Registered number
13161545
Arif & Co Solicitors Ltd
Filleted Accounts
31 March 2022
Arif & Co Solicitors Ltd
Registered number: 13161545
Balance Sheet
as at 31 March 2022
Notes 2022
£
Fixed assets
Intangible assets 3 6,750
Current assets
Debtors 4 39,700
Cash at bank and in hand 30,769
70,469
Creditors: amounts falling due within one year 5 (76,217)
Net current liabilities (5,748)
Net assets 1,002
Capital and reserves
Called up share capital 100
Profit and loss account 902
Shareholders' funds 1,002
Continued…
Continued…
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A N Arif
Director
L D A Girard
Director
Approved by the board on 9 September 2022
Arif & Co Solicitors Ltd
Notes to the Accounts
for the period from 27 January 2021 to 31 March 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022
Number
Average number of persons employed by the company 6
3 Intangible fixed assets £
Goodwill:
Cost
Additions 9,000
At 31 March 2022 9,000
Amortisation
Provided during the period 2,250
At 31 March 2022 2,250
Net book value
At 31 March 2022 6,750
Goodwill is being written off in equal annual instalments over its estimated economic life of 4 years.
4 Debtors 2022
£
Trade debtors 39,700
5 Creditors: amounts falling due within one year 2022
£
Trade creditors 15,039
Taxation and social security costs 13,803
Other creditors 47,375
76,217
6 Other information
Arif & Co Solicitors Ltd is a private company limited by shares and incorporated in England. Its registered office is:
21 Market Street
Highbridge
Somerset
TA9 3BT
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