Feldon Dunsmore Legal Limited 09481428 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is the provision of legal services. Digita Accounts Production Advanced 6.30.9574.0 true 09481428 2023-04-01 2024-03-31 09481428 2024-03-31 09481428 core:CurrentFinancialInstruments 2024-03-31 09481428 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 09481428 core:Goodwill 2024-03-31 09481428 core:FurnitureFittings 2024-03-31 09481428 core:OfficeEquipment 2024-03-31 09481428 bus:SmallEntities 2023-04-01 2024-03-31 09481428 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 09481428 bus:FullAccounts 2023-04-01 2024-03-31 09481428 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 09481428 bus:RegisteredOffice 2023-04-01 2024-03-31 09481428 bus:Director1 2023-04-01 2024-03-31 09481428 bus:Director2 2023-04-01 2024-03-31 09481428 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09481428 core:Goodwill 2023-04-01 2024-03-31 09481428 core:FurnitureFittings 2023-04-01 2024-03-31 09481428 core:OfficeEquipment 2023-04-01 2024-03-31 09481428 countries:EnglandWales 2023-04-01 2024-03-31 09481428 2023-03-31 09481428 core:FurnitureFittings 2023-03-31 09481428 core:OfficeEquipment 2023-03-31 09481428 2022-04-01 2023-03-31 09481428 2023-03-31 09481428 core:CurrentFinancialInstruments 2023-03-31 09481428 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 09481428 core:FurnitureFittings 2023-03-31 09481428 core:OfficeEquipment 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 09481428

Prepared for the registrar

Feldon Dunsmore Legal Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Feldon Dunsmore Legal Limited

(Registration number: 09481428)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

41,353

36,023

Current assets

 

Debtors

6

542,026

504,387

Cash at bank and in hand

 

190,930

292,639

 

732,956

797,026

Creditors: Amounts falling due within one year

7

(208,277)

(206,205)

Net current assets

 

524,679

590,821

Net assets

 

566,032

626,844

Capital and reserves

 

Called up share capital

1,000

1,000

Share premium reserve

277,000

277,000

Profit and loss account

288,032

348,844

Shareholders' funds

 

566,032

626,844

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 Board on 22 November 2024 and signed on its behalf by:
 


P M Harrison
Director


S D Petty
Director

 

Feldon Dunsmore Legal Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Leafield Estate
Stratford Road
Warwick
CV34 6RA

 

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Key sources of estimation uncertainty

Amounts recoverable on contracts - The process of assessing amounts recoverable on contracts requires various estimates and judgements to be made. Amounts recoverable on contracts is estimated at 15% of total fee income billed during the year. The carrying amount is £221,280 (2023 - £220,406).

Bad debt provision - due to the nature of the business, there are high levels of trade receivables at the year end, and therefore a risk that some of these balances may be irrecoverable. A bad debt review is carried out, where debts are assessed and provided against when the recoverability of these balances is considered to be uncertain. The carrying amount is £2,688 (2023 - £21,685).

 

Feldon Dunsmore Legal Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024

Revenue recognition

Turnover comprises the fair value of services provided during the year on client assignments. Fair value reflects the amounts expected to be recoverable from clients based on time spent, skills provided and expenses incurred, and excludes VAT. Fees are recognised as contract activity progresses and the right to consideration is secured, except where the final outcome cannot be assessed with reasonable certainty.

Fee income in respect of contingent fee assignments is recognised in the period when the contingent event occurs and collectability of the fee is assured.

Unbilled fee income on individual assignments is included as amounts recoverable on contracts within debtors.

Tax

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

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 taxable income.

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% of cost per annum

Fixtures and fittings

20% reducing balance

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

straight line basis over 5 years

Trade debtors

Trade debtors are amounts due from clients for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

 

Feldon Dunsmore Legal Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Feldon Dunsmore Legal Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 15 (2023 - 14).

 

Feldon Dunsmore Legal Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024

 

4

Intangible assets

Goodwill
 £

Cost

At 1 April 2023 and 31 March 2024

319,933

Amortisation

At 1 April 2023 and 31 March 2024

319,933

Carrying amount

At 1 April 2023 and 31 March 2024

-

 

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2023

22,959

75,086

98,045

Additions

4,784

12,829

17,613

At 31 March 2024

27,743

87,915

115,658

Depreciation

At 1 April 2023

13,937

48,085

62,022

Charge for the year

2,010

10,273

12,283

At 31 March 2024

15,947

58,358

74,305

Carrying amount

At 31 March 2024

11,796

29,557

41,353

At 31 March 2023

9,022

27,001

36,023

 

Feldon Dunsmore Legal Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024

 

6

Debtors

2024
 £

2023
 £

Trade debtors

181,765

155,949

Other debtors

253

838

Prepayments

138,728

127,194

Amounts recoverable on contracts

221,280

220,406

 

542,026

504,387

 

7

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

8

394

33

Social security and other taxes

 

84,814

88,954

Other creditors

 

2,327

2,272

Accrued expenses

 

19,102

20,500

Corporation tax liability

101,640

94,446

 

208,277

206,205

 

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Other borrowings

394

33

Other borrowings are amounts due to the directors. The loans have no fixed repayment terms and no interest is payable on the loans.

 

9

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 £170,136 (2023 - £178,500).