Company registration number 10878846 (England and Wales)
FIRECREST LAW LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
FIRECREST LAW LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
FIRECREST LAW LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,276
949
Current assets
Stocks
5
30,000
27,500
Debtors
6
89,271
105,251
Cash at bank and in hand
113,581
60,617
232,852
193,368
Creditors: amounts falling due within one year
7
(71,604)
(76,820)
Net current assets
161,248
116,548
Net assets
162,524
117,497
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
162,424
117,397
Total equity
162,524
117,497

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved and signed by the director and authorised for issue on 1 October 2024
Mrs A R Collett
Director
Company registration number 10878846 (England and Wales)
FIRECREST LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Firecrest Law Limited is a private company limited by shares incorporated in England and Wales. The registered office is Champion Allwoods Limited, 2nd Floor Refuge House, 33-37 Watergate Row, Chester, CH1 2LE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
written off over 5 years
Computer equipment
written off over 3 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Work in progress

Work in progress is included to reflect the recoverability of the professional services provided but not invoiced at the year end. The adjustment to work in progress is shown as an increase or decrease to turnover, net of VAT.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

FIRECREST LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
4
Tangible fixed assets
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 1 April 2023
675
5,479
6,154
Additions
-
0
1,359
1,359
At 31 March 2024
675
6,838
7,513
Depreciation and impairment
At 1 April 2023
337
4,868
5,205
Depreciation charged in the year
135
897
1,032
At 31 March 2024
472
5,765
6,237
Carrying amount
At 31 March 2024
203
1,073
1,276
At 31 March 2023
338
611
949
FIRECREST LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
5
Stocks
2024
2023
£
£
Work in progress
30,000
27,500
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
43,575
16,573
Other debtors
45,485
88,678
Prepayments and accrued income
211
-
0
89,271
105,251
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
211
-
0
Taxation and social security
57,907
35,978
Other creditors
13,486
40,842
71,604
76,820
2024-03-312023-04-01false01 October 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityMrs A R Collettfalsefalse108788462023-04-012024-03-31108788462024-03-31108788462023-03-3110878846core:FurnitureFittings2024-03-3110878846core:ComputerEquipment2024-03-3110878846core:FurnitureFittings2023-03-3110878846core:ComputerEquipment2023-03-3110878846core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3110878846core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3110878846core:CurrentFinancialInstruments2024-03-3110878846core:CurrentFinancialInstruments2023-03-3110878846core:ShareCapital2024-03-3110878846core:ShareCapital2023-03-3110878846core:RetainedEarningsAccumulatedLosses2024-03-3110878846core:RetainedEarningsAccumulatedLosses2023-03-3110878846bus:Director12023-04-012024-03-3110878846core:FurnitureFittings2023-04-012024-03-3110878846core:ComputerEquipment2023-04-012024-03-31108788462022-04-012023-03-3110878846core:FurnitureFittings2023-03-3110878846core:ComputerEquipment2023-03-31108788462023-03-3110878846bus:PrivateLimitedCompanyLtd2023-04-012024-03-3110878846bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3110878846bus:FRS1022023-04-012024-03-3110878846bus:AuditExemptWithAccountantsReport2023-04-012024-03-3110878846bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP