Albertson Solicitors Limited |
Registered number: 13176410 |
Balance Sheet |
As at 30 April 2024 |
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Notes |
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|
2024 |
|
|
2023 |
£ |
£ |
Fixed assets |
Tangible assets |
4 |
|
|
35,494 |
|
|
39,242 |
|
Current assets |
Debtors |
5 |
|
|
418,815 |
|
|
437,926 |
Cash at bank |
|
|
|
36,112 |
|
|
74,288 |
|
|
|
|
454,927 |
|
|
512,214 |
|
Creditors: amounts falling due within one year |
6 |
|
|
(207,688) |
|
|
(267,560) |
|
Net current assets |
|
|
|
247,239 |
|
|
244,654 |
|
Total assets less current liabilities |
|
|
|
282,733 |
|
|
283,896 |
|
Creditors: amounts falling due after one year |
7 |
|
|
(8,572) |
|
|
(14,496) |
|
Provision for deferred tax liabilities |
|
|
|
(8,874) |
|
|
(9,811) |
|
Client funds |
Client bank accounts |
|
|
|
42,937 |
|
|
218,289 |
Amounts due to clients |
|
|
|
(42,937) |
|
|
(218,289) |
|
Net assets |
|
|
|
265,287 |
|
|
259,589 |
|
|
|
|
|
|
|
|
Capital and reserves |
Share capital |
8 |
|
|
1,000 |
|
|
100 |
Retained earnings |
|
|
|
264,287 |
|
|
259,489 |
|
Shareholders funds |
|
|
|
265,287 |
|
|
259,589 |
|
|
|
|
|
|
|
|
|
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 company has taken the option not to deliver a profit and loss account to the Registrar of Companies. |
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Peter Dovey |
Director |
Approved by the board on 30 October 2024 |
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Albertson Solicitors Limited |
Notes to the Accounts |
For the year ended 30 April 2024 |
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1 |
Company information |
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The company is a private company limited by shares, incorporated in England and registered at 14 Old Square, Lincoln's Inn, London, WC2A 3EU. |
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2 |
Accounting policies |
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2.1 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). The comparatives cover a period of 15 months to achieve the company's preferred period-end date and hence the current year is not directly comparable to the prior period. |
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2.2 Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover comprises revenue earned from the rendering of services. Turnover is recognised on completion of the service rendered. |
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2.3 Tangible assets |
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Tangible assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on tangible fixed assets 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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Equipment and fittings |
over 4 years |
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2.4 Debtors |
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Short term debtors are measured at transaction price less any impairment losses for bad and doubtful debts. Longer term 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. |
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2.5 Creditors |
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Short term creditors are measured at transaction price. Longer term 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. |
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2.6 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 accounts 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. Current and deferred tax assets and liabilities are not discounted. |
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2.7 Impairment |
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Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit and loss account. |
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2.8 Provisions |
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Provisions and other 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 reliably estimated. |
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2.9 Foreign currency translation |
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The company's functional and presentation currency is Pound sterling ("£"). Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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2.10 Pension contributions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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3 |
Employees |
2024 |
|
2023 |
Number |
Number |
|
|
Average number of persons employed, including directors |
9 |
|
6 |
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|
|
|
|
|
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|
4 |
Tangible assets |
|
|
|
|
|
|
|
|
Equipment and fittings |
£ |
|
Cost |
|
At 1 May 2023 |
52,331 |
|
Additions |
12,455 |
|
At 30 April 2024 |
64,786 |
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|
|
|
|
|
|
|
|
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Depreciation |
|
At 1 May 2023 |
13,089 |
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Charge for the year |
16,203 |
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At 30 April 2024 |
29,292 |
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|
|
|
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|
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Net book value |
|
At 30 April 2024 |
35,494 |
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At 30 April 2023 |
39,242 |
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|
5 |
Debtors |
2024 |
|
2023 |
£ |
£ |
|
|
Trade debtors |
327,817 |
|
399,969 |
|
Other debtors |
90,998 |
|
37,957 |
|
|
|
|
|
|
418,815 |
|
437,926 |
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|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
£ |
£ |
|
|
Bank loans |
6,390 |
|
6,390 |
|
Trade creditors |
65,617 |
|
36,112 |
|
Taxation and social security |
55,143 |
|
73,723 |
|
Other creditors |
80,538 |
|
151,335 |
|
|
|
|
|
|
207,688 |
|
267,560 |
|
|
|
|
|
|
|
|
|
|
7 |
Creditors: amounts falling due after one year |
2024 |
|
2023 |
£ |
£ |
|
|
Bank loans |
8,572 |
|
14,496 |
|
|
|
|
|
|
|
|
|
|
|
8 |
Share capital |
2024 |
|
2023 |
£ |
£ |
|
Allotted, called up and fully paid: |
|
1,000 ordinary shares of £1 each |
1,000 |
|
100 |
|
|
|
|
|
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|
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9 |
Financial commitments |
2024 |
|
2023 |
£ |
£ |
|
Total future minimum payments under non-cancellable operating leases, held by Peter Dovey, director, on trust for the company |
|
456,750 |
|
519,750 |
|
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10 |
Related party transactions |
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Included within other creditors in Note 6 is an interest-free, unsecured and repayable on demand loan of £52,771 (2023: £100,140) from Peter Dovey, a director of the company. Also included within other creditors in Note 6 is an interest-free, unsecured and repayable on demand loan of £4,913 from Nagi Khalid El Hussein Idris, who became a director of the company on 1 May 2023. During the year ended 30 April 2024, this loan was at times in the direction of from the company to Nagi Khalid El Hussein Idris, at which point it was interest-bearing at a rate of 2.25%, unsecured, repayable on demand and reached a peak balance of £10,723. By 30 April 2024, all advances to the director had been repaid and the loan was payable from the company to Nagi Khalid El Hussein Idris. |