Caseware UK (AP4) 2022.0.179 2022.0.179 2023-01-302023-01-30false10true2022-01-31Solicitors12trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10575376 2022-01-31 2023-01-30 10575376 2021-01-31 2022-01-30 10575376 2023-01-30 10575376 2022-01-30 10575376 c:Director1 2022-01-31 2023-01-30 10575376 d:PlantMachinery 2022-01-31 2023-01-30 10575376 d:PlantMachinery 2023-01-30 10575376 d:PlantMachinery 2022-01-30 10575376 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-01-31 2023-01-30 10575376 d:MotorVehicles 2022-01-31 2023-01-30 10575376 d:MotorVehicles 2023-01-30 10575376 d:MotorVehicles 2022-01-30 10575376 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-01-31 2023-01-30 10575376 d:FurnitureFittings 2022-01-31 2023-01-30 10575376 d:FurnitureFittings 2023-01-30 10575376 d:FurnitureFittings 2022-01-30 10575376 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-01-31 2023-01-30 10575376 d:OfficeEquipment 2022-01-31 2023-01-30 10575376 d:OfficeEquipment 2023-01-30 10575376 d:OfficeEquipment 2022-01-30 10575376 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-01-31 2023-01-30 10575376 d:ComputerEquipment 2022-01-31 2023-01-30 10575376 d:ComputerEquipment 2023-01-30 10575376 d:ComputerEquipment 2022-01-30 10575376 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-01-31 2023-01-30 10575376 d:OwnedOrFreeholdAssets 2022-01-31 2023-01-30 10575376 d:CurrentFinancialInstruments 2023-01-30 10575376 d:CurrentFinancialInstruments 2022-01-30 10575376 d:Non-currentFinancialInstruments 2023-01-30 10575376 d:Non-currentFinancialInstruments 2022-01-30 10575376 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-30 10575376 d:CurrentFinancialInstruments d:WithinOneYear 2022-01-30 10575376 d:Non-currentFinancialInstruments d:AfterOneYear 2023-01-30 10575376 d:Non-currentFinancialInstruments d:AfterOneYear 2022-01-30 10575376 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-01-30 10575376 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-01-30 10575376 d:ShareCapital 2023-01-30 10575376 d:ShareCapital 2022-01-30 10575376 d:RetainedEarningsAccumulatedLosses 2023-01-30 10575376 d:RetainedEarningsAccumulatedLosses 2022-01-30 10575376 c:FRS102 2022-01-31 2023-01-30 10575376 c:AuditExempt-NoAccountantsReport 2022-01-31 2023-01-30 10575376 c:FullAccounts 2022-01-31 2023-01-30 10575376 c:PrivateLimitedCompanyLtd 2022-01-31 2023-01-30 10575376 2 2022-01-31 2023-01-30 10575376 d:OtherGroupMember1 d:SettlementLiabilities 2022-01-31 2023-01-30 10575376 d:OtherGroupMember1 d:SettlementLiabilities 2023-01-30 10575376 d:OtherGroupMember2 d:SettlementLiabilities 2022-01-31 2023-01-30 10575376 d:OtherGroupMember2 d:SettlementLiabilities 2023-01-30 10575376 d:OtherGroupMember2 d:SettlementLiabilities 2022-01-30 10575376 d:OtherGroupMember2 d:SettlementLiabilities 2021-01-31 2022-01-30 iso4217:GBP xbrli:pure

Registered number: 10575376










SOUTHGATE SOLICITORS LIMITED









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JANUARY 2023

 
SOUTHGATE SOLICITORS LIMITED
REGISTERED NUMBER: 10575376

BALANCE SHEET
AS AT 30 JANUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
37,803
63,256

  
37,803
63,256

Current assets
  

Debtors: amounts falling due within one year
 5 
647,108
252,866

Cash at bank and in hand
 6 
246,126
432,842

  
893,234
685,708

Creditors: amounts falling due within one year
 7 
(149,150)
(143,492)

Net current assets
  
 
 
744,084
 
 
542,216

Total assets less current liabilities
  
781,887
605,472

Creditors: amounts falling due after more than one year
 8 
(39,014)
(57,029)

  

Net assets
  
742,873
548,443


Capital and reserves
  

Called up share capital 
  
10
10

Profit and loss account
  
742,863
548,433

  
742,873
548,443


Page 1

 
SOUTHGATE SOLICITORS LIMITED
REGISTERED NUMBER: 10575376
    
BALANCE SHEET (CONTINUED)
AS AT 30 JANUARY 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 October 2023.




