2022-07-012023-06-302023-06-30false07311174BROWELL SMITH & CO SOLICITORS 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BROWELL SMITH & CO SOLICITORS LTD

Registered Number
07311174
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2023

BROWELL SMITH & CO SOLICITORS LTD
Company Information
for the year from 1 July 2022 to 30 June 2023

Directors

BAGLEY, Dawn
BROWELL, Philip Ashley
BROWELL, Stephen Paul
MUXWORTHY, John David

Registered Address

10-13 Saville Row
Newcastle Upon Tyne
NE1 8JE

Registered Number

07311174 (England and Wales)
BROWELL SMITH & CO SOLICITORS LTD
Statement of Financial Position
30 June 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets6452,986498,609
452,986498,609
Current assets
Debtors111,783,4821,723,442
1,783,4821,723,442
Creditors amounts falling due within one year12(1,823,781)(1,824,854)
Net current assets (liabilities)(40,299)(101,412)
Total assets less current liabilities412,687397,197
Creditors amounts falling due after one year13(128,830)(167,060)
Net assets283,857230,137
Capital and reserves
Called up share capital650,003650,003
Share premium299,999299,999
Profit and loss account(666,145)(719,865)
Shareholders' funds283,857230,137
The financial statements were approved and authorised for issue by the Board of Directors on 21 November 2023, and are signed on its behalf by:
BROWELL, Philip Ashley
Director
Registered Company No. 07311174
BROWELL SMITH & CO SOLICITORS LTD
Notes to the Financial Statements
for the year ended 30 June 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Basis of measurement used in financial statements
The financial statements have been prepared under the historical cost convention on a going concern basis 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.
3.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. Depreciation is provided on all tangible fixed assets as follows: Leasehold property - over the life of the lease

Straight line (years)
Land and buildings50
Plant and machinery4
Fixtures and fittings4
Vehicles4
Intangible assets policy
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. Amortisation is provided on the following basis: Goodwill - 20% straight line
Taxation policy
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 policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Government grants and other government assistance policy
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 Income Statement in the same period as the related expenditure.
Leases policy
Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease. Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Employee benefits policy
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Valuation of financial instruments policy
The Company 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.
4.Employee information

20232022
Average number of employees during the year5254
5.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 July 22500,000500,000
At 30 June 23500,000500,000
Amortisation and impairment
At 01 July 22500,000500,000
At 30 June 23500,000500,000
Net book value
At 30 June 23--
At 30 June 22--
6.Property, plant and equipment

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Total

£££££
Cost or valuation
At 01 July 22513,233303,4808,994100,720926,427
At 30 June 23513,233303,4808,994100,720926,427
Depreciation and impairment
At 01 July 22125,648196,0418,99497,135427,818
Charge for year8,61535,813-1,19545,623
At 30 June 23134,263231,8548,99498,330473,441
Net book value
At 30 June 23378,97071,626-2,390452,986
At 30 June 22387,585107,439-3,585498,609
7.Description of financial commitments other than capital commitments
At 30 June 2023 the company had future minimum lease payments under non-cancellable operating leases of £15,599 (2022 - £30,113).
8.Off balance sheet pension commitments
The pension cost charge represents contributions payable by the company to the fund and amounted to £4,096 (2022 - £3,292).
9.Description of nature of transactions and balances with related parties
During the year, the company rented property from a director's SIPP and a director's wife's SIPP. Rent was charged in the year of £46,400 (2022 - £46,500). At the balance sheet date a balance of £271,535 (2022 - £218,418) was owed to the SIPPs in respect of rent charged. At 1 July 2022, the company owed a director's wife £80,000 in respect of a loan. During the year the company received advances of £9,000 and made repayments of £5,000. At the balance sheet date £84,000 (2022 - £80,000) remained outstanding. The loan is unsecured, interest free and repayable on demand.
10.Further information regarding the company's financial position
In respect of these Financial Statements the comparative income statement has had motor expenses of £696 moved from distribution costs to administrative expenses, this reclassification has not affected the reported profit position which remains the same.
11.Debtors

2023

2022

££
Trade debtors / trade receivables845,561738,936
Prepayments and accrued income937,921984,506
Total1,783,4821,723,442
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
12.Creditors within one year

2023

2022

££
Trade creditors / trade payables106,309248,874
Bank borrowings and overdrafts866,890869,240
Taxation and social security181,104112,114
Other creditors367,531344,975
Accrued liabilities and deferred income301,947249,651
Total1,823,7811,824,854
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Bank borrowings and overdrafts are secured by fixed and floating charges over the assets of the company.
13.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts106,481167,060
Other creditors22,349-
Total128,830167,060
Bank borrowings and overdrafts are secured by fixed and floating charges over the assets of the company.