REGISTERED NUMBER: |
PASSMORES SOLICITORS LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2023 |
REGISTERED NUMBER: |
PASSMORES SOLICITORS LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2023 |
PASSMORES SOLICITORS LIMITED (REGISTERED NUMBER: 07284638) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
PASSMORES SOLICITORS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Limited liability partnership in England & Wales |
Registered number OC312313 |
Elfed House |
Oak Tree Court |
Cardiff Gate Business Park |
CARDIFF |
County of Cardiff |
CF23 8RS |
PASSMORES SOLICITORS LIMITED (REGISTERED NUMBER: 07284638) |
BALANCE SHEET |
30 APRIL 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
PASSMORES SOLICITORS LIMITED (REGISTERED NUMBER: 07284638) |
BALANCE SHEET - continued |
30 APRIL 2023 |
In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered. |
The financial statements were approved for issue by the Board of Directors and authorised for issue on |
PASSMORES SOLICITORS LIMITED (REGISTERED NUMBER: 07284638) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2023 |
1. | STATUTORY INFORMATION |
Passmores Solicitors Limited is a |
The company's functional and presentational currency in the financial statements is the Sterling (£), rounded to the nearest pound. |
The significant accounting policies applied in the presentation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
There have been no material departures from Financial Reporting Standard 102 Section 1A. |
Turnover |
Turnover represents amounts billed and billable in respect of legal services undertaken during the period, net of unrecoverable amounts. |
Goodwill |
Goodwill has arisen on the transfer of the business from the Passmores Partnership on 1 August 2019. The goodwill is being amortised on a straight line basis over its useful life of 10 years. Provision is made for any impairment. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Improvements to property | - |
Fixtures and Fittings | - |
Computer equipment | - |
Tangible fixed assets are initially measured at cost. After initial recognition, tangible fixed assets are measured at cost less any accumulated depreciation and any accumulated impairment losses. |
Current tax |
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the period and is calculated using the tax rates and laws that have been enacted or substantively enacted at the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Operating leases |
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. |
PASSMORES SOLICITORS LIMITED (REGISTERED NUMBER: 07284638) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2023 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account. |
Employee benefits |
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. |
Non-derivative financial instruments |
Basic financial instruments are recognised at amortised cost. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 May 2022 |
and 30 April 2023 |
AMORTISATION |
At 1 May 2022 |
Charge for year |
At 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 April 2022 |
5. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | and | Computer |
property | Fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 May 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 30 April 2023 |
DEPRECIATION |
At 1 May 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 April 2022 |
PASSMORES SOLICITORS LIMITED (REGISTERED NUMBER: 07284638) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Prepayments and accrued income |
Unbilled work |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Other loans |
Trade creditors |
Corporation tax |
Social security and other taxes |
VAT | 36,755 | 65,213 |
Pension creditor | - | 1,820 |
Directors' current accounts | 284,378 | 353,765 |
Accruals and deferred income |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans - 1-5 years |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary shares | £1 | 100 | 100 |
10. | OTHER FINANCIAL COMMITMENTS |
The company has operating lease commitments of £4,402 (2022 : £8,804). |