REGISTERED NUMBER: |
HOPKINS SOLICITORS LTD |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JANUARY 2023 TO 31 MARCH 2024 |
REGISTERED NUMBER: |
HOPKINS SOLICITORS LTD |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JANUARY 2023 TO 31 MARCH 2024 |
HOPKINS SOLICITORS LTD (REGISTERED NUMBER: 13089477) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JANUARY 2023 TO 31 MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
HOPKINS SOLICITORS LTD |
COMPANY INFORMATION |
FOR THE PERIOD 1 JANUARY 2023 TO 31 MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
7 St John Street |
Mansfield |
Nottinghamshire |
NG18 1QH |
HOPKINS SOLICITORS LTD (REGISTERED NUMBER: 13089477) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
HOPKINS SOLICITORS LTD (REGISTERED NUMBER: 13089477) |
BALANCE SHEET - continued |
31 MARCH 2024 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
HOPKINS SOLICITORS LTD (REGISTERED NUMBER: 13089477) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JANUARY 2023 TO 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Hopkins Solicitors Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
The preparation of the financial statements requires the directors to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the reporting date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. |
Conditional fee arrangements on personal injury cases require a favourable outcome preceding payment for legal services plus any percentage success fees; the members assume "no win no fee" as at the balance sheet date. |
The financial statement includes estimations that assume the historical results can project the future expectations regarding the recognition of revenue at the balance sheet date and within in the next financial year. |
Amounts recoverable on legal service contracts are calculated on a basis in line with the legal service type; wills, conveyancing, family, commercial, probate and either the estimated stage of completion for fixed fee arrangements or the historical results percentage is applied to calculate the total carrying value as at the reporting date. |
HOPKINS SOLICITORS LTD (REGISTERED NUMBER: 13089477) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover represents the value excluding Value Added Tax, of legal services supplied to customers during the year. |
In respect of income received on fixed fee contracts, income is released into the profit and loss account in line with the stage of completion of the contract. |
In respect of no win, no fee contracts, income is only released into the profit and loss account when a positive outcome to the case has been agreed. |
In respect of any other legal services supplied to customers, all income is taken to profit and loss at the same point as the right to receive the consideration is acquired. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any impairment losses. |
Computer software is being amortised on a 33% reducing balance basis. |
Tangible fixed assets |
Long leasehold | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
HOPKINS SOLICITORS LTD (REGISTERED NUMBER: 13089477) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
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. |
Pension costs and other post-retirement benefits |
Under the terms of the agreement between directors the company has a liability to make post retirement payments to directors after they have retired from the company. |
Irrespective of the fact that the right to these payments accrues over the period in which the individual serves as a director the costs are recognised each year as the payments are made. These amounts are included in directors remuneration charged as an expense in the Profit and Loss Account. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | INTANGIBLE FIXED ASSETS |
Computer |
software |
£ |
COST |
Additions |
At 31 March 2024 |
AMORTISATION |
Amortisation for period |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
HOPKINS SOLICITORS LTD (REGISTERED NUMBER: 13089477) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 31 MARCH 2024 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Long | and | Motor | Computer |
leasehold | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
Additions |
Revaluations | ( |
) |
At 31 March 2024 |
DEPRECIATION |
Charge for period |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
Cost or valuation at 31 March 2024 is represented by: |
Fixtures |
Long | and | Motor | Computer |
leasehold | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
Valuation in 2023 | (75,487 | ) | 75,401 | - | 87 | 1 |
Cost | 148,502 | 10,007 | 418 | 64,271 | 223,198 |
73,015 | 85,408 | 418 | 64,358 | 223,199 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2022 |
£ | £ |
Trade debtors |
Amounts recoverable on contract |
Other debtors |
Prepayments and accrued income |
HOPKINS SOLICITORS LTD (REGISTERED NUMBER: 13089477) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 31 MARCH 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2022 |
£ | £ |
Bank loans and overdrafts |
Other loans |
Trade creditors |
Corporation tax |
Social security and other taxes |
VAT | 183,840 | - |
Accruals and deferred income |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2022 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Amounts owed to related parties |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2022 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
HOPKINS SOLICITORS LTD (REGISTERED NUMBER: 13089477) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 31 MARCH 2024 |
10. | CALLED UP SHARE CAPITAL |
Number allotted, issued and fully paid: |
Class: |
Nominal Value: |
2024 |
2022 |
£ | £ |
60,000 | Ordinary | £1 | 60,000 | 100 |
1 | Ordinary A | £1 | 1 | - |
1 | Ordinary B | £1 | 1 | - |
1 | Ordinary C | £1 | 1 | - |
1 | Ordinary D | £1 | 1 | - |
1 | Ordinary E | £1 | 1 | - |
1 | Ordinary F | £1 | 1 | - |
1 | Ordinary G | £1 | 1 | - |
11. | RELATED PARTY DISCLOSURES |
Directors remuneration in the period totalled £59,815 (2022: £Nil). |
Companies with shareholding in Hopkins Solicitors Ltd provided loans to the company. At the balance sheet date, £1,729,569 (2022: £Nil) were owed to these related parties. |