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Registered number: 06818709
Austin Kemp Solicitors Limited
Unaudited Financial Statements
For The Year Ended 29 February 2024
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 06818709
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 34,903 32,842
34,903 32,842
CURRENT ASSETS
Debtors 6 1,244,649 963,748
Cash at bank and in hand 131,855 200,904
1,376,504 1,164,652
Creditors: Amounts Falling Due Within One Year 7 (619,746 ) (477,808 )
NET CURRENT ASSETS (LIABILITIES) 756,758 686,844
TOTAL ASSETS LESS CURRENT LIABILITIES 791,661 719,686
PROVISIONS FOR LIABILITIES
Deferred Taxation (7,879 ) (5,399 )
NET ASSETS 783,782 714,287
CAPITAL AND RESERVES
Called up share capital 8 1 1
Income Statement 783,781 714,286
SHAREHOLDERS' FUNDS 783,782 714,287
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For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr A S Kooner
Director
28th November 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Austin Kemp Solicitors Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06818709 . The registered office is St. Andrew House, The Headrow, Leeds, LS1 5JW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are Website Costs. It is amortised to income statement on a 20% straight line basis.
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10% straight line
Fixtures & Fittings 15% reducing balance
Computer Equipment 15% reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
2.5. Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured atthe amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 20 (2023: 17)
20 17
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4. Intangible Assets
Other
£
Cost
As at 1 March 2023 83,539
As at 29 February 2024 83,539
Amortisation
As at 1 March 2023 83,539
As at 29 February 2024 83,539
Net Book Value
As at 29 February 2024 -
As at 1 March 2023 -
5. Tangible Assets
Land & Property
Leasehold Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 March 2023 9,780 39,238 15,391 64,409
Additions - 1,592 7,069 8,661
As at 29 February 2024 9,780 40,830 22,460 73,070
Depreciation
As at 1 March 2023 5,355 18,124 8,088 31,567
Provided during the period 1,038 3,406 2,156 6,600
As at 29 February 2024 6,393 21,530 10,244 38,167
Net Book Value
As at 29 February 2024 3,387 19,300 12,216 34,903
As at 1 March 2023 4,425 21,114 7,303 32,842
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 871,546 651,892
Other debtors 373,103 311,856
1,244,649 963,748
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 72,388 33,024
Other loans - 8,303
Other creditors 76,036 59,559
Taxation and social security 471,322 376,922
619,746 477,808
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
9. Ultimate Controlling Party
The company was controlled throughout the year by Mr A S Kooner who owns 100% of the issued share capital.
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