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Registration number: 06113698

Livingstons Solicitors Limited

Unaudited Financial Statements

31 March 2023

image-name

 

Livingstons Solicitors Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Livingstons Solicitors Limited
for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Livingstons Solicitors Limited for the year ended 31 March 2023 as set out on pages 2 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Livingstons Solicitors Limited, as a body, in accordance with the terms of our engagement letter dated 9 December 2022. Our work has been undertaken solely to prepare for your approval the accounts of Livingstons Solicitors Limited and state those matters that we have agreed to state to the Board of Directors of Livingstons Solicitors Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Livingstons Solicitors Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Livingstons Solicitors Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Livingstons Solicitors Limited. You consider that Livingstons Solicitors Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Livingstons Solicitors Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Audit Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

12 September 2023

 

Livingstons Solicitors Limited

(Registration number: 06113698)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

100,000

125,000

Tangible assets

5

34,217

39,475

 

134,217

164,475

Current assets

 

Debtors

6

562,998

509,649

Cash at bank and in hand

 

63,808

18,886

 

626,806

528,535

Creditors: Amounts falling due within one year

7

(173,032)

(191,034)

Net current assets

 

453,774

337,501

Total assets less current liabilities

 

587,991

501,976

Creditors: Amounts falling due after more than one year

7

(57,383)

(71,429)

Provisions for liabilities

(8,051)

(7,034)

Net assets

 

522,557

423,513

Capital and reserves

 

Allotted, called up and fully paid share capital

1,000

1,000

Profit and loss account

521,557

422,513

Total equity

 

522,557

423,513

 

Livingstons Solicitors Limited

(Registration number: 06113698)
Balance Sheet as at 31 March 2023 (continued)

For the financial year ending 31 March 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 12 September 2023 and signed on its behalf by:
 

.........................................

S M Walker

Director

.........................................

K A Chambers

Director

.........................................

L J Dacre

Director

 

Livingstons Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
9 Benson Street
ULVERSTON
LA12 7AU

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.

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.

Government grants

Grants relating to revenue are recognised in the profit and loss account on a systematic basis over the periods in which the related costs are recognised for which the grant is intended to compensate.

Grants for the purpose of giving immediate financial support with no future related costs to be incurred are recognised in the profit and loss account when the grant proceeds become receivable.

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.

 

Livingstons Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

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

Land and buildings

10% straight line

Fixtures and fittings

15% reducing balance basis and 25% straight line basis

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 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

20 years straight line

The directors reviewed the valuation of goodwill on 1 April 2015, the date on which Financial Reporting Standard 102 was implemented. At that date the directors were of the opinion that the goodwill had a remaining useful economic life to the company of at least the 12 years it had remaining under its estimated useful life of twenty years. Goodwill therefore continues to be amortised over its original twenty year estimated useful economic life.

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.

 

Livingstons Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

Trade debtors

Trade debtors are amounts due from customers for the sale of goods 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. Trade creditors 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 where due after more than one year.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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.

 

Livingstons Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 30 (2022 - 31).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

500,000

500,000

At 31 March 2023

500,000

500,000

Amortisation

At 1 April 2022

375,000

375,000

Amortisation charge

25,000

25,000

At 31 March 2023

400,000

400,000

Carrying amount

At 31 March 2023

100,000

100,000

At 31 March 2022

125,000

125,000

5

Tangible assets

Land and buildings
£

Fixtures and fittings
 £

Total
£

Cost or valuation

At 1 April 2022

32,142

245,572

277,714

Additions

-

326

326

At 31 March 2023

32,142

245,898

278,040

Depreciation

At 1 April 2022

32,142

206,097

238,239

Charge for the year

-

5,584

5,584

At 31 March 2023

32,142

211,681

243,823

Carrying amount

At 31 March 2023

-

34,217

34,217

At 31 March 2022

-

39,475

39,475

 

Livingstons Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

6

Debtors

2023
£

2022
£

Trade debtors

140,730

171,949

Other debtors

422,268

337,700

562,998

509,649

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

13,678

37,740

Trade creditors

 

7,860

7,505

Taxation and social security

 

56,713

57,708

Corporation tax liability

 

72,914

73,490

Other creditors

 

21,867

14,591

 

173,032

191,034

Due after one year

 

Loans and borrowings

8

57,383

71,429

2023
£

2022
£

After more than five years by instalments

-

13,142

-

13,142

 

Livingstons Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

13,678

37,740

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2023
£

2022
£

Bank borrowings

13,678

37,740

Bank borrowings are secured by fixed and floating charges over the company's assets.
 

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

57,383

71,429

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2023
£

2022
£

Bank borrowings

57,383

71,429

Bank borrowings are secured by fixed and floating charges over the company's assets.
 

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2022 - £1,583). These commitments include £nil (2022 : £1,583) in relation to property leases.

 

Livingstons Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

10

Related party transactions

Transactions with directors

2023

At 1 April 2022
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 March 2023
£

S M Walker

Loan

31,275

51,267

(210)

-

(31,275)

334

51,391

               
         

K A Chambers

Loan

6,063

25,309

(79)

-

(6,063)

102

25,332

               
         

L J Dacre

Loan

41,672

59,807

(236)

-

(41,672)

479

60,050

               
         

 

2022

At 1 April 2021
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 March 2022
£

S M Walker

Loan

25,057

66,618

(236)

-

(60,572)

408

31,275

               
         

K A Chambers

Loan

733

41,761

(184)

-

(36,339)

92

6,063

               
         

L J Dacre

Loan

34,802

73,686

(263)

-

(67,114)

561

41,672

               
         

 

Directors' advances are repayable on demand.

Interest has been charged at a rate of 2% on advances to directors.

11

Client monies

At 31 March 2023 the company held client monies totalling £5,122,420 (2022 - £6,343,369). These were held in various client accounts in accordance with the SRA Accounts Rules.