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Registration number: 08175941

Chris Kallis Solicitors Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Chris Kallis Solicitors Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 7

 

Chris Kallis Solicitors Limited

(Registration number: 08175941)
Statement of Financial Position as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

16,016

15,813

Current assets

 

Debtors

6

1,552,981

889,212

Cash at bank and in hand

 

609,158

531,854

 

2,162,139

1,421,066

Creditors: Amounts falling due within one year

7

(610,376)

(458,394)

Net current assets

 

1,551,763

962,672

Total assets less current liabilities

 

1,567,779

978,485

Provisions for liabilities

(3,043)

(3,947)

Net assets

 

1,564,736

974,538

Capital and reserves

 

Called up share capital

120

120

Profit and loss account

1,564,616

974,418

Shareholders' funds

 

1,564,736

974,538

For the financial year ending 30 April 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 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 director acknowledges his 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 Statement of Comprehensive Income.

Approved and authorised by the director on 16 August 2024
 


Mr A Kallis
Director

 

Chris Kallis Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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:
33 North Road East
Plymouth
Devon
PL4 6AY

Principal activity

The principal activity of the company is that of personal injury solicitors.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Chris Kallis Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the services rendered in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts. Turnover from the sale of services is recognised when a case has been won and the level of damages have been agreed.

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 statement of financial position 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

Fixtures and fittings

25% reducing balance

Computer equipment

25% reducing balance

 

Chris Kallis Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

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:

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

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.

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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

Chris Kallis Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 14 (2023 - 11).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

750,000

750,000

At 30 April 2024

750,000

750,000

Amortisation

At 1 May 2023

750,000

750,000

At 30 April 2024

750,000

750,000

Carrying amount

At 30 April 2024

-

-

5

Tangible assets

Fixtures and fittings
£

Computer equipment
£

Total
£

Cost or valuation

At 1 May 2023

14,101

54,303

68,404

Additions

5,250

-

5,250

At 30 April 2024

19,351

54,303

73,654

Depreciation

At 1 May 2023

10,387

42,204

52,591

Charge for the year

2,022

3,025

5,047

At 30 April 2024

12,409

45,229

57,638

Carrying amount

At 30 April 2024

6,942

9,074

16,016

At 30 April 2023

3,714

12,099

15,813

 

Chris Kallis Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

6

Debtors

2024
£

2023
£

Trade debtors

281,157

481,833

Amounts owed by related parties

1,000,000

-

Other debtors

225,344

373,116

Prepayments

46,480

34,263

1,552,981

889,212

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

-

636

Taxation and social security

326,860

210,680

Accruals and deferred income

14,252

13,763

Other creditors

269,264

233,315

610,376

458,394

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Chris Kallis Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

2,523

6,054

Later than one year and not later than five years

-

2,523

2,523

8,577

The amount of non-cancellable operating lease payments recognised as an expense during the year was £6,054 (2023 - £6,054).

10

Related party transactions

Transactions with the director

During the year the directors entered into the following advances and credits with the company:
 

2024

At 1 May 2023
£

Advances to director
£

Repayments by director
£

At 30 April 2024
£

Directors

264,806

269,948

(317,719)

217,035

         
       

 

2023

At 1 May 2022
£

Advances to director
£

Repayments by director
£

At 30 April 2023
£

Directors

394,096

288,710

(418,000)

264,806

Directors' loan are repayable on demand and subject to interest on overdrawn balances at the official rate.