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Registration number: 04937156

Sandersons Solicitors Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2023

 

Sandersons Solicitors Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Sandersons Solicitors Limited

Company Information

Directors

P C Grimwood

J M Ashton

D M Roberts

Company secretary

P C Grimwood

Registered office

17 - 19 Parliament Street
Hull
East Yorkshire
HU1 2BH

 

Sandersons Solicitors Limited

(Registration number: 04937156)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

3,191

6,383

Tangible assets

5

7,624

9,663

 

10,815

16,046

Current assets

 

Debtors

6

637,742

725,243

Cash at bank and in hand

 

586,408

526,398

 

1,224,150

1,251,641

Creditors: Amounts falling due within one year

7

(878,787)

(892,033)

Net current assets

 

345,363

359,608

Total assets less current liabilities

 

356,178

375,654

Creditors: Amounts falling due after more than one year

7

-

(5,244)

Provisions for liabilities

(305)

(352)

Net assets

 

355,873

370,058

Capital and reserves

 

Called up share capital

8

2,000

2,000

Retained earnings

353,873

368,058

Shareholders' funds

 

355,873

370,058

For the financial year ending 30 April 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 26 October 2023 and signed on its behalf by:
 

 

Sandersons Solicitors Limited

(Registration number: 04937156)
Balance Sheet as at 30 April 2023

.........................................
P C Grimwood
Company secretary and director

.........................................
J M Ashton
Director

.........................................
D M Roberts
Director

 

Sandersons Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company, limited by share cpapital, incorporated in England and Wales and the company registration number is 04937156.

The address of its registered office is:
17 - 19 Parliament Street
Hull
East Yorkshire
HU1 2BH

These financial statements were authorised for issue by the Board on 26 October 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Fees receivable represent the fair value of consideration due in respect of legal services provided to clients for the year, except where the firm's entitlement to consideration is contingent upon a future event or the time cost is not expected to be recoverable in a bill. Fees receivable are shown net of value added tax.

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 of each of the companies activities.

Government grants

Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they 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.

 

Sandersons Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measure using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss account.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss has been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the profit and loss account.

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

Furniture, fittings and equipment

15% - 20% reducing balance and 33% on cost

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 held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. 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

10 years straight line

Computer software

33% on cost

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.

 

Sandersons Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Trade debtors

Trade debtors are amounts due from customers for the provision of services in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. 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.

Amounts recoverable on contracts

Amounts recoverable on contracts represent the recoverable time costs of incomplete matters at the year end, including any profit element, excluding any matters where the right to consideration is contingent and the contingency has not been fulfilled at the balance sheet date.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

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.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

 

Sandersons Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 45 (2022 - 48).

4

Intangible assets

Goodwill
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 May 2022

1,505,000

9,575

1,514,575

At 30 April 2023

1,505,000

9,575

1,514,575

Amortisation

At 1 May 2022

1,505,000

3,192

1,508,192

Amortisation charge

-

3,192

3,192

At 30 April 2023

1,505,000

6,384

1,511,384

Carrying amount

At 30 April 2023

-

3,191

3,191

At 30 April 2022

-

6,383

6,383

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2022

185,109

185,109

Additions

3,380

3,380

At 30 April 2023

188,489

188,489

Depreciation

At 1 May 2022

175,446

175,446

Charge for the year

5,419

5,419

At 30 April 2023

180,865

180,865

Carrying amount

At 30 April 2023

7,624

7,624

At 30 April 2022

9,663

9,663

 

Sandersons Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

131,310

221,322

Prepayments

152,743

136,613

Other debtors

353,689

367,308

 

637,742

725,243

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

97,506

86,614

Trade creditors

 

31,228

41,240

Taxation and social security

 

192,215

266,150

Other creditors

 

481,017

467,415

Accruals and deferred income

 

76,821

30,614

 

878,787

892,033

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

-

5,244

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2,000

2,000

2,000

2,000

         
 

Sandersons Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

5,244

2023
£

2022
£

Current loans and borrowings

Bank borrowings

97,506

86,614

Other borrowings

477,073

467,853

574,579

554,467

The loans due contain a bank loan which is secured by fixed and floating charges over all property or undertaking of the company and other loans which are unsecured.

10

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 £639,800 (2022 - £639,817).

11

Related party transactions

At the year end the company owed the directors £416,791 (2022: £406,258) in respect of a current account balance. Loans made to the company by the directors are unsecured, interest free and repayable on demand.

Transactions with Directors

2023

At 1 May 2022
£

Advances to Director
£

Repayments by Director
£

At 30 April 2023
£

J M Ashton

(61,595)

(104,141)

105,454

(60,282)