2023-07-012024-06-302024-06-30false07311174BROWELL SMITH & CO SOLICITORS 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BROWELL SMITH & CO SOLICITORS LTD

Registered Number
07311174
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2024

BROWELL SMITH & CO SOLICITORS LTD
Company Information
for the year from 1 July 2023 to 30 June 2024

Directors

BAGLEY, Dawn
BROWELL, Philip Ashley
MUXWORTHY, John David

Company Secretary

BROWELL, Ruth Alison

Registered Address

10-13 Saville Row
Newcastle Upon Tyne
NE1 8JE

Registered Number

07311174 (England and Wales)
BROWELL SMITH & CO SOLICITORS LTD
Statement of Financial Position
30 June 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets4407,356452,986
407,356452,986
Current assets
Debtors51,910,6351,783,481
1,910,6351,783,481
Creditors amounts falling due within one year6(1,928,435)(1,823,781)
Net current assets (liabilities)(17,800)(40,300)
Total assets less current liabilities389,556412,686
Creditors amounts falling due after one year7(56,343)(128,830)
Net assets333,213283,856
Capital and reserves
Called up share capital650,003650,003
Share premium299,999299,999
Profit and loss account(616,789)(666,146)
Shareholders' funds333,213283,856
The financial statements were approved and authorised for issue by the Board of Directors on 17 October 2024, and are signed on its behalf by:
BROWELL, Philip Ashley
Director
Registered Company No. 07311174
BROWELL SMITH & CO SOLICITORS LTD
Notes to the Financial Statements
for the year ended 30 June 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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 sale of goods and/or the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Current taxation
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
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.
Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Amortisation is provided on the following basis: Goodwill - 20% straight line
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets’ residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. Depreciation is provided on all tangible fixed assets as follows: Leasehold property - over the life of the lease

Straight line (years)
Land and buildings50
Plant and machinery4
Fixtures and fittings4
Vehicles4
Finance leases and hire purchase contracts
Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease. Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Financial instruments
The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

20242023
Average number of employees during the year4752
3.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 July 23500,000500,000
At 30 June 24500,000500,000
Amortisation and impairment
At 01 July 23500,000500,000
At 30 June 24500,000500,000
Net book value
At 30 June 24--
At 30 June 23--
4.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Total

£££££
Cost or valuation
At 01 July 23513,233303,4808,994100,720926,427
At 30 June 24513,233303,4808,994100,720926,427
Depreciation and impairment
At 01 July 23134,263231,8548,99498,330473,441
Charge for year8,62235,813-1,19545,630
At 30 June 24142,885267,6678,99499,525519,071
Net book value
At 30 June 24370,34835,813-1,195407,356
At 30 June 23378,97071,626-2,390452,986
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables844,107845,561
Prepayments and accrued income1,066,528937,920
Total1,910,6351,783,481
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables68,518106,309
Bank borrowings and overdrafts946,479866,890
Taxation and social security197,531181,104
Other creditors380,131367,531
Accrued liabilities and deferred income335,776301,947
Total1,928,4351,823,781
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. Bank borrowings and overdrafts are secured by fixed and floating charges over the assets of the company.
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts50,926106,481
Other creditors5,41722,349
Total56,343128,830
Bank borrowings and overdrafts are secured by fixed and floating charges over the assets of the company.
8.Pension commitments
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date, unpaid contributions of £3,606 (2023 - £4,096) were due to the fund. They are included in other creditors.
9.Other commitments
At 30 June 2024 the company had future minimum lease payments under non-cancellable operating leases of £3,757 (2023 - £15,599).