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Registration number: 05981609

PBIP Solicitors Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

image-name
 

PBIP Solicitors Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

PBIP Solicitors Limited

Company Information

Director

Mr S Palmer

Registered office

The Beehive
Beehive Ring Road
Gatwick
RH6 0PA

Accountants

Lucraft Hodgson & Dawes LLP
Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF

 

PBIP Solicitors Limited

(Registration number: 05981609)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed Assets

 

Tangible Assets

4

232,142

171,212

Current assets

 

Stocks

5

49,867

35,171

Debtors

6

164,347

182,332

Cash at bank and in hand

 

79,217

36,015

 

293,431

253,518

Creditors: Amounts falling due within one year

7

(260,188)

(235,817)

Net current assets

 

33,243

17,701

Total assets less current liabilities

 

265,385

188,913

Creditors: Amounts falling due after more than one year

7

(86,674)

(35,833)

Provisions for liabilities

(23,058)

(7,953)

Net assets

 

155,653

145,127

Capital and Reserves

 

Called up share capital

130

130

Retained Earnings

155,523

144,997

Shareholders' funds

 

155,653

145,127

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 29 July 2024
 

 

PBIP Solicitors Limited

(Registration number: 05981609)
Balance Sheet as at 31 October 2023

.........................................
Mr S Palmer
Director

   
     
 

PBIP Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Beehive
Beehive Ring Road
Gatwick
RH6 0PA

These financial statements were authorised for issue by the director on 29 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling, which is the functional currency of the company.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

PBIP Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible Assets

Tangible Assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% on reducing balance

Computer equipment

25% on reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade Debtors

Trade Debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

PBIP Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade Creditors

Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

PBIP Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

PBIP Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:

2023
 No.

2022
 No.

Administration and support

1

1

Other departments

7

7

8

8

4

Tangible Assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Cost or valuation

At 1 November 2022

143,837

77,386

-

1,375

Additions

7,251

8,175

80,000

-

Disposals

-

(6,837)

-

-

At 31 October 2023

151,088

78,724

80,000

1,375

Depreciation

At 1 November 2022

4,333

46,021

-

1,032

Charge for the year

3,022

9,468

20,000

343

Eliminated on disposal

-

(5,174)

-

-

At 31 October 2023

7,355

50,315

20,000

1,375

Carrying amount

At 31 October 2023

143,733

28,409

60,000

-

At 31 October 2022

139,504

31,365

-

343

 

PBIP Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Total
£

Cost or valuation

At 1 November 2022

222,598

Additions

95,426

Disposals

(6,837)

At 31 October 2023

311,187

Depreciation

At 1 November 2022

51,386

Charge for the year

32,833

Eliminated on disposal

(5,174)

At 31 October 2023

79,045

Carrying amount

At 31 October 2023

232,142

At 31 October 2022

171,212

Included within the net book value of land and buildings above is £143,733 (2022 - £139,504) in respect of short leasehold land and buildings.
 

5

Stocks

2023
£

2022
£

Work in progress

49,867

35,171

6

Debtors

Current

2023
£

2022
£

Trade Debtors

118,591

137,452

Prepayments

42,318

39,901

Other debtors

3,438

4,979

 

164,347

182,332

 

PBIP Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

12,800

-

Trade Creditors

 

26,416

31,640

Taxation and social security

 

205,697

186,991

Accruals and deferred income

 

7,824

8,488

Other creditors

 

7,451

8,698

 

260,188

235,817

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

86,674

35,833

 

PBIP Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

25,832

35,833

Hire purchase contracts

60,842

-

86,674

35,833

Current loans and borrowings

2023
£

2022
£

Hire purchase contracts

10,331

-

Other borrowings

2,469

-

12,800

-

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £30,375 (2022 - £43,875). This amount is operating lease payments committed to be paid over the remaining term of the lease.

 

PBIP Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

10

Related party transactions

Loans to related parties

2023

Key management
£

Total
£

At start of period

4,978

4,978

Repaid

(4,978)

(4,978)

At end of period

-

-

2022

Key management
£

Total
£

Advanced

4,978

4,978

At end of period

4,978

4,978

Terms of loans to related parties

During the year the company provided it's director with a loan which was unsecured and interest free. The loan was repaid in full following the balance sheet date.
 

Loans from related parties

2023

Key management
£

Total
£

Advanced

2,469

2,469

At end of period

2,469

2,469

2022

Key management
£

Total
£

At start of period

117

117

Repaid

(117)

(117)

At end of period

-

-

Terms of loans from related parties

During the year the director made funds available to the company to assist with the provision of working capital. This loan was interest free, unsecured and repayable on demand.