Company registration number SC285322 (Scotland)
CARR & COMPANY (SOLICITORS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
CARR & COMPANY (SOLICITORS) LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
CARR & COMPANY (SOLICITORS) LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr R J J Yuill
Ms EA Weir
Mr PJ Mullen
(Appointed 1 November 2023)
Secretary
Mr R J J Yuill
Company number
SC285322
Registered office
81 Main Street
Baillieston
Glasgow
Scotland
G69 6AD
Accountants
Consilium Chartered Accountants
169 West George Street
Glasgow
Scotland
G2 2LB
CARR & COMPANY (SOLICITORS) LIMITED
BALANCE SHEET
AS AT 31 MAY 2023
31 May 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
52,000
94,250
Tangible assets
4
7,596
10,141
59,596
104,391
Current assets
Debtors
5
155,849
178,673
Cash at bank and in hand
292,512
447,897
448,361
626,570
Creditors: amounts falling due within one year
6
(238,611)
(276,564)
Net current assets
209,750
350,006
Total assets less current liabilities
269,346
454,397
Provisions for liabilities
8
(24,000)
(29,000)
Net assets
245,346
425,397
Capital and reserves
Called up share capital
9
4
4
Share premium account
87,999
87,999
Profit and loss reserves
157,343
337,394
Total equity
245,346
425,397

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 31 May 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.

CARR & COMPANY (SOLICITORS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2023
31 May 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 21 February 2024 and are signed on its behalf by:
Mr R J J Yuill
Director
Company Registration No. SC285322
CARR & COMPANY (SOLICITORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 4 -
1
Accounting policies
Company information

Carr & Company (Solicitors) Limited is a private company limited by shares incorporated in Scotland. The registered office is 81 Main Street, Baillieston, Glasgow, Scotland, G69 6AD. The company's registration number is SC285322.

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

The turnover shown in the profit and loss account represents the fee value of work done during the year, including estimates of amounts not billed at the year end, exclusive of Value Added Tax.

1.3
Intangible fixed assets - goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised over its estimated useful life up to a maximum of 20 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:

Improvements to property
10% straight line
Fixtures and fittings
25% reducing balance
Computer equipment
25% 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 the profit and loss account.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.

1.6
Cash and cash equivalents

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.

CARR & COMPANY (SOLICITORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 5 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.8
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.

1.9
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.

 

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.

1.10
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in the profit and loss account in the period in which it arises.

CARR & COMPANY (SOLICITORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 6 -
1.11
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.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

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

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

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

2023
2022
Total
28
25
CARR & COMPANY (SOLICITORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 7 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 June 2022 and 31 May 2023
780,000
Amortisation and impairment
At 1 June 2022
685,750
Amortisation charged for the year
42,250
At 31 May 2023
728,000
Carrying amount
At 31 May 2023
52,000
At 31 May 2022
94,250
4
Tangible fixed assets
Improvements to property
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 June 2022 and 31 May 2023
115,035
22,967
47,107
185,109
Depreciation and impairment
At 1 June 2022
105,829
22,748
46,391
174,968
Depreciation charged in the year
2,311
56
178
2,545
At 31 May 2023
108,140
22,804
46,569
177,513
Carrying amount
At 31 May 2023
6,895
163
538
7,596
At 31 May 2022
9,206
219
716
10,141
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
132,794
167,741
Other debtors
23,055
10,932
155,849
178,673
CARR & COMPANY (SOLICITORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 8 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
49,801
49,959
Trade creditors
17,615
19,667
Amounts owed to group undertakings
-
0
3,500
Taxation and social security
113,851
150,446
Other creditors
57,344
52,992
238,611
276,564

The bank overdraft is secured by a floating charge over all the assets of the company.

7
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
52,032
14,972
8
Provisions for liabilities
2023
2022
£
£
24,000
29,000
Movements on provisions:
£
At 1 June 2022
29,000
Reversal of provision
(500)
Utilisation of provision
(4,500)
At 31 May 2023
24,000
CARR & COMPANY (SOLICITORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 9 -
9
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
90 Ordinary A shares of 1p each
1
1
90 Ordinary B shares of 1p each
1
1
90 Ordinary C shares of 1p each
1
1
90 Ordinary D shares of 1p each
1
1
4
4

 

10
Related party transactions
Transactions with related parties

As at 31 May 2023 amounts totalling £34,005 (2022 - £27,981) were due to the directors. The loans are unsecured, interest free, repayable on demand and included within other creditors.

 

Some of the properties used by the company are owned by a property partnership of which Mr R Fitzpatrick and Mr P C Maley are partners. The rent charged in the year was £36,000 (2022 - £30,000).

 

No further transactions with related parties were undertaken such as are required to be disclosed under the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

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