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REGISTERED NUMBER: 09137780 (England and Wales)














Financial Statements

for the Year Ended 31 December 2023

for

Waring & Co Legal Ltd

Waring & Co Legal Ltd (Registered number: 09137780)

Contents of the Financial Statements
for the Year Ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Waring & Co Legal Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: C J Weir
C S Hutchinson





REGISTERED OFFICE: 1-3 The Courtyard
Calvin Street
Bolton
Greater Manchester
BL1 8PB





REGISTERED NUMBER: 09137780 (England and Wales)





ACCOUNTANTS: SB&P
Chartered Accountants
Oriel House
2/8 Oriel Road
Bootle
Merseyside
L20 7EP

Waring & Co Legal Ltd (Registered number: 09137780)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,385,399 1,662,480
Tangible assets 5 3,301 4,401
1,388,700 1,666,881

CURRENT ASSETS
Debtors 6 202,405 329,227
Cash at bank and in hand 5,450 37,837
207,855 367,064
CREDITORS
Amounts falling due within one year 7 503,765 351,509
NET CURRENT (LIABILITIES)/ASSETS (295,910 ) 15,555
TOTAL ASSETS LESS CURRENT LIABILITIES 1,092,790 1,682,436

CREDITORS
Amounts falling due after more than one year 8 (116,374 ) (339,479 )

PROVISIONS FOR LIABILITIES (825 ) (836 )
NET ASSETS 975,591 1,342,121

CAPITAL AND RESERVES
Called up share capital 10 50 100
Capital redemption reserve 50 -
Retained earnings 975,491 1,342,021
SHAREHOLDERS' FUNDS 975,591 1,342,121

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

The members have not required the company to obtain an audit of its financial statements for the year 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.

Waring & Co Legal Ltd (Registered number: 09137780)

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 26 September 2024 and were signed on its behalf by:





C J Weir - Director


Waring & Co Legal Ltd (Registered number: 09137780)

Notes to the Financial Statements
for the Year Ended 31 December 2023


1. STATUTORY INFORMATION

Waring & Co Legal Ltd 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.

Turnover
Turnover represents amounts chargeable to clients for professional services provided during the year, excluding value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of ten years.

Goodwill represents the excess of the cost of acquisition of unincorporated business in 2014 over the fair value of net assets acquired. It is initially recognized as an asset at cost and is subsequently measured at cost less accumulated amortisation.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on cost

Taxation
Taxation for the year 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.

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 year 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.

Waring & Co Legal Ltd (Registered number: 09137780)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Employee benefits
The cost of short-term employee benefits are recognized as a liability and an expense, unless those costs are required to be recognized as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognized in the period in which the employee's services are received.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 11 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 3,500,000
AMORTISATION
At 1 January 2023 1,837,520
Charge for year 277,081
At 31 December 2023 2,114,601
NET BOOK VALUE
At 31 December 2023 1,385,399
At 31 December 2022 1,662,480

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 33,543 5,733 39,276
DEPRECIATION
At 1 January 2023 29,142 5,733 34,875
Charge for year 1,100 - 1,100
At 31 December 2023 30,242 5,733 35,975
NET BOOK VALUE
At 31 December 2023 3,301 - 3,301
At 31 December 2022 4,401 - 4,401

Waring & Co Legal Ltd (Registered number: 09137780)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 6,319 9,357
Amounts recoverable on contract 69,743 91,513
Other debtors 126,343 228,357
202,405 329,227

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 241,217 169,599
Trade creditors 2,368 3,086
Taxation and social security 253,010 172,024
Other creditors 7,170 6,800
503,765 351,509

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans 116,374 339,479

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank overdraft 15,881 -
Bank loans 341,710 509,078
357,591 509,078

The company overdraft is secured via a fixed and floating charge over all the assets of the company.

Mr David Richard Winston has a Guarantee for £250,000 in favour of Barclays Bank UK PLC including and not limited to a legal charge over Flat 2, Brigadier House, Heritage Avenue, Beaufort Park, London.

Mr Christopher John Weir has a Guarantee for £250,000 in favour of Barclays Bank UK PLC including and not limited to a legal charge over 18 Rodmell Close, Bromley Cross, Bolton.

A debenture granted by Waring & Co Legal Ltd held by Barclays Security Trustee Limited for the benefit of Barclays Bank UK PLC and Barclays Bank PLC.

Waring & Co Legal Ltd (Registered number: 09137780)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


10. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
50 Ordinary £1 50 50

11. OTHER FINANCIAL COMMITMENTS

The total amounts of commitments, contingencies and guarantees committed by the company at year end was £16,018 (2022: £29,795).

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
C J Weir
Balance outstanding at start of year 153,349 126,035
Amounts advanced 39,587 27,314
Amounts repaid (159,080 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 33,856 153,349

C S Hutchinson
Balance outstanding at start of year 887 887
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 887 887