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COMPANY REGISTRATION NUMBER: 10553315
3D Solicitors Limited
Filleted Unaudited Financial Statements
31 December 2023
3D Solicitors Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
3D Solicitors Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
30,893
38,212
Current assets
Work in progress
7,670
6,880
Debtors
7
76,583
74,935
Cash at bank and in hand
117,811
116,146
---------
---------
202,064
197,961
Creditors: amounts falling due within one year
8
224,573
204,805
---------
---------
Net current liabilities
22,509
6,844
--------
--------
Total assets less current liabilities
8,384
31,368
Provisions
7,266
7,260
-------
--------
Net assets
1,118
24,108
-------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
1,018
24,008
-------
--------
Shareholders funds
1,118
24,108
-------
--------
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 statement of income and retained earnings 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 .
3D Solicitors Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 25 September 2024 , and are signed on behalf of the board by:
Mr D.M. Berke
Mrs D.S. Britstone
Director
Director
Company registration number: 10553315
3D Solicitors Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Queens Chambers, John Dalton Street, Manchester, M2 6ET.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
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 and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents the total invoice value, excluding Value Added Tax, of fees raised during the year and derives from the provision of goods falling within the company's ordinary activities. Fees receivable are recognised in the profit and loss account when a right to consideration is earned in exchange for performance of contractual obligations except where the right is contingent on an uncertain future event. Income is recorded at its fair value which is based on time spent, skills and expertise provided and expenses incurred. Disbursements incurred on behalf of clients are invoiced at the same time as the corresponding fee work is done.
Income tax
The taxation expense represents the aggregate amount of current and deferred 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer equipment
-
3 years straight line
Furniture and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Work in progress
Work in progress consisting of unbilled fees, where the ability to recover fees on a matter is non contingent, is recognised on the basis of time spent and valued at the amount expected to be billed in respect of that time. Work in progress is included in debtors in accordance with UITF 40.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 4 ).
5. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
49,723
33,136
Deferred tax:
Origination and reversal of timing differences
6
( 1,267)
--------
--------
Tax on profit
49,729
31,869
--------
--------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2022: higher than) the standard rate of corporation tax in the UK of 23.52 % (2022: 19 %).
2023
2022
£
£
Profit on ordinary activities before taxation
197,739
160,781
---------
---------
Profit on ordinary activities by rate of tax
46,509
30,548
Effect of expenses not deductible for tax purposes
1,492
1,525
Effect of capital allowances and depreciation
1,722
1,063
Deferred tax on timing differences
6
( 1,267)
---------
---------
Tax on profit
49,729
31,869
---------
---------
6. Tangible assets
Computer equipment
Furniture and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
10,721
33,028
41,590
4,889
90,228
Additions
625
625
--------
--------
--------
-------
--------
At 31 December 2023
11,346
33,028
41,590
4,889
90,853
--------
--------
--------
-------
--------
Depreciation
At 1 January 2023
9,740
9,127
28,430
4,719
52,016
Charge for the year
899
3,585
3,290
170
7,944
--------
--------
--------
-------
--------
At 31 December 2023
10,639
12,712
31,720
4,889
59,960
--------
--------
--------
-------
--------
Carrying amount
At 31 December 2023
707
20,316
9,870
30,893
--------
--------
--------
-------
--------
At 31 December 2022
981
23,901
13,160
170
38,212
--------
--------
--------
-------
--------
7. Debtors
2023
2022
£
£
Trade debtors
25,925
55,516
Prepayments and accrued income
5,012
3,544
Directors loan account
44,104
12,450
Other debtors
1,542
3,425
--------
--------
76,583
74,935
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
27,444
37,273
Accruals and deferred income
17,740
19,518
Corporation tax
49,723
32,892
Social security and other taxes
35,750
30,982
Obligations under finance leases and hire purchase contracts
16,588
20,520
Director loan accounts
378
Other creditors - Amounts due to clients
77,258
63,144
Other creditors
70
98
---------
---------
224,573
204,805
---------
---------
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
7,266
7,260
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
7,266
7,260
-------
-------
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr D.M. Berke
12,450
20,832
( 12,450)
20,832
Mrs D.S. Britstone
( 378)
23,650
23,272
--------
--------
--------
--------
12,072
44,482
( 12,450)
44,104
--------
--------
--------
--------
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr D.M. Berke
12,450
12,450
Mrs D.S. Britstone
( 378)
( 378)
----
--------
----
--------
12,072
12,072
----
--------
----
--------