSLOW CHAMBERS LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 30 November 2024

8.


Reserves

Profit & loss account

The Profit and loss account is made up of £635,638 (2023: £631,711) distributable reserves and £1,490,947 (2023: £1,633,055) non-distributable reserves.


9.


Related party transactions

Included in other creditors at 30 November 2024 is an amount owed by the company to the director, S Davie, of £876 (2023: £572). This balance has been advanced on an interest free basis and is repayable on demand.

 
Page 8