Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31false152023-04-01falseSolicitors17truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07522314 2023-04-01 2024-03-31 07522314 2022-04-01 2023-03-31 07522314 2024-03-31 07522314 2023-03-31 07522314 c:Director1 2023-04-01 2024-03-31 07522314 d:FurnitureFittings 2023-04-01 2024-03-31 07522314 d:FurnitureFittings 2024-03-31 07522314 d:FurnitureFittings 2023-03-31 07522314 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07522314 d:OfficeEquipment 2023-04-01 2024-03-31 07522314 d:OfficeEquipment 2024-03-31 07522314 d:OfficeEquipment 2023-03-31 07522314 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07522314 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07522314 d:Goodwill 2023-04-01 2024-03-31 07522314 d:Goodwill 2024-03-31 07522314 d:Goodwill 2023-03-31 07522314 d:CurrentFinancialInstruments 2024-03-31 07522314 d:CurrentFinancialInstruments 2023-03-31 07522314 d:Non-currentFinancialInstruments 2024-03-31 07522314 d:Non-currentFinancialInstruments 2023-03-31 07522314 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 07522314 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 07522314 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 07522314 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 07522314 d:ShareCapital 2024-03-31 07522314 d:ShareCapital 2023-03-31 07522314 d:RetainedEarningsAccumulatedLosses 2024-03-31 07522314 d:RetainedEarningsAccumulatedLosses 2023-03-31 07522314 c:FRS102 2023-04-01 2024-03-31 07522314 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 07522314 c:FullAccounts 2023-04-01 2024-03-31 07522314 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07522314 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 07522314 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 07522314 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 07522314










PRINCE FAMILY LAW LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
PRINCE FAMILY LAW LIMITED
REGISTERED NUMBER: 07522314

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
-

Tangible assets
 5 
15,203
14,564

  
15,203
14,564

Current assets
  

Debtors: amounts falling due within one year
 6 
336,734
438,997

Cash at bank and in hand
  
149,449
260,926

  
486,183
699,923

Creditors: amounts falling due within one year
 7 
(97,762)
(116,953)

Net current assets
  
 
 
388,421
 
 
582,970

Total assets less current liabilities
  
403,624
597,534

Creditors: amounts falling due after more than one year
 8 
(13,599)
(24,042)

Provisions for liabilities
  

Deferred tax
 9 
(3,082)
(2,773)

Net assets
  
386,943
570,719


Capital and reserves
  

Called up share capital 
  
125
125

Profit and loss account
  
386,818
570,594

  
386,943
570,719


Page 1

 
PRINCE FAMILY LAW LIMITED
REGISTERED NUMBER: 07522314
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 September 2024.




D N Prince
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
PRINCE FAMILY LAW LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Prince Family Law Limited is a company limited by shares, incorporated in England and Wales (registered number: 07522314). Its registered office is 3 Royal Court, Basil Close, Chesterfield, Derbyshire, S41 7SL. The principal activity of the Company throughout the year continued to be that of family law solicitors. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The company's functional and presentation currency is pounds sterling.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue recognised represents that due from the normal activities of the company to the extent that the company obtains a right to consideration in exchange for its performance of those activities, exclusive of value added tax.
The revenue recognised is measured by reference to the amounts likely to be chargeable to clients, less a suitable allowance to recognise the uncertainties remaining in the completion of those obligations.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
PRINCE FAMILY LAW LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
10
years

Page 4

 
PRINCE FAMILY LAW LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

The depreciation rates used are:

Fixtures and fittings
-
10%
straight line
Office equipment
-
20%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 17 (2023 - 15).

Page 5

 
PRINCE FAMILY LAW LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Intangible assets




Goodwill

£



Cost


At 1 April 2023
638,000



At 31 March 2024

638,000



Amortisation


At 1 April 2023
638,000



At 31 March 2024

638,000



Net book value



At 31 March 2024
-



At 31 March 2023
-



Page 6

 
PRINCE FAMILY LAW LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 April 2023
33,375
14,300
47,675


Additions
741
4,363
5,104



At 31 March 2024

34,116
18,663
52,779



Depreciation


At 1 April 2023
24,870
8,241
33,111


Charge for the year on owned assets
1,611
2,854
4,465



At 31 March 2024

26,481
11,095
37,576



Net book value



At 31 March 2024
7,635
7,568
15,203



At 31 March 2023
8,505
6,059
14,564


6.


Debtors

2024
2023
£
£


Trade debtors
285,533
298,881

Other debtors
-
93,711

Prepayments and accrued income
51,201
46,405

336,734
438,997


Page 7

 
PRINCE FAMILY LAW LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
9,660
9,152

Corporation tax
47,294
60,594

Other taxation and social security
4
4

Other creditors
40,804
47,203

97,762
116,953



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
13,599
24,042


Creditors falling due within one year and after more than one year are secured by a charge over the assets of the company.


9.


Deferred taxation




2024


£






At beginning of year
2,773


Charged to profit or loss
309



At end of year
3,082

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
3,082
2,773

3,082
2,773

Page 8

 
PRINCE FAMILY LAW LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £16,998 (2023: £14,348).


11.


Controlling party

Prince Family Law Limited Employee-Ownership Trust is the beneficial owner of the whole of the issued share capital of the company. The shares are held by PFL EOT Limited in its capacity of corporate trustee of the Trust.

 
Page 9