Company registration number 05548831 (England and Wales)
ASKEWS SOLICITORS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ASKEWS SOLICITORS LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
4
283,750
317,500
Tangible assets
5
256,607
256,281
Investments
6
16,920
40,190
557,277
613,971
Current assets
Debtors falling due after more than one year
7
37,785
-
0
Debtors falling due within one year
7
809,719
626,165
Cash at bank and in hand
171
66
847,675
626,231
Creditors: amounts falling due within one year
8
(535,869)
(506,309)
Net current assets
311,806
119,922
Total assets less current liabilities
869,083
733,893
Creditors: amounts falling due after more than one year
9
(60,734)
(116,346)
Net assets
808,349
617,547
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
808,249
617,447
Total equity
808,349
617,547

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

ASKEWS SOLICITORS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023
30 November 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 17 April 2024 and are signed on its behalf by:
Mr S H Askew
Director
Company registration number 05548831 (England and Wales)
ASKEWS SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
1
Accounting policies
Company information

Askews Solicitors Limited is a private company limited by shares incorporated in England and Wales. The registered office is 92-94 Borough Road, Middlesbrough, TS1 2HJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The Directors, having made due and careful enquiry, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The Directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.true

1.3
Turnover

Revenue is recognised as it is earned over time under contracts to provide professional services for all matters which are not contingent.

1.4
Intangible fixed assets - goodwill

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

 

Goodwill 10% straight line

 

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Freehold property has not been depreciated during the period
Fixtures and fittings
15% Reducing Balance
Computer Equipment
12.5% to 25% straight Line

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.

ASKEWS SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.7
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 current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

Classification of financial liabilities

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.

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.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

ASKEWS SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Provisions

Provisions are recognised when the company has a legal or constructive present obligation 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 reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.12
Retirement benefits

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

 

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit and loss in the period in which it arises.

1.13

Amounts recoverable on contracts

In accordance with applicable accounting standards, work on hand at the balance sheet date is included in the accounts as Amounts Recoverable on contracts at selling price, being the value of the right to receive consideration in respect of that work based on its stage of completion.

ASKEWS SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
35
35
4
Intangible fixed assets
Goodwill
£
Cost
At 1 December 2022 and 30 November 2023
650,000
Amortisation and impairment
At 1 December 2022
332,500
Amortisation charged for the year
33,750
At 30 November 2023
366,250
Carrying amount
At 30 November 2023
283,750
At 30 November 2022
317,500
ASKEWS SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
5
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Computer Equipment
Total
£
£
£
£
Cost
At 1 December 2022
200,847
52,864
16,282
269,993
Additions
-
0
-
0
650
650
Revaluation
10,000
-
0
-
0
10,000
At 30 November 2023
210,847
52,864
16,932
280,643
Depreciation and impairment
At 1 December 2022
-
0
6,573
7,139
13,712
Depreciation charged in the year
-
0
6,945
3,379
10,324
At 30 November 2023
-
0
13,518
10,518
24,036
Carrying amount
At 30 November 2023
210,847
39,346
6,414
256,607
At 30 November 2022
200,847
46,291
9,143
256,281
6
Fixed asset investments
2023
2022
£
£
Other investments
16,920
40,190
Movements in fixed asset investments
Other
£
Cost or valuation
At 1 December 2022
40,190
Valuation changes
(23,270)
At 30 November 2023
16,920
Carrying amount
At 30 November 2023
16,920
At 30 November 2022
40,190
ASKEWS SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 8 -
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
66,645
76,081
Amounts recoverable on contracts
192,848
193,611
Other debtors
315,112
184,957
Prepayments and accrued income
235,114
171,516
809,719
626,165
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
37,785
-
0
Total debtors
847,504
626,165
8
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans and overdrafts
173,321
308,332
Trade creditors
85,408
40,593
Corporation tax
94,771
55,000
Other taxation and social security
72,262
73,451
Accruals and deferred income
110,107
28,933
535,869
506,309

Bank loans are secured by a legal charge held over the freehold property at 4 & 5 West Terrace, Redcar, Cleveland, TS10 3BX and a debenture held over the company.

9
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
60,734
116,346

Bank loans are secured by a legal charge held over the freehold property at 4 & 5 West Terrace, Redcar, Cleveland, TS10 3BX and a debenture held over the company.

10
Operating lease commitments
Lessor

The operating leases represent leases to third parties. The total future minimum lease payments receivable under non-cancellable operating leases are as follows:

ASKEWS SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
10
Operating lease commitments
(Continued)
- 9 -

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2023
2022
£
£
Within one year
89,083
89,083
Between two and five years
323,917
323,917
In over five years
320,000
400,000
733,000
813,000
11
Directors' advances, credits and guarantees

At the year end, a Director owed the company £315,112 (2022 - £185,299). This balance is included in other debtors.

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