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REGISTERED NUMBER: 08645312 (England and Wales)















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: Mr P M Chaloner
Mr S J Ash
Miss N C Jones
Mr A S Woods
Mrs L Chambers
Mrs J L R Smith
Mrs S Maloney





REGISTERED OFFICE: 6 Hyde Gardens
Eastbourne
East Sussex
BN21 4PN





REGISTERED NUMBER: 08645312 (England and Wales)





ACCOUNTANTS: Swindells LLP
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 73,612 92,233
Investment property 6 190,000 195,000
263,612 287,233

CURRENT ASSETS
Stocks 2,000 2,000
Debtors 7 1,266,638 991,990
Cash at bank and in hand 420,455 488,333
1,689,093 1,482,323
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR

8

747,427

731,546
NET CURRENT ASSETS 941,666 750,777
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,205,278

1,038,010

CREDITORS: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR

9

(186,613

)

(254,850

)

PROVISIONS FOR LIABILITIES (18,738 ) (17,645 )
NET ASSETS 999,927 765,515

CAPITAL AND RESERVES
Called up share capital 12 65 75
Capital redemption reserve 13 35 25
Fair value reserve 13 23,635 29,152
Retained earnings 13 976,192 736,263
SHAREHOLDERS' FUNDS 999,927 765,515

Barwells Legal Limited (Registered number: 08645312)

Balance Sheet - continued
31 July 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 22 February 2024 and were signed on its behalf by:





Mrs L Chambers - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Fixtures and fittings - 15% on reducing balance
Computer equipment - 25% on cost

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 75 (2022 - 72 ) .

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 365,000
AMORTISATION
At 1 August 2022
and 31 July 2023 365,000
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 51,322 107,878 64,378 223,578
Additions - 8,450 14,023 22,473
Disposals - (41,950 ) (6,219 ) (48,169 )
At 31 July 2023 51,322 74,378 72,182 197,882
DEPRECIATION
At 1 August 2022 25,660 62,336 43,349 131,345
Charge for year 5,132 6,161 16,885 28,178
Eliminated on disposal - (29,034 ) (6,219 ) (35,253 )
At 31 July 2023 30,792 39,463 54,015 124,270
NET BOOK VALUE
At 31 July 2023 20,530 34,915 18,167 73,612
At 31 July 2022 25,662 45,542 21,029 92,233

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 195,000
Revaluations (5,000 )
At 31 July 2023 190,000
NET BOOK VALUE
At 31 July 2023 190,000
At 31 July 2022 195,000

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 449,447 356,453
Other debtors 816,241 627,474
1,265,688 983,927

Amounts falling due after more than one year:
Other debtors 950 8,063

Aggregate amounts 1,266,638 991,990

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 69,176 73,206
Taxation and social security 337,975 155,104
Other creditors 340,276 503,236
747,427 731,546

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 186,613 254,850

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 84,407 125,297
In more than five years 623,474 367,511
707,881 492,808

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 736,263 25 29,152 765,440
Profit for the year 579,823 - - 579,823
Dividends (243,356 ) - - (243,356 )
Purchase of own shares (102,055 ) 10 - (102,045 )
Transfer of fair value gain 5,517 - (5,517 ) -
At 31 July 2023 976,192 35 23,635 999,862

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.