Sovereign Solicitors Limited 05120109 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is that of personal injury solicitors Digita Accounts Production Advanced 6.30.9574.0 true 05120109 2023-05-01 2024-04-30 05120109 2024-04-30 05120109 core:RetainedEarningsAccumulatedLosses 2024-04-30 05120109 core:ShareCapital 2024-04-30 05120109 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 05120109 core:Non-currentFinancialInstruments core:AfterOneYear 2024-04-30 05120109 core:Goodwill 2024-04-30 05120109 core:FurnitureFittings 2024-04-30 05120109 core:OfficeEquipment 2024-04-30 05120109 bus:SmallEntities 2023-05-01 2024-04-30 05120109 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 05120109 bus:FilletedAccounts 2023-05-01 2024-04-30 05120109 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 05120109 bus:RegisteredOffice 2023-05-01 2024-04-30 05120109 bus:CompanySecretaryDirector1 2023-05-01 2024-04-30 05120109 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 05120109 core:Goodwill 2023-05-01 2024-04-30 05120109 core:ComputerEquipment 2023-05-01 2024-04-30 05120109 core:FurnitureFittings 2023-05-01 2024-04-30 05120109 core:OfficeEquipment 2023-05-01 2024-04-30 05120109 countries:England 2023-05-01 2024-04-30 05120109 2023-04-30 05120109 core:Goodwill 2023-04-30 05120109 core:FurnitureFittings 2023-04-30 05120109 core:OfficeEquipment 2023-04-30 05120109 2022-05-01 2023-04-30 05120109 2023-04-30 05120109 core:RetainedEarningsAccumulatedLosses 2023-04-30 05120109 core:ShareCapital 2023-04-30 05120109 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 05120109 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-30 05120109 core:Goodwill 2023-04-30 05120109 core:FurnitureFittings 2023-04-30 05120109 core:OfficeEquipment 2023-04-30 iso4217:GBP xbrli:pure

Registration number: 05120109

Sovereign Solicitors Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Sovereign Solicitors Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Sovereign Solicitors Limited

Balance Sheet

as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

20,000

30,000

Tangible assets

5

14,155

3,106

 

34,155

33,106

Current assets

 

Debtors

6

533,559

462,729

Cash at bank and in hand

 

5

14,925

 

533,564

477,654

Creditors: Amounts falling due within one year

7

(508,851)

(445,030)

Net current assets

 

24,713

32,624

Total assets less current liabilities

 

58,868

65,730

Creditors: Amounts falling due after more than one year

7

(11,369)

(21,594)

Provisions for liabilities

(3,539)

(777)

Net assets

 

43,960

43,359

Capital and reserves

 

Allotted, called up and fully paid share capital

100

100

Profit and loss account

43,860

43,259

Shareholders' funds

 

43,960

43,359

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 director on 29 October 2024
 

.........................................
Mr S R Javed
Company secretary and director

 

Sovereign Solicitors Limited

Notes to the Unaudited Financial Statements

for the Year Ended 30 April 2024

1

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:
10 Parkview Court
St Pauls Road
Shipley
West Yorkshire
BD18 3DZ

2

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)

2

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)

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 10 (2023 - 11).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

200,000

200,000

At 30 April 2024

200,000

200,000

Amortisation

At 1 May 2023

170,000

170,000

Amortisation charge

10,000

10,000

At 30 April 2024

180,000

180,000

Net book value:

At 30 April 2024

20,000

20,000

At 30 April 2023

30,000

30,000

 

Sovereign Solicitors Limited

Notes to the Unaudited Financial Statements

for the Year Ended 30 April 2024 (continued)

5

Tangible assets

Fixtures, fittings and equipment
£

Computer equipment
£

Total
£

Cost or valuation

At 1 May 2023

25,500

52,642

78,142

Additions

14,750

-

14,750

At 30 April 2024

40,250

52,642

92,892

Depreciation

At 1 May 2023

25,296

49,740

75,036

Charge for the year

1,751

1,950

3,701

At 30 April 2024

27,047

51,690

78,737

Carrying amount

At 30 April 2024

13,203

952

14,155

At 30 April 2023

204

2,902

3,106

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

308,065

293,063

Amounts owed by related parties

198,424

147,350

Prepayments

 

27,070

22,316

   

533,559

462,729

 

Sovereign Solicitors Limited

Notes to the Unaudited Financial Statements

for the Year Ended 30 April 2024 (continued)

7

Creditors

2024
£

2023
£

Due within one year

Loans and overdrafts

159,750

252,968

Trade creditors

217,314

124,208

Taxation and social security

33,560

20,881

Other creditors

1,506

1,710

Accruals and deferred income

51,069

23,309

Corporation tax

45,339

21,940

Director's loan account

313

14

508,851

445,030

Due after one year

Bank loans

11,369

21,594

Due after one year

 

Bank loans and overdrafts

11,369

21,594

8

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 £71,050 (2023 - £40,467).