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Company No: 08068494 (England and Wales)

HOGANS SOLICITORS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH THE REGISTRAR

HOGANS SOLICITORS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2023

Contents

HOGANS SOLICITORS LIMITED

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2023
HOGANS SOLICITORS LIMITED

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2023
DIRECTORS William Carlen
David Hogan
Colm Mclaughlin
REGISTERED OFFICE 10 Station Street Rainhill
Prescot
L35 0LP
United Kingdom
COMPANY NUMBER 08068494 (England and Wales)
ACCOUNTANT MHA
Richard House
9 Winckley Square
Preston
Lancashire
PR1 3HP
HOGANS SOLICITORS LIMITED

BALANCE SHEET

AS AT 31 OCTOBER 2023
HOGANS SOLICITORS LIMITED

BALANCE SHEET (continued)

AS AT 31 OCTOBER 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 408,558 453,954
Tangible assets 4 38,041 34,414
446,599 488,368
Current assets
Debtors 5 780,323 620,642
Cash at bank and in hand 119,211 31,604
899,534 652,246
Creditors: amounts falling due within one year 6 ( 442,437) ( 330,642)
Net current assets 457,097 321,604
Total assets less current liabilities 903,696 809,972
Creditors: amounts falling due after more than one year 7 ( 46,875) ( 109,375)
Provision for liabilities ( 5,160) ( 2,312)
Net assets 851,661 698,285
Capital and reserves
Called-up share capital 34 44
Capital redemption reserve 107 98
Profit and loss account 851,520 698,143
Total shareholders' funds 851,661 698,285

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.

Directors' responsibilities:

The financial statements of Hogans Solicitors Limited (registered number: 08068494) were approved and authorised for issue by the Board of Directors on 30 July 2024. They were signed on its behalf by:

David Hogan
Director
HOGANS SOLICITORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2023
HOGANS SOLICITORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 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

Hogans 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 10 Station Street Rainhill, Prescot, L35 0LP, 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents amounts receivable for services provided net of VAT and discounts, to the extent that the company has a right to consideration arising from performance of its contractual obligations.

Legal services provided to clients during the year which, at the balance sheet date have not been invoiced to clients, have been recognised as revenue. The revenue recognised is measured by reference to the amounts likely to be chargeable to clients, less a suitable allowance to recognise the uncertainties remaining in the completion of the obligations.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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 current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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 20 years straight line
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 straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 10 years straight line
Vehicles 25 % reducing balance
Fixtures and fittings 15 % 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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

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.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 34 33

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 November 2022 907,913 907,913
At 31 October 2023 907,913 907,913
Accumulated amortisation
At 01 November 2022 453,959 453,959
Charge for the financial year 45,396 45,396
At 31 October 2023 499,355 499,355
Net book value
At 31 October 2023 408,558 408,558
At 31 October 2022 453,954 453,954

4. Tangible assets

Leasehold improve-
ments
Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 November 2022 34,871 10,048 90,861 135,780
Additions 0 0 9,365 9,365
At 31 October 2023 34,871 10,048 100,226 145,145
Accumulated depreciation
At 01 November 2022 33,906 8,484 58,976 101,366
Charge for the financial year 329 390 5,019 5,738
At 31 October 2023 34,235 8,874 63,995 107,104
Net book value
At 31 October 2023 636 1,174 36,231 38,041
At 31 October 2022 965 1,564 31,885 34,414

5. Debtors

2023 2022
£ £
Trade debtors 205,411 63,939
Other debtors 574,912 556,703
780,323 620,642

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 62,500 62,500
Trade creditors 24,211 12,476
Taxation and social security 197,792 162,553
Other creditors 157,934 93,113
442,437 330,642

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

2023 2022
£ £
Bank loans 46,875 109,375

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

8. Financial commitments

Commitments

Capital commitments are as follows:

2023 2022
£ £
Contracted for but not provided for:
Finance leases entered into 12,982 43,499

9. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts due to related parties 0 5,109
Amounts due from related parties 42,891 0