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Registered number: 07731387













Gibson & Co. Solicitors Ltd

Financial statements
Information for filing with the registrar

30 April 2023




 
Gibson & Co. Solicitors Ltd


Balance sheet
At 30 April 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 6 
59,605
72,225

  
59,605
72,225

Current assets
  

Debtors: amounts falling due within one year
 7 
1,570,677
1,110,318

Bank and cash balances
  
465,970
621,514

  
2,036,647
1,731,832

Creditors: amounts falling due within one year
 8 
(808,179)
(587,446)

Net current assets
  
 
 
1,228,468
 
 
1,144,386

Total assets less current liabilities
  
1,288,073
1,216,611

Provisions for liabilities
  

Deferred tax
  
(12,424)
(25,667)

  
 
 
(12,424)
 
 
(25,667)

Net assets
  
1,275,649
1,190,944


Capital and reserves
  

Called up share capital 
 9 
60
60

Profit and loss account
  
1,275,589
1,190,884

Shareholders' funds
  
1,275,649
1,190,944


1

 
Gibson & Co. Solicitors Ltd

    
Balance sheet (continued)
At 30 April 2023

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 November 2023.




Mr T J Gibson
Mrs J P Gibson
Director
Director

Registered number: 07731387
The notes on pages 3 to 8 form part of these financial statements. 

2

 
Gibson & Co. Solicitors Ltd
 
 

Notes to the financial statements
Year ended 30 April 2023

1.


General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Gibson House, 77-87 West Road, Newcastle upon Tyne, NE15 6PR.


2.

Statement of compliance

The financial statements of the company have been prepared in compliance with United Kingdom Accounting Standards, including Financial Reporting Standard 102, ‘The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland’ (‘FRS 102’) and the Companies Act 2006.

3.Accounting policies

 
3.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The finacial statements have been prepared in sterling, which is the functional curreny of the entity.

 
3.2

Revenue recognition

Turnover represents fees billed in the accounting periods and excludes disbursements and value added tax, together with accrued revenue for services provided to clients during the period. Turnover is recognised when the company has performed services in accordance with the agreement with the relevant client, and has obtained a right to consideration for those services. Where such income has not been billed at the balance sheet date, it is included as accrued revenue.
Services provided to clients which at the balance sheet date have not been billed to clients and where there is a right to consideration, have been recognised as turnover. Turnover recognised in this manner is based on an assessment of the fair value of the services provided at the balance sheet date as a proportion of the total value of the engagement. Provision is made against unbilled amounts on those engagements where the right to receive payment is contingent on factors outside the control of the company. Unbilled revenue is included in debtors.

 
3.3

Pensions

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 as a finance cost in profit or loss in the period in which it arises.

3

 
Gibson & Co. Solicitors Ltd
 

 
Notes to the financial statements
Year ended 30 April 2023

3.Accounting policies (continued)

 
3.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
3.5

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following bases:

Goodwill
-
10%
straight line

4

 
Gibson & Co. Solicitors Ltd
 

 
Notes to the financial statements
Year ended 30 April 2023

3.Accounting policies (continued)

 
3.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

Depreciation is provided on the following basis:

Building improvements
-
25%
reducing balance
Plant and machinery
-
25%
reducing balance
Fixtures and fittings
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
3.7

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
3.8

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
3.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


4.


Employees

The average monthly number of employees, including directors, during the year was 35 (2022 - 32).

5

 
Gibson & Co. Solicitors Ltd
 
 

Notes to the financial statements
Year ended 30 April 2023

5.


Intangible assets




Goodwill

£



Cost


At 1 May 2022
1,000,000



At 30 April 2023

1,000,000



Amortisation


At 1 May 2022
1,000,000



At 30 April 2023

1,000,000



Net book value



At 30 April 2023
-



At 30 April 2022
-



6

 
Gibson & Co. Solicitors Ltd
 
 

Notes to the financial statements
Year ended 30 April 2023

6.


Tangible fixed assets





Building improvements
Plant and machinery
Fixtures 
and fittings
Total

£
£
£
£



Cost or valuation


At 1 May 2022
90,085
86,243
199,665
375,993


Additions
-
-
6,496
6,496



At 30 April 2023

90,085
86,243
206,161
382,489



Depreciation


At 1 May 2022
71,292
84,599
147,877
303,768


Charge for the year
4,697
411
14,008
19,116



At 30 April 2023

75,989
85,010
161,885
322,884



Net book value



At 30 April 2023
14,096
1,233
44,276
59,605



At 30 April 2022
18,793
1,644
51,788
72,225


7.


Debtors

2023
2022
£
£


Trade debtors
1,458,774
970,991

Other debtors
30,468
18,363

Prepayments and accrued income
81,435
120,964

1,570,677
1,110,318


7

 
Gibson & Co. Solicitors Ltd
 
 

Notes to the financial statements
Year ended 30 April 2023

8.


Creditors: amounts falling due within one year

2023
2022
£
£

Trade creditors
4,035
-

Corporation tax
323,965
210,000

Other taxation and social security
221,562
172,185

Other creditors
243,676
194,733

Accruals and deferred income
14,941
10,528

808,179
587,446



9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



155 (2022 - 157) Ordinary A shares of £0.25 each
38.75
39.25
45 (2022 - 43) Ordinary B shares of £0.25 each
11.25
10.75
10 (2022 - 10) Ordinary E shares of £1.00 each
10.00
10.00

60.00

60.00



10.


Commitments under operating leases

At 30 April 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
9,384
7,784

Later than 1 year and not later than 5 years
11,856
7,558

21,240
15,342


11.


Controlling party

In the opinion of the directors, there is no ultimate controlling party.

8