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REGISTERED NUMBER: NI649451 (Northern Ireland)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

BOYD RICE SOLICITORS LIMITED

BOYD RICE SOLICITORS LIMITED (REGISTERED NUMBER: NI649451)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 8


BOYD RICE SOLICITORS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTORS: N McGranaghan
B Wall



REGISTERED OFFICE: 6 Mill Street
Newtownards
BT23 4LU



REGISTERED NUMBER: NI649451 (Northern Ireland)



ACCOUNTANTS: Baker Tilly Mooney Moore
17 Clarendon Road
Clarendon Dock
Belfast
BT1 3BG



BANKERS: Danske Bank
Belfast Business Centre
Donegall Square West
Belfast
BT1 6JS

BOYD RICE SOLICITORS LIMITED (REGISTERED NUMBER: NI649451)

BALANCE SHEET
30 NOVEMBER 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 70,000 87,500
Tangible assets 5 236,960 10,904
306,960 98,404

CURRENT ASSETS
Debtors 6 1,102,712 805,843
Investments 7 57,342 56,868
Cash at bank and in hand 1,371,956 1,478,326
2,532,010 2,341,037
CREDITORS
Amounts falling due within one year 8 1,819,371 1,516,906
NET CURRENT ASSETS 712,639 824,131
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,019,599

922,535

CREDITORS
Amounts falling due after more than one
year

9

(15,137

)

(25,012

)

PROVISIONS FOR LIABILITIES 11 (6,646 ) (2,726 )
NET ASSETS 997,816 894,797

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 996,816 893,797
SHAREHOLDERS' FUNDS 997,816 894,797

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

BOYD RICE SOLICITORS LIMITED (REGISTERED NUMBER: NI649451)

BALANCE SHEET - continued
30 NOVEMBER 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 July 2024 and were signed on its behalf by:




N McGranaghan - Director



B Wall - Director


BOYD RICE SOLICITORS LIMITED (REGISTERED NUMBER: NI649451)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023


1. STATUTORY INFORMATION

Boyd Rice Solicitors Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
The following judgements and estimates have had the most significant effect on amounts recognised in the financial statements:

- Value of goodwilll

The value of goodwill is assessed annually by the director with any indicators of impairment considered. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and the business in general.

- Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual value of the assets. The useful economic lives and residual values are reassessed annually.

- Valuation of work in progress

Estimates are made in respect of the valuation of work in progress. When assessing the value of work in progress estimates are made of the costs incurred and the final fee on ongoing cases at the year end. Values are included only when they are considered recoverable. Consideration is also given to bills issued after the year end.

- Recoverability of debtors

Estimates are made in respect of the recoverable value of trade debtors. Impairment of trade debtors is reviewed on an ongoing basis having regard to the ageing profile of the debtors. Where a debtor balance is not considered recoverable then it is expensed in the year.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of ten years.

BOYD RICE SOLICITORS LIMITED (REGISTERED NUMBER: NI649451)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 2% on cost
Fixtures, fittings & equipment - 25% on reducing balance
Computer equipment - 33% on cost

Tangible fixed assets are recorded at cost less accumulated depreciation and impairment losses.

Financial instruments
All financial instruments of the company are considered to meet the definition of basic financial instruments.

- Short term debtors and creditors
Debtors and creditors with no stated interest rate are receivable or payable on demand are recognised at transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in the profit and loss account.

- Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

- Loans and borrowings
All loans and borrowings are initially recorded at the present value of cash payable to the lender in settlement of the liability discounted at the market interest rate. Subsequently loans and borrowings are stated at amortised cost using the effective interest rate method. The computation of amortised cost includes any issue costs, transaction costs and fees, and any discount or premium on settlement, and the effect of this is to amortise these amounts over the expected borrowing period. Loans with no stated interest rate and repayable within one period or on demand are not amortised. Loans and borrowings are classified as current liabilities unless the borrower has an unconditional right to defer settlement of the liability for at least 12 months after the financial period end date.

Other financial instruments, including investments in equity instruments are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


BOYD RICE SOLICITORS LIMITED (REGISTERED NUMBER: NI649451)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs
The company operates a defined contribution pension scheme. The annual contributions are charged to the profit and loss account.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2022 - 24 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 December 2022
and 30 November 2023 175,000
AMORTISATION
At 1 December 2022 87,500
Amortisation for year 17,500
At 30 November 2023 105,000
NET BOOK VALUE
At 30 November 2023 70,000
At 30 November 2022 87,500

BOYD RICE SOLICITORS LIMITED (REGISTERED NUMBER: NI649451)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


5. TANGIBLE FIXED ASSETS
Fixtures,
Freehold fittings Computer
property & equipment equipment Totals
£    £    £    £   
COST
At 1 December 2022 - 18,621 31,153 49,774
Additions 212,494 17,087 5,851 235,432
At 30 November 2023 212,494 35,708 37,004 285,206
DEPRECIATION
At 1 December 2022 - 12,968 25,902 38,870
Charge for year 2,121 3,717 3,538 9,376
At 30 November 2023 2,121 16,685 29,440 48,246
NET BOOK VALUE
At 30 November 2023 210,373 19,023 7,564 236,960
At 30 November 2022 - 5,653 5,251 10,904

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade debtors 1,044,174 750,223
Other debtors 58,538 55,620
1,102,712 805,843

7. CURRENT ASSET INVESTMENTS
30.11.23 30.11.22
£    £   
Listed investments 57,342 56,868

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Bank loans and overdrafts (see note 10) 10,653 10,653
Taxation and social security 239,269 216,678
Other creditors 1,569,449 1,289,575
1,819,371 1,516,906

Included in other creditors is an amount of £1,195,904 (2022: £1,132,386) of monies due to clients. An equivalent amount is included in cash at bank and in hand.

Also included in other creditors is an amount of £115,771 (2022: £106,099) due to the directors. This loan is unsecured, interest free and repayable on demand.

BOYD RICE SOLICITORS LIMITED (REGISTERED NUMBER: NI649451)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.11.23 30.11.22
£    £   
Bank loans (see note 10) 15,137 25,012

10. LOANS

An analysis of the maturity of loans is given below:

30.11.23 30.11.22
£    £   
Amounts falling due within one year or on demand:
Bank loans 10,653 10,653

Amounts falling due between one and two years:
Bank loans - 1-2 years 10,653 10,653

Amounts falling due between two and five years:
Bank loans - 2-5 years 4,484 14,359

11. PROVISIONS FOR LIABILITIES
30.11.23 30.11.22
£    £   
Deferred tax 6,646 2,726

Deferred
tax
£   
Balance at 1 December 2022 2,726
Provision for year 3,920
Balance at 30 November 2023 6,646

12. CONTINGENT LIABILITIES

The company benefited from government grants for Covid 19. A contingent liability may exist in respect of a repayment of grant income to HM Revenue and Customs should the conditions under which a grant was awarded to the company not be met. Due to the nature of these contingencies, it is not currently possible to estimate the likelihood of this occurring, nor quantify the financial effect or provide an indication of timing as to the potential liability that may arise.