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REGISTERED NUMBER: 09889827 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

EMIN READ SOLICITORS LIMITED

EMIN READ SOLICITORS LIMITED (REGISTERED NUMBER: 09889827)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


EMIN READ SOLICITORS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: D J Read BA (Hons)
E Dozgic LL.B (Hons)
A Granditsch
S Moore





REGISTERED OFFICE: Watchoak Business Centre
Chain Lane
Battle
East Sussex
TN33 0GB





REGISTERED NUMBER: 09889827 (England and Wales)





ACCOUNTANTS: LMDB Accountants
Chartered Certified Accountants
Railview Lofts
19c Commercial Road
Eastbourne
East Sussex
BN21 3XE

EMIN READ SOLICITORS LIMITED (REGISTERED NUMBER: 09889827)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 626,318 648,658

CURRENT ASSETS
Amounts Recoverable Under
Contract 197,416 163,987
Debtors 5 152,656 118,830
Cash at bank and in hand 923,144 995,060
1,273,216 1,277,877
CREDITORS
Amounts falling due within one year 6 654,880 714,593
NET CURRENT ASSETS 618,336 563,284
TOTAL ASSETS LESS CURRENT LIABILITIES 1,244,654 1,211,942

CREDITORS
Amounts falling due after more than one
year

7

(330,697

)

(352,199

)

PROVISIONS FOR LIABILITIES (24,887 ) (28,013 )
NET ASSETS 889,070 831,730

EMIN READ SOLICITORS LIMITED (REGISTERED NUMBER: 09889827)

BALANCE SHEET - continued
31 MARCH 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 9 4,040 4,040
Retained earnings 885,030 827,690
SHAREHOLDERS' FUNDS 889,070 831,730

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

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 12 August 2024 and were signed on its behalf by:




D J Read BA (Hons) - Director E Dozgic LL.B (Hons) - Director




A Granditsch - Director S Moore - Director


EMIN READ SOLICITORS LIMITED (REGISTERED NUMBER: 09889827)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Emin Read 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

Trade debtor provisions - A review is undertaken at the end of the accounting period to determine whether individual office ledger balances are recoverable and an impairment provision is made based on that review.

Amounts Recoverable Under Contract - This is calculated based on a review of sales invoices raised to client after the end of the accounting period.

Turnover
Turnover is measured at the value of invoices raised less credit notes (both excluding value added tax) less bad debts written off & impaired/provided and adjusted for the movement in Amounts Recoverable Under Contract during the accounting period.

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 - 25% on reducing balance, 25% on cost and 15% on reducing balance

EMIN READ SOLICITORS LIMITED (REGISTERED NUMBER: 09889827)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial Instruments are initially measured at the transaction price (this includes transaction cost except in the initial measurement of financial assets and liabilities that will be measured at fair value through profit or loss). If however the arrangement constitutes a financing transaction it is then measured at the present value of the future payments, discounted at a market related interest rate.

Trade and other receivables - Sales are made without providing significant credit terms. Other receivables are measured at amortised cost using the effective interest method. At the end of each reporting period, the carrying amounts of trade and other receivables are reviewed to determine whether there is any objective evidence that the amounts are not recoverable. If so, an impairment loss is recognised immediately in profit or loss.

Trade payables - Trade payables are obligations on the basis of normal credit terms and do not bear interest. Trade payables denominated in a foreign currency are translated into the relevant currency using the exchange rate at the reporting date. Foreign exchange gains or losses are included in other income or other expenses.

Loans - Interest expense is recognised on the basis of the effective interest method and is included in finance costs.

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.

EMIN READ SOLICITORS LIMITED (REGISTERED NUMBER: 09889827)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

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.

Amounts recoverable under contract
Work undertaken but not invoiced to clients at the period end, where there is a contractual right to consideration for such work and the outcome of such work can be estimated reliably is recognised in the financial statements as revenue by reference to the stage of completion at that date. The asset is recognised as Amounts Recoverable Under Contract in the balance sheet at the period end.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 64 (2023 - 57 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023 547,050 236,278 783,328
Additions - 35,665 35,665
At 31 March 2024 547,050 271,943 818,993
DEPRECIATION
At 1 April 2023 14,442 120,228 134,670
Charge for year 7,440 50,565 58,005
At 31 March 2024 21,882 170,793 192,675
NET BOOK VALUE
At 31 March 2024 525,168 101,150 626,318
At 31 March 2023 532,608 116,050 648,658

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 95,625 69,934
Other debtors 57,031 48,896
152,656 118,830

EMIN READ SOLICITORS LIMITED (REGISTERED NUMBER: 09889827)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 21,503 20,603
Trade creditors 49,415 26,870
Taxation and social security 476,265 556,525
Other creditors 107,697 110,595
654,880 714,593

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 330,697 352,199

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 235,379 260,694

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 352,200 372,802

The bank loan outstanding at the balance sheet date is secured by a fixed charge over freehold property.

EMIN READ SOLICITORS LIMITED (REGISTERED NUMBER: 09889827)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000 Ordinary A £1 1,000 1,000
1,000 Ordinary B £1 1,000 1,000
1,000 Ordinary C £1 1,000 1,000
1,000 Ordinary D £1 1,000 1,000
10 Ordinary E £1 10 10
10 Ordinary F £1 10 10
10 Ordinary G £1 10 10
10 Ordinary H £1 10 10
4,040 4,040

10. OTHER FINANCIAL COMMITMENTS

The company has the following commitments under non-cancellable operating leases:

As at:20232023
££
Within one year19,46910,820
Within 1 to 2 years19,2089,704
Between 2 and 5 years43,95011,551