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Registration number: 11257188

Spence Family Law Solicitors Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2022

 

Spence Family Law Solicitors Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Spence Family Law Solicitors Limited

(Registration number: 11257188)
Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

           

Fixed assets

   

 

Tangible assets

4

 

32,836

 

17,197

Current assets

   

 

Debtors

5

63,733

 

38,294

 

Cash at bank and in hand

 

30,499

 

76,627

 

 

94,232

 

114,921

 

Creditors: Amounts falling due within one year

6

(55,341)

 

(63,684)

 

Net current assets

   

38,891

 

51,237

Total assets less current liabilities

   

71,727

 

68,434

Creditors: Amounts falling due after more than one year

6

 

(25,198)

 

(36,676)

Net assets

   

46,529

 

31,758

Capital and reserves

   

 

Called up share capital

7

100

 

1

 

Profit and loss account

46,429

 

31,757

 

Shareholders' funds

   

46,529

 

31,758

For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 29 June 2022 and signed on its behalf by:
 

 

Spence Family Law Solicitors Limited

(Registration number: 11257188)
Balance Sheet as at 31 March 2022

.........................................
Mrs A S Spence
Director

 

Spence Family Law Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
45 Hoghton Street
Southport
Merseyside
PR9 0PG
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's functional and presentational currency is GBP and no level of rounding has been used in presenting the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Spence Family Law Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office furniture and equipment

20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Spence Family Law Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2021 - 8).

4

Tangible assets

Land and buildings
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2021

-

25,329

25,329

Additions

16,115

3,704

19,819

At 31 March 2022

16,115

29,033

45,148

Depreciation

At 1 April 2021

-

8,132

8,132

Charge for the year

-

4,180

4,180

At 31 March 2022

-

12,312

12,312

Carrying amount

At 31 March 2022

16,115

16,721

32,836

At 31 March 2021

-

17,197

17,197

Included within the net book value of land and buildings above is £16,115 (2021 - £Nil) in respect of freehold land and buildings.
 

 

Spence Family Law Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

5

Debtors

2022
£

2021
£

Trade debtors

57,855

35,329

Other debtors

5,878

2,965

63,733

38,294

 

Spence Family Law Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

6

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Bank loans and overdrafts

8

7,811

-

Trade creditors

 

1,003

222

Amounts owed to related parties

240

23,108

Taxation and social security

 

21,699

23,193

Other creditors

 

24,588

17,161

 

55,341

63,684

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

8

25,198

36,676

7

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary A Shares of £1 each

75

75

1

1

Ordinary B Shares of £1 each

25

25

-

-

 

100

100

1

1

8

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

25,198

36,676

 

Spence Family Law Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

2022
£

2021
£

Current loans and borrowings

Bank borrowings

7,811

-