Company registration number 10761313 (England and Wales)
PAUL L. SIMON LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
Sobell Rhodes LLP
The Kinetic Centre
Theobald Street
Elstree
Borehamwood
Hertfordshire
WD6 4PJ
PAUL L. SIMON LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
Detailed profit and loss account
PAUL L. SIMON LTD
BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
130,000
162,500
Tangible assets
4
3,511
4,838
133,511
167,338
Current assets
Stocks
6
78,036
69,094
Debtors
5
220,461
170,712
Cash at bank and in hand
7,768
69,374
306,265
309,180
Creditors: amounts falling due within one year
7
(202,925)
(292,679)
Net current assets
103,340
16,501
Total assets less current liabilities
236,851
183,839
Creditors: amounts falling due after more than one year
8
(18,072)
(30,723)
Net assets
218,779
153,116
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
218,679
153,016
Total equity
218,779
153,116

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 30 June 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.

PAUL L. SIMON LTD
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023
30 June 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 12 March 2024 and are signed on its behalf by:
Mr P L Simon
Ms J Begum
Director
Director
Mrs A Pandya
Director
Company registration number 10761313 (England and Wales)
PAUL L. SIMON LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information

Paul L. Simon Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 12 Melcombe Place, London, England, NW1 6JJ.

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 £1.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors have a reasonable expectation the company will continue to have adequate resources to fund its working capital for the foreseeable future. The directors have carried out a detailed assessment of the viability of the company following to uncertainty over the current economic conditions due to worldwide increasing rate of inflation and interest rates. true

 

As a result of their review, the directors have taken appropriate measures to enable them to have a reasonable expectation that the company will have sufficient working capital for a period of at least 12 months from the date these financial statements have been approved.

 

On the basis of the above, the directors are of the opinion that there is no material uncertainty relating to going concern and therefore it is appropriate to prepare these financial  statements on a going concern basis.

1.3
Turnover

Turnover comprises the fair value of the consideration received or receivable for the provision of legal

services. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

 

The company recognises revenue when:

The amount of revenue can be reliably measured;

it is probable that future economic benefits will flow to the entity;

and specific criteria have been met for each of the company's activities.

1.4
Intangible fixed assets - goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Goodwill
Straight line over 10 years
PAUL L. SIMON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Tangible fixed assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

 

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Office Equipment
25% Straight Line

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.

1.6
Stocks

Work in progress is valued on the basis of unbilled work at the year end done before the year end.

1.7
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Taxation

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

1.9
Retirement benefits

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

2
Employees

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

2023
2022
Number
Number
Total
6
6
PAUL L. SIMON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2022 and 30 June 2023
325,000
Amortisation and impairment
At 1 July 2022
162,500
Amortisation charged for the year
32,500
At 30 June 2023
195,000
Carrying amount
At 30 June 2023
130,000
At 30 June 2022
162,500
4
Tangible fixed assets
Office Equipment
£
Cost
At 1 July 2022 and 30 June 2023
11,805
Depreciation and impairment
At 1 July 2022
6,967
Depreciation charged in the year
1,327
At 30 June 2023
8,294
Carrying amount
At 30 June 2023
3,511
At 30 June 2022
4,838
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
134,891
147,045
Corporation tax recoverable
16,749
-
0
Other debtors
65,665
8,000
Prepayments and accrued income
3,156
15,667
220,461
170,712
PAUL L. SIMON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
6
Stocks
2023
2022
£
£
Work in progress
78,036
69,094
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
11,399
9,758
Trade creditors
29,938
29,078
Corporation tax
84,126
53,293
Other taxation and social security
56,985
100,974
Other creditors
1,475
89,840
Accruals and deferred income
19,002
9,736
202,925
292,679
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
18,072
30,723
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
10
Directors' transactions

Dividends totalling £4,000 (2022 - £0) were paid in the year in respect of shares held by the company's directors.

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Directors loan
-
(89,840)
143,468
(4,000)
49,628
(89,840)
143,468
(4,000)
49,628
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