REGISTERED NUMBER: |
Barwells Legal Limited |
Unaudited Financial Statements for the Year Ended 31 July 2023 |
REGISTERED NUMBER: |
Barwells Legal Limited |
Unaudited Financial Statements for the Year Ended 31 July 2023 |
Barwells Legal Limited (Registered number: 08645312) |
Contents of the Financial Statements |
for the Year Ended 31 July 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Barwells Legal Limited |
Company Information |
for the Year Ended 31 July 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Wilson House |
48 Brooklyn Road |
Seaford |
East Sussex |
BN25 2DX |
Barwells Legal Limited (Registered number: 08645312) |
Balance Sheet |
31 July 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Capital redemption reserve | 13 |
Fair value reserve | 13 |
Retained earnings | 13 |
SHAREHOLDERS' FUNDS |
Barwells Legal Limited (Registered number: 08645312) |
Balance Sheet - continued |
31 July 2023 |
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. |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Barwells Legal Limited (Registered number: 08645312) |
Notes to the Financial Statements |
for the Year Ended 31 July 2023 |
1. | STATUTORY INFORMATION |
Barwells Legal Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Revenue |
Fee income represents revenue earned under a wide variety of contracts to provide professional legal services. Revenue is recognised as earned when 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, including expenses and disbursements but excluding value added tax. |
Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects a proportion of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant proportion of revenue is included in creditors. |
If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the company), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the balance sheet date are carried forward as work in progress. |
Goodwill |
Tangible fixed assets |
Improvements to property | - |
Fixtures and fittings | - |
Computer equipment | - |
Investment property |
Investment property is shown at fair value at each reporting date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Barwells Legal Limited (Registered number: 08645312) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 year 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company contributes to 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. |
Provisions |
Full provision is made for any excess not covered by professional indemnity insurance in each case of a claim against the company on the basis of information available to the directors up to the date of approval of the accounts. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Barwells Legal Limited (Registered number: 08645312) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 August 2022 |
and 31 July 2023 |
AMORTISATION |
At 1 August 2022 |
and 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
5. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | and | Computer |
property | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 August 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 July 2023 |
DEPRECIATION |
At 1 August 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
Barwells Legal Limited (Registered number: 08645312) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 August 2022 |
Revaluations | (5,000 | ) |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
If the investment property had not been revalued it would have been included on a historical cost basis at £160,250 (2022 - £160,250). |
Investment property was valued on an open market value basis on 31 July 2023 by Martin Lacey Buckley Chartered Surveyors. |
7. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Taxation and social security |
Other creditors |
Barwells Legal Limited (Registered number: 08645312) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans | 80,657 | 84,031 |
10. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Between one and five years |
In more than five years |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loan | 120,371 | 127,306 |
All liabilities due to the company's bankers are secured by a debenture dated 17 July 2014 charged by way of fixed and floating charges over the company's assets. |
In addition, the company's bankers have a legal charge dated 29 August 2017 over the company's investment property. |
Barwells Legal Limited (Registered number: 08645312) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Nil | Ordinary B | 1p | - | 17 |
2,200 | Ordinary D | 1p | 22 | 22 |
1,500 | Ordinary E | 1p | 15 | 15 |
Nil | Ordinary BB | 1p | - | 3 |
300 | Ordinary DD | 1p | 3 | 3 |
500 | Ordinary F | 1p | 5 | 5 |
750 | Ordinary G | 1p | 7.5 | 5 |
500 | Ordinary H | 1p | 5 | 5 |
500 | Ordinary I | 1p | 5 | - |
250 | Ordinary J | 1p | 2.5 | - |
65 | 75 |
On 28 February 2023, as part of a share restructuring exercise, the following changes were made to the issued share capital of the company: |
250 ordinary B shares of £0.01 each were redesignated as 250 ordinary G shares of £0.01 each. |
200 ordinary B shares of £0.01 each were redesignated as 200 ordinary I shares of £0.01 each. |
250 ordinary B shares of £0.01 each were redesignated as 250 ordinary J shares of £0.01 each. |
300 ordinary BB shares of £0.01 each were redesignated as 250 ordinary I shares of £0.01 each. |
On 14 March 2023, the company purchased 1,000 ordinary B shares of £0.01 each, which were then subsequently cancelled. |
All shares rank pari passu in all respects. |
13. | RESERVES |
Capital | Fair |
Retained | redemption | value |
earnings | reserve | reserve | Totals |
£ | £ | £ | £ |
At 1 August 2022 | 765,440 |
Profit for the year | - | - |
Dividends | ( |
) | - | - | ( |
) |
Purchase of own shares | (102,055 | ) | 10 | - | (102,045 | ) |
Transfer of fair value gain | 5,517 | - | (5,517 | ) | - |
At 31 July 2023 | 999,862 |
Barwells Legal Limited (Registered number: 08645312) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
14. | OTHER FINANCIAL COMMITMENTS |
Financial commitments which are not included in the balance sheet amount to £39,993 (2022 - £38,664) and are in respect of finance repayments for professional indemnity insurance. |
15. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
During the year the company made advances to a director of £38,984 and was repaid £56,814. Interest was charged by the company at the official rate of interest and amounted to £28 (2022 - £95). At the balance sheet date, the company owed the director the sum of £24,618 (2022 - £6,788). The loan is unsecured and payable on demand. |
During the year the company made advances to a second director of £87,458 and was repaid £98,908. Interest was charged by the company at the official rate of interest and amounted to £47 (2022 - £58). At the balance sheet date, the company owed the director the sum of £28,512 (2022 - £17,062). The loan is unsecured and payable on demand. |
During the year the company made advances to a third director of £7,700 and was repaid £26,520. At the balance sheet date, the company owed the director the sum of £18,820 (2022 - £nil). The loan is interest free, unsecured and payable on demand. |
During the year the company made advances to a fourth director of £4,299 and was repaid £13,344. At the balance sheet date, the company owed the director the sum of £9,045 (2022 - £nil). The loan is interest free, unsecured and payable on demand. |
16. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £243,356 (2022 - £243,043) were paid to the directors . |
At the balance sheet date the company owed a fifth director £7,016 (2022 - £7,535). The loan is interest free, unsecured and payable on demand. |
At the balance sheet date the company owed a sixth director £20,113 (2022- £10,251). The loan is interest free, unsecured and payable on demand. |
At the balance sheet date the company owed a seventh director the sum of £14,731 (2022 - £7,653). The loan is interest free, unsecured and payable on demand. |
At the balance sheet date the company owed a former director the sum of £754 (2022 - £18,840). The loan is interest free, unsecured and payable on demand. |