REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2021 |
FOR |
BOYD RICE SOLICITORS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2021 |
FOR |
BOYD RICE SOLICITORS LIMITED |
BOYD RICE SOLICITORS LIMITED (REGISTERED NUMBER: NI649451) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 | to | 3 |
Notes to the Financial Statements | 4 | to | 8 |
BOYD RICE SOLICITORS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 NOVEMBER 2021 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
17 Clarendon Road |
Clarendon Dock |
Belfast |
BT1 3BG |
BANKERS: |
Belfast Business Centre |
Donegall Square West |
Belfast |
BT1 6JS |
BOYD RICE SOLICITORS LIMITED (REGISTERED NUMBER: NI649451) |
BALANCE SHEET |
30 NOVEMBER 2021 |
30.11.21 | 30.11.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Investments | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
BOYD RICE SOLICITORS LIMITED (REGISTERED NUMBER: NI649451) |
BALANCE SHEET - continued |
30 NOVEMBER 2021 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
BOYD RICE SOLICITORS LIMITED (REGISTERED NUMBER: NI649451) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2021 |
1. | STATUTORY INFORMATION |
Boyd Rice Solicitors Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
COVID-19 and the Directors' consideration of going concern |
The Covid-19 pandemic has continued to cause significant disruption to economic activity worldwide, impacting many businesses and their operations. Whilst there has been come impact on the Company's performance in FY21 the Directors have availed of government support schemes and will continue to monitor the situation. Based on current assessment and the fact that there are adequate reserves to finance ongoing operations, the Directors believe that preparing the financial statements on the going concern basis is appropriate, that in the short to medium term the company is a viable going concern. |
Significant judgements and estimates |
The following judgements and estimates have had the most significant effect on amounts recognised in the financial statements: |
- Value of goodwilll |
The value of goodwill is assessed annually by the director with any indicators of impairment considered. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and the business in general. |
- Useful economic lives of tangible assets |
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual value of the assets. The useful economic lives and residual values are reassessed annually. |
- Valuation of work in progress |
Estimates are made in respect of the valuation of work in progress. When assessing the value of work in progress estimates are made of the costs incurred and the final fee on ongoing cases at the year end. Values are included only when they are considered recoverable. Consideration is also given to bills issued after the year end. |
- Recoverability of debtors |
Estimates are made in respect of the recoverable value of trade debtors. Impairment of trade debtors is reviewed on an ongoing basis having regard to the ageing profile of the debtors. Where a debtor balance is not considered recoverable then it is expensed in the year. |
BOYD RICE SOLICITORS LIMITED (REGISTERED NUMBER: NI649451) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2021 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax. |
Goodwill |
Tangible fixed assets |
Fixtures, fittings & equipment | - |
Computer equipment | - |
Tangible fixed assets are recorded at cost less accumulated depreciation and impairment losses. |
Government grants |
Government grants in relation to tangible fixed assets are credited to the profit and loss account over the useful lives fo the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss. |
Financial instruments |
All financial instruments of the company are considered to meet the definition of basic financial instruments. |
- Short term debtors and creditors |
Debtors and creditors with no stated interest rate are receivable or payable on demand are recognised at transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in the profit and loss account. |
- Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and in hand. |
- Loans and borrowings |
All loans and borrowings are initially recorded at the present value of cash payable to the lender in settlement of the liability discounted at the market interest rate. Subsequently loans and borrowings are stated at amortised cost using the effective interest rate method. The computation of amortised cost includes any issue costs, transaction costs and fees, and any discount or premium on settlement, and the effect of this is to amortise these amounts over the expected borrowing period. Loans with no stated interest rate and repayable within one period or on demand are not amortised. Loans and borrowings are classified as current liabilities unless the borrower has an unconditional right to defer settlement of the liability for at least 12 months after the financial period end date. |
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 balance sheet date. |
BOYD RICE SOLICITORS LIMITED (REGISTERED NUMBER: NI649451) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2021 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
Pension costs |
The company operates a defined contribution pension scheme. The annual contributions are charged to the profit and loss account. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 December 2020 |
and 30 November 2021 |
AMORTISATION |
At 1 December 2020 |
Amortisation for year |
At 30 November 2021 |
NET BOOK VALUE |
At 30 November 2021 |
At 30 November 2020 |
BOYD RICE SOLICITORS LIMITED (REGISTERED NUMBER: NI649451) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2021 |
5. | TANGIBLE FIXED ASSETS |
Fixtures, |
fittings | Computer |
& equipment | equipment | Totals |
£ | £ | £ |
COST |
At 1 December 2020 |
Additions |
At 30 November 2021 |
DEPRECIATION |
At 1 December 2020 |
Charge for year |
At 30 November 2021 |
NET BOOK VALUE |
At 30 November 2021 |
At 30 November 2020 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.21 | 30.11.20 |
£ | £ |
Trade debtors |
Other debtors |
7. | CURRENT ASSET INVESTMENTS |
30.11.21 | 30.11.20 |
£ | £ |
Listed investments | 59,209 | 52,535 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.21 | 30.11.20 |
£ | £ |
Bank loans and overdrafts (see note 10) |
Taxation and social security |
Other creditors |
Included in other creditors is an amount of £1,047,960 (2020: £716,698) of monies due to clients. An equivalent amount is included in cash at bank and in hand. |
Also included in other creditors is an amount of £148,416 due to the directors. This loan is interest free and repayable on demand. |
BOYD RICE SOLICITORS LIMITED (REGISTERED NUMBER: NI649451) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2021 |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.11.21 | 30.11.20 |
£ | £ |
Bank loans (see note 10) |
10. | LOANS |
An analysis of the maturity of loans is given below: |
30.11.21 | 30.11.20 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
11. | PROVISIONS FOR LIABILITIES |
30.11.21 | 30.11.20 |
£ | £ |
Deferred tax | 1,949 | 2,278 |
Deferred |
tax |
£ |
Balance at 1 December 2020 |
Provision for year | (329 | ) |
Balance at 30 November 2021 |
12. | CONTINGENT LIABILITIES |
The company benefited from government grants for Covid 19. A contingent liability may exist in respect of a repayment of grant income to HM Revenue and Customs should the conditions under which a grant was awarded to the company not be met. Due to the nature of these contingencies, it is not currently possible to estimate the likelihood of this occurring, nor quantify the financial effect or provide an indication of timing as to the potential liability that may arise. |