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Registered number: 06528954
Ersan & Co Solicitors Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
Kalculus
Chartered Accountants, Registered Auditors & Business Advisors
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 06528954
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 242,403 307,951
242,403 307,951
CURRENT ASSETS
Stocks 5 185,017 180,633
Debtors 6 1,937,273 1,661,573
Cash at bank and in hand 1,059,051 821,468
3,181,341 2,663,674
Creditors: Amounts Falling Due Within One Year 7 (645,601 ) (526,493 )
NET CURRENT ASSETS (LIABILITIES) 2,535,740 2,137,181
TOTAL ASSETS LESS CURRENT LIABILITIES 2,778,143 2,445,132
Creditors: Amounts Falling Due After More Than One Year 8 (411,667 ) (116,667 )
NET ASSETS 2,366,476 2,328,465
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 2,366,376 2,328,365
SHAREHOLDERS' FUNDS 2,366,476 2,328,465
Page 1
Page 2
For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her 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 Profit and Loss Account.
On behalf of the board
Ms S Ersan
Director
11 September 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Ersan & Co Solicitors Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06528954 . The registered office is 16 The Broadway, London, N14 6PH.
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, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. 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 Nil
Fixtures & Fittings 25% reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 10 (2023: 8)
10 8
4. Tangible Assets
Land & Property
Leasehold Fixtures & Fittings Total
£ £ £
Cost
As at 1 May 2023 299,717 164,133 463,850
Disposals (62,048 ) (37,243 ) (99,291 )
As at 30 April 2024 237,669 126,890 364,559
Depreciation
As at 1 May 2023 - 155,899 155,899
Provided during the period - 2,059 2,059
Disposals - (35,802 ) (35,802 )
As at 30 April 2024 - 122,156 122,156
...CONTINUED
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Net Book Value
As at 30 April 2024 237,669 4,734 242,403
As at 1 May 2023 299,717 8,234 307,951
5. Stocks
2024 2023
£ £
Work in progress 185,017 180,633
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,799,677 1,599,488
Prepayments and accrued income 117,262 50,516
Other debtors 11,932 -
Other taxes and social security 8,402 11,569
1,937,273 1,661,573
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 140,000 59,689
Corporation tax 8,599 2,254
VAT 67,605 103,757
Other creditors 699 186
Accruals and deferred income 38,231 15,000
Director's loan account 390,467 345,607
645,601 526,493
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 411,667 116,667
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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