REGISTERED NUMBER: 02727465 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

FOR

NO 5 CHAMBERS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

8

Other Comprehensive Income

9

Statement of Financial Position

10

Statement of Changes in Equity

11

Statement of Cash Flows

12

Notes to the Statement of Cash Flows

13

Notes to the Financial Statements

14

DIRECTORS:

A McDaid

N Preston

D Mitchell

J Coughlan KC

M K Zaman KC

P S P Goatley KC

M Islam-Choudhury

C E Ashley

P D Rule KC

E W Pinnock

D Bazini

H Pitchers KC

A Mellis

I Tullett

O Whitworth

D Oscroft

S Amin

L Meyer KC

M Duck KC

T Singh KC

M Heeley KC

H A Richards

T G Osmund-Smith

REGISTERED OFFICE:

103 Colmore Row

Birmingham

B3 3AG

REGISTERED NUMBER:

02727465 (England and Wales)

AUDITORS:

Shaw Gibbs (Audit) Limited

Chartered Certified Accountants

Statutory Auditor

Eagle House

28 Billing Road

Northampton

Northamptonshire

NN1 5AJ

BANKERS:

The Royal Bank of Scotland Plc

79/83 Colmore Row

Birmingham

B3 2AP

The directors present their strategic report for the year ended 30 September 2025.

No 5 Chambers Limited's principal activity is to operate No 5 Chambers, providing services to its barrister members including clerking, business development, accounting, facilities, resources and compliance.

REVIEW OF BUSINESS

No 5 Chambers continues to show healthy growth, with member billing exceeding £60m in FY2025, an increase of 11.8%. Member receipts were impacted by the cyber attack that affected the Legal Aid Agency but also grew by 2.5% to £56m.

Growth has been experienced in all practice areas Chambers operates in, with significant growth driven by geographical expansion in some practice areas and political factors in others.

No 5 Chambers' cost base has reduced significantly from the previous financial year, which saw the conclusion of a three year plan to relocate all offices.

PRINCIPAL RISKS AND UNCERTAINTIES

Risks are continuously monitored, controlled and mitigated and are documented on a risk register. Regular reviews are undertaken and committees at various levels of seniority meet regularly to ensure strong corporate governance.

The principal risks are those related to geopolitical and macroeconomic issues and to sector specific regulation. No 5 Chambers' practice areas and client base are wide and diversified and mitigate sector specific or client specific risks.

FINANCIAL AND OTHER KEY PERFORMANCE INDICATORS

Member billing increased in FY2025 by 11.8% against a forecast of 4.1%.

Member receipts increased in FY2025 by 2.5% against a forecast of 2.1%. Receipts were affected by the Legal Aid Agency cyber attack and were trending to be significantly higher than 2.5% growth.

No 5 Chambers Limited turnover increased in FY2025 by 0.5%.

Admin expenses decreased by 13.5% in FY2025. FY2024 included a one off transaction and therefore like for like admin expenses decreased by 3.8%.

Debtor days with respect to barrister receipts increased slightly by 4 days versus the prior year. A significant factor in this was the cyber attack on the Legal Aid Agency.

FUTURE DEVELOPMENTS

Following a period of significant investment in facilities, No 5 Chambers forecasts continued growth as it expand its services across a diverse range of practice areas in both national and international markets.

ON BEHALF OF THE BOARD:

D Mitchell - Director

30 June 2026

The directors present their report with the financial statements of the company for the year ended 30 September 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the administration of Barristers' Chambers operating in Birmingham, Bristol and London.

DIVIDENDS

No dividends will be distributed for the year ended 30 September 2025.

FUTURE DEVELOPMENTS

The future developments of the company are addressed in the Strategic Report.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 October 2024 to the date of this report.

