Company registration number 07637549 (England and Wales)
GRAYSTONS SOLICITORS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
GRAYSTONS SOLICITORS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
GRAYSTONS SOLICITORS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
3
-
0
13,325
Tangible assets
4
11,973
18,309
11,973
31,634
Current assets
Debtors
5
2,245,450
1,815,860
Cash at bank and in hand
250
84
2,245,700
1,815,944
Creditors: amounts falling due within one year
6
(771,724)
(624,555)
Net current assets
1,473,976
1,191,389
Total assets less current liabilities
1,485,949
1,223,023
Creditors: amounts falling due after more than one year
7
(169,690)
-
0
Provisions for liabilities
(2,275)
(3,388)
Net assets
1,313,984
1,219,635
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
1,313,884
1,219,535
Total equity
1,313,984
1,219,635

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The 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.

GRAYSTONS SOLICITORS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2021
31 December 2021
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 27 July 2022
Mrs J Grayston
Director
Company Registration No. 07637549
GRAYSTONS SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information

Graystons Solicitors Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 4, Church Farm Court, Capenhurst Lane, Capenhurst, Chester, CH1 6HE.

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 amounts in these financial statements are rounded to the nearest £.

1.2
Turnover

Turnover in respect of contingent fee assignments is recognised in the period when the contingent event occurs and the fee is assured.

 

Turnover in respect of non-contingent fee assignments which has been recognised but not invoiced by the reporting date is included in debtors in 'amounts recoverable on contracts'.

1.3
Intangible fixed assets - goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of ten years.

1.4
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:

Plant and equipment
25% on cost

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 profit or loss.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

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.

GRAYSTONS SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2021
2020
Number
Number
Total
15
13
GRAYSTONS SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2021 and 31 December 2021
133,250
Amortisation and impairment
At 1 January 2021
119,925
Amortisation charged for the year
13,325
At 31 December 2021
133,250
Carrying amount
At 31 December 2021
-
0
At 31 December 2020
13,325
4
Tangible fixed assets
Plant and equipment
£
Cost
At 1 January 2021
64,510
Additions
1,619
Disposals
(1,057)
At 31 December 2021
65,072
Depreciation and impairment
At 1 January 2021
46,201
Depreciation charged in the year
7,162
Eliminated in respect of disposals
(264)
At 31 December 2021
53,099
Carrying amount
At 31 December 2021
11,973
At 31 December 2020
18,309
GRAYSTONS SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
1,596,988
1,185,841
Gross amounts owed by contract customers
630,934
601,057
Other debtors
8,607
-
0
Prepayments and accrued income
8,921
28,962
2,245,450
1,815,860
6
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
352,686
292,503
Trade creditors
258,166
216,881
Corporation tax
40,171
58,000
Other taxation and social security
82,716
50,736
Other creditors
240
1,418
Accruals and deferred income
37,745
5,017
771,724
624,555

The bank overdrafts, £275,376 (2020 - £292,503) are secured debts and are included within creditors. A debenture is charged over all assets of the company as security for these bank borrowings.

7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
169,690
-
0
8
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2021
2020
£
£
1,194
5,978
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