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Registration number: 08351715

Houldsworth Hall Limited

trading as Houldsworth Solicitors

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Houldsworth Hall Limited

trading as Houldsworth Solicitors

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Houldsworth Hall Limited

trading as Houldsworth Solicitors

Company Information

Directors

Mr J H Houldsworth

Mrs A J Hall

Mrs V Ridge

Mrs E Parr

Mrs M V Taylor

Registered office

Pullman House
2 -4 Duck Street
Clitheroe
Lancashire
BB7 1LP

 

Houldsworth Hall Limited

trading as Houldsworth Solicitors

(Registration number: 08351715)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

161,970

141,033

Current assets

 

Debtors

6

395,136

311,456

Cash at bank and in hand

 

193,054

178,462

 

588,190

489,918

Creditors: Amounts falling due within one year

7

(306,726)

(253,100)

Net current assets

 

281,464

236,818

Total assets less current liabilities

 

443,434

377,851

Provisions for liabilities

(26,530)

(21,301)

Net assets

 

416,904

356,550

Capital and reserves

 

Called up share capital

120

120

Retained earnings

416,784

356,430

Shareholders' funds

 

416,904

356,550

For the financial year ending 31 May 2023 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 September 2023 and signed on its behalf by:
 

.........................................
Mr J H Houldsworth
Director

.........................................
Mrs A J Hall
Director

 
     
 

Houldsworth Hall Limited

trading as Houldsworth Solicitors

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

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

The address of its registered office is:
Pullman House
2 -4 Duck Street
Clitheroe
Lancashire
BB7 1LP

These financial statements were authorised for issue by the Board on 27 September 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 and deferred 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.

 

Houldsworth Hall Limited

trading as Houldsworth Solicitors

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

Fixtures and fittings

25% Reducing balance

Land and Buildings

10% Straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 8 years

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.

 

Houldsworth Hall Limited

trading as Houldsworth Solicitors

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

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.

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.

 

Houldsworth Hall Limited

trading as Houldsworth Solicitors

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 26 (2022 - 24).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2022

725,000

725,000

At 31 May 2023

725,000

725,000

Amortisation

At 1 June 2022

725,000

725,000

At 31 May 2023

725,000

725,000

Carrying amount

At 31 May 2023

-

-

5

Tangible assets

Tenant improvements
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2022

114,999

121,665

236,664

Additions

29,879

19,047

48,926

At 31 May 2023

144,878

140,712

285,590

Depreciation

At 1 June 2022

22,997

72,634

95,631

Charge for the year

12,866

15,123

27,989

At 31 May 2023

35,863

87,757

123,620

Carrying amount

At 31 May 2023

109,015

52,955

161,970

At 31 May 2022

92,002

49,031

141,033

 

Houldsworth Hall Limited

trading as Houldsworth Solicitors

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

111,542

77,546

Work in progress

189,310

136,515

Prepayments

94,284

90,331

Accrued income

-

7,064

 

395,136

311,456

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

8

83,333

69,567

Trade creditors

 

8,258

15,646

Amounts owed to Directors

291

242

Accrued expenses

 

11,263

9,297

Corporation tax liability

 

129,668

90,895

Pension contributions unpaid

 

2,731

2,216

PAYE and NIC creditor

 

13,162

10,941

VAT Control account

 

58,020

54,296

 

306,726

253,100

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

83,333

69,567