Company Registration No. 07007792 (England and Wales)
ALCOCKS SOLICITORS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
ALCOCKS SOLICITORS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
ALCOCKS SOLICITORS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
25,638
22,306
Current assets
Stocks
117,080
186,000
Debtors
5
148,267
114,885
Cash at bank and in hand
87,010
55,844
352,357
356,729
Creditors: amounts falling due within one year
6
(103,431)
(92,566)
Net current assets
248,926
264,163
Total assets less current liabilities
274,564
286,469
Provisions for liabilities
(4,250)
(3,413)
Net assets
270,314
283,056
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
270,214
282,956
Total equity
270,314
283,056

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 3 November 2023 and are signed on its behalf by:
Mr R Todd
Director
Company Registration No. 07007792
ALCOCKS SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information

Alcocks Solicitors Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O Alcocks Solicitors, Byron House, Commercial Street, Mansfield, Nottinghamshire, NG18 1EE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
10% straight line basis
Fixtures and fittings
15% reducing balance basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

ALCOCKS SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Cash at bank and in hand

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 current liabilities.

1.6
Financial instruments

 

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

ALCOCKS SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.12
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
21
18
ALCOCKS SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022
4,796
24,645
29,441
Additions
-
0
8,264
8,264
Disposals
-
0
(1,557)
(1,557)
At 31 March 2023
4,796
31,352
36,148
Depreciation and impairment
At 1 April 2022
480
6,655
7,135
Depreciation charged in the year
480
3,664
4,144
Eliminated in respect of disposals
-
0
(769)
(769)
At 31 March 2023
960
9,550
10,510
Carrying amount
At 31 March 2023
3,836
21,802
25,638
At 31 March 2022
4,316
17,990
22,306
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
95,389
76,113
Prepayments and accrued income
52,878
38,772
148,267
114,885
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,194
-
0
Corporation tax
42,830
56,876
Other taxation and social security
35,679
28,149
Other creditors
1,980
1,043
Accruals and deferred income
21,748
6,498
103,431
92,566
ALCOCKS SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
7
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
48,676
66,064
2023-03-312022-04-01false03 November 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityMrs H A HawkinsMr R Toddfalse070077922022-04-012023-03-31070077922023-03-31070077922022-03-3107007792core:LandBuildings2023-03-3107007792core:OtherPropertyPlantEquipment2023-03-3107007792core:LandBuildings2022-03-3107007792core:OtherPropertyPlantEquipment2022-03-3107007792core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3107007792core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3107007792core:CurrentFinancialInstruments2023-03-3107007792core:CurrentFinancialInstruments2022-03-3107007792core:ShareCapital2023-03-3107007792core:ShareCapital2022-03-3107007792core:RetainedEarningsAccumulatedLosses2023-03-3107007792core:RetainedEarningsAccumulatedLosses2022-03-3107007792bus:Director22022-04-012023-03-3107007792core:LeaseholdImprovementscore:LeasedAssetsHeldAsLessee2022-04-012023-03-3107007792core:FurnitureFittings2022-04-012023-03-31070077922021-04-012022-03-3107007792core:LandBuildings2022-03-3107007792core:OtherPropertyPlantEquipment2022-03-31070077922022-03-3107007792core:LandBuildings2022-04-012023-03-3107007792core:OtherPropertyPlantEquipment2022-04-012023-03-3107007792bus:PrivateLimitedCompanyLtd2022-04-012023-03-3107007792bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3107007792bus:FRS1022022-04-012023-03-3107007792bus:AuditExemptWithAccountantsReport2022-04-012023-03-3107007792bus:Director12022-04-012023-03-3107007792bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP