Birketts Legal Services Limited
Unaudited Financial Statements
For the year ended 31 May 2023
Pages for Filing with Registrar
Company Registration No. 02782836 (England and Wales)
Birketts Legal Services Limited
Company Information
Directors
J G S Agar
J J Austin
Secretary
T J Sarson
Company number
02782836
Registered office
Providence House
141-145 Princes Street
Ipswich
United Kingdom
IP1 1QJ
Accountants
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Birketts Legal Services Limited
Contents
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
Birketts Legal Services Limited
Balance Sheet
As at 31 May 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
115,000
115,000
Investments
4
2
2
115,002
115,002
Current assets
-
-
Creditors: amounts falling due within one year
6
(14,817)
(14,817)
Net current liabilities
(14,817)
(14,817)
Total assets less current liabilities
100,185
100,185
Provisions for liabilities
(18,000)
(18,000)
Net assets
82,185
82,185
Capital and reserves
Called up share capital
8
185
185
Revaluation reserve
82,000
82,000
Total equity
82,185
82,185

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

For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has 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.

Birketts Legal Services Limited
Balance Sheet (Continued)
As at 31 May 2023
Page 2
The financial statements were approved by the board of directors and authorised for issue on 27 October 2023 and are signed on its behalf by:
J J Austin
Director
Company Registration No. 02782836
Birketts Legal Services Limited
Statement of Changes in Equity
For the year ended 31 May 2023
Page 3
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 June 2021
185
82,000
5,204
87,389
Year ended 31 May 2022:
Profit and total comprehensive income for the year
-
-
-
-
Dividends
-
-
(5,204)
(5,204)
Balance at 31 May 2022
185
82,000
-
0
82,185
Year ended 31 May 2023:
Profit and total comprehensive income for the year
-
-
-
-
Balance at 31 May 2023
185
82,000
-
0
82,185
Birketts Legal Services Limited
Notes to the Financial Statements
For the year ended 31 May 2023
Page 4
1
Accounting policies
Company information

Birketts Legal Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Providence House, 141-145 Princes Street, Ipswich, United Kingdom, IP1 1QJ.

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 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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Birketts LLP. These consolidated financial statements are available from its registered office; Providence House, 141-145 Princes Street, Ipswich IP1 1QJ.

1.2
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at valuation, net of depreciation and any impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Freehold land is not depreciated.

Birketts Legal Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2023
1
Accounting policies
(Continued)
Page 5

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.

1.3
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
Financial instruments

Basic financial instruments are measured at cost. The company has no other financial instruments or basic financial instruments measured at fair value.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

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

Birketts Legal Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2023
1
Accounting policies
(Continued)
Page 6
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.

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.

2
Employees

The company has no employees other than the directors, who did not received any remuneration in either year.

3
Tangible fixed assets
Land and buildings
£
Cost or valuation
At 1 June 2022 and 31 May 2023
135,000
Depreciation and impairment
At 1 June 2022 and 31 May 2023
20,000
Carrying amount
At 31 May 2023
115,000
At 31 May 2022
115,000

The most recent valuation reflected above was carried out on 15 September 2015 by Strutt and Parker LLP.

If revalued assets were stated on a historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

Birketts Legal Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2023
3
Tangible fixed assets
(Continued)
Page 7
2023
2022
£
£
Cost
15,000
15,000
Carrying value
15,000
15,000
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
2
2
5
Subsidiaries

Details of the company's subsidiaries at 31 May 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Birketts Nominees Limited
United Kingdom
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Birketts Nominees Limited
2
-
6
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
14,815
14,815
Other creditors
2
2
14,817
14,817
Birketts Legal Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2023
Page 8
7
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
£
£
Revaluations
18,000
18,000
There were no deferred tax movements in the year.

 

8
Called up share capital
2023
2022
Ordinary share capital
£
£
Issued and fully paid
18,500 ordinary shares of 1p each
185
185
9
Related party transactions

The company, as wholly owned member of the group headed Birketts LLP has taken advantage of the exemption conferred under section 33 of FRS102 from the disclosure of transactions entered into with members of the group.

10
Parent company

The ultimate parent undertaking is Birketts LLP, a limited liability partnership incorporated in England and Wales. Birketts LLP is the smallest and largest group for which group accounts are prepared and are publicly available.

 

There is no one ultimate controlling party.

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