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Company No: 08953732 (England and Wales)

HURLEYS SOLICITORS LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

HURLEYS SOLICITORS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

HURLEYS SOLICITORS LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2024
HURLEYS SOLICITORS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTOR Mr D Hurley
REGISTERED OFFICE 1107 Christchurch Road Boscombe East
Bournemouth
BH7 6BQ
United Kingdom
COMPANY NUMBER 08953732 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Towngate House
2-8 Parkstone Road
Poole
Dorset BH15 2PW
HURLEYS SOLICITORS LIMITED

BALANCE SHEET

As at 31 March 2024
HURLEYS SOLICITORS LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 21,877 28,937
21,877 28,937
Current assets
Debtors 5 424,977 415,605
Cash at bank and in hand 581 46,115
425,558 461,720
Creditors: amounts falling due within one year 6 ( 387,578) ( 340,704)
Net current assets 37,980 121,016
Total assets less current liabilities 59,857 149,953
Creditors: amounts falling due after more than one year 7 ( 43,270) ( 150,181)
Net assets/(liabilities) 16,587 ( 228)
Capital and reserves
Called-up share capital 100 100
Profit and loss account 16,487 ( 328 )
Total shareholder's funds/(deficit) 16,587 ( 228)

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.

Director's responsibilities:

The financial statements of Hurleys Solicitors Limited (registered number: 08953732) were approved and authorised for issue by the Director on 25 July 2024. They were signed on its behalf by:

Mr D Hurley
Director
HURLEYS SOLICITORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
HURLEYS SOLICITORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
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

Hurleys 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 1107 Christchurch Road Boscombe East, Bournemouth, BH7 6BQ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 company had £1k of cash and borrowings of £245k as at 31 March 2024. In common with other businesses, the impact of Covid 19 on economic conditions means that demands for our services were affected. The company has taken advantage of government schemes available due to the Covid 19 pandemic. The company has implemented a number of cost saving measures.

The director assessed the prospects of the firm over the period of at least 12 months from the date of approval of these financial statements in the context of its current operating performance, its business plan and the risks facing the business as a result of the Covid 19 pandemic. As part of that assessment the director has also considered the headroom in confirmed funding arrangements, including those obtained since the balance sheet date.

Having considered the above factors, the director has reasonable expectation that the company has adequate financial resources to meet its operational needs for the forseeable future and therefore the going concern basis has been adopted in preparing these financial statements.

Turnover

Turnover represents amounts chargeable to clients for professional services provided during the period excluding value added tax. Turnover is recognised when a right to consideration has been obtained through performance under each contract. Consideration accrues as contract activity progresses by reference to the value of work performed. Turnover is not recognised where a right to receive payment is contingent upon events outside of the control of the company. Unbilled turnover is included in amounts recoverable on contracts.

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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

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 5 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, reducing balance] basis over its expected useful life, as follows:

Land and buildings 5 years straight line
Plant and machinery etc. 15 - 25 % 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.

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 Statement of Income and Retained Earnings 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.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 15 13

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2023 19,999 19,999
At 31 March 2024 19,999 19,999
Accumulated amortisation
At 01 April 2023 19,999 19,999
At 31 March 2024 19,999 19,999
Net book value
At 31 March 2024 0 0
At 31 March 2023 0 0

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 April 2023 10,001 136,672 146,673
Additions 0 1,710 1,710
At 31 March 2024 10,001 138,382 148,383
Accumulated depreciation
At 01 April 2023 10,001 107,735 117,736
Charge for the financial year 0 8,770 8,770
At 31 March 2024 10,001 116,505 126,506
Net book value
At 31 March 2024 0 21,877 21,877
At 31 March 2023 0 28,937 28,937

5. Debtors

2024 2023
£ £
Trade debtors 121,981 140,833
Other debtors 302,996 274,772
424,977 415,605

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts (secured) 173,171 120,619
Trade creditors 20,143 26,190
Taxation and social security 56,334 81,078
Other creditors 137,930 112,817
387,578 340,704

The bank has a fixed and floating charge over the assets of the company.

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

2024 2023
£ £
Trade creditors 22,313 33,469
Bank loans (secured) 14,407 70,245
Other creditors 6,550 46,467
43,270 150,181

The bank has a fixed and floating charge over the assets of the company.

8. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 129,859 140,228

Pensions

The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 4,190 2,141

9. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Amounts due from the director at the year end 110,576 63,970