Registered number
07983079
Jiva Solicitors Limited
Filleted Accounts
31 March 2024
Jiva Solicitors Limited
Registered number: 07983079
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 121,547 1,457
Current assets
Debtors 5 356,294 317,572
Cash at bank and in hand 292,323 394,779
648,617 712,351
Creditors: amounts falling due within one year 6 (408,418) (490,725)
Net current assets 240,199 221,626
Total assets less current liabilities 361,746 223,083
Creditors: amounts falling due after more than one year 7 (106,820) (21,667)
Provisions for liabilities (4,533) (277)
Net assets 250,393 201,139
Capital and reserves
Called up share capital 100 100
Profit and loss account 250,293 201,039
Shareholders' funds 250,393 201,139
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 Suhail Patel
Director
Approved by the board on 3 October 2024
Jiva Solicitors Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
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 represents the value, net of value added tax and discounts, of services provided to clients.

Services provided during the year, which at the balance sheet date have not been billed, have been recognised in accordance with Financial Reporting Standard 5 "Reporting the substance of transactions" and "UITF40 Revenue Recognition and Service Contracts". Turnover is recognised based on an assessment of the fair value of services provided at the balance sheet date, where a reasonable assumption can be made as to the stage of completion and successful recovery. Unbilled revenue is included within turnover and also debtors on the balance sheet.

Jiva Solicitors Limited incur disbursements during the provision of legal services to their clients, where applicable the expense is included within the profit and loss account and the corresponding recharge, where recoverable, is included within turnover. The directors believe that this better reflects the substance of the transactions.
Intangible fixed assets
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:
Computer equipment 33% straight line
Furniture and fittings 20% Straight line
Motor vehicles 20% reducing balance
Debtors
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 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.
Creditors
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.
Taxation
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
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.
Leased assets
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.
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 16 16
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 1,000,000
At 31 March 2024 1,000,000
Amortisation
At 1 April 2023 1,000,000
At 31 March 2024 1,000,000
Net book value
At 31 March 2024 -
4 Tangible fixed assets
Motor vehicles Fixtures and fittings Computer equipment Total
£ £ £ £
Cost
At 1 April 2023 - 756 2,824 3,580
Additions 122,940 - - 122,940
At 31 March 2024 122,940 756 2,824 126,520
Depreciation
At 1 April 2023 - 396 1,727 2,123
Charge for the year 2,049 124 677 2,850
At 31 March 2024 2,049 520 2,404 4,973
Net book value
At 31 March 2024 120,891 236 420 121,547
At 31 March 2023 - 360 1,097 1,457
5 Debtors 2024 2023
£ £
Trade debtors 341,416 300,867
Prepayments 5,098 5,630
Rent deposit 1,120 1,120
Directors loan account 8,660 9,955
356,294 317,572
Included within trade debtors are 'amounts recoverable on contracts', specifically this relates to work in progress which is valued in accordance with UITF40.
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Obligations under finance lease and hire purchase contracts 12,787 -
Corporation tax 17,682 19,580
VAT 37,562 34,779
Other taxes and social security costs 7,544 5,422
Accruals 321,414 419,795
Directors loan account 1,429 1,149
408,418 490,725
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 11,667 21,667
Obligations under finance lease and hire purchase contracts 95,153 -
106,820 21,667
8 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 11,200 11,200
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
M S Patel
Directors loan account 9,955 28,956 (30,251) 8,660
Mr C H Chua
Directors loan account (1,149) - (280) (1,429)
8,806 28,956 (30,531) 7,231
10 Controlling party
The company is controlled by Mr S Patel by virtue of his majority shareholding.
11 Other information
Jiva Solicitors Limited is a private company limited by shares and incorporated in England. Its registered office is:
Caroline House
125 Bradshawgate
Bolton
BL2 1BJ
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