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Company No: 10451228 (England and Wales)

HODGE HALSALL SOLICITORS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH THE REGISTRAR

HODGE HALSALL SOLICITORS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024

Contents

HODGE HALSALL SOLICITORS LIMITED

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
HODGE HALSALL SOLICITORS LIMITED

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
DIRECTORS Mr M Glenville
Mr G Hatton (Appointed 28 July 2023)
Mr P Leadsom
Mr M P Robinson
SECRETARY Mr M P Robinson
REGISTERED OFFICE 18 Hoghton Street
Southport
PR9 0PA
United Kingdom
COMPANY NUMBER 10451228 (England and Wales)
ACCOUNTANT MHA
Richard House
9 Winckley Square
Preston
Lancashire
PR1 3HP
HODGE HALSALL SOLICITORS LIMITED

BALANCE SHEET

AS AT 31 JANUARY 2024
HODGE HALSALL SOLICITORS LIMITED

BALANCE SHEET (continued)

AS AT 31 JANUARY 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 9,900 13,200
Tangible assets 4 448,787 441,218
458,687 454,418
Current assets
Debtors 5 1,192,902 1,232,171
Cash at bank and in hand 488,588 266,683
1,681,490 1,498,854
Creditors: amounts falling due within one year 6 ( 344,856) ( 395,112)
Net current assets 1,336,634 1,103,742
Total assets less current liabilities 1,795,321 1,558,160
Creditors: amounts falling due after more than one year 7 ( 190,170) ( 214,789)
Provision for liabilities ( 5,862) ( 167)
Net assets 1,599,289 1,343,204
Capital and reserves
Called-up share capital 8 3 3
Share premium account 12,857 12,857
Capital redemption reserve 1 1
Profit and loss account 1,586,428 1,330,343
Total shareholders' funds 1,599,289 1,343,204

For the financial year ending 31 January 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Hodge Halsall Solicitors Limited (registered number: 10451228) were approved and authorised for issue by the Board of Directors on 11 September 2024. They were signed on its behalf by:

Mr M P Robinson
Director
HODGE HALSALL SOLICITORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
HODGE HALSALL SOLICITORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Hodge Halsall Solicitors Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 18 Hoghton Street, Southport, PR9 0PA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Fixtures and fittings 25 % reducing balance
Computer equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

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 the Statement of Income and Retained Earnings as described below.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 23 24

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 February 2023 33,000 33,000
At 31 January 2024 33,000 33,000
Accumulated amortisation
At 01 February 2023 19,800 19,800
Charge for the financial year 3,300 3,300
At 31 January 2024 23,100 23,100
Net book value
At 31 January 2024 9,900 9,900
At 31 January 2023 13,200 13,200

4. Tangible assets

Land and buildings Fixtures and fittings Computer equipment Total
£ £ £ £
Cost
At 01 February 2023 437,044 4,643 21,090 462,777
Additions 0 0 5,927 5,927
At 31 January 2024 437,044 4,643 27,017 468,704
Accumulated depreciation
At 01 February 2023 5,099 3,536 12,924 21,559
Charge for the financial year ( 4,717) 277 2,799 ( 1,641)
At 31 January 2024 381 3,813 15,723 19,917
Net book value
At 31 January 2024 436,663 830 11,294 448,787
At 31 January 2023 431,945 1,107 8,166 441,218

5. Debtors

2024 2023
£ £
Trade debtors 238,818 295,566
Other debtors 954,084 936,605
1,192,902 1,232,171

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 25,932 25,932
Trade creditors 16,198 4,593
Taxation and social security 224,249 186,846
Other creditors 78,477 177,741
344,856 395,112

Included within creditors due within one year is a bank loan totalling £25,932 (2023: £25,932) which is secured over the freehold property owned by the company.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 190,170 214,789

Included within creditors due after one year is a bank loan totalling £190,170 (2023: £214,789) which is secured over the freehold property owned by the company.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1 Ordinary A share of £ 1.00 1 1
1 Ordinary C share of £ 1.00 1 1
1 Ordinary D share of £ 1.00 1 1
3 3

9. Financial commitments

Other financial commitments

2024 2023
£ £
Operating lease commitments 4,340 8,623

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as detailed above.

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Loans to director 95,364 88,163
Loans to director 87,589 106,377
Loans to director 1,865 0

At the start of the year, the directors owed the company £194,539. Advances of £252,668 were paid to the directors, and repayments to the company of £269,192 were made by the directors. Interest of £6,803 has been charged to the loan accounts at rates of 2% / 2.25% in accordance with the official rates of interest during the year. The amounts owed by the directors to the company at the reporting date was £184,818.