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Company No: 08483113 (England and Wales)

FRODSHAMS SOLICITORS LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

FRODSHAMS SOLICITORS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

FRODSHAMS SOLICITORS LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
FRODSHAMS SOLICITORS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS R A Howe (Resigned 16 January 2023)
H M Morris
C Price (Appointed 31 March 2023)
K Strong
A N Woods
REGISTERED OFFICE Morland House
18 The Parks
Newton-Le-Willows
United Kingdom
COMPANY NUMBER 08483113 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon EX2 7XE
FRODSHAMS SOLICITORS LIMITED

BALANCE SHEET

As at 31 December 2023
FRODSHAMS SOLICITORS LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 26,259 41,267
Tangible assets 4 33,959 43,158
60,218 84,425
Current assets
Debtors 5 718,867 529,968
Cash at bank and in hand 152,055 59,212
870,922 589,180
Creditors: amounts falling due within one year 6 ( 407,449) ( 332,778)
Net current assets 463,473 256,402
Total assets less current liabilities 523,691 340,827
Creditors: amounts falling due after more than one year 7 ( 56,678) ( 110,276)
Provision for liabilities ( 8,200) ( 10,794)
Net assets 458,813 219,757
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 458,713 219,657
Total shareholders' funds 458,813 219,757

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Frodshams Solicitors Limited (registered number: 08483113) were approved and authorised for issue by the Board of Directors on 29 July 2024. They were signed on its behalf by:

A N Woods
Director
FRODSHAMS SOLICITORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
FRODSHAMS SOLICITORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Frodshams Solicitors Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Morland House, 18 The Parks, Newton-Le-Willows, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover represents the value of services rendered during the year (excluding VAT) and comprises both completed work (gross fees billed) and incomplete unbilled work (accrued income and work in progress).

Gross fees billed represents the amounts (excluding VAT) derived from the provision of completed work for the clients during the period. In addition, the movement in accrued income and work in progress has been shown as turnover for the period.

Accrued income in respect of matters of a non-contingent nature is calculated based upon the value of work done but not billed at the year end. The value represents the time spent on matters in progress at the firm's billing rates, reduced to a realisable value.

Employee benefits

Defined contribution schemes
The company operates 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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Computer software 3 years straight line
Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2015.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 25 % reducing balance
Office equipment 25 % reducing balance
Computer equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) 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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 27 23

3. Intangible assets

Goodwill Computer software Total
£ £ £
Cost
At 01 January 2023 150,000 65,005 215,005
At 31 December 2023 150,000 65,005 215,005
Accumulated amortisation
At 01 January 2023 108,750 64,988 173,738
Charge for the financial year 15,000 8 15,008
At 31 December 2023 123,750 64,996 188,746
Net book value
At 31 December 2023 26,250 9 26,259
At 31 December 2022 41,250 17 41,267

4. Tangible assets

Fixtures and fittings Office equipment Computer equipment Total
£ £ £ £
Cost
At 01 January 2023 2,376 35,585 36,508 74,469
Additions 0 0 2,135 2,135
At 31 December 2023 2,376 35,585 38,643 76,604
Accumulated depreciation
At 01 January 2023 1,423 2,060 27,828 31,311
Charge for the financial year 243 8,383 2,708 11,334
At 31 December 2023 1,666 10,443 30,536 42,645
Net book value
At 31 December 2023 710 25,142 8,107 33,959
At 31 December 2022 953 33,525 8,680 43,158

5. Debtors

2023 2022
£ £
Trade debtors 66,618 67,974
Amounts owed by directors 100,155 71,091
Prepayments and accrued income 522,871 390,902
Other debtors 29,223 1
718,867 529,968

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 124,653 123,837
Trade creditors 8,220 41,141
Taxation and social security 211,543 115,868
Other creditors 63,033 51,932
407,449 332,778

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 44,178 82,776
Other creditors 12,500 27,500
56,678 110,276

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
88 A ordinary shares of £ 1.00 each 88 88
10 B ordinary shares of £ 1.00 each 10 10
1 C ordinary share of £ 1.00 1 1
1 D ordinary share of £ 1.00 1 1
100 100

Ordinary A shares have voting rights and entitle the holder to rights to capital and dividends.

Ordinary B shares have voting rights and entitle the holder to rights to capital and dividends.

Ordinary C shares have voting rights and entitle the holder to rights to capital and dividends.

Ordinary D shares have voting rights and entitle the holder to rights to capital and dividends.

9. Financial commitments

Other financial commitments

The total amount of financial commitments not included in the balance sheet is £150,430 (2022 - £25,958).

10. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
A N Woods (100,155) (71,091)

The loan is repayable on demand. Directors Loan Account charged at HMRC's official rate of 2.25%.