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Company registration number: 07982440
McSorley Lewis Law Ltd
Unaudited filleted financial statements
31 March 2023
McSorley Lewis Law Ltd
Contents
Balance sheet
Notes to the financial statements
McSorley Lewis Law Ltd
Balance sheet
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 232,112 225,177
_______ _______
232,112 225,177
Current assets
Work in Progress 14,567 15,173
Debtors 7 412,317 430,535
Cash at bank and in hand 455,484 243,379
_______ _______
882,368 689,087
Creditors: amounts falling due
within one year 8 ( 158,138) ( 56,314)
_______ _______
Net current assets 724,230 632,773
_______ _______
Total assets less current liabilities 956,342 857,950
Creditors: amounts falling due
after more than one year 9 ( 41,661) ( 82,772)
Provisions for liabilities ( 7,857) ( 6,296)
_______ _______
Net assets 906,824 768,882
_______ _______
Capital and reserves
Called up share capital 10 73 73
Revaluation reserve 32,238 32,238
Profit and loss account 874,513 736,571
_______ _______
Shareholders funds 906,824 768,882
_______ _______
For the 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit and loss has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 24 October 2023 , and are signed on behalf of the board by:
.......................................... ..........................................
D.F McSorley J.T Lewis
Director Director
Company registration number: 07982440
McSorley Lewis Law Ltd
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 41 Splott Road, Splott, Cardiff, CF24 4BU.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
Basic financial instruments are recognised at transaction price. All of the company's financial instruments are considered to be "basic", as defined in the accounting standard.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2022: 8 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023 313,848
_______
Amortisation
At 1 April 2022 and 31 March 2023 313,848
_______
Carrying amount
At 31 March 2023 -
_______
At 31 March 2022 -
_______
Acquired Goodwill is written off in equal instalments over its estimated useful economic life of 5 years.
6. Tangible assets
Freehold property Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 220,000 56,285 7,100 283,385
Additions - 10,515 - 10,515
Disposals - ( 44,841) ( 7,100) ( 51,941)
_______ _______ _______ _______
At 31 March 2023 220,000 21,959 - 241,959
_______ _______ _______ _______
Depreciation
At 1 April 2022 - 52,149 6,059 58,208
Charge for the year - 2,539 261 2,800
Disposals - ( 44,841) ( 6,320) ( 51,161)
_______ _______ _______ _______
At 31 March 2023 - 9,847 - 9,847
_______ _______ _______ _______
Carrying amount
At 31 March 2023 220,000 12,112 - 232,112
_______ _______ _______ _______
At 31 March 2022 220,000 4,136 1,041 225,177
_______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 88,323 62,830
Called up share capital not paid 1 1
Prepayments and accrued income 11,133 19,510
Other debtors 312,860 348,194
_______ _______
412,317 430,535
_______ _______
Included in debtors is a loan in the sum of £306,834 due from a company controlled by the directors.
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 15,600 21,056
Trade creditors 16,329 4,819
Accruals 4,340 3,390
Social security and other taxes 113,609 27,049
Director loan accounts 7,783 -
Other creditors 477 -
_______ _______
158,138 56,314
_______ _______
The bank loan in the sum of £5,640 is secured by a mortgage on the freehold property
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loan 19,121 50,328
Bounce back loan 22,540 32,444
_______ _______
41,661 82,772
_______ _______
The bank loan in the sum of £19,121 is secured by a mortgage on the freehold property
10. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary A shares shares of £ 1.00 each 60 60 60 60
Ordinary B shares shares of £ 1.00 each 10 10 10 10
Ordinary C shares shares of £ 1.00 each 2 2 2 2
Ordinary D shares shares of £ 1.00 each 1 1 1 1
_______ _______ _______ _______
73 73 73 73
_______ _______ _______ _______
11. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
D.F McSorley 18,327 8,129 ( 26,620) ( 164)
J.T Lewis 16,507 2,494 ( 26,620) ( 7,619)
_______ _______ _______ _______
34,834 10,623 ( 53,240) ( 7,783)
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
D.F McSorley 24,421 4,906 ( 11,000) 18,327
J.T Lewis 26,431 14,576 ( 24,500) 16,507
_______ _______ _______ _______
50,852 19,482 ( 35,500) 34,834
_______ _______ _______ _______