Registration number:
Sovereign Solicitors Limited
for the
Year Ended 30 April 2024
Sovereign Solicitors Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Sovereign Solicitors Limited
Balance Sheet
as at 30 April 2024
Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Allotted, called up and fully paid share capital |
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Profit and loss account |
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Shareholders' funds |
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Registration number: 05120109
Sovereign Solicitors Limited
Balance Sheet
as at 30 April 2024 (continued)
For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his 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 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Sovereign Solicitors Limited
Notes to the Unaudited Financial Statements
for the
Year Ended 30 April 2024
General information |
The company is a private company limited by shares incorporated in England within the United Kingdom.
The company's registration number is 05120109.
The address of its registered office is:
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
All work is undertaken on a contigent basis and consequently fees are recognised and included in turnover in respect of all cases that have received a positive judgement or have been settled by the insurance company before the end of the accounting period.
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.
Sovereign Solicitors Limited
Notes to the Unaudited Financial Statements
for the
Year Ended 30 April 2024
(continued)
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Accounting policies (continued) |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated in the statement of financial position 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 over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures, fittings and equipment |
- 20% per annum on a straight line basis |
Computer equipment |
- 33.3% per annum on a straight line basis |
Goodwill
Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. The period chosen for writing off goodwill is 20 years. Provision is made for any impairment.
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.
Defined contribution pension obligation
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions are charged to the profit and loss account.
Sovereign Solicitors Limited
Notes to the Unaudited Financial Statements
for the
Year Ended 30 April 2024
(continued)
Staff numbers |
The average number of persons employed by the company (including the director) during the year was
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 May 2023 |
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At 30 April 2024 |
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Amortisation |
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At 1 May 2023 |
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Amortisation charge |
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At 30 April 2024 |
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Net book value: |
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At 30 April 2024 |
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At 30 April 2023 |
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Sovereign Solicitors Limited
Notes to the Unaudited Financial Statements
for the
Year Ended 30 April 2024
(continued)
Tangible assets |
Fixtures, fittings and equipment |
Computer equipment |
Total |
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Cost or valuation |
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At 1 May 2023 |
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Additions |
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At 30 April 2024 |
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Depreciation |
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At 1 May 2023 |
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Charge for the year |
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At 30 April 2024 |
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Carrying amount |
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At 30 April 2024 |
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At 30 April 2023 |
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Debtors |
Current |
Note |
2024 |
2023 |
Trade debtors |
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Amounts owed by related parties |
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Prepayments |
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Sovereign Solicitors Limited
Notes to the Unaudited Financial Statements
for the
Year Ended 30 April 2024
(continued)
Creditors |
2024 |
2023 |
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Due within one year |
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Loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
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Corporation tax |
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Director's loan account |
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Due after one year |
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Bank loans |
11,369 |
21,594 |
Due after one year |
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Bank loans and overdrafts |
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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 £