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Registration number: 10760100

Prepared for the registrar

Kirbys Solicitors Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Kirbys Solicitors Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Kirbys Solicitors Limited

Company Information

Directors

Roger J Dooley

David A Dow

Alison Gray

Amanda J Lee

Registered office

32 Victoria Avenue
Harrogate
North Yorkshire
HG1 5PR

Bankers

The Royal Bank of Scotland plc
36 St Andrew Square
Edinburgh
EH2 2YB

Accountants

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

Kirbys Solicitors Limited

(Registration number: 10760100)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

7

35,000

35,000

Tangible assets

8

4,727

10,469

Other financial assets

9

259

259

 

39,986

45,728

Current assets

 

Debtors

10

547,655

551,946

Cash at bank and in hand

 

85,263

57,383

 

632,918

609,329

Creditors: Amounts falling due within one year

11

(292,976)

(243,480)

Net current assets

 

339,942

365,849

Total assets less current liabilities

 

379,928

411,577

Creditors: Amounts falling due after more than one year

11

(12,019)

(22,196)

Net assets

 

367,909

389,381

Capital and reserves

 

Called up share capital

13

310

310

Profit and loss account

367,599

389,071

Shareholders' funds

 

367,909

389,381

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.

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 3 September 2024 and signed on its behalf by:
 


Roger J Dooley
Director


David A Dow
Director

 

Kirbys Solicitors Limited

(Registration number: 10760100)
Balance Sheet as at 30 April 2024


Alison Gray
Director


Amanda J Lee
Director

 

Kirbys 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:
32 Victoria Avenue
Harrogate
North Yorkshire
HG1 5PR

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting 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 amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

 

Kirbys Solicitors Limited

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

Key sources of estimation uncertainty

Amounts recoverable on contracts - The process of assessing amounts recoverable on contracts requires various estimates and judgements to be made. Fee earners are required to record time spent on client assignments and this is used as the basis for the amounts recoverable on contracts estimate. A year end report of time on all assignments is circulated to fee earners to identify likely recoverable amounts. The carrying amount is £338,326 (2023 - £337,356).

Revenue recognition

Fee income represents the fair value of services provided during the year on client assignments. Fair value reflects the amounts expected to be recoverable from clients based on time spent, skills provided and expenses incurred, and excludes VAT. Income is recognised as contract activity progresses and the right to consideration is secured, except where the final outcome cannot be assessed with reasonable certainty.

Income in respect of contingent fee assignments is recognised in the period when the contingent event occurs and collectability of the fee is assured.

Unbilled income on individual client assignments is included as amounts recoverable on contracts within debtors.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation 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.

Disbursements

Disbursements are not included in income or expenses, but are netted against each other.

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

10% straight line

Computer equipment

20% straight line

Intangible assets

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.

Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

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.

 

Kirbys Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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.

 

Kirbys Solicitors Limited

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

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

Kirbys Solicitors Limited

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

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 19 (2023 - 20).

 

4

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

39,520

40,102

Contributions paid to money purchase pension schemes

38,750

18,000

78,270

58,102

 

5

Profit before tax

Arrived at after charging:

2024
 £

2023
 £

Depreciation expense

6,580

9,172

(Profit)/loss on disposal of intangible fixed assets

44

-

 

6

Taxation

Tax charged/(credited) in the profit and loss account

2024
 £

2023
 £

Current taxation

UK corporation tax

80,785

75,574

UK corporation tax adjustment to prior periods

(11)

(208)

80,774

75,366

 

Kirbys Solicitors Limited

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

 

7

Intangible assets

Goodwill
 £

Cost

At 1 May 2023

35,000

At 30 April 2024

35,000

Amortisation

Amortisation charge

-

At 30 April 2024

-

Carrying amount

At 30 April 2024

35,000

At 30 April 2023

35,000

 

8

Tangible assets

Furniture, fittings and equipment
 £

Computer equipment
 £

Total
£

Cost

At 1 May 2023

6,781

43,947

50,728

Additions

-

882

882

Disposals

-

(8,900)

(8,900)

At 30 April 2024

6,781

35,929

42,710

Depreciation

At 1 May 2023

4,787

35,472

40,259

Charge for the year

311

6,269

6,580

Eliminated on disposal

-

(8,856)

(8,856)

At 30 April 2024

5,098

32,885

37,983

Carrying amount

At 30 April 2024

1,683

3,044

4,727

At 30 April 2023

1,994

8,475

10,469

 

Kirbys Solicitors Limited

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

 

9

Investments held as fixed assets

Vibroplant investment
£

Non-current financial assets

Cost or valuation

At 1 May 2023 & 30 April 2023

259

 

10

Debtors

2024
 £

2023
 £

Trade debtors

149,046

155,471

Prepayments

60,283

59,119

Amounts recoverable on contracts (work in progress)

338,326

337,356

 

547,655

551,946

 

Kirbys Solicitors Limited

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

 

11

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

12

102,153

91,912

Trade creditors

 

3,248

7,316

Social security and other taxes

 

35,704

39,079

Accrued expenses

 

71,086

29,599

Corporation tax liability

80,785

75,574

 

292,976

243,480

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

12

12,019

22,196

 

12

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Bank overdraft

15,894

3,113

Other borrowings

76,259

78,799

102,153

91,912

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

12,019

22,196

 

Kirbys Solicitors Limited

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

 

13

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A shares of £1 each

100

100

100

100

Ordinary B shares of £1 each

100

100

100

100

Ordinary C shares of £1 each

100

100

100

100

Ordinary D shares of £1 each

10

10

10

10

 

310

310

310

310

 

14

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 £13,128 (2023 - £6,422).