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COMPANY REGISTRATION NUMBER: 1902873
THE YORKSHIRE LAW SOCIETY
COMPANY LIMITED BY GUARANTEE
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 December 2023
THE YORKSHIRE LAW SOCIETY
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
6
17,501
13,886
CURRENT ASSETS
Investments
7
20,416
20,418
Cash at bank and in hand
3,722
16,036
--------
--------
24,138
36,454
CREDITORS: amounts falling due within one year
8
828
14,544
--------
--------
NET CURRENT ASSETS
23,310
21,910
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
40,811
35,796
--------
--------
NET ASSETS
40,811
35,796
--------
--------
CAPITAL AND RESERVES
Revaluation reserve
8,640
5,025
Income and expenditure account
32,171
30,771
--------
--------
MEMBERS FUNDS
40,811
35,796
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 December 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
THE YORKSHIRE LAW SOCIETY
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 24 September 2024 , and are signed on behalf of the board by:
Mr J P Lewis-Ogden
Director
Company registration number: 1902873
THE YORKSHIRE LAW SOCIETY
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. GENERAL INFORMATION
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is 3 Wharfe Mews, Cliffe Terrace, Wetherby, LS22 6LX.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. ACCOUNTING POLICIES
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Going concern
The UK economy has recently been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On On this basis, the directors have prepared these financial statements on a going concern basis.
(c) Revenue recognition
The turnover shown in the income and expenditure account is made up of subscriptions and application fees that are received annually on an accruals basis and course fees which are received in advance of the course dates, but recognised on an accruals basis.
(d) Current tax
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
(e) Tangible assets
The Library is included in the accounts at a nominal value of £1 as a result of the deposit of books at the University of Law at Leeds, and of certain older books at the Borthwick Institute in York. The silver is revalued annually and any surplus or deficit is dealt with through the revaluation reserve. No depreciation is provided in respect of the silver.
(f) Financial instruments
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 entity after deducting all of its financial liabilities.
4. COMPANY LIMITED BY GUARANTEE
The Yorkshire Law Society was incorporated on 4 April 1985 as a Company Limited by Guarantee, each member being liable to such amount as may be required not exceeding £5. At 31 December 2023, there were 28 Associate Retired Former Members, 104 Ordinary Members, 3 Trainee Members, 1 Honorary Member, 21 Corporate Members, 4 Non Solicitor Associate Members and 7 Non Solicitor Corporate Members.
5. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
6. TANGIBLE ASSETS
Silver
Library
Total
£
£
£
Valuation
At 1 January 2023
13,885
1
13,886
Revaluations
3,615
3,615
--------
----
--------
At 31 December 2023
17,500
1
17,501
--------
----
--------
Depreciation
At 1 January 2023 and 31 December 2023
--------
----
--------
Carrying amount
At 31 December 2023
17,500
1
17,501
--------
----
--------
At 31 December 2022
13,885
1
13,886
--------
----
--------
The Society's silver was revalued, for insurance purposes, by Duggleby Stephenson in July 2023.
7. INVESTMENTS
2023
2022
£
£
Other investments
20,416
20,418
--------
--------
8. CREDITORS: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
802
14,538
Corporation tax
26
6
----
--------
828
14,544
----
--------
9. ANALYSIS OF OTHER COMPREHENSIVE INCOME
Revaluation reserve
£
Year ended 31 December 2023
Revaluation of tangible assets
3,615
-------
10. RELATED PARTY TRANSACTIONS
The company is controlled by the council on behalf of its members.