Mr H Hadi
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
SOUTHGATE SOLICITORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JANUARY 2023

1.


General information

The entity is a private company, limited by shares which is incorporated in England in the UK. The registered office is Third Floor, Crown House, 47 Chase Side, London, N14 5BP and company registration number is 10575376.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
SOUTHGATE SOLICITORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JANUARY 2023

2.Accounting policies (continued)

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
straight-line
Motor vehicles
-
25%
straight-line
Fixtures and fittings
-
20%
straight-line
Office equipment
-
20%
straight-line
Computer equipment
-
20%
straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
SOUTHGATE SOLICITORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JANUARY 2023

2.Accounting policies (continued)

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 12 (2022 - 10).

Page 5

 
SOUTHGATE SOLICITORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JANUARY 2023

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Computer equipment

£
£
£
£
£



Cost or valuation


At 31 January 2022
2,104
47,440
33,626
20,885
21,357


Additions
-
-
-
-
394



At 30th January 2023

2,104
47,440
33,626
20,885
21,751



Depreciation


At 31 January 2022
1,262
20,755
16,905
9,214
14,020


Charge for the year on owned assets
421
11,860
6,007
4,177
3,382



At 30th January 2023

1,683
32,615
22,912
13,391
17,402



Net book value



At 30th January 2023
421
14,825
10,714
7,494
4,349



At 30th January 2022
842
26,685
16,721
11,671
7,337
Page 6

 
SOUTHGATE SOLICITORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JANUARY 2023

           4.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 31 January 2022
125,412


Additions
394



At 30th January 2023

125,806



Depreciation


At 31 January 2022
62,156


Charge for the year on owned assets
25,847



At 30th January 2023

88,003



Net book value



At 30th January 2023
37,803



At 30th January 2022
63,256


5.


Debtors

2023
2022
£
£


Trade debtors
76,823
62,731

Amounts owed by group undertakings
264,500
-

Other debtors
415
16,252

Prepayments and accrued income
22,759
20,109

Amounts recoverable on long-term contracts
282,611
153,774

647,108
252,866


Page 7

 
SOUTHGATE SOLICITORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JANUARY 2023

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
246,126
432,842

246,126
432,842



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
9,694
6,667

Corporation tax
70,773
68,762

Other taxation and social security
47,564
44,353

Obligations under finance lease and hire purchase contracts
5,294
4,690

Other creditors
3,586
1,932

Accruals and deferred income
12,239
17,088

149,150
143,492



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
22,086
34,807

Net obligations under finance leases and hire purchase contracts
16,928
22,222

39,014
57,029


Page 8

 
SOUTHGATE SOLICITORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JANUARY 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
9,694
6,667


9,694
6,667

Amounts falling due 1-2 years

Bank loans
22,086
34,807


22,086
34,807



31,780
41,474



10.


Related party transactions

During the year, the Company advanced funds totalling £264,500 to Southgate Real Estate Limited, a Company controlled by Mr H Hadi. Included within amounts owed by group undertakings is an amount of £264,500 due from Southgate Real Estate Limited. This amount is interest free and repayable on demand.

Following net loan movements in the year of £17,469 (2022: £20,847), included within other creditors is an amount of £1,431 (2022: £16,037 owed from) owed to Mr H Hadi, a director of the company. The loan is unsecured, interest free and repayable on demand.

 
Page 9