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REGISTERED NUMBER: 03113721 (England and Wales)









UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 MAY 2023 TO 31 DECEMBER 2023

FOR

KITELEYS SOLICITORS LIMITED

KITELEYS SOLICITORS LIMITED (REGISTERED NUMBER: 03113721)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 MAY 2023 TO 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


KITELEYS SOLICITORS LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 MAY 2023 TO 31 DECEMBER 2023







DIRECTORS: R J Mildren
S L Townsend
A J Townsend
D Bridge





SECRETARY: S L Townsend





REGISTERED OFFICE: Unit 7
Concept Park
Innovation Close
POOLE
BH12 4QT





REGISTERED NUMBER: 03113721 (England and Wales)





ACCOUNTANTS: TC Group
The Old Carriage Works
Moresk Road
TRURO
Cornwall
TR1 1DG

KITELEYS SOLICITORS LIMITED (REGISTERED NUMBER: 03113721)

BALANCE SHEET
31 DECEMBER 2023

2023 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 96,623 114,600
Tangible assets 5 454,109 473,594
550,732 588,194

CURRENT ASSETS
Debtors 6 1,059,816 1,018,857
Cash at bank 56,798 467
1,116,614 1,019,324
CREDITORS
Amounts falling due within one year 7 1,016,438 1,025,427
NET CURRENT ASSETS/(LIABILITIES) 100,176 (6,103 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

650,908

582,091

CREDITORS
Amounts falling due after more than one
year

8

(377,526

)

(288,722

)

PROVISIONS FOR LIABILITIES (18,205 ) (16,418 )
NET ASSETS 255,177 276,951

CAPITAL AND RESERVES
Called up share capital 379 379
Capital redemption reserve 10 73 73
Retained earnings 10 254,725 276,499
255,177 276,951

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

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.

KITELEYS SOLICITORS LIMITED (REGISTERED NUMBER: 03113721)

BALANCE SHEET - continued
31 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 25 September 2024 and were signed on its behalf by:





S L Townsend - Director


KITELEYS SOLICITORS LIMITED (REGISTERED NUMBER: 03113721)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 MAY 2023 TO 31 DECEMBER 2023

1. STATUTORY INFORMATION

Kiteleys Solicitors Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The directors feel that these accounts do not present a fair representation of the financial health of the business.

In 2022 there was significant investment in the business with the acquisition of another firm of solicitors, the refurbishment of the largest office and significant investment in IT.

In 2023 there was further investment in the management structure with the appointment of an Operations & HR manager, and IT manager and further investment in the compliance role. This has translated in higher than usual staff costs in these accounts.

The directors have advised that there there has been further rationalisation within the business which they anticipate will lead to improvement in the financial position in the 2024 accounts and more significantly in the 2025 accounts as the benefits of these investments and efficiencies are realised.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue for provision of services is recognised when it is probable that an economic benefit will flow to the entity and the revenue and costs can be reliably measured. For continuing services, revenue is recognised when the stage of completion can be reliably measured using a percentage of completion method.

Goodwill
Goodwill, being the amounts paid in connection with the acquisitions of businesses over number of years is being amortised evenly over its estimated useful life of between 3 and 10 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost, 20% on cost and 15% on cost

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.


KITELEYS SOLICITORS LIMITED (REGISTERED NUMBER: 03113721)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MAY 2023 TO 31 DECEMBER 2023

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 61 (2023 - 57 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 31 December 2023 1,112,856
AMORTISATION
At 1 May 2023 998,256
Charge for period 17,977
At 31 December 2023 1,016,233
NET BOOK VALUE
At 31 December 2023 96,623
At 30 April 2023 114,600

KITELEYS SOLICITORS LIMITED (REGISTERED NUMBER: 03113721)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MAY 2023 TO 31 DECEMBER 2023

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 May 2023 497,007 474,946 971,953
Additions - 31,364 31,364
Disposals (890 ) (1,000 ) (1,890 )
At 31 December 2023 496,117 505,310 1,001,427
DEPRECIATION
At 1 May 2023 109,822 388,537 498,359
Charge for period 28,091 20,957 49,048
Eliminated on disposal (89 ) - (89 )
At 31 December 2023 137,824 409,494 547,318
NET BOOK VALUE
At 31 December 2023 358,293 95,816 454,109
At 30 April 2023 387,185 86,409 473,594

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2023
£    £   
Trade debtors 356,362 342,261
Amounts recoverable on contracts 440,007 455,193
Other debtors 263,447 221,403
1,059,816 1,018,857

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2023
£    £   
Bank loans and overdrafts 320,238 317,659
Trade creditors 30,717 36,537
Taxation and social security 157,456 196,036
Other creditors 508,027 475,195
1,016,438 1,025,427

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2023
£    £   
Bank loans - 3,065
Other creditors 377,526 285,657
377,526 288,722

KITELEYS SOLICITORS LIMITED (REGISTERED NUMBER: 03113721)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MAY 2023 TO 31 DECEMBER 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2023
£    £   
Bank overdrafts 315,045 311,207
Bank loans 5,193 9,517
320,238 320,724

The bank loans and overdraft are subject to a debenture on fixed and current assets.

10. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 May 2023 276,499 73 276,572
Profit for the period 92,706 92,706
Dividends (114,480 ) (114,480 )
At 31 December 2023 254,725 73 254,798

11. OTHER FINANCIAL COMMITMENTS

The total amount of financial commitments not included in the balance sheet is £116,500 (2023: £134,000).

12. ULTIMATE CONTROLLING PARTY

The company is ultimately controlled by Mr A Townsend and Mrs S Townsend (directors) who together own 79.6% of the issued share capital.