2022-10-012023-09-302023-09-30false07184996Silk Family Law 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Silk Family Law Limited

Registered Number
07184996
(England and Wales)

Unaudited Financial Statements for the Year ended
30 September 2023

Silk Family Law Limited
Company Information
for the year from 1 October 2022 to 30 September 2023

Directors

FELLOWES, Kim Theresa
KENNERLEY, Ian Leslie
LYNN, Wayne

Registered Address

One Trinity
Broad Chare
Newcastle Upon Tyne
NE1 2HF

Registered Number

07184996 (England and Wales)
Silk Family Law Limited
Statement of Financial Position
30 September 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets5146,027152,739
146,027152,739
Current assets
Debtors101,039,446909,120
Cash at bank and on hand1,463,7611,633,590
2,503,2072,542,710
Creditors amounts falling due within one year11(369,485)(629,574)
Net current assets (liabilities)2,133,7221,913,136
Total assets less current liabilities2,279,7492,065,875
Provisions for liabilities12(9,400)(10,700)
Net assets2,270,3492,055,175
Capital and reserves
Called up share capital135225
Other reserves13545
Profit and loss account2,270,0792,054,905
Shareholders' funds2,270,3492,055,175
The financial statements were approved and authorised for issue by the Board of Directors on 6 March 2024, and are signed on its behalf by:
KENNERLEY, Ian Leslie
Director
Registered Company No. 07184996
Silk Family Law Limited
Notes to the Financial Statements
for the year ended 30 September 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Basis of measurement used in financial statements
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
3.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. Depreciation is provided on all tangible fixed assets as follows: Land and Buildings is not depreciated.

Reducing balance (%)
Fixtures and fittings15
Office Equipment33
Taxation policy
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Employee benefits policy
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Valuation of financial instruments policy
The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
4.Employee information

20232022
Average number of employees during the year2525
5.Property, plant and equipment

Land & buildings

Fixtures & fittings

Office Equipment

Total

££££
Cost or valuation
At 01 October 22104,067131,54470,146305,757
Additions--4,7134,713
At 30 September 23104,067131,54474,859310,470
Depreciation and impairment
At 01 October 22-97,14655,872153,018
Charge for year-5,1606,26511,425
At 30 September 23-102,30662,137164,443
Net book value
At 30 September 23104,06729,23812,722146,027
At 30 September 22104,06734,39814,274152,739
6.Description of financial commitments other than capital commitments
At 30 September 2023 the company had future minimum lease payments under non-cancellable operating leases of £157,522 (2022 - £171,984).
7.Off balance sheet pension commitments
The pension cost charge represents contributions payable by the company to the fund and amounted to £4,615 (2022 - £4,210).
8.Description of nature of transactions and balances with related parties
During the year a director had a loan account with the company. At the balance sheet date, the company owed the director £479 (2022 - £8,313), This loan is unsecured, interest free and repayable upon demand.
9.Directors advances, credits and guarantees
During the period a director was advanced £85,074 and repaid £nil. At the balance sheet date, the director owed the company £85,074. Interest of £317 was charged at the official HMRC rate. The loan is unsecured and repayable on demand. During the period another director was advanced £94,726 and repaid £nil. At the balance sheet date, the director owed the company £94,726. Interest of £369 was charged at the official HMRC rate. The loan is unsecured and repayable on demand.
10.Debtors

2023

2022

££
Trade debtors / trade receivables669,483716,635
Other debtors179,80030,001
Prepayments and accrued income190,163162,484
Total1,039,446909,120
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
11.Creditors within one year

2023

2022

££
Trade creditors / trade payables109,30874,756
Taxation and social security232,573352,771
Other creditors5,095183,511
Accrued liabilities and deferred income22,50918,536
Total369,485629,574
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
12.Provisions for liabilities
The provision of deferred tax is made up of £9,800 in respect of accelerated capital allowances and -£400 in respect of short term timing differences.

2023

2022

££
Net deferred tax liability (asset)9,40010,700
Total9,40010,700