MRH Solicitors Limited |
Registered number: |
06983058 |
Balance Sheet |
as at 31 March 2024 |
|
Notes |
|
|
2024 |
|
|
2023 |
£ |
£ |
Fixed assets |
Tangible assets |
4 |
|
|
90,204 |
|
|
105,347 |
|
Current assets |
Debtors |
5 |
|
1,961,359 |
|
|
1,917,920 |
Cash at bank and in hand |
|
|
3,135 |
|
|
152,391 |
|
|
|
1,964,494 |
|
|
2,070,311 |
|
Creditors: amounts falling due within one year |
6 |
|
(1,845,338) |
|
|
(1,910,738) |
|
Net current assets |
|
|
|
119,156 |
|
|
159,573 |
|
Total assets less current liabilities |
|
|
|
209,360 |
|
|
264,920 |
|
Creditors: amounts falling due after more than one year |
7 |
|
|
(64,807) |
|
|
(84,430) |
|
Provisions for liabilities |
|
|
|
(15,166) |
|
|
(15,166) |
|
|
Net assets |
|
|
|
129,387 |
|
|
165,324 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
120 |
|
|
120 |
Profit and loss account |
|
|
|
129,267 |
|
|
165,204 |
|
Shareholders' funds |
|
|
|
129,387 |
|
|
165,324 |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
Mr MY Patel |
Director |
Approved by the board on 18 April 2024 |
|
MRH Solicitors Limited |
Notes to the Accounts |
for the year ended 31 March 2024 |
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|
1 |
Accounting policies |
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|
Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services.Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. Services provided during the year, which at the balance sheet date have not been billed, have been recognised in accordance with "UITF40 Revenue Recognition and Service Contracts". Turnover recognised in this manner is based on an assessment of the fair value of services provided at the balance sheet date where admission of liability has been accepted in respect of personal injury cases and an offer of compensation has been received in respect of PPI cases. Work in progress is included where the above contingent events have been met and only where a reasonable estimate of the fees can be made. Where admission of liability and contingent events have not been identified, then a fair estimation is used based upon historic settlements. Referral fees and engineers fees are recognised when they are invoiced by the supplier or notification of fees is accepted by the company based on agreed supplier terms. Other disbursements are recognised when they are paid on behalf of the client and are reviewed for potential bad debts on a periodic basis. Unbilled revenue is included within turnover and also trade debtors on the balance sheet. |
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|
Intangible fixed assets |
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Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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|
Leasehold land and buildings |
over the lease term |
|
Fixtues and fittings |
over 5 years |
|
Computer equipment |
over 3 years |
|
Motor vehicles |
over 5 years |
|
|
Investments |
|
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
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|
Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets which are interest-bearing are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. Non-interest bearing loans considered repayable upon demand are recognised at transaction price. |
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|
Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Where loans are non-interest bearing, the loan is measured at transaction price. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Leased assets |
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A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
|
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Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
2 |
Employees |
2024 |
|
2023 |
Number |
Number |
|
|
Average number of persons employed by the company |
20 |
|
24 |
|
|
|
|
|
|
|
|
|
|
3 |
Intangible fixed assets |
£ |
|
Goodwill: |
|
|
Cost |
|
At 1 April 2023 |
1,200,000 |
|
At 31 March 2024 |
1,200,000 |
|
|
|
|
|
|
|
|
|
|
Amortisation |
|
At 1 April 2023 |
1,200,000 |
|
At 31 March 2024 |
1,200,000 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2024 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
4 |
Tangible fixed assets |
|
|
Leasehold improvements |
|
Office furniture & computer equipment |
|
Motor vehicles |
|
Total |
£ |
£ |
£ |
£ |
|
Cost |
|
At 1 April 2023 |
48,747 |
|
160,189 |
|
89,340 |
|
298,276 |
|
Additions |
- |
|
23,938 |
|
- |
|
23,938 |
|
At 31 March 2024 |
48,747 |
|
184,127 |
|
89,340 |
|
322,214 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2023 |
27,163 |
|
141,197 |
|
24,569 |
|
192,929 |
|
Charge for the year |
8,258 |
|
12,955 |
|
17,868 |
|
39,081 |
|
At 31 March 2024 |
35,421 |
|
154,152 |
|
42,437 |
|
232,010 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2024 |
13,326 |
|
29,975 |
|
46,903 |
|
90,204 |
|
At 31 March 2023 |
21,584 |
|
18,992 |
|
64,771 |
|
105,347 |
|
|
5 |
Debtors |
2024 |
|
2023 |
£ |
£ |
|
|
Trade debtors |
589,294 |
|
449,154 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
1,073,275 |
|
1,287,069 |
|
Prepayments |
|
|
|
|
23,790 |
|
35,601 |
|
Other debtors |
275,000 |
|
146,096 |
|
|
|
|
|
|
1,961,359 |
|
1,917,920 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
£ |
£ |
|
|
Bank loans and overdrafts |
37,281 |
|
74,673 |
|
Company credit card |
4,796 |
|
5,764 |
|
Obligations under finance lease and hire purchase contracts |
9,623 |
|
9,623 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
160,109 |
|
- |
|
Accruals and deferred income |
|
|
|
|
1,125,640 |
|
1,293,984 |
|
Other loans |
|
|
|
|
200,000 |
|
200,000 |
|
Taxation and social security costs |
157,889 |
|
258,527 |
|
Other creditors |
150,000 |
|
68,167 |
|
|
|
|
|
|
1,845,338 |
|
1,910,738 |
|
|
|
|
|
|
|
|
|
|
Mr AH Qamruddin holds 2 debentures dated 24 June 2014 and 3 February 2018 in respect of |
|
balances recorded under 'other loans'. |
|
7 |
Creditors: amounts falling due after one year |
2024 |
|
2023 |
£ |
£ |
|
|
Bank loans |
11,667 |
|
21,667 |
|
Obligations under finance lease and hire purchase contracts |
53,140 |
|
62,763 |
|
|
|
|
|
|
64,807 |
|
84,430 |
|
|
|
|
|
|
|
|
|
|
8 |
Other financial commitments |
2024 |
|
2023 |
£ |
£ |
|
|
Total future minimum payments under non-cancellable operating leases |
|
75,677 |
|
73,061 |
|
|
|
|
|
|
|
|
|
|
9 |
Controlling party |
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The ultimate controlling party is MRH EOT Limited, company number 12361701, registered office 115-125 Bradshawgate, Bolton, BL2 1BJ, UK. |
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|
10 |
Other information |
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|
MRH Solicitors Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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Caroline House |
|
115-125 Bradshawgate |
|
Bolton |
|
BL2 1BJ |