Silverfin false false 31/07/2023 01/08/2022 31/07/2023 Grace Bradley 01/08/2023 Rachel Mary Buckley 18/02/2011 Jane Elaine Chanot 26/03/2010 David Adrian Cobern 14/08/2023 01/01/2016 Sally Anne Cook 14/10/2011 Kerry-Louise England 20/09/2023 Donna Jean Hart 17/11/2022 01/01/2016 Norman Anthony Hartnell 26/03/2010 Derek John Jordan 01/04/2019 Sheik Imran Khodabocus 01/01/2022 Carrie Liann Laws 01/01/2022 Jonathan Leonard Madge 14/10/2011 Stephen John Sowden 26/03/2010 Gemma Mary Louise Sparks 01/01/2022 Lucy Theobald 12/07/2021 Kirsty Thyer 01/04/2019 Fiona Jane Wadey 25/10/2022 01/04/2019 Jennifer Louise Wise 01/04/2019 20 November 2023 The principal activity of the Company during the financial year was that of a solicitors practice. 07204684 2023-07-31 07204684 bus:Director1 2023-07-31 07204684 bus:Director2 2023-07-31 07204684 bus:Director3 2023-07-31 07204684 bus:Director4 2023-07-31 07204684 bus:Director5 2023-07-31 07204684 bus:Director6 2023-07-31 07204684 bus:Director7 2023-07-31 07204684 bus:Director8 2023-07-31 07204684 bus:Director9 2023-07-31 07204684 bus:Director10 2023-07-31 07204684 bus:Director11 2023-07-31 07204684 bus:Director12 2023-07-31 07204684 bus:Director13 2023-07-31 07204684 bus:Director14 2023-07-31 07204684 bus:Director15 2023-07-31 07204684 bus:Director16 2023-07-31 07204684 bus:Director17 2023-07-31 07204684 bus:Director18 2023-07-31 07204684 2022-07-31 07204684 core:CurrentFinancialInstruments 2023-07-31 07204684 core:CurrentFinancialInstruments 2022-07-31 07204684 core:Non-currentFinancialInstruments 2023-07-31 07204684 core:Non-currentFinancialInstruments 2022-07-31 07204684 core:ShareCapital 2023-07-31 07204684 core:ShareCapital 2022-07-31 07204684 core:CapitalRedemptionReserve 2023-07-31 07204684 core:CapitalRedemptionReserve 2022-07-31 07204684 core:RetainedEarningsAccumulatedLosses 2023-07-31 07204684 core:RetainedEarningsAccumulatedLosses 2022-07-31 07204684 core:Goodwill 2022-07-31 07204684 core:Goodwill 2023-07-31 07204684 core:LeaseholdImprovements 2022-07-31 07204684 core:FurnitureFittings 2022-07-31 07204684 core:ComputerEquipment 2022-07-31 07204684 core:LeaseholdImprovements 2023-07-31 07204684 core:FurnitureFittings 2023-07-31 07204684 core:ComputerEquipment 2023-07-31 07204684 core:CurrentFinancialInstruments core:Secured 2023-07-31 07204684 2021-07-31 07204684 core:AcceleratedTaxDepreciationDeferredTax 2023-07-31 07204684 core:AcceleratedTaxDepreciationDeferredTax 2022-07-31 07204684 core:OtherDeferredTax 2023-07-31 07204684 core:OtherDeferredTax 2022-07-31 07204684 bus:OrdinaryShareClass1 2023-07-31 07204684 bus:OrdinaryShareClass2 2023-07-31 07204684 core:WithinOneYear 2023-07-31 07204684 core:WithinOneYear 2022-07-31 07204684 core:BetweenOneFiveYears 2023-07-31 07204684 core:BetweenOneFiveYears 2022-07-31 07204684 core:MoreThanFiveYears 2023-07-31 07204684 core:MoreThanFiveYears 2022-07-31 07204684 2022-08-01 2023-07-31 07204684 bus:FilletedAccounts 2022-08-01 2023-07-31 07204684 bus:SmallEntities 2022-08-01 2023-07-31 07204684 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 07204684 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 07204684 bus:Director1 2022-08-01 2023-07-31 07204684 bus:Director2 2022-08-01 2023-07-31 07204684 bus:Director3 2022-08-01 2023-07-31 07204684 bus:Director4 2022-08-01 2023-07-31 07204684 bus:Director5 2022-08-01 2023-07-31 07204684 bus:Director6 2022-08-01 2023-07-31 07204684 bus:Director7 2022-08-01 2023-07-31 07204684 bus:Director8 2022-08-01 2023-07-31 07204684 bus:Director9 2022-08-01 2023-07-31 07204684 bus:Director10 2022-08-01 2023-07-31 07204684 bus:Director11 2022-08-01 2023-07-31 07204684 bus:Director12 2022-08-01 2023-07-31 07204684 bus:Director13 2022-08-01 2023-07-31 07204684 bus:Director14 2022-08-01 2023-07-31 07204684 bus:Director15 2022-08-01 2023-07-31 07204684 bus:Director16 2022-08-01 2023-07-31 07204684 bus:Director17 2022-08-01 2023-07-31 07204684 bus:Director18 2022-08-01 2023-07-31 07204684 core:Goodwill core:TopRangeValue 2022-08-01 2023-07-31 07204684 core:LeaseholdImprovements core:TopRangeValue 2022-08-01 2023-07-31 07204684 core:FurnitureFittings core:TopRangeValue 2022-08-01 2023-07-31 07204684 core:ComputerEquipment core:TopRangeValue 2022-08-01 2023-07-31 07204684 2021-08-01 2022-07-31 07204684 core:Goodwill 2022-08-01 2023-07-31 07204684 core:LeaseholdImprovements 2022-08-01 2023-07-31 07204684 core:FurnitureFittings 2022-08-01 2023-07-31 07204684 core:ComputerEquipment 2022-08-01 2023-07-31 07204684 core:CurrentFinancialInstruments 2022-08-01 2023-07-31 07204684 core:Non-currentFinancialInstruments 2022-08-01 2023-07-31 07204684 bus:OrdinaryShareClass1 2022-08-01 2023-07-31 07204684 bus:OrdinaryShareClass1 2021-08-01 2022-07-31 07204684 bus:OrdinaryShareClass2 2022-08-01 2023-07-31 07204684 bus:OrdinaryShareClass2 2021-08-01 2022-07-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 07204684 (England and Wales)

