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Registered number: 07160275














HUGHES FOWLER CARRUTHERS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

 
HUGHES FOWLER CARRUTHERS LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1 - 2
Notes to the Financial Statements
 
3 - 8


 
HUGHES FOWLER CARRUTHERS LIMITED
REGISTERED NUMBER:07160275

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible Fixed Assets
 4 
46,638
108,481

Current assets
  

Debtors: amounts falling due within one year
 5 
5,560,673
5,794,712

Cash at bank and in hand
  
458,990
330,368

  
6,019,663
6,125,080

Current liabilities
  

Creditors: amounts falling due within one year
 6 
(2,292,459)
(3,036,229)

Net current assets
  
 
 
3,727,204
 
 
3,088,851

Total assets less current liabilities
  
3,773,842
3,197,332

Provisions for liabilities
  

Deferred tax
 7 
(3,179)
(13,265)

Other provisions
 8 
(100,000)
(100,000)

  
 
 
(103,179)
 
 
(113,265)

Net assets
  
3,670,663
3,084,067


Capital and reserves
  

Called up share capital 
 9 
397,015
397,015

Profit and loss account
  
3,273,648
2,687,052

  
3,670,663
3,084,067



The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

Page 1

 
HUGHES FOWLER CARRUTHERS LIMITED
REGISTERED NUMBER:07160275
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 October 2024.




A Carruthers
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
HUGHES FOWLER CARRUTHERS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Hughes Fowler Carruthers is a private limited company registered in England and Wales with its registered office and business address is Academy Court, 94 Chancery Lane, London, WC2A 1DT.
The principal activity of the company is family law.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover represents the value of services provided to clients during the year exclusive of Value Added Tax.
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
• the amount of turnover can be measured reliably;
• it is probable that the Company will receive the consideration due under the contract;
• the stage of completion of the contract at the end of the reporting period can be measured reliably; and
• the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Long-term leasehold property
-
over the terms of the lease
Other fixed assets
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 3

 
HUGHES FOWLER CARRUTHERS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Debtors

Short-term debtors are measured at the transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.6

Creditors

Short term creditors are measured at the transaction price. 

 
2.7

Dividends

Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.8

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term.

 
2.9

Pensions

Defined contribution pension plan
The Company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
HUGHES FOWLER CARRUTHERS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.12

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.


3.


Employees

The average monthly number of employees, including directors, during the year was 46 (2023 - 47).

Page 5

 
HUGHES FOWLER CARRUTHERS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Long-term leasehold property
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2023
313,267
144,261
379,720
837,248


Additions
-
1,704
37,144
38,848



At 31 March 2024

313,267
145,965
416,864
876,096



Depreciation


At 1 April 2023
313,267
127,241
288,259
728,767


Charge for the year on owned assets
-
16,296
84,395
100,691



At 31 March 2024

313,267
143,537
372,654
829,458



Net book value



At 31 March 2024
-
2,428
44,210
46,638



At 31 March 2023
-
17,020
91,461
108,481


5.


Debtors

2024
2023
£
£

Trade debtors
4,646,270
5,478,149

Other debtors
2,227
5,509

Prepayments and accrued income
912,176
311,054

5,560,673
5,794,712


Page 6

 
HUGHES FOWLER CARRUTHERS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,155,817
1,483,695

Other taxation and social security
639,565
707,978

Other creditors
402,597
750,995

Accruals and deferred income
94,480
93,561

2,292,459
3,036,229



7.


Deferred taxation




2024


£






At beginning of year
13,265


Released to statement of comprehensive income
(10,086)



At end of year
3,179

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
3,179
13,265


8.


Provisions




Dilapid-  ations

£





At 1 April 2023
100,000



At 31 March 2024
100,000

Page 7

 
HUGHES FOWLER CARRUTHERS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



53,000 (2023 - 53,000) Ordinary "A" shares shares of £1.00 each
53,000
53,000
53,000 (2023 - 53,000) Ordinary "B" shares shares of £1.00 each
53,000
53,000
53,000 (2023 - 53,000) Ordinary "C" shares shares of £1.00 each
53,000
53,000
100,000 (2023 - 100,000) Ordinary "D" shares shares of £1.00 each
100,000
100,000
67,000 (2023 - 67,000) Ordinary "E" shares shares of £1.00 each
67,000
67,000
71,000 (2023 - 71,000) Ordinary "F" shares shares of £1.00 each
71,000
71,000
530 (2023 - 500) Overage "A" shares shares of £0.01 each
5
5
530 (2023 - 500) Overage "B" shares shares of £0.01 each
5
5
530 (2023 - 500) Overage "C" shares shares of £0.01 each
5
5

397,015

397,015


 
Page 8