Registered Number 07499197
ASTON COURT CHAMBERS INTERNATIONAL LIMITED
Abbreviated Accounts
31 January 2016
Notes | 2016 | 2015 | |
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Fixed assets | |||
Tangible assets | 2 |
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Current assets | |||
Debtors |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
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Net current assets (liabilities) |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
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Total net assets (liabilities) |
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Capital and reserves | |||
Called up share capital | 3 |
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Profit and loss account |
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Shareholders' funds |
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Approved by the Board on
And signed on their behalf by:
1 Accounting Policies
Basis of measurement and preparation of accounts
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
Turnover policy
The income now recognised under these conditions is made up of £1,388,342.00 contingent income assigned to the Company from Big Bracket Tax Planning Limited and £179,660 from contingent income assigned from Oakmont Factoring Services Limited. The fee income rights assigned by Big Bracket Tax Planning Limited constitute 50% of the total net fees generated under the joint venture agreement it entered in to. The fee income rights received from Oakmont Factoring Limited amount to 100% of the contingent fees which Oakmont Factoring Services Limited generated under a fee collection agreement which it entered in to.
All monies received by Big Bracket Tax Planning Limited and Oakmont Factoring Services Limited were paid (under the joint venture agreement and fee collection agreement respectively) to the joint venture partner and fee collection principals to be invested during the contingency period. From here they were transferred to investment management entities. During the contingency period the investments suffered substantial losses in excess of the contingent fees due to fraud, theft, failed and bad investments. Under the contracts in place with Big Bracket Tax Planning Limited and Oakmont Factoring Services Limited, all investment gains and losses were to be shared.
Under the terms of the investment agreement no fees are able to be returned from the investments in the hands of Big Bracket Tax Planning Limited or Oakmont Factoring Services Limited (pre-assignment to the Company) or indeed the Company post assignment because of the losses incurred by the investment managers during the contingency period. On this basis whilst the income has been assigned to the Company, it is unable to recognise any turnover in these financial statements because the potential income has been negated by investment losses during the contingency period.
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Other accounting policies
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Office Equipment - 25% Straight Line
Financial instruments
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.
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Cost | |
At 1 February 2015 |
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Additions |
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Disposals |
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Revaluations |
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Transfers |
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At 31 January 2016 |
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Depreciation | |
At 1 February 2015 |
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Charge for the year |
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On disposals |
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At 31 January 2016 |
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Net book values | |
At 31 January 2016 | 5,543 |
At 31 January 2015 | 5,543 |