HARTNELL CHANOT & PARTNERS LIMITED

Unaudited Financial Statements
For the financial year ended 31 July 2023
Pages for filing with the registrar

HARTNELL CHANOT & PARTNERS LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2023

Contents

HARTNELL CHANOT & PARTNERS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 July 2023
HARTNELL CHANOT & PARTNERS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 July 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 441,000 504,000
Tangible assets 4 190,647 214,844
631,647 718,844
Current assets
Debtors 5 1,679,058 1,772,275
Cash at bank and in hand 213,510 325,444
1,892,568 2,097,719
Creditors: amounts falling due within one year 6 ( 728,226) ( 754,975)
Net current assets 1,164,342 1,342,744
Total assets less current liabilities 1,795,989 2,061,588
Creditors: amounts falling due after more than one year 7 ( 27,672) ( 38,364)
Provision for liabilities 8 ( 41,080) ( 42,714)
Net assets 1,727,237 1,980,510
Capital and reserves
Called-up share capital 9 522,818 600,000
Capital redemption reserve 137,182 60,000
Profit and loss account 1,067,237 1,320,510
Total shareholders' funds 1,727,237 1,980,510

For the financial year ending 31 July 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Hartnell Chanot & Partners Limited (registered number: 07204684) were approved and authorised for issue by the Director on 20 November 2023. They were signed on its behalf by:

Norman Anthony Hartnell
Director
HARTNELL CHANOT & PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
HARTNELL CHANOT & PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Hartnell Chanot & Partners Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Oriel House, Southernhay Gardens, Exeter, EX1 1NP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so 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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 20 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line/reducing balance basis over its expected useful life, as follows:

Leasehold improvements 20 years straight line
Fixtures and fittings 5 years straight line
Computer equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

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

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Comprehensive Income over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 88 86

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 August 2022 1,260,000 1,260,000
At 31 July 2023 1,260,000 1,260,000
Accumulated amortisation
At 01 August 2022 756,000 756,000
Charge for the financial year 63,000 63,000
At 31 July 2023 819,000 819,000
Net book value
At 31 July 2023 441,000 441,000
At 31 July 2022 504,000 504,000

4. Tangible assets

Leasehold improve-
ments
Fixtures and fittings Computer equipment Total
£ £ £ £
Cost
At 01 August 2022 171,319 394,033 38,458 603,810
Additions 13,233 10,478 7,895 31,606
At 31 July 2023 184,552 404,511 46,353 635,416
Accumulated depreciation
At 01 August 2022 107,100 280,249 1,617 388,966
Charge for the financial year 3,908 43,597 8,298 55,803
At 31 July 2023 111,008 323,846 9,915 444,769
Net book value
At 31 July 2023 73,544 80,665 36,438 190,647
At 31 July 2022 64,219 113,784 36,841 214,844

5. Debtors

2023 2022
£ £
Trade debtors 1,593,910 1,637,537
Prepayments 19,951 18,128
Other debtors 65,197 116,610
1,679,058 1,772,275

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans (secured) 35,436 99,226
Trade creditors 77,574 55,880
Accruals 175,157 154,936
Corporation tax 118,423 122,701
Other taxation and social security 241,796 262,619
Obligations under finance leases and hire purchase contracts 0 7,320
Other creditors 79,840 52,293
728,226 754,975

Bank loans are secured. The directors have between them provided personal guarantees to the bank limited to £300,000.

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 0 38,364
Other creditors 27,672 0
27,672 38,364

Bank loans are secured. The directors have between them provided personal guarantees to the bank limited to £300,000.

8. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 42,714) ( 48,047)
Credited to the Profit and Loss Account 1,634 5,333
At the end of financial year ( 41,080) ( 42,714)

The deferred taxation balance is made up as follows:

2023 2022
£ £
Accelerated capital allowances ( 42,734) ( 44,207)
Other timing differences 1,654 1,493
( 41,080) ( 42,714)

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
481,546 A ordinary shares of £ 1.00 each (2022: 558,728 shares of £ 1.00 each) 481,546 558,728
41,272 Ordinary shares of £ 1.00 each 41,272 41,272
522,818 600,000

During the year, the Company repurchased 77,182 of its own shares. This cost was funded by the reserves of the Company and is reflected in the Capital Redemption Reserve.

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 85,799 166,227
between one and five years 46,348 92,147
after five years 3,364 0
135,511 258,374

Pensions

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 £75,159 (2022: £68,401). Contributions totalling £13,858 (2022: £12,989) were payable to the fund at the reporting date and are included in creditors.

11. Related party transactions

Transactions with the entity's directors

At the year end, 8 directors were owed £29,624 (2022: £39,304) from the company and the company was owed £45,907 from 3 directors (2022: £83,309).