11 01/04/2023 31/03/2024 2024-03-31 false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2023-04-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 06550034 2023-04-01 2024-03-31 06550034 2024-03-31 06550034 2023-03-31 06550034 2022-04-01 2023-03-31 06550034 2023-03-31 06550034 2022-03-31 06550034 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 06550034 core:MotorVehicles 2023-04-01 2024-03-31 06550034 bus:Director3 2023-04-01 2024-03-31 06550034 core:FurnitureFittingsToolsEquipment 2023-03-31 06550034 core:MotorVehicles 2023-03-31 06550034 core:FurnitureFittingsToolsEquipment 2024-03-31 06550034 core:WithinOneYear 2024-03-31 06550034 core:WithinOneYear 2023-03-31 06550034 core:ShareCapital 2024-03-31 06550034 core:ShareCapital 2023-03-31 06550034 core:RetainedEarningsAccumulatedLosses 2024-03-31 06550034 core:RetainedEarningsAccumulatedLosses 2023-03-31 06550034 core:FurnitureFittingsToolsEquipment 2023-03-31 06550034 core:MotorVehicles 2023-03-31 06550034 bus:SmallEntities 2023-04-01 2024-03-31 06550034 bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 06550034 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 06550034 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06550034 bus:FullAccounts 2023-04-01 2024-03-31
Company registration number: 06550034
Shaw & Company Solicitors Limited
Pages for filing with Registrar
31 March 2024
Shaw & Company Solicitors Limited
Contents
Statement of financial position
Notes to the financial statements
Shaw & Company Solicitors Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 9,568 13,631
_______ _______
9,568 13,631
Current assets
Stocks 689,967 701,647
Debtors 6 124,351 154,413
Cash at bank and in hand 10,184 25,121
_______ _______
824,502 881,181
Creditors: amounts falling due
within one year 7 ( 502,368) ( 589,155)
_______ _______
Net current assets 322,134 292,026
_______ _______
Total assets less current liabilities 331,702 305,657
_______ _______
Net assets 331,702 305,657
_______ _______
Capital and reserves
Called up share capital 300,400 300,400
Profit and loss account 31,302 5,257
_______ _______
Shareholders funds 331,702 305,657
_______ _______
For the year ending 31 March 2024 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.
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.
These financial statements were approved by the board of directors and authorised for issue on 10 October 2024 , and are signed on behalf of the board by:
Mr S D Jackson
Director
Company registration number: 06550034
Shaw & Company Solicitors Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Three Indian Kings House, 31 Quayside, Newcastle upon Tyne, NE1 3DE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Fee income represents revenue earned under a wide variety of contracts to provide legal services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It represents amounts chargeable to clients including expenses and disbursements but excluding value added tax. For incomplete contracts, an assessment is made of the extent to which revenue is earned. This assessment takes into account the nature of the assignment, its stage of completion and the relevant contract terms. Revenue in respect of the contingent fee engagements (over and above any agreed minimum fee) is recognised when the contingent event occurs and recovery of the fee is assured.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2023: 14 ).
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 April 2023 69,952 23,711 93,663
Disposals - ( 23,711) ( 23,711)
_______ _______ _______
At 31 March 2024 69,952 - 69,952
_______ _______ _______
Depreciation
At 1 April 2023 58,695 21,337 80,032
Charge for the year 1,689 - 1,689
Disposals - ( 21,337) ( 21,337)
_______ _______ _______
At 31 March 2024 60,384 - 60,384
_______ _______ _______
Carrying amount
At 31 March 2024 9,568 - 9,568
_______ _______ _______
At 31 March 2023 11,257 2,374 13,631
_______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 97,458 105,020
Other debtors 26,893 49,393
_______ _______
124,351 154,413
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 91,536 171,008
Trade creditors - 2,139
Corporation tax 19,599 5,728
Social security and other taxes 36,645 32,115
Other creditors 354,588 378,165
_______ _______
502,368 589,155
_______ _______
8. Directors advances, credits and guarantees
Within other creditors due within one year are amounts due to the directors of £325,642 (2023: £349, 032). These are provided interest free and repayable on demand.