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06994168
ASTON CHAMBERS LIMITED
UNAUDITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
HAINES WATTS LEEDS LLP
CHARTERED ACCOUNTANTS
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ASTON CHAMBERS LIMITED
REGISTERED NUMBER: 06994168
BALANCE SHEET
AS AT 31 DECEMBER 2018
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Creditors: amounts falling due within one year
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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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ASTON CHAMBERS LIMITED
REGISTERED NUMBER: 06994168
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2018
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 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 24 September 2019.
................................................
G Smith
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The notes on pages 3 to 6 form part of these financial statements.
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ASTON CHAMBERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
Aston Chambers Limited is a private limited company registered in England and Wales under company number 06994168 at 1 The Bourse, 2nd Floor, Boar Lane, Leeds, West Yorkshire, LS1 5EQ.
The financial statements of Aston Chambers Limited have been prepared in compliance with United Kingdom Accounting Standards, including Section 1A of Financial Reporting Standard 102, ‘The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland’ (‘FRS 102’) and the Companies Act 2006.
3.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Investments in subsidiaries are measured at cost less accumulated impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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.
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ASTON CHAMBERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
3.Accounting policies (continued)
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.
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Exemption from preparing consolidated financial statements
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The Company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
Tax is recognised in the statement of comprehensive income, 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.
Short term employee benefits, including holiday pay and other similar non monetary benefits, are recognised as an expense in the period in which they are incurred.
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the 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 expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.
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ASTON CHAMBERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
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The average monthly number of employees, including directors, during the year was 10 (2017 - 9).
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Investments in subsidiary companies
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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ASTON CHAMBERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
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Creditors: Amounts falling due after more than one year
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Secured loans
Included within other creditors due in over one year are £124,110 fixed rate secured loan notes 2012 (A Loan Notes) (2017: £335,935), £289,290 fixed rate secured loan notes 2011 (B Loan Notes) (2017: £428,065), £100,600 fixed rate secured loan notes 2011 (C Loan Notes) (2017: £250,000) and £125,000 fixed rate unsecured loan notes 2013 (D Loan Notes) (2017: £125,000).
The liabilities disclosed under creditors falling due after more than one year secured by the company are £639,000 for 31 December 2018 (2017: £1,139,000).
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Allotted, called up and fully paid
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195 (2017 - 195) A Ordinary shares shares of £1.00 each
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205 (2017 - 205) B Ordinary shares shares of £1.00 each
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Related party transactions
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Included within creditors due in over one year is an amount of £266,388 (2017: £627,963) relating to loan notes held by directors. These are £40,788 (2017: £202,963) A Loan Notes, £Nil (2017: £50,000) B Loan Notes, £100,600 (2017: £250,000) C Loan Notes and £125,000 (2017: £125,000) D Loan Notes.
Included within creditors due in over one year is an amount of £180,140 (2017: £180,140) relating to loan notes held by family of the directors. These are £180,140 (2017: £180,140) B Loan Notes.
In accordance with the exemption allowed by Section 1A of FRS 102, no disclosures are made of transactions with other member companies of the Aston Chambers Limited Group.
No further transactions with related parties were undertaken such as are required to be disclosed under Section 1A of Financial Reporting Standard 102.
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