Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-04-01false4849true 07170197 2022-04-01 2023-03-31 07170197 2021-04-01 2022-03-31 07170197 2023-03-31 07170197 2022-03-31 07170197 c:Director1 2022-04-01 2023-03-31 07170197 d:Buildings d:ShortLeaseholdAssets 2022-04-01 2023-03-31 07170197 d:Buildings d:ShortLeaseholdAssets 2023-03-31 07170197 d:Buildings d:ShortLeaseholdAssets 2022-03-31 07170197 d:FurnitureFittings 2022-04-01 2023-03-31 07170197 d:OfficeEquipment 2022-04-01 2023-03-31 07170197 d:OfficeEquipment 2023-03-31 07170197 d:OfficeEquipment 2022-03-31 07170197 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 07170197 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 07170197 d:Goodwill 2023-03-31 07170197 d:Goodwill 2022-03-31 07170197 d:CurrentFinancialInstruments 2023-03-31 07170197 d:CurrentFinancialInstruments 2022-03-31 07170197 d:Non-currentFinancialInstruments 2023-03-31 07170197 d:Non-currentFinancialInstruments 2022-03-31 07170197 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 07170197 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 07170197 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 07170197 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 07170197 d:ShareCapital 2023-03-31 07170197 d:ShareCapital 2022-03-31 07170197 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 07170197 d:RetainedEarningsAccumulatedLosses 2023-03-31 07170197 d:RetainedEarningsAccumulatedLosses 2022-03-31 07170197 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 07170197 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 07170197 d:TaxLossesCarry-forwardsDeferredTax 2023-03-31 07170197 d:TaxLossesCarry-forwardsDeferredTax 2022-03-31 07170197 c:OrdinaryShareClass1 2022-04-01 2023-03-31 07170197 c:OrdinaryShareClass1 2023-03-31 07170197 c:OrdinaryShareClass1 2022-03-31 07170197 c:FRS102 2022-04-01 2023-03-31 07170197 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 07170197 c:FullAccounts 2022-04-01 2023-03-31 07170197 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 07170197 d:EntityControlledByKeyManagementPersonnel1 2022-04-01 2023-03-31 07170197 d:EntityControlledByKeyManagementPersonnel1 2023-03-31 07170197 d:EntityControlledByKeyManagementPersonnel1 2022-03-31 07170197 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-04-01 2023-03-31 07170197 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-03-31 07170197 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-03-31 07170197 2 2022-04-01 2023-03-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 07170197









ABV SOLICITORS LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
ABV SOLICITORS LIMITED
REGISTERED NUMBER: 07170197

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
45,808
20,243

  
45,808
20,243

Current assets
  

Debtors: amounts falling due within one year
 6 
1,741,661
1,529,745

Cash at bank and in hand
 7 
490,555
575,478

  
2,232,216
2,105,223

Creditors: amounts falling due within one year
 8 
(853,418)
(774,133)

Net current assets
  
 
 
1,378,798
 
 
1,331,090

Total assets less current liabilities
  
1,424,606
1,351,333

Creditors: amounts falling due after more than one year
 9 
(42,107)
(104,168)

Provisions for liabilities
  

Deferred tax
 10 
(9,705)
(3,307)

  
 
 
(9,705)
 
 
(3,307)

Net assets
  
1,372,794
1,243,858


Capital and reserves
  

Called up share capital 
 11 
100,000
100,000

Profit and loss account
 12 
1,272,794
1,143,858

  
1,372,794
1,243,858


Page 1

 
ABV SOLICITORS LIMITED
REGISTERED NUMBER: 07170197

BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 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 income and retained earnings 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 13 November 2023.


Mr Robert Borwick
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
ABV SOLICITORS LIMITED
 

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

1.


General information

ABV Solicitors Limited is a company limited by shares incorporated in England and Wales within the
United Kingdom. The address of the registered office and principal place of trade is The Shipping Building, The Old Vinyl Factory, 252-254 Blyth Road, Hayes, Middlesex, UB3 1HA. The registered number is 07170197. The company is not part of a group. 

