Lennons Solicitors Limited 06525900 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of solicitors. Digita Accounts Production Advanced 6.30.9574.0 true true 06525900 2023-04-01 2024-03-31 06525900 2024-03-31 06525900 core:CurrentFinancialInstruments 2024-03-31 06525900 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 06525900 core:Goodwill 2024-03-31 06525900 core:OtherResidualIntangibleAssets 2024-03-31 06525900 core:FurnitureFittingsToolsEquipment 2024-03-31 06525900 bus:SmallEntities 2023-04-01 2024-03-31 06525900 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 06525900 bus:FilletedAccounts 2023-04-01 2024-03-31 06525900 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 06525900 bus:RegisteredOffice 2023-04-01 2024-03-31 06525900 bus:Director1 2023-04-01 2024-03-31 06525900 bus:Director2 2023-04-01 2024-03-31 06525900 bus:Director4 2023-04-01 2024-03-31 06525900 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06525900 core:Goodwill 2023-04-01 2024-03-31 06525900 core:IntangibleAssetsOtherThanGoodwill 2023-04-01 2024-03-31 06525900 core:OtherResidualIntangibleAssets 2023-04-01 2024-03-31 06525900 core:FurnitureFittings 2023-04-01 2024-03-31 06525900 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 06525900 core:OfficeEquipment 2023-04-01 2024-03-31 06525900 countries:EnglandWales 2023-04-01 2024-03-31 06525900 2023-03-31 06525900 core:Goodwill 2023-03-31 06525900 core:OtherResidualIntangibleAssets 2023-03-31 06525900 core:FurnitureFittingsToolsEquipment 2023-03-31 06525900 2022-04-01 2023-03-31 06525900 2023-03-31 06525900 core:CurrentFinancialInstruments 2023-03-31 06525900 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 06525900 core:Goodwill 2023-03-31 06525900 core:OtherResidualIntangibleAssets 2023-03-31 06525900 core:FurnitureFittingsToolsEquipment 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 06525900

Lennons Solicitors Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Lennons Solicitors Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Lennons Solicitors Limited

Company Information

Directors

Mr A Coyle

Mr AJ King

Mrs S Cisler

Registered office

Chess Chambers 2 Broadway Court
High Street
Chesham
Buckinghamshire
HP5 1EG

Accountants

Sterling Grove Accountants Limited
Chartered Certified Accountants
Fawley House
2 Regatta Place
Marlow Road
Bourne End
Buckinghamshire
SL8 5TD

 

Lennons Solicitors Limited

(Registration number: 06525900)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

94,000

124,500

Tangible assets

5

16,848

70,868

 

110,848

195,368

Current assets

 

Debtors

6

854,733

1,002,941

Cash at bank and in hand

 

654,633

506,102

 

1,509,366

1,509,043

Creditors: Amounts falling due within one year

7

(479,128)

(487,431)

Net current assets

 

1,030,238

1,021,612

Total assets less current liabilities

 

1,141,086

1,216,980

Provisions for liabilities

(4,211)

(17,717)

Net assets

 

1,136,875

1,199,263

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

1,135,875

1,198,263

Shareholders' funds

 

1,136,875

1,199,263

For the financial year ending 31 March 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Lennons Solicitors Limited

(Registration number: 06525900)
Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 7 August 2024 and signed on its behalf by:
 

.........................................
Mr A Coyle
Director

.........................................
Mr AJ King
Director

 

Lennons Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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:
Chess Chambers 2 Broadway Court
High Street
Chesham
Buckinghamshire
HP5 1EG

These financial statements were authorised for issue by the Board on 7 August 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.

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 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.

Government grants

Government grants are recognised under the accrual model of grant recognition. This model requires the grant to be classified as either a revenue-based grant or a capital-based grant.

Government grants are recognised in profit or loss on a systematic basis over the periods in which the entity recognises expenses for the related costs for which the grants are intended to compensate.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset.

 

Lennons Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

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

Office equipment

25% straight line

Fixtures and fittings

25% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Other intangible assets

10% straight line

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.

 

Lennons Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

Lennons Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 46 (2023 - 50).

4

Intangible assets

Goodwill
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 April 2023

1,000,000

5,000

1,005,000

At 31 March 2024

1,000,000

5,000

1,005,000

Amortisation

At 1 April 2023

880,000

500

880,500

Amortisation charge

30,000

500

30,500

At 31 March 2024

910,000

1,000

911,000

Carrying amount

At 31 March 2024

90,000

4,000

94,000

At 31 March 2023

120,000

4,500

124,500

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

437,711

437,711

Additions

1,509

1,509

At 31 March 2024

439,220

439,220

Depreciation

At 1 April 2023

366,843

366,843

Charge for the year

55,529

55,529

At 31 March 2024

422,372

422,372

Carrying amount

At 31 March 2024

16,848

16,848

At 31 March 2023

70,868

70,868

 

Lennons Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

361,738

426,567

Prepayments

136,633

134,686

Other debtors

29,344

9,849

Amounts recoverable on contracts

327,018

431,839

 

854,733

1,002,941

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

94,681

94,683

Trade creditors

 

51,580

37,181

Taxation and social security

 

133,122

160,650

Accruals and deferred income

 

60,768

103,184

Other creditors

 

138,977

91,733

 

479,128

487,431

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Other borrowings

94,681

94,683

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 £210,833 (2023 - £279,833).