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REGISTERED NUMBER: SC399963 (Scotland)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

WALLACE HODGE & CO LIMITED

WALLACE HODGE & CO LIMITED (REGISTERED NUMBER: SC399963)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WALLACE HODGE & CO LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: D D Stillie
N Fraser





REGISTERED OFFICE: 6 Burns Statue Square
Ayr
Ayrshire
KA7 1UP





REGISTERED NUMBER: SC399963 (Scotland)





ACCOUNTANTS: Henry Brown & Co
Chartered Accountants
26 Portland Road
Kilmarnock
Ayrshire
KA1 2EB

WALLACE HODGE & CO LIMITED (REGISTERED NUMBER: SC399963)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 208,333 233,333
Tangible assets 6 - -
208,333 233,333

CURRENT ASSETS
Debtors 7 243,359 100,558
Cash at bank and in hand 3,142,989 4,445,154
3,386,348 4,545,712
CREDITORS
Amounts falling due within one year 8 3,115,070 4,432,295
NET CURRENT ASSETS 271,278 113,417
TOTAL ASSETS LESS CURRENT
LIABILITIES

479,611

346,750

CREDITORS
Amounts falling due after more than one
year

9

133,273

-
NET ASSETS 346,338 346,750

CAPITAL AND RESERVES
Called up share capital 10 70 100
Retained earnings 11 346,268 346,650
SHAREHOLDERS' FUNDS 346,338 346,750

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

WALLACE HODGE & CO LIMITED (REGISTERED NUMBER: SC399963)

BALANCE SHEET - continued
31 MARCH 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 June 2023 and were signed on its behalf by:





D D Stillie - Director


WALLACE HODGE & CO LIMITED (REGISTERED NUMBER: SC399963)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Wallace Hodge & Co Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is derived from fees rendered for the provision of legal services and is recognised when the value can be measured with reasonable certainty,

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of twenty years.

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 the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 10% on cost
Computer equipment - 50% on cost and 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


WALLACE HODGE & CO LIMITED (REGISTERED NUMBER: SC399963)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

3. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 9 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 500,000
AMORTISATION
At 1 April 2022 266,667
Amortisation for year 25,000
At 31 March 2023 291,667
NET BOOK VALUE
At 31 March 2023 208,333
At 31 March 2022 233,333

WALLACE HODGE & CO LIMITED (REGISTERED NUMBER: SC399963)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

6. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 April 2022
and 31 March 2023 1,577 28,260 29,837
DEPRECIATION
At 1 April 2022
and 31 March 2023 1,577 28,260 29,837
NET BOOK VALUE
At 31 March 2023 - - -
At 31 March 2022 - - -

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 103,461 81,845
Amounts owed by participating interests 129,275 -
Other debtors 10,623 18,713
243,359 100,558

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 21,667
Trade creditors 365 3,341
Taxation and social security 71,836 44,855
Other creditors 3,042,869 4,362,432
3,115,070 4,432,295

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other creditors 133,273 -

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary 1.00 70 100

WALLACE HODGE & CO LIMITED (REGISTERED NUMBER: SC399963)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

11. RESERVES
Retained
earnings
£   

At 1 April 2022 346,650
Deficit for the year (412 )
Purchase of own shares 30
At 31 March 2023 346,268

12. RELATED PARTY DISCLOSURES

During the year the company paid consultancy fee in the sum of £80,000 (2022- £45,750) to it's immediate parent company Legal Loop Ltd, a company registered in Scotland and with a common director, D D Stillie. The company also advance a loan to Legal Loop Ltd, the amount outstanding at the balance sheet date was £129,275 (2022 - £nil).

Consultancy fees of £13,200 (2022 - £9,600) were also paid to a director who resigned during the year, T C Houston, there were no amounts owed or payable at the balance sheet date.

The controlling party is Legal Loop Ltd.

The ultimate controlling party is D D Stillie.

Wallace Hodge & Co Limited is a wholly owned subsidiary of Legal Loop Ltd, a company registered in Scotland. Legal Loop Limited and it's wholly owned subsidiary Wallace Hodge & Co Limited comprise the UK Group and has taken advantage of the exemption available under Section 399 (2A) of the Companies Act 2006 from the requirement to prepare group accounts.