2.Accounting policies

 
2.1

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Work in progress is stated at the lower of cost and net realisable value. 
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. 

 
2.3

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 3

 
ABV SOLICITORS LIMITED
 

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

2.Accounting policies (continued)

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

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.

Page 4

 
ABV SOLICITORS LIMITED
 

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

2.Accounting policies (continued)

 
2.9

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.

 
2.10

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
Office equipment
-
33%

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.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
ABV SOLICITORS LIMITED
 

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

2.Accounting policies (continued)

 
2.14

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.

 
2.15

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.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

 
2.16

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 48 (2022 - 49).

Page 6

 
ABV SOLICITORS LIMITED
 

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

4.


Intangible assets




Goodwill

£



Cost


At 1 April 2022
1,750,000



At 31 March 2023

1,750,000



Amortisation


At 1 April 2022
1,750,000



At 31 March 2023

1,750,000



Net book value



At 31 March 2023
-



At 31 March 2022
-



Page 7

 
ABV SOLICITORS LIMITED
 

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

5.


Tangible fixed assets





Short-term leasehold property
Other fixed assets
Total

£
£
£



Cost or valuation


At 1 April 2022
22,080
51,632
73,712


Additions
-
35,909
35,909


Disposals
(22,080)
-
(22,080)



At 31 March 2023

-
87,541
87,541



Depreciation


At 1 April 2022
22,080
31,389
53,469


Charge for the year on owned assets
-
10,344
10,344


Disposals
(22,080)
-
(22,080)



At 31 March 2023

-
41,733
41,733



Net book value



At 31 March 2023
-
45,808
45,808



At 31 March 2022
-
20,243
20,243


6.


Debtors

2023
2022
£
£


Amounts owed by joint ventures and associated undertakings
315,772
315,772

Other debtors
275,889
193,973

Amounts recoverable on long-term contracts
1,150,000
1,020,000

1,741,661
1,529,745


Page 8

 
ABV SOLICITORS LIMITED
 

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

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
490,555
575,478

Less: bank overdrafts
(55,131)
(62,869)

435,424
512,609



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
55,131
62,869

Bank loans
62,893
60,832

Corporation tax
220,752
156,788

Other taxation and social security
266,110
263,061

Other creditors
215,437
167,176

Accruals and deferred income
33,095
63,407

853,418
774,133



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
42,107
104,168

42,107
104,168


The following liabilities were secured:

2023
2022
£
£



Bank loans
165,000
500,000

165,000
500,000

Details of security provided:

Included within creditors for the current year is a loan secured as part of the Bounce Back Loan Scheme
which has a 80% government-backed guarantee.

Page 9

 
ABV SOLICITORS LIMITED
 

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

10.


Deferred taxation




2023


£






At beginning of year
(3,307)


Charged to profit or loss
(6,398)



At end of year
(9,705)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(11,452)
(5,054)

Pension surplus
1,747
1,747

(9,705)
(3,307)


11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100,000 (2022 - 100,000) Ordinary shares of £1.00 each
100,000
100,000



12.


Reserves

Profit and loss account

The profit and loss account represents cumulative distributable profit and losses net of dividends and other adjustments. 


13.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £83,839 (2022 - £79,346) . Contributions totalling £6,987 (2022 - £7,071) were payable to the fund at the balance sheet date and are included in creditors.

Page 10

 
ABV SOLICITORS LIMITED
 

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

14.


Transactions with directors

At the year end, directors owed the company £219,550 (2022 - £143,358). During the year advances were made of £531,688 and repayments were made amounting to £459,089. Interest has been charged at the HMRC approved rate and the loans are repayable on demand. 


15.


Related party transactions

During the year, the company maintained a loan account with a company under common control. At the
year end, the amount owed by the company was £315,772 (2022 - £315,772). This loan is interest free
and repayable on demand.
At the year end the company owed directors £109,369 (2022 - £73,136) by way of a directors loan account.


Page 11