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REGISTERED NUMBER: NI608828 (Northern Ireland)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

KEENAN SOLICITORS LIMITED

KEENAN SOLICITORS LIMITED (REGISTERED NUMBER: NI608828)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 9


KEENAN SOLICITORS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: C Keenan





REGISTERED OFFICE: 2 South Parade
Belfast
BT7 2GR





REGISTERED NUMBER: NI608828 (Northern Ireland)





ACCOUNTANTS: Baker Tilly Mooney Moore
17 Clarendon Road
Clarendon Dock
Belfast
BT1 3BG

KEENAN SOLICITORS LIMITED (REGISTERED NUMBER: NI608828)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 200,000 350,000
Tangible assets 5 250,059 250,130
450,059 600,130

CURRENT ASSETS
Debtors 6 808,973 725,292
Cash at bank and in hand 1,859,172 2,275,230
2,668,145 3,000,522
CREDITORS
Amounts falling due within one year 7 1,458,927 1,765,503
NET CURRENT ASSETS 1,209,218 1,235,019
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,659,277

1,835,149

PROVISIONS FOR LIABILITIES 53,354 53,084
NET ASSETS 1,605,923 1,782,065

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 1,604,923 1,781,065
1,605,923 1,782,065

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

KEENAN SOLICITORS LIMITED (REGISTERED NUMBER: NI608828)

BALANCE SHEET - continued
31 MARCH 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 6 November 2024 and were signed by:





C Keenan - Director


KEENAN SOLICITORS LIMITED (REGISTERED NUMBER: NI608828)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Keenan Solicitors Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The Director believes that preparing the financial statements on the going concern basis is appropriate and no material uncertainties exist.

KEENAN SOLICITORS LIMITED (REGISTERED NUMBER: NI608828)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
In the application of the company’s accounting policies, the director is required to make judgements,estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following judgements and estimates have had the most significant effect on amounts recognised in the financial statements.

- Carrying value of goodwill

The carrying value of goodwill is assessed annually by the director with any indicators of impairment considered. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and the business in general.

The director also considers the amortisation rates and useful lives on an annual basis to ensure there is sufficient evidence to support these and that the estimates remain reasonable.

- Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual value of the assets. The useful economic lives and residual values are reassessed annually.

- Valuation of work in progress

Estimates are made in respect of the valuation of work in progress. When assessing the value of work in progress, factors including current trading experience, historical experience, the time management system in place and profile of bills issued immediately after the year end are considered.

- Recoverability of debtors

Estimates are made in respect of the recoverable value of trade debtors. When assessing the level of provision required, factors including current trading experience, historical experience and the ageing profile of debtors are considered.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill which arose on the purchase of Cormac Keenan Solicitors sole trade practice in 2013 was capitalised and amortised on a straight line basis over its useful life of twenty years.
At 31 March 2022 the director undertook an impairment review and considered it necessary for an impairment charge of £1,000,000 to be recognised reducing the value of goodwill to £500,000. From 1 April 2022 goodwill will be amortised on a straight line basis over its remaining useful life of four years.

KEENAN SOLICITORS LIMITED (REGISTERED NUMBER: NI608828)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 2% on cost
Office equipment - 25% on reducing balance
Fixtures, fittings & equipment - 25% on reducing balance
Computer equipment - 25% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

KEENAN SOLICITORS LIMITED (REGISTERED NUMBER: NI608828)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
- Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

- Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

- Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

- Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2023 - 14 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 2,000,000
AMORTISATION
At 1 April 2023 1,650,000
Charge for year 150,000
At 31 March 2024 1,800,000
NET BOOK VALUE
At 31 March 2024 200,000
At 31 March 2023 350,000

KEENAN SOLICITORS LIMITED (REGISTERED NUMBER: NI608828)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. TANGIBLE FIXED ASSETS
Office
equipment
etc
£   
COST
At 1 April 2023 419,673
Additions 9,757
At 31 March 2024 429,430
DEPRECIATION
At 1 April 2023 169,543
Charge for year 9,828
At 31 March 2024 179,371
NET BOOK VALUE
At 31 March 2024 250,059
At 31 March 2023 250,130

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 761,454 684,103
Other debtors 47,519 41,189
808,973 725,292

Included in other debtors is an amount of £9,095 (2023: £4,715) owed from the director. This loan is unsecured, interest free and repayable on demand.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 123,973 162,863
Trade creditors 26,272 1,860
Taxation and social security 109,455 105,804
Other creditors 1,199,227 1,494,976
1,458,927 1,765,503

Included within other creditors is an an amount of £1,161,381 (2023: £1,479,282) due to clients. An equivalent sum is included in cash at bank and in hand.

KEENAN SOLICITORS LIMITED (REGISTERED NUMBER: NI608828)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.24 31.3.23
£    £   
Within one year 60,099 5,255
Between one and five years 292,946 21,019
353,045 26,274

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank overdrafts 123,973 162,863

AIB Group (UK) PLC have registered a fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant and machinery in relation to all monies due to them by the company.

10. CONTINGENT LIABILITIES

A contingent liability may exist in respect of a repayment of grant income to HM Revenue and Customs should the conditions under which a grant was awarded to the company not be met. Due to the nature of these contingencies, it is not currently possible to estimate the likelihood of this occurring, nor quantify the financial effect or provide an indication of timing as to the potential liability that may arise.

11. RELATED PARTY DISCLOSURES

During the year, the company incurred rental charges of £55,000 (2023: £55,000) in respect of the premises from which it operates which is owned by the director.