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Registration number: 10960911

Taylor Bracewell Law Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Taylor Bracewell Law Limited

(Registration number: 10960911)

Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

3

300,000

375,000

Tangible assets

4

24,126

11,554

 

324,126

386,554

Current assets

 

Debtors

5

600,643

571,773

Cash at bank and in hand

 

455,359

486,337

 

1,056,002

1,058,110

Creditors: Amounts falling due within one year

6

(644,880)

(654,321)

Net current assets

 

411,122

403,789

Total assets less current liabilities

 

735,248

790,343

Creditors: Amounts falling due after more than one year

6

(93,613)

(121,469)

Provisions for liabilities

1,082

2,069

Net assets

 

642,717

670,943

Capital and reserves

 

Called up share capital

1

1

Capital redemption reserve

1

1

Profit and loss account

642,715

670,941

Shareholders' funds

 

642,717

670,943

For the financial year ending 31 March 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.

 

Taylor Bracewell Law Limited

(Registration number: 10960911)

Balance Sheet as at 31 March 2024

These financial statements, which 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 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the Board on 30 July 2024 and signed on its behalf by:
 

.........................................

S M Coates
Director

 

Taylor Bracewell Law Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

Accounting policies

Taylor Bracewell Law Limited is a private company, limited by shares, domiciled in England and Wales, company number 10960911. The registered office is at 17 - 23 Thorne Road, Doncaster, South Yorkshire, DN1 2RP.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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 presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.

Revenue recognition

Turnover represents revenue due from the normal activities of the practice to the extent that the practice 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 the obligations. Contingent income is recognised only in the accounting period when the contingent element is assured.

Government grants

Grants that do not impose specified future performance-related conditions are recognised in income when the grant proceeds are received or receivable. Grants that impose specified future performance-related conditions are recognised in income only when the performance-related conditions are met. Grants received before the revenue recognition criteria are satisfied are recognised as a liability.

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.

 

Taylor Bracewell Law Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tangible assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

25% reducing balance

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

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:

Asset class

Amortisation method and rate

Goodwill

10% straight line

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.

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

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

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 in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the statement of comprehensive income.
 

 

Taylor Bracewell Law Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 52 (2023 - 51).

3

Intangible assets

Goodwill
 £

Cost

At 1 April 2023

750,000

At 31 March 2024

750,000

Amortisation

At 1 April 2023

375,000

Amortisation charge

75,000

At 31 March 2024

450,000

Carrying amount

At 31 March 2024

300,000

At 31 March 2023

375,000

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost

At 1 April 2023

145,366

145,366

Additions

18,815

18,815

Disposals

(112,710)

(112,710)

At 31 March 2024

51,471

51,471

Depreciation

At 1 April 2023

133,812

133,812

Charge for the year

6,243

6,243

Eliminated on disposal

(112,710)

(112,710)

At 31 March 2024

27,345

27,345

Carrying amount

At 31 March 2024

24,126

24,126

At 31 March 2023

11,554

11,554

 

Taylor Bracewell Law Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Debtors

2024
£

2023
£

Trade debtors

296,214

269,737

Prepayments and accrued income

304,429

302,036

600,643

571,773

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Loans and borrowings

39,264

50,400

Taxation and social security

68,672

111,419

Accruals and deferred income

143,815

133,131

Other creditors

171,540

220,842

Corporation tax liability

221,589

138,529

644,880

654,321

Creditors: amounts falling due after more than one year

2024
£

2023
£

Loans and borrowings

93,613

121,469

Bank borrowings are secured by way of a fixed and floating charge over the assets of the company.