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REGISTERED NUMBER: SC081867 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

FRIELS SOLICITORS LIMITED

FRIELS SOLICITORS LIMITED (REGISTERED NUMBER: SC081867)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 7

FRIELS SOLICITORS LIMITED

Company Information
for the Year Ended 31 March 2024







DIRECTORS: M Carlin
K Devanney
J R W Carson





REGISTERED OFFICE: 23A Main Street
Uddingston
G71 7ES





REGISTERED NUMBER: SC081867 (Scotland)





ACCOUNTANTS: Sharles Ltd
Chartered Accountants
29 Brandon Street
Hamilton
ML3 6DA

FRIELS SOLICITORS LIMITED (REGISTERED NUMBER: SC081867)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 144,320 146,560

CURRENT ASSETS
Stocks 30,256 16,888
Debtors 6 43,825 26,657
Cash at bank and in hand 133,185 153,536
207,266 197,081
CREDITORS
Amounts falling due within one year 7 158,427 148,044
NET CURRENT ASSETS 48,839 49,037
TOTAL ASSETS LESS CURRENT
LIABILITIES

193,159

195,597

CREDITORS
Amounts falling due after more than one
year

8

65,000

92,500
NET ASSETS 128,159 103,097

CAPITAL AND RESERVES
Called up share capital 3 3
Capital redemption reserve 3 3
Retained earnings 128,153 103,091
SHAREHOLDERS' FUNDS 128,159 103,097

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 directors acknowledge their 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.

FRIELS SOLICITORS LIMITED (REGISTERED NUMBER: SC081867)

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 Board of Directors and authorised for issue on 29 November 2024 and were signed on its behalf by:





M Carlin - Director


FRIELS SOLICITORS LIMITED (REGISTERED NUMBER: SC081867)

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

1. STATUTORY INFORMATION

Friels Solicitors Limited is a private company, limited by shares , registered in Scotland. 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. STATEMENT OF COMPLIANCE

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. There were no material departures from that standard.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis.

Turnover and revenue recognition
Turnover is derived from the various legal services supplied by the company during the accounting period. This includes both fees billed and an assessment of the value of work done but not yet billed.

Turnover therefore represents the value of legal services supplied, net of discounts and excluding value added tax, and is recognised at the point that the company obtains the right to consideration.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Land and buildings - Straight line over 50 years

At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £2,000 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.

Work in progress
Unbilled work on individual client assignments is included within turnover and work in progress.

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.


FRIELS SOLICITORS LIMITED (REGISTERED NUMBER: SC081867)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. ACCOUNTING POLICIES - continued
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.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2023 - 19 ) .

5. TANGIBLE FIXED ASSETS
Land and
buildings
£   
COST
At 1 April 2023
and 31 March 2024 160,000
DEPRECIATION
At 1 April 2023 13,440
Charge for year 2,240
At 31 March 2024 15,680
NET BOOK VALUE
At 31 March 2024 144,320
At 31 March 2023 146,560

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 27,458 24,740
Other debtors 16,367 1,917
43,825 26,657

FRIELS SOLICITORS LIMITED (REGISTERED NUMBER: SC081867)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 30,000 30,000
Trade creditors 960 9,083
Taxation and social security 77,185 66,481
Other creditors 50,282 42,480
158,427 148,044

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 65,000 92,500

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 95,000 122,500

The Bank of Scotland plc holds a floating charge over the assets of the company in respect of any amounts due to the bank.

The bank loan is supported by a 100% guarantee from the UK Government.

10. RELATED PARTY DISCLOSURES

At the year end the company had the following loans from directors:

The company owed M Carlin £270 (2023 - £11).

These loans are unsecured and interest free with no fixed repayment terms.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Friels Solicitors Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Friels Solicitors Limited for the year ended 31 March 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Friels Solicitors Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Friels Solicitors Limited and state those matters that we have agreed to state to the Board of Directors of Friels Solicitors Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Friels Solicitors Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Friels Solicitors Limited. You consider that Friels Solicitors Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Friels Solicitors Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Sharles Ltd
Chartered Accountants
29 Brandon Street
Hamilton
ML3 6DA


29 November 2024