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Registration number: 06113698

Livingstons Solicitors Limited

Unaudited Financial Statements

31 March 2024

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Livingstons Solicitors Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Livingstons Solicitors Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Livingstons Solicitors Limited for the year ended 31 March 2024 as set out on pages 2 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Livingstons Solicitors Limited, as a body, in accordance with the terms of our engagement letter dated 9 December 2022. Our work has been undertaken solely to prepare for your approval the accounts of Livingstons Solicitors Limited and state those matters that we have agreed to state to the Board of Directors of Livingstons Solicitors Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Livingstons Solicitors Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Livingstons Solicitors Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Livingstons Solicitors Limited. You consider that Livingstons Solicitors Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Livingstons Solicitors Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Audit Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

3 September 2024

 

Livingstons Solicitors Limited

(Registration number: 06113698)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

75,000

100,000

Tangible assets

5

29,700

34,217

 

104,700

134,217

Current assets

 

Debtors

6

675,502

562,998

Cash at bank and in hand

 

216,658

63,808

 

892,160

626,806

Creditors: Amounts falling due within one year

7

(253,642)

(173,032)

Net current assets

 

638,518

453,774

Total assets less current liabilities

 

743,218

587,991

Creditors: Amounts falling due after more than one year

7

(43,091)

(57,383)

Provisions for liabilities

(7,012)

(8,051)

Net assets

 

693,115

522,557

Capital and reserves

 

Allotted, called up and fully paid share capital

1,000

1,000

Profit and loss account

692,115

521,557

Total equity

 

693,115

522,557

 

Livingstons Solicitors Limited

(Registration number: 06113698)
Balance Sheet as at 31 March 2024 (continued)

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 3 September 2024 and signed on its behalf by:
 

.........................................

S M Walker

Director

.........................................

K A Chambers

Director

.........................................

L J Dacre

Director

 

Livingstons Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
9 Benson Street
ULVERSTON
LA12 7AU

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

Livingstons Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

10% straight line

Fixtures and fittings

15% reducing balance basis and 25% straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20 years straight line

The directors reviewed the valuation of goodwill on 1 April 2015, the date on which Financial Reporting Standard 102 was implemented. At that date the directors were of the opinion that the goodwill had a remaining useful economic life to the company of at least the 12 years it had remaining under its estimated useful life of twenty years. Goodwill therefore continues to be amortised over its original twenty year estimated useful economic life.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Livingstons Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 33 (2023 - 30).

 

Livingstons Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

500,000

500,000

At 31 March 2024

500,000

500,000

Amortisation

At 1 April 2023

400,000

400,000

Amortisation charge

25,000

25,000

At 31 March 2024

425,000

425,000

Carrying amount

At 31 March 2024

75,000

75,000

At 31 March 2023

100,000

100,000

5

Tangible assets

Land and buildings
£

Fixtures and fittings
 £

Total
£

Cost or valuation

At 1 April 2023

32,142

245,898

278,040

Additions

-

1,291

1,291

At 31 March 2024

32,142

247,189

279,331

Depreciation

At 1 April 2023

32,142

211,681

243,823

Charge for the year

-

5,808

5,808

At 31 March 2024

32,142

217,489

249,631

Carrying amount

At 31 March 2024

-

29,700

29,700

At 31 March 2023

-

34,217

34,217

 

Livingstons Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

6

Debtors

2024
£

2023
£

Trade debtors

147,767

140,730

Other debtors

527,735

422,268

675,502

562,998

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

14,357

13,678

Trade creditors

 

10,751

7,860

Taxation and social security

 

74,844

56,713

Corporation tax liability

 

131,289

72,914

Other creditors

 

22,401

21,867

 

253,642

173,032

Due after one year

 

Loans and borrowings

8

43,091

57,383

 

Livingstons Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

14,357

13,678

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

14,357

13,678

Bank borrowings are secured by fixed and floating charges over the company's assets.
 

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

43,091

57,383

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

43,091

57,383

Bank borrowings are secured by fixed and floating charges over the company's assets.
 

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £24,110 (2023 - £Nil).

 

Livingstons Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

10

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 March 2024
£

S M Walker

Loan

51,391

81,735

(236)

-

(51,391)

842

82,341

               
         

K A Chambers

Loan

25,332

54,013

(158)

-

(25,332)

333

54,188

               
         

L J Dacre

Loan

60,050

88,123

(263)

-

(60,050)

996

88,856

               
         

S Ladhams

Loan

-

7,993

-

-

-

-

7,993

               
         

 

2023

At 1 April 2022
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 March 2023
£

S M Walker

Loan

31,275

51,267

(210)

-

(31,275)

334

51,391

               
         

K A Chambers

Loan

6,063

25,309

(79)

-

(6,063)

102

25,332

               
         

L J Dacre

Loan

41,672

59,807

(236)

-

(41,672)

479

60,050

               
         

 

Directors' advances are repayable on demand.

Interest has been charged at a rate of 2% to 5 April 2023 and 2.25% thereafter on advances to directors in excess of £10,000.

11

Client monies

At 31 March 2024 the company held client monies totalling £6,976,178 (2023 - £5,122,420). These were held in various client accounts in accordance with the SRA Accounts Rules.