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COMPANY REGISTRATION NUMBER: 08751593
Cotswold Barristers Ltd
Filleted Unaudited Financial Statements
For the year ended
31 October 2023
Cotswold Barristers Ltd
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
433,439
308,988
Current assets
Debtors
6
808,936
759,475
Cash at bank and in hand
386,092
312,814
------------
------------
1,195,028
1,072,289
Creditors: amounts falling due within one year
7
426,012
438,905
------------
------------
Net current assets
769,016
633,384
------------
---------
Total assets less current liabilities
1,202,455
942,372
Provisions
Deferred taxation
21,925
1,486
------------
---------
Net assets
1,180,530
940,886
------------
---------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
59,259
Profit and loss account
1,121,171
940,786
------------
---------
Shareholders funds
1,180,530
940,886
------------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the 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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Cotswold Barristers Ltd
Statement of Financial Position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 29 July 2024 , and are signed on behalf of the board by:
C J Morris
M W Smith
Director
Director
Company registration number: 08751593
Cotswold Barristers Ltd
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is D5 Cotswold Airport, Kemble, Gloucestershire, GL7 6BA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue derived from fee income is recognised by reference to the stage of completion of the contract. Costs incurred for work performed to date are compared against the total estimated contract costs. Revenue is recognised when the right to consideration is secured except where the final outcome cannot be assessed with reasonable certainty.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures, fittings and equipment
-
25% or 33.33% straight line
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. An amount equal to the fair value during the accounting period is transferred from the profit and loss reserve to the revaluation reserve and disclosed in the statement of changes in equity.
Defined contribution plans
Contributions to defined contribution pension plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tangible assets
Investment property
Fixtures, fittings and equipment
Total
£
£
£
Cost or valuation
At 1 November 2022
301,168
18,320
319,488
Additions
44,573
30,235
74,808
Revaluations
59,259
59,259
---------
--------
---------
At 31 October 2023
405,000
48,555
453,555
---------
--------
---------
Depreciation
At 1 November 2022
10,500
10,500
Charge for the year
9,616
9,616
---------
--------
---------
At 31 October 2023
20,116
20,116
---------
--------
---------
Carrying amount
At 31 October 2023
405,000
28,439
433,439
---------
--------
---------
At 31 October 2022
301,168
7,820
308,988
---------
--------
---------
The investment property is reviewed annually to determine any changes to fair value. The historical cost of the investment property is £345,741 (2022: £301,168).
6. Debtors
2023
2022
£
£
Trade debtors
122,646
295,530
Other debtors
686,290
463,945
---------
---------
808,936
759,475
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
9,718
21,171
Social security and other taxes
238,145
165,152
Other creditors
178,149
252,582
---------
---------
426,012
438,905
---------
---------
8. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
21,925
1,486
--------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
7,110
1,486
Fair value adjustment of investment property
14,815
--------
-------
21,925
1,486
--------
-------
9. Related party transactions
Included within other debtors, is a receivable loan from Tase Holdings Ltd (CRN:09236715). This company has directors in common with a majority shareholding. At the end of the year, the balance due from Tase Holdings Ltd was £572,826 (2022: £362,326). This loan is unsecured, interest free and repayable on demand.