Registered number
07048005
Family Law Solicitors Limited
Filleted Accounts
31 March 2024
Family Law Solicitors Limited
Registered number: 07048005
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 40,199 53,293
Investments 4 500,000 200,000
540,199 253,293
Current assets
Stocks 87,900 175,862
Debtors 5 6,001 4,398
Cash at bank and in hand 507,895 768,759
601,796 949,019
Creditors: amounts falling due within one year 6 (119,402) (247,868)
Net current assets 482,394 701,151
Total assets less current liabilities 1,022,593 954,444
Provisions for liabilities (7,638) (10,126)
Net assets 1,014,955 944,318
Capital and reserves
Called up share capital 10 10
Profit and loss account 1,014,945 944,308
Shareholder's funds 1,014,955 944,318
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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 A Wisniewski
Director
Approved by the board on 15 November 2024
Family Law 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 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 rendering of services and 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.
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:
Motor vehicles 25% reducing balance
Fixtures, fittings, tools and equipment 15% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 14,415 58,474 72,889
Disposals (2,665) - (2,665)
At 31 March 2024 11,750 58,474 70,224
Depreciation
At 1 April 2023 4,977 14,619 19,596
Charge for the year 1,290 10,963 12,253
On disposals (1,824) - (1,824)
At 31 March 2024 4,443 25,582 30,025
Net book value
At 31 March 2024 7,307 32,892 40,199
At 31 March 2023 9,438 43,855 53,293
4 Investments
Other
investments
£
Cost
At 1 April 2023 200,000
Additions 500,000
Disposals (200,000)
At 31 March 2024 500,000
5 Debtors 2024 2023
£ £
Trade debtors 2,686 1,739
Other debtors 3,315 2,659
6,001 4,398
6 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 83,618 116,543
Other creditors 35,784 131,325
119,402 247,868
7 Controlling party
The company is under the control of Mr A Wisniewski by virtue of his shareholding.
8 Other information
Family Law Solicitors Limited is a private company limited by shares and incorporated in England & Wales. Its registered office is:
10 Swallow Close
Leicester Forest East
Leicester
Leicestershire
LE3 3NY
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