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REGISTERED NUMBER: 08552863 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST OCTOBER 2023

FOR

DONALD RACE & NEWTON SOLICITORS LIMITED

DONALD RACE & NEWTON SOLICITORS LIMITED (REGISTERED NUMBER: 08552863)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


DONALD RACE & NEWTON SOLICITORS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST OCTOBER 2023







DIRECTORS: D M Lawson
H A Ingham
S M Anderson
M Finley





REGISTERED OFFICE: 5-7 Hargreaves Street
Burnley
Lancashire
BB11 1EA





REGISTERED NUMBER: 08552863 (England and Wales)





ACCOUNTANTS: Ainsworths Limited
Charter House
Stansfield Street
Nelson
Lancashire
BB9 9XY

DONALD RACE & NEWTON SOLICITORS LIMITED (REGISTERED NUMBER: 08552863)

BALANCE SHEET
31ST OCTOBER 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 465,146 511,661
Tangible assets 5 106,493 72,962
571,639 584,623

CURRENT ASSETS
Debtors 6 1,170,799 971,412
Cash at bank and in hand 668,183 575,505
1,838,982 1,546,917
CREDITORS
Amounts falling due within one year 7 685,069 764,872
NET CURRENT ASSETS 1,153,913 782,045
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,725,552

1,366,668

CREDITORS
Amounts falling due after more than one
year

8

(19,167

)

(29,167

)

PROVISIONS FOR LIABILITIES (25,855 ) (17,304 )
NET ASSETS 1,680,530 1,320,197

CAPITAL AND RESERVES
Called up share capital 500 500
Retained earnings 1,680,030 1,319,697
SHAREHOLDERS' FUNDS 1,680,530 1,320,197

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 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.

DONALD RACE & NEWTON SOLICITORS LIMITED (REGISTERED NUMBER: 08552863)

BALANCE SHEET - continued
31ST OCTOBER 2023


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26th June 2024 and were signed on its behalf by:




D M Lawson - Director S M Anderson - Director




H A Ingham - Director M Finley - Director


DONALD RACE & NEWTON SOLICITORS LIMITED (REGISTERED NUMBER: 08552863)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2023


1. STATUTORY INFORMATION

Donald Race & Newton Solicitors 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.

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.

Turnover
Turnover represents net invoiced sales of services, excluding value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Pension costs and other post-retirement benefits
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.

DONALD RACE & NEWTON SOLICITORS LIMITED (REGISTERED NUMBER: 08552863)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 41 (2022 - 38 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st November 2022
and 31st October 2023 930,296
AMORTISATION
At 1st November 2022 418,635
Amortisation for year 46,515
At 31st October 2023 465,150
NET BOOK VALUE
At 31st October 2023 465,146
At 31st October 2022 511,661

5. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1st November 2022 175,551
Additions 52,330
At 31st October 2023 227,881
DEPRECIATION
At 1st November 2022 102,589
Charge for year 18,799
At 31st October 2023 121,388
NET BOOK VALUE
At 31st October 2023 106,493
At 31st October 2022 72,962

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 1,002,524 936,807
Other debtors 168,275 34,605
1,170,799 971,412

DONALD RACE & NEWTON SOLICITORS LIMITED (REGISTERED NUMBER: 08552863)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans and overdrafts 148,523 134,684
Trade creditors 42,608 45,438
Taxation and social security 262,900 210,230
Other creditors 231,038 374,520
685,069 764,872

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.10.23 31.10.22
£    £   
Bank loans 19,167 29,167

9. ULTIMATE CONTROLLING PARTY

The company is controlled by its directors, who are also the majority shareholders of the company.