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UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 24 FEBRUARY 2022 TO 31 JULY 2023

FOR

SCHOFIELDS ACCOUNTANTS LIMITED

SCHOFIELDS ACCOUNTANTS LIMITED (REGISTERED NUMBER: 13936979)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Period 24 February 2022 to 31 July 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SCHOFIELDS ACCOUNTANTS LIMITED

COMPANY INFORMATION
For The Period 24 February 2022 to 31 July 2023







DIRECTORS: Mr D Leatham
Mr I M Legg
Mr P J Schofield





REGISTERED OFFICE: 5th Floor
Waverley House
115 - 119 Holdenhurst Road
Bournemouth
Dorset
BH8 8DY





REGISTERED NUMBER: 13936979 (England and Wales)






SCHOFIELDS ACCOUNTANTS LIMITED (REGISTERED NUMBER: 13936979)

BALANCE SHEET
31 July 2023

Notes £    £   
FIXED ASSETS
Tangible assets 4 597

CURRENT ASSETS
Debtors 5 461,439
Cash at bank 167,809
629,248
CREDITORS
Amounts falling due within one year 6 453,152
NET CURRENT ASSETS 176,096
TOTAL ASSETS LESS CURRENT
LIABILITIES

176,693

PROVISIONS FOR LIABILITIES 149
NET ASSETS 176,544

CAPITAL AND RESERVES
Called up share capital 7 1,000
Retained earnings 175,544
SHAREHOLDERS' FUNDS 176,544

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 November 2023 and were signed on its behalf by:




Mr D Leatham - Director



Mr I M Legg - Director


SCHOFIELDS ACCOUNTANTS LIMITED (REGISTERED NUMBER: 13936979)

NOTES TO THE FINANCIAL STATEMENTS
For The Period 24 February 2022 to 31 July 2023

1. STATUTORY INFORMATION

Schofields Accountants Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Fee income represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients but excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on cost

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Amounts recoverable on contracts
Services provided to clients during the year, which at the balance sheet date have not been billed, are 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 16 .

SCHOFIELDS ACCOUNTANTS LIMITED (REGISTERED NUMBER: 13936979)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Period 24 February 2022 to 31 July 2023

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
Additions 717
At 31 July 2023 717
DEPRECIATION
Charge for period 120
At 31 July 2023 120
NET BOOK VALUE
At 31 July 2023 597

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade debtors 226,842
Amounts recoverable on contracts 177,929
Other debtors 56,668
461,439

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade creditors 53,747
Taxation and social security 184,067
Other creditors 215,338
453,152

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal
value: £   
400 Ordinary A £1 400
400 Ordinary B £1 400
100 Ordinary C £1 100
100 Ordinary D £1 100
1,000

1000 Ordinary shares of £1 each were allocated and fully paid for cash at par during the period.