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Company No: 07108524 (England and Wales)

TRACEY MILLER FAMILY LAW LIMITED

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

TRACEY MILLER FAMILY LAW LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

TRACEY MILLER FAMILY LAW LIMITED

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
TRACEY MILLER FAMILY LAW LIMITED

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
DIRECTORS Mr A E Hool
Mrs T K Hool
REGISTERED OFFICE Suite 9
1st Floor One Derby Square
Liverpool
L2 1AB
United Kingdom
COMPANY NUMBER 07108524 (England and Wales)
ACCOUNTANT MHA
Richard House
9 Winckley Square
Preston
Lancashire
PR1 3HP
TRACEY MILLER FAMILY LAW LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
TRACEY MILLER FAMILY LAW LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 7,021 13,520
7,021 13,520
Current assets
Debtors 4 89,948 87,673
Investments 5 0 9,309
Cash at bank and in hand 151,049 140,777
240,997 237,759
Creditors: amounts falling due within one year 6 ( 125,467) ( 105,438)
Net current assets 115,530 132,321
Total assets less current liabilities 122,551 145,841
Provision for liabilities ( 26) ( 1,416)
Net assets 122,525 144,425
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 122,425 144,325
Total shareholders' funds 122,525 144,425

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 financial statements of Tracey Miller Family Law Limited (registered number: 07108524) were approved and authorised for issue by the Board of Directors on 20 September 2024. They were signed on its behalf by:

Mr A E Hool
Director
Mrs T K Hool
Director
TRACEY MILLER FAMILY LAW LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
TRACEY MILLER FAMILY LAW LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 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

Tracey Miller Family Law 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 Suite 9, 1st Floor One Derby Square, Liverpool, L2 1AB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting 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 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 are recoverable.

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 cost of 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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet 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.

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:

Leasehold improvements
Office equipment
Computer equipment

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.

Leases

The Company as lessee
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight-line basis over the lease term except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

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 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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Retirement benefits

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

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 9 11

3. Tangible assets

Leasehold improve-
ments
Office equipment Computer equipment Total
£ £ £ £
Cost
At 01 April 2023 46,514 32,020 30,754 109,288
Additions 0 567 970 1,537
At 31 March 2024 47,184 32,587 31,724 111,495
Accumulated depreciation
At 01 April 2023 39,829 28,529 27,410 95,768
Charge for the financial year 4,651 2,065 1,990 8,706
At 31 March 2024 44,480 30,594 29,400 104,474
Net book value
At 31 March 2024 2,704 1,993 2,324 7,021
At 31 March 2023 6,685 3,491 3,344 13,520

4. Debtors

2024 2023
£ £
Trade debtors 71,606 72,220
Other debtors 18,342 15,453
89,948 87,673

5. Current asset investments

2024 2023
£ £
Other investments 0 9,309

6. Creditors: amounts falling due within one year

2024 2023
£ £
Taxation and social security 42,806 43,232
Other creditors 82,661 62,206
125,467 105,438

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
75 Ordinary A shares of £ 1.00 each 75 75
25 Ordinary B shares of £ 1.00 each 25 25
100 100

8. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 105,323 142,295