SOUTHFIELDS SOLICITORS LTD

Company Registration Number:
07500028 (England and Wales)

Unaudited abridged accounts for the year ended 31 March 2023

Period of accounts

Start date: 01 April 2022

End date: 31 March 2023

SOUTHFIELDS SOLICITORS LTD

Contents of the Financial Statements

for the Period Ended 31 March 2023

Balance sheet
Notes

SOUTHFIELDS SOLICITORS LTD

Balance sheet

As at 31 March 2023


Notes

2023

2022


£

£
Called up share capital not paid: 4 4
Current assets
Debtors:   197,712 381,810
Total current assets: 197,712 381,810
Net current assets (liabilities): 197,712 381,810
Total assets less current liabilities: 197,716 381,814
Creditors: amounts falling due after more than one year: 3 (600,440) (402,728)
Total net assets (liabilities): (402,724) (20,914)
Capital and reserves
Called up share capital: 4 4
Profit and loss account: (402,728) (20,918)
Shareholders funds: (402,724) (20,914)

The notes form part of these financial statements

SOUTHFIELDS SOLICITORS LTD

Balance sheet statements

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

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 24 December 2023
and signed on behalf of the board by:

Name: Hamid Iqbal
Status: Director

The notes form part of these financial statements

SOUTHFIELDS SOLICITORS LTD

Notes to the Financial Statements

for the Period Ended 31 March 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

SOUTHFIELDS SOLICITORS LTD

Notes to the Financial Statements

for the Period Ended 31 March 2023

2. Employees

2023 2022
Average number of employees during the period 1 1

The firm closed in August 2020 due to Covid Epidemic laying off 13 employees. Sole Director/Shareholder has worked since with the help of part time staff to run the office in order to recover over £400,000 debts owed by the previous clients. There is no new business but for recovery of old debts from clients who's cases concluded before August 2020. Expenses comprise Court and Barristers Fees in Enforcement litigation in the High Court Insolvency and Bankruptcy Courts and fees of Insolvency Service to recover the debts owed to he company. This is lengthy process as some Client died since 2020 and their Estate are going through Probate process which take years to conclude. The Company is obliged to keep registered and prepare annual accounts as all debts are owed in its name. There is no likelihood of any profit in the future as Legal Expenses in excess of the Debts owed.

SOUTHFIELDS SOLICITORS LTD

Notes to the Financial Statements

for the Period Ended 31 March 2023

3. Creditors: amounts falling due after more than one year note

The creditors since closure of the firm in August 2020 comprise of Barristers , Court and Insolvency Service Fees, sole director's expenses including office and staff expenses paid from loans obtained by Directors from their own resources and guarantees. The total Creditors are over £450,000 since August 2020 so far.

SOUTHFIELDS SOLICITORS LTD

Notes to the Financial Statements

for the Period Ended 31 March 2023

4. Off balance sheet arrangements

At present there are two clients who died and left Assets ( Estate) which is being contested by their families. The Debts will be paid , according to their Estate lawyers , as an when Probate matters are resolved and HMRC Accounts are finalised. This period my be one or two years they estimate and may not leave any assets for the debt to be recovered if the deceased debtors Estate files for bankruptcy/Insolvency at the end. These two owe major part of the debt ( Over £300K).