Company registration number 10052733 (England and Wales)
A C EMPLOYMENT SOLICITORS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
A C EMPLOYMENT SOLICITORS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
A C EMPLOYMENT SOLICITORS LIMITED
BALANCE SHEET
1
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
60,000
80,000
Tangible assets
4
1,987
2,183
Current assets
Debtors
5
44,149
13,530
Cash at bank and in hand
1,150
44,149
14,680
Creditors: amounts falling due within one year
6
(100,952)
(103,781)
Net current liabilities
(56,803)
(89,101)
Total assets less current liabilities
5,184
(6,918)
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
5,183
(6,919)
Total equity
5,184
(6,918)
The director of the company has 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 director acknowledges her 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.
A C EMPLOYMENT SOLICITORS LIMITED
BALANCE SHEET (CONTINUED)
2
The financial statements were approved and signed by the director and authorised for issue on 16 February 2024
Ms A Capon
Director
Company Registration No. 10052733
A C EMPLOYMENT SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
3
1
Accounting policies
Company information
A C Employment Solicitors Limited is a private company limited by shares incorporated in England and Wales. The registered office is 16-18 Barnes Wallis Road, Fareham, Hampshire, PO15 5TT.
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
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.4
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:
Fixtures and fittings
20% Reducing balance
Computers
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.
A C EMPLOYMENT SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies (Continued)
4
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
A C EMPLOYMENT SOLICITORS LIMITED
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
200,000
Amortisation and impairment
At 1 July 2022
120,000
Amortisation charged for the year
20,000
At 30 June 2023
140,000
Carrying amount
At 30 June 2023
60,000
At 30 June 2022
80,000
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 July 2022
4,219
1,008
5,227
Additions
333
333
At 30 June 2023
4,219
1,341
5,560
Depreciation and impairment
At 1 July 2022
2,210
834
3,044
Depreciation charged in the year
402
127
529
At 30 June 2023
2,612
961
3,573
Carrying amount
At 30 June 2023
1,607
380
1,987
At 30 June 2022
2,009
174
2,183
A C EMPLOYMENT SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
6
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
44,149
13,530
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
1,024
Corporation tax
29,807
26,263
Other taxation and social security
23,833
9,595
Other creditors
46,288
67,923
100,952
103,781
7
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary shares of £1 each
1
1