Registered number
10384621
Firth Law Limited
Unaudited Filleted Accounts
31 December 2023
Firth Law Limited
Registered number: 10384621
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 19,541 26,054
Current assets
Debtors 4 59,116 54,659
Cash at bank and in hand 12,091 16,538
71,207 71,197
Creditors: amounts falling due within one year 5 (55,768) (33,817)
Net current assets 15,439 37,380
Total assets less current liabilities 34,980 63,434
Creditors: amounts falling due after more than one year 6 (30,093) (58,051)
Provisions for liabilities (4,885) (5,372)
Net assets 2 11
Capital and reserves
Called up share capital 1 1
Profit and loss account 1 10
Shareholder's funds 2 11
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J Firth
Director
Approved by the board on 28 August 2024
Firth Law Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Office equipment over 4 years
Motor vehicles over 4 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Office equipment Motor vehicles Total
£ £ £
Cost
At 1 January 2023 7,941 31,495 39,436
At 31 December 2023 7,941 31,495 39,436
Depreciation
At 1 January 2023 5,508 7,874 13,382
Charge for the year 608 5,905 6,513
At 31 December 2023 6,116 13,779 19,895
Net book value
At 31 December 2023 1,825 17,716 19,541
At 31 December 2022 2,433 23,621 26,054
4 Debtors 2023 2022
£ £
Trade debtors 19,061 20,677
Other debtors 40,055 33,982
59,116 54,659
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 27,958 14,403
Trade creditors 3,922 8,165
Taxation and social security costs 22,140 10,959
Other creditors 1,748 290
55,768 33,817
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 30,093 58,051
7 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 7,871 13,426
Secured bank loans 18,053 21,385
This loan is secured on the motor vehicle owned by the company.
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
J Firth
Director current account - 21,494 - 21,494
- 21,494 - 21,494
9 Other information
Firth Law Limited is a private company limited by shares and incorporated in England. Its registered office is:
111 Piccadilly
Manchester
M1 2HY
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