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REGISTERED NUMBER: 07284638 (England and Wales)


















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: Ms S A Matthews
Mrs C Roblin
Miss C L Evans
Ms C Earley
Mrs C E Grace





REGISTERED OFFICE: 21 Tynewydd Road
Barry
Vale of Glamorgan
CF62 8HB





REGISTERED NUMBER: 07284638 (England and Wales)





ACCOUNTANTS: MHA (trading name of MacIntyre Hudson LLP)
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 4 115,625 134,125
Tangible assets 5 12,916 11,425
128,541 145,550

CURRENT ASSETS
Debtors 6 310,294 267,681
Cash at bank and in hand 204,397 168,661
514,691 436,342
CREDITORS
Amounts falling due within one year 7 (465,750 ) (490,222 )
NET CURRENT ASSETS/(LIABILITIES) 48,941 (53,880 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

177,482

91,670

CREDITORS
Amounts falling due after more than one
year

8

(21,670

)

(31,671

)

PROVISIONS FOR LIABILITIES (1,039 ) (499 )
NET ASSETS 154,773 59,500

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 154,673 59,400
SHAREHOLDERS' FUNDS 154,773 59,500

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 in accordance with Section 476 of the Companies Act 2006.

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


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

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 8 November 2023 and were signed on its behalf by:





Ms S A Matthews - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 2% & 20% on cost
Fixtures and Fittings - 25% on cost
Computer equipment - 25% on cost

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 19 (2022 - 19 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2022
and 30 April 2023 185,000
AMORTISATION
At 1 May 2022 50,875
Charge for year 18,500
At 30 April 2023 69,375
NET BOOK VALUE
At 30 April 2023 115,625
At 30 April 2022 134,125

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Computer
property Fittings equipment Totals
£    £    £    £   
COST
At 1 May 2022 38,006 40,832 86,683 165,521
Additions - - 5,633 5,633
Disposals - (1,282 ) (940 ) (2,222 )
At 30 April 2023 38,006 39,550 91,376 168,932
DEPRECIATION
At 1 May 2022 32,898 40,832 80,366 154,096
Charge for year 118 - 4,024 4,142
Eliminated on disposal - (1,282 ) (940 ) (2,222 )
At 30 April 2023 33,016 39,550 83,450 156,016
NET BOOK VALUE
At 30 April 2023 4,990 - 7,926 12,916
At 30 April 2022 5,108 - 6,317 11,425

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 118,361 122,041
Prepayments and accrued income 56,933 626
Unbilled work 135,000 145,014
310,294 267,681

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Other loans 56,618 1,565
Trade creditors 17,767 23,879
Corporation tax 45,666 19,672
Social security and other taxes 7,418 7,209
VAT 36,755 65,213
Pension creditor - 1,820
Directors' current accounts 284,378 353,765
Accruals and deferred income 7,148 7,099
465,750 490,222

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-5 years 21,670 31,671

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary shares £1 100 100

10. OTHER FINANCIAL COMMITMENTS

The company has operating lease commitments of £4,402 (2022 : £8,804).