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COMPANY REGISTRATION NUMBER: 10553315
3D Solicitors Limited
Filleted Unaudited Financial Statements
31 December 2022
3D Solicitors Limited
Financial Statements
Year ended 31 December 2022
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
3D Solicitors Limited
Statement of Financial Position
31 December 2022
2022
2021
Note
£
£
Fixed assets
Tangible assets
6
38,212
44,880
Current assets
Work in progress
6,880
4,980
Debtors
7
74,935
93,789
Cash at bank and in hand
116,146
264,617
---------
---------
197,961
363,386
Creditors: amounts falling due within one year
8
204,805
330,543
---------
---------
Net current (liabilities)/assets
( 6,844)
32,843
--------
--------
Total assets less current liabilities
31,368
77,723
Provisions
7,260
8,527
--------
--------
Net assets
24,108
69,196
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
24,008
69,096
--------
--------
Shareholders funds
24,108
69,196
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2022 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
3D Solicitors Limited
Statement of Financial Position (continued)
31 December 2022
These financial statements were approved by the board of directors and authorised for issue on 20 November 2023 , and are signed on behalf of the board by:
Mr D.M. Berke
Mrs D.S. Britstone
Director
Director
Company registration number: 10553315
3D Solicitors Limited
Notes to the Financial Statements
Year ended 31 December 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Queens Chambers, John Dalton Street, Manchester, M2 6ET.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents the total invoice value, excluding Value Added Tax, of fees raised during the year and derives from the provision of goods falling within the company's ordinary activities. Fees receivable are recognised in the profit and loss account when a right to consideration is earned in exchange for performance of contractual obligations except where the right is contingent on an uncertain future event. Income is recorded at its fair value which is based on time spent, skills and expertise provided and expenses incurred. Disbursements incurred on behalf of clients are invoiced at the same time as the corresponding fee work is done.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer equipment
-
33% straight line
Furniture and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Work in progress
Work in progress consisting of unbilled fees, where the ability to recover fees on a matter is non contingent, is recognised on the basis of time spent and valued at the amount expected to be billed in respect of that time. Work in progress is included in debtors in accordance with UITF 40.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2021: 4 ).
5. Tax on profit
Major components of tax expense
2022
2021
£
£
Current tax:
UK current tax expense
33,136
29,487
Deferred tax:
Origination and reversal of timing differences
( 1,267)
2,941
--------
--------
Tax on profit
31,869
32,428
--------
--------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2021: higher than) the standard rate of corporation tax in the UK of 19 % (2021: 19 %).
2022
2021
£
£
Profit on ordinary activities before taxation
160,781
164,572
---------
---------
Profit on ordinary activities by rate of tax
30,548
31,268
Effect of expenses not deductible for tax purposes
1,525
1,789
Effect of capital allowances and depreciation
1,063
( 3,570)
Deferred tax on timing differences
( 1,267)
2,941
---------
---------
Tax on profit
31,869
32,428
---------
---------
6. Tangible assets
Computer equipment
Furniture and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2022
9,847
29,783
41,590
4,889
86,109
Additions
874
3,245
4,119
--------
--------
--------
-------
--------
At 31 December 2022
10,721
33,028
41,590
4,889
90,228
--------
--------
--------
-------
--------
Depreciation
At 1 January 2022
8,130
4,909
24,044
4,146
41,229
Charge for the year
1,610
4,218
4,386
573
10,787
--------
--------
--------
-------
--------
At 31 December 2022
9,740
9,127
28,430
4,719
52,016
--------
--------
--------
-------
--------
Carrying amount
At 31 December 2022
981
23,901
13,160
170
38,212
--------
--------
--------
-------
--------
At 31 December 2021
1,717
24,874
17,546
743
44,880
--------
--------
--------
-------
--------
7. Debtors
2022
2021
£
£
Trade debtors
55,516
90,752
Prepayments and accrued income
3,544
2,342
Directors loan account
12,450
Other debtors
3,425
695
--------
--------
74,935
93,789
--------
--------
8. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
37,273
46,855
Accruals and deferred income
19,518
13,500
Corporation tax
32,892
29,487
Social security and other taxes
30,982
28,199
Obligations under finance leases and hire purchase contracts
20,520
24,921
Director loan accounts
378
28,086
Other creditors - Amounts due to clients
63,144
159,208
Other creditors
98
287
---------
---------
204,805
330,543
---------
---------
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2022
2021
£
£
Included in provisions
7,260
8,527
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2022
2021
£
£
Accelerated capital allowances
7,260
8,527
-------
-------
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr D.M. Berke
12,450
12,450
Mrs D.S. Britstone
( 378)
( 378)
----
--------
--------
12,072
12,072
----
--------
--------
2021
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr D.M. Berke
Mrs D.S. Britstone
----
----
----
----
----
----