A McDaid

N Preston

D Mitchell

J Coughlan KC

M K Zaman KC

P S P Goatley KC

M Islam-Choudhury

C E Ashley

P D Rule KC

E W Pinnock

D Bazini

H Pitchers KC

A Mellis

I Tullett

O Whitworth

D Oscroft

S Amin

L Meyer KC

M Duck KC

Other changes in directors holding office are as follows:

D Mason KC - resigned 1 January 2025

J Jones KC - resigned 1 January 2025

A Keeling KC - resigned 1 January 2025

R T Kimblin KC - resigned 30 July 2025

T Singh KC - appointed 1 January 2025

M Heeley KC - appointed 1 January 2025

H A Richards - appointed 30 July 2025

T G Osmund-Smith - appointed 30 July 2025

GOING CONCERN

The going concern basis of accounting is appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern. In light of the company's existing cash resources and activities, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for at least 12 months from the date of approval of these financial statement.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Shaw Gibbs (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

SIGNED BY ORDER OF THE DIRECTORS:

D Mitchell - Director

30 June 2026

Opinion

We have audited the financial statements of No 5 Chambers Limited (the 'company') for the year ended 30 September 2025 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 30 September 2025 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice and relevant Taxation legislation

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management and the understatement of revenue. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing meeting minutes, regulatory correspondence and professional fees, detailed substantive testing on the completeness of income, and reviewing accounting estimates for biases.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Nicola Fox FCA (Senior Statutory Auditor)

for and on behalf of Shaw Gibbs (Audit) Limited

Chartered Certified Accountants

Statutory Auditor

Eagle House

28 Billing Road

Northampton

Northamptonshire

NN1 5AJ

30 June 2026

TURNOVER

3

10,420,952

10,365,729

Cost of sales

1,488,444

1,602,521

GROSS PROFIT

8,932,508

8,763,208

Administrative expenses

8,721,092

10,078,938

211,416

(1,315,730

)

Other operating income

-

1,013,597

OPERATING PROFIT/(LOSS)

5

211,416

(302,133

)

Interest receivable and similar income

23,313

5,937

234,729

(296,196

)

Interest payable and similar expenses

6

64,834

47,609

PROFIT/(LOSS) BEFORE TAXATION

169,895

(343,805

)

Tax on profit/(loss)

7

112,938

116,893

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

56,957

(460,698

)

PROFIT/(LOSS) FOR THE YEAR

56,957

(460,698

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

56,957

(460,698

)

FIXED ASSETS

Tangible assets

8

2,615,588

2,238,891

CURRENT ASSETS

Debtors

9

1,955,518

1,676,959

Cash at bank and in hand

1,113,807

306,460

3,069,325

1,983,419

CREDITORS

Amounts falling due within one year

10

2,323,726

2,157,732

NET CURRENT ASSETS/(LIABILITIES)

745,599

(174,313

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,361,187

2,064,578

CREDITORS

Amounts falling due after more than one year

11

(2,032,801

)

(1,623,705

)

PROVISIONS FOR LIABILITIES

15

(1,154,357

)

(323,810

)

NET ASSETS

174,029

117,063

CAPITAL AND RESERVES

Called up share capital

16

269

260

Share premium

17

85,919

85,919

Retained earnings

17

87,841

30,884

SHAREHOLDERS' FUNDS

174,029

117,063

The financial statements were approved by the Board of Directors and authorised for issue on 30 June 2026 and were signed on its behalf by:

D Mitchell - Director

I Tullett - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 October 2023

253

491,582

85,919

577,754

Changes in equity

Issue of share capital

7

-

-

7

Total comprehensive income

-

(460,698

)

-

(460,698

)

Balance at 30 September 2024

260

30,884

85,919

117,063

Changes in equity

Issue of share capital

9

-

-

9

Total comprehensive income

-

56,957

-

56,957

Balance at 30 September 2025

269

87,841

85,919

174,029

Cash flows from operating activities

Cash generated from operations

1

1,850,983

966,883

Interest paid

(64,834

)

(47,609

)

Tax paid

(2,958

)

(106,190

)

Net cash from operating activities

1,783,191

813,084

Cash flows from investing activities

Purchase of tangible fixed assets

(792,265

)

(1,759,310

)

Interest received

23,313

5,937

Net cash from investing activities

(768,952

)

(1,753,373

)

Cash flows from financing activities

New loans in year

-

820,000

Loan repayments in year

(206,397

)

(141,235

)

Amount introduced by directors

-

354

Amount withdrawn by directors

(504

)

-

Share issue

9

7

Net cash from financing activities

(206,892

)

679,126

Increase/(decrease) in cash and cash equivalents

807,347

(261,163

)

Cash and cash equivalents at beginning of year

2

306,460

567,623

Cash and cash equivalents at end of year

2

1,113,807

306,460

1.	RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit/(loss) before taxation

169,895

(343,805

)

Depreciation charges

415,568

338,029

Loss on disposal of fixed assets

-

490,287

Finance costs

64,834

47,609

Finance income

(23,313

)

(5,937

)

626,984

526,183

(Increase)/decrease in trade and other debtors

(275,097

)

31,882

Increase in trade and other creditors

1,499,096

408,818

Cash generated from operations

1,850,983

966,883

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 September 2025

30/9/25

1/10/24

£

£

Cash and cash equivalents

1,113,807

306,460

Year ended 30 September 2024

30/9/24

1/10/23

£

£

Cash and cash equivalents

306,460

567,623

3.	ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1/10/24

Cash flow

At 30/9/25

£

£

£

Net cash

Cash at bank and in hand

306,460

807,347

1,113,807

306,460

807,347

1,113,807

Debt

Debts falling due within 1 year

(267,901

)

6,660

(261,241

)

Debts falling due after 1 year

(735,607

)

204,168

(531,439

)

(1,003,508

)

210,828

(792,680

)

Total

(697,048

)

1,018,175

321,127

1.	STATUTORY INFORMATION

No 5 Chambers Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

All balances disclosed are rounded to the nearest whole pound, unless otherwise stated.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the individual accounting policies below.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Long leasehold

-

over the life of the lease

Fixtures and fittings

-

20% on cost

Computer equipment

-

25% on cost

Fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment.

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

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

Pension costs

The company makes contributions to a group personal pension plan on behalf of eligible employees. Contributions payable are charged in the profit and loss account in the period to which they relate.

Financial instruments

Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income under administrative expenses.

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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Dilapidations

The dilapidations provision is an estimate of the cost of reinstating the properties to their original condition at the end of the lease term. The dilapidations provision is added to fixed assets and depreciated over the remaining life of the lease.

Going concern

The going concern basis of accounting is appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern. In light of the company's existing cash resources and activities, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for at least 12 months from the date of approval of these financial statement.

3.

TURNOVER

The turnover and profit (2024 - loss) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2025

2024

£

£

Service charges

7,883,462

7,700,341

Rental income

809,017

814,688

Recharges

1,425,343

1,529,939

Group income

224,982

229,702

Events income

78,148

91,059

10,420,952

10,365,729

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

10,420,952

10,365,729

10,420,952

10,365,729

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

3,139,826

3,225,343

Social security costs

407,541

331,143

Other pension costs

146,852

134,550

3,694,219

3,691,036

The average number of employees during the year was as follows:

2025

2024

Administrative

75

80

2025

2024

£

£

Directors' remuneration

447,478

508,481

Directors' pension contributions to money purchase schemes

27,037

25,234

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

2

2

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

336,405

418,032

Pension contributions to money purchase schemes

21,600

20,776

5.	OPERATING PROFIT/(LOSS)

The operating profit (2024 - operating loss) is stated after charging:

2025

2024

£

£

Other operating leases

1,129,204

1,055,445

Depreciation - owned assets

415,568

338,029

Loss on disposal of fixed assets

-

490,287

Auditors' remuneration

11,025

10,500

Auditors' remuneration for non audit work

2,150

2,675

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank loan interest

64,834

47,609

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

162,391

(74,956

)

Deferred tax

(49,453

)

191,849

Tax on profit/(loss)

112,938

116,893

UK corporation tax has been charged at 25% (2024 - 25%).