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REGISTERED NUMBER: 10519445 (England and Wales)










Unaudited Financial Statements for the Year Ended 31 October 2023

for

Tierney & Co Solicitors Ltd

Tierney & Co Solicitors Ltd (Registered number: 10519445)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Tierney & Co Solicitors Ltd

Company Information
for the Year Ended 31 October 2023







DIRECTORS: Mrs J L Lancaster
A Tierney
Mrs J Tierney
Z A Collingham





SECRETARY:





REGISTERED OFFICE: 137 Bawtry Road
Wickersley
Rotherham
S66 2BW





REGISTERED NUMBER: 10519445 (England and Wales)





ACCOUNTANTS: Parkins Accountants Ltd
T/A, Parkins, Chartered Accountants
Moor Park House
Bawtry Rd
Wickersley
Rotherham
South Yorkshire
S66 2BL

Tierney & Co Solicitors Ltd (Registered number: 10519445)

Balance Sheet
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 120,000 160,000
Tangible assets 5 35,029 27,422
155,029 187,422

CURRENT ASSETS
Stocks 160,570 112,195
Debtors 6 432,329 400,279
Cash at bank and in hand 347,526 224,549
940,425 737,023
CREDITORS
Amounts falling due within one year 7 262,751 195,943
NET CURRENT ASSETS 677,674 541,080
TOTAL ASSETS LESS CURRENT
LIABILITIES

832,703

728,502

CREDITORS
Amounts falling due after more than one year 8 (16,667 ) (26,667 )

PROVISIONS FOR LIABILITIES 9 (8,757 ) (5,210 )
NET ASSETS 807,279 696,625

CAPITAL AND RESERVES
Called up share capital 100 100
Share premium 328,036 328,036
Retained earnings 479,143 368,489
807,279 696,625

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

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

Tierney & Co Solicitors Ltd (Registered number: 10519445)

Balance Sheet - continued
31 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 23 May 2024 and were signed on its behalf by:





A Tierney - Director


Tierney & Co Solicitors Ltd (Registered number: 10519445)

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

1. STATUTORY INFORMATION

Tierney & Co Solicitors Ltd 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of ten 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

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.


Tierney & Co Solicitors Ltd (Registered number: 10519445)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2022 - 24 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 November 2022
and 31 October 2023 400,000
AMORTISATION
At 1 November 2022 240,000
Amortisation for year 40,000
At 31 October 2023 280,000
NET BOOK VALUE
At 31 October 2023 120,000
At 31 October 2022 160,000

Tierney & Co Solicitors Ltd (Registered number: 10519445)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

5. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 November 2022 53,382
Additions 13,789
At 31 October 2023 67,171
DEPRECIATION
At 1 November 2022 25,960
Charge for year 6,182
At 31 October 2023 32,142
NET BOOK VALUE
At 31 October 2023 35,029
At 31 October 2022 27,422

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 239,687 182,637
Other debtors 122,750 147,750
Prepayments 69,892 69,892
432,329 400,279

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 29,149 38,867
Tax 80,261 41,323
Social security and other taxes 6,257 -
VAT 100,243 72,032
Directors' current accounts 33,545 30,425
Accrued expenses 3,296 3,296
262,751 195,943

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 2-5 years 16,667 26,667

Tierney & Co Solicitors Ltd (Registered number: 10519445)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 8,757 5,210

Deferred
tax
£   
Balance at 1 November 2022 5,210
Provided during year 3,547
Balance at 31 October 2023 8,757