Registered number
11423294
Trueman's Solicitors Limited
Unaudited Filleted Accounts
31 March 2023
Trueman's Solicitors Limited
Registered number: 11423294
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 453,000 528,500
Tangible assets 4 13,406 13,115
466,406 541,615
Current assets
Work in progress 71,250 71,550
Debtors 5 39,914 25,096
Cash at bank and in hand 694,833 476,571
805,997 573,217
Creditors: amounts falling due within one year 6 (223,833) (218,181)
Net current assets 582,164 355,036
Net assets 1,048,570 896,651
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,048,470 896,551
Shareholders' funds 1,048,570 896,651
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Michael Gordon Trueman
Director
Approved by the board on 8 September 2023
Trueman's Solicitors Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
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 from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 3 years
Debtors
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, less any impairment losses for bad and doubtful debts.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 23 20
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2022 755,000
At 31 March 2023 755,000
Amortisation
At 1 April 2022 226,500
Provided during the year 75,500
At 31 March 2023 302,000
Net book value
At 31 March 2023 453,000
At 31 March 2022 528,500
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc
Cost £
At 1 April 2022 29,462
Additions 6,894
At 31 March 2023 36,356
Depreciation
At 1 April 2022 16,347
Charge for the year 6,603
At 31 March 2023 22,950
Net book value
At 31 March 2023 13,406
At 31 March 2022 13,115
5 Debtors 2023 2022
£ £
Other debtors 39,914 25,096
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 20,397 3,184
Taxation and social security costs 182,074 197,873
Other creditors 21,362 17,124
223,833 218,181
7 Other information
Trueman's Solicitors Limited is a private company limited by shares and incorporated in England. Its registered office is:
Eden House
38 St. Aldates
Oxford
Oxfordshire
OX1 1BN
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