REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 MAY 2023 TO 31 DECEMBER 2023 |
FOR |
KITELEYS SOLICITORS LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
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 |
Capital redemption reserve | 10 |
Retained earnings | 10 |
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 |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery etc | - |
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 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 May 2023 |
and 31 December 2023 |
AMORTISATION |
At 1 May 2023 |
Charge for period |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 30 April 2023 |
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 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 May 2023 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 30 April 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2023 |
£ | £ |
Trade debtors |
Amounts recoverable on contracts |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2023 |
£ | £ |
Bank loans |
Other creditors |
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 |
Bank loans |
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 | 276,572 |
Profit for the period |
Dividends | ( |
) | ( |
) |
At 31 December 2023 | 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. |