Company Registration No. 04955321 (England and Wales)
GOLDSMITH CHAMBERS (SERVICES) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
GOLDSMITH CHAMBERS (SERVICES) LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
GOLDSMITH CHAMBERS (SERVICES) LTD
BALANCE SHEET
AS AT
31 DECEMBER 2019
31 December 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
44,528
56,501
Current assets
Debtors
4
128,919
145,463
Cash at bank and in hand
190,523
136,233
319,442
281,696
Creditors: amounts falling due within one year
5
(291,242)
(304,044)
Net current assets/(liabilities)
28,200
(22,348)
Total assets less current liabilities
72,728
34,153
Reserves
Income and expenditure account
72,728
34,153
Members' funds
72,728
34,153
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.
true
For the financial year ended 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
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 9 September 2020 and are signed on its behalf by:
Mr D Clark
Director
Company Registration No. 04955321
GOLDSMITH CHAMBERS (SERVICES) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 2 -
1
Accounting policies
Company information
Goldsmith Chambers (Services) Ltd is a
private
company
limited by guarantee
incorporated in England and Wales.
The registered office is
Goldsmith Chambers, Goldsmith Building, Temple, London, EC4Y 7BL.
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 a
mounts
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
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
1.3
Tangible fixed assets
Tangible fixed assets
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:
Fixtures, fittings & equipment
25% reducing balance
Computer equipment
25% reducing balance
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 surplus or deficit
.
1.4
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.
GOLDSMITH CHAMBERS (SERVICES) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 3 -
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2019
2018
Number
Number
Total
13
13
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2019
215,827
Additions
2,880
At 31 December 2019
218,707
Depreciation and impairment
At 1 January 2019
159,326
Depreciation charged in the year
14,853
At 31 December 2019
174,179
Carrying amount
At 31 December 2019
44,528
At 31 December 2018
56,501
GOLDSMITH CHAMBERS (SERVICES) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 4 -
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Service charges due
29,373
60,593
Other debtors
99,546
84,870
128,919
145,463
5
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
99,997
134,490
Taxation and social security
48,774
42,663
Other creditors
142,471
126,891
291,242
304,044
6
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
7
Financial commitments, guarantees and contingent liabilities
Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £79,768 (2018: £239,304).