Company registration number 08040928 (England and Wales)
SINCLAIRSLAW LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
SINCLAIRSLAW LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
SINCLAIRSLAW LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
55,765
69,148
Tangible assets
4
1,255,624
1,003,967
1,311,389
1,073,115
Current assets
Debtors
5
1,661,964
1,544,238
Cash at bank and in hand
432,818
397,396
2,094,782
1,941,634
Creditors: amounts falling due within one year
6
(815,220)
(596,492)
Net current assets
1,279,562
1,345,142
Total assets less current liabilities
2,590,951
2,418,257
Creditors: amounts falling due after more than one year
7
(899,463)
(819,631)
Provisions for liabilities
(105,606)
(30,116)
Net assets
1,585,882
1,568,510
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
1,585,782
1,568,410
Total equity
1,585,882
1,568,510

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 16 January 2025 and are signed on its behalf by:
Mr S M Charles
Director
Company Registration No. 08040928
SINCLAIRSLAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information

Sinclairslaw Limited is a private company limited by shares incorporated in England and Wales. The registered office is Charles House, Churchill Way, Cardiff, Wales, CF10 2HE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
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.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

Software
20% straight line
1.4
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold Property
2% straight line
Leasehold improvements
10% straight line
Fixtures, fittings & equipment
20% straight line
Computer equipment
25% straight line
Motor vehicles
25% reducing balance
SINCLAIRSLAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
41
44
SINCLAIRSLAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
3
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 May 2023 and 30 April 2024
133,833
70,000
203,833
Amortisation and impairment
At 1 May 2023
64,685
70,000
134,685
Amortisation charged for the year
13,383
-
0
13,383
At 30 April 2024
78,068
70,000
148,068
Carrying amount
At 30 April 2024
55,765
-
0
55,765
At 30 April 2023
69,148
-
0
69,148
4
Tangible fixed assets
Freehold property
Leasehold improvements
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 May 2023
791,574
210,013
429,801
49,729
137,432
1,618,549
Additions
-
0
-
0
-
0
14,043
411,396
425,439
Disposals
-
0
-
0
-
0
-
0
(137,429)
(137,429)
At 30 April 2024
791,574
210,013
429,801
63,772
411,399
1,906,559
Depreciation and impairment
At 1 May 2023
47,498
84,004
421,791
45,569
15,720
614,582
Depreciation charged in the year
15,831
21,000
3,112
4,271
28,492
72,706
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(36,353)
(36,353)
At 30 April 2024
63,329
105,004
424,903
49,840
7,859
650,935
Carrying amount
At 30 April 2024
728,245
105,009
4,898
13,932
403,540
1,255,624
At 30 April 2023
744,076
126,009
8,010
4,160
121,712
1,003,967
SINCLAIRSLAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
739,312
591,995
Other debtors
922,652
952,243
1,661,964
1,544,238
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
85,907
80,100
Trade creditors
319,515
210,048
Amounts owed to group undertakings
100,563
28,269
Taxation and social security
168,431
170,876
Other creditors
140,804
107,199
815,220
596,492

Bank loans are secured by fixed charges over the company's assets.

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
899,463
819,631

Bank loans are secured by fixed charges over the company's assets.

Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
685,932
576,231
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
SINCLAIRSLAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
9
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
59,625
59,625
10
Parent company

The parent company of Sinclairslaw Limited is Sinclairslaw Holdings Limited and its registered office is Windsor Chambers, 36 Windsor Terrace, Penarth, CF64 1AB.

11
Related party transactions

The company has an existing loan with its parent company Sinclairslaw Holdings Limited. At the year end the amount outstanding to the parent company was £100,563 (2023 - £28,269) this amount being included in creditors: amounts falling due within one year.

 

The company has an existing loan with Sinclairs Holdings, a business in which the company's directors are partners. At the year end, there was a balance outstanding of £74,731 (2023 - £80,866) being included in creditors: amounts falling due within one year.

2024-04-302023-05-01falsefalsefalse16 January 2025CCH SoftwareCCH Accounts Production 2024.310No description of principal activityMr S M CharlesMr G S EvansMr R G NorthMs V N CollinsMr J FordMrs J M Martin080409282023-05-012024-04-30080409282024-04-30080409282022-05-012023-04-3008040928core:DiscontinuedOperations2022-05-012023-04-30080409282023-04-3008040928core:LandBuildingscore:OwnedOrFreeholdAssets2024-04-3008040928core:LeaseholdImprovements2024-04-3008040928core:FurnitureFittings2024-04-3008040928core:ComputerEquipment2024-04-3008040928core:MotorVehicles2024-04-3008040928core:LandBuildingscore:OwnedOrFreeholdAssets2023-04-3008040928core:LeaseholdImprovements2023-04-3008040928core:FurnitureFittings2023-04-3008040928core:ComputerEquipment2023-04-3008040928core:MotorVehicles2023-04-3008040928core:CurrentFinancialInstrumentscore:WithinOneYear2024-04-3008040928core:CurrentFinancialInstrumentscore:WithinOneYear2023-04-3008040928core:CurrentFinancialInstruments2024-04-3008040928core:CurrentFinancialInstruments2023-04-3008040928core:Non-currentFinancialInstruments2024-04-3008040928core:Non-currentFinancialInstruments2023-04-3008040928core:ShareCapital2024-04-3008040928core:ShareCapital2023-04-3008040928core:RetainedEarningsAccumulatedLosses2024-04-3008040928core:RetainedEarningsAccumulatedLosses2023-04-3008040928bus:Director12023-05-012024-04-3008040928core:Goodwill2023-05-012024-04-3008040928core:LandBuildingscore:OwnedOrFreeholdAssets2023-05-012024-04-3008040928core:LeaseholdImprovementscore:LeasedAssetsHeldAsLessee2023-05-012024-04-3008040928core:FurnitureFittings2023-05-012024-04-3008040928core:ComputerEquipment2023-05-012024-04-3008040928core:MotorVehicles2023-05-012024-04-3008040928core:NetGoodwill2023