Company registration number SC490084 (Scotland)
PAISLEY DEFENCE LAWYERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
PAISLEY DEFENCE LAWYERS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
PAISLEY DEFENCE LAWYERS LIMITED
BALANCE SHEET
AS AT
29 JANUARY 2023
29 January 2023
- 1 -
29 January 2023
30 January 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,478
4,478
Current assets
Debtors
4
195,895
195,895
Cash at bank and in hand
320
320
196,215
196,215
Creditors: amounts falling due within one year
5
(3,832)
(3,832)
Net current assets
192,383
192,383
Net assets
196,861
196,861
Capital and reserves
Called up share capital
200
200
Profit and loss reserves
196,661
196,661
Total equity
196,861
196,861

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 29 January 2023 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant 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 1 November 2023 and are signed on its behalf by:
Mr T Gallanagh
Director
Company Registration No. SC490084
PAISLEY DEFENCE LAWYERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JANUARY 2023
- 2 -
1
Accounting policies
Company information

Paisley Defence Lawyers Limited is a private company limited by shares incorporated in Scotland. The registered office is Floor 1, 61 High Street, Johnstone, Renfrewshire, United Kingdom, PA5 8QG.

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
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
20% on cost
Plant and machinery
25% on reducing balance
Fixtures and fittings
25% on reducing balance
Motor vehicles
25% on reducing balance

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.

1.3
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.

1.4
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.

1.5
Taxation

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

PAISLEY DEFENCE LAWYERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JANUARY 2023
1
Accounting policies
(Continued)
- 3 -
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.

2
Employees

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

2023
2022
Number
Number
Total
-
0
-
0
3
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 30 January 2022 and 29 January 2023
1,378
9,124
2,844
443
13,789
Depreciation and impairment
At 30 January 2022 and 29 January 2023
1,045
6,237
1,726
303
9,311
Carrying amount
At 29 January 2023
333
2,887
1,118
140
4,478
At 29 January 2022
333
2,887
1,118
140
4,478
PAISLEY DEFENCE LAWYERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JANUARY 2023
- 4 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
195,895
195,895
5
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
3,832
3,832
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