Silverfin false false 30/04/2024 01/05/2023 30/04/2024 Mrs K E Humphris 06/01/2021 Mr R M McCheyne 21/04/2010 Mr A A Murchison 21/04/2010 22 November 2024 The principal activity of the Company during the financial year was that of a solicitors' practice SC377229 2024-04-30 SC377229 bus:Director1 2024-04-30 SC377229 bus:Director2 2024-04-30 SC377229 bus:Director3 2024-04-30 SC377229 2023-04-30 SC377229 core:CurrentFinancialInstruments 2024-04-30 SC377229 core:CurrentFinancialInstruments 2023-04-30 SC377229 core:ShareCapital 2024-04-30 SC377229 core:ShareCapital 2023-04-30 SC377229 core:RetainedEarningsAccumulatedLosses 2024-04-30 SC377229 core:RetainedEarningsAccumulatedLosses 2023-04-30 SC377229 core:Goodwill 2023-04-30 SC377229 core:Goodwill 2024-04-30 SC377229 core:PlantMachinery 2023-04-30 SC377229 core:FurnitureFittings 2023-04-30 SC377229 core:PlantMachinery 2024-04-30 SC377229 core:FurnitureFittings 2024-04-30 SC377229 bus:OrdinaryShareClass1 2024-04-30 SC377229 bus:OrdinaryShareClass2 2024-04-30 SC377229 bus:OrdinaryShareClass3 2024-04-30 SC377229 core:WithinOneYear 2024-04-30 SC377229 core:WithinOneYear 2023-04-30 SC377229 core:BetweenOneFiveYears 2024-04-30 SC377229 core:BetweenOneFiveYears 2023-04-30 SC377229 2023-05-01 2024-04-30 SC377229 bus:FilletedAccounts 2023-05-01 2024-04-30 SC377229 bus:SmallEntities 2023-05-01 2024-04-30 SC377229 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 SC377229 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 SC377229 bus:Director1 2023-05-01 2024-04-30 SC377229 bus:Director2 2023-05-01 2024-04-30 SC377229 bus:Director3 2023-05-01 2024-04-30 SC377229 core:PlantMachinery core:TopRangeValue 2023-05-01 2024-04-30 SC377229 core:FurnitureFittings core:TopRangeValue 2023-05-01 2024-04-30 SC377229 2022-05-01 2023-04-30 SC377229 core:PlantMachinery 2023-05-01 2024-04-30 SC377229 core:FurnitureFittings 2023-05-01 2024-04-30 SC377229 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 SC377229 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 SC377229 bus:OrdinaryShareClass2 2023-05-01 2024-04-30 SC377229 bus:OrdinaryShareClass2 2022-05-01 2023-04-30 SC377229 bus:OrdinaryShareClass3 2023-05-01 2024-04-30 SC377229 bus:OrdinaryShareClass3 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC377229 (Scotland)

MURCHISON LAW LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH THE REGISTRAR

MURCHISON LAW LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024

Contents

MURCHISON LAW LIMITED

BALANCE SHEET

AS AT 30 APRIL 2024
MURCHISON LAW LIMITED

BALANCE SHEET (continued)

AS AT 30 APRIL 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 11,621 18,161
11,621 18,161
Current assets
Debtors 5 874,400 599,239
Cash at bank and in hand 270,924 244,658
1,145,324 843,897
Creditors: amounts falling due within one year 6 ( 492,590) ( 404,336)
Net current assets 652,734 439,561
Total assets less current liabilities 664,355 457,722
Provision for liabilities ( 2,437) ( 4,368)
Net assets 661,918 453,354
Capital and reserves
Called-up share capital 7 6 6
Profit and loss account 661,912 453,348
Total shareholders' funds 661,918 453,354

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.

Directors' responsibilities:

The financial statements of Murchison Law Limited (registered number: SC377229) were approved and authorised for issue by the Board of Directors on 22 November 2024. They were signed on its behalf by:

Mr A A Murchison
Director
Mr R M McCheyne
Director
MURCHISON LAW LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
MURCHISON LAW LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Murchison Law Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 5 Ardross Terrace, Inverness, IV3 5NQ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Acquired goodwill was written off in equal annual instalments over its estimated useful economic life of 10 years and has been fully amortised.

Goodwill not amortised
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 4 years straight line
Fixtures and fittings 5 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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 payments 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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 14 17

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 May 2023 312,000 312,000
At 30 April 2024 312,000 312,000
Accumulated amortisation
At 01 May 2023 312,000 312,000
At 30 April 2024 312,000 312,000
Net book value
At 30 April 2024 0 0
At 30 April 2023 0 0

4. Tangible assets

Plant and machinery Fixtures and fittings Total
£ £ £
Cost
At 01 May 2023 62,975 7,799 70,774
At 30 April 2024 62,975 7,799 70,774
Accumulated depreciation
At 01 May 2023 44,814 7,799 52,613
Charge for the financial year 6,540 0 6,540
At 30 April 2024 51,354 7,799 59,153
Net book value
At 30 April 2024 11,621 0 11,621
At 30 April 2023 18,161 0 18,161

5. Debtors

2024 2023
£ £
Trade debtors 410,686 321,306
Other debtors 463,714 277,933
874,400 599,239

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 7,208 0
Taxation and social security 213,790 125,476
Other creditors 271,592 278,860
492,590 404,336

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 A Ordinary shares of £ 1.00 each 2 2
2 B Ordinary shares of £ 1.00 each 2 2
2 C Ordinary shares of £ 1.00 each 2 2
6 6

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 32,500 32,500
between one and five years 65,000 97,500
97,500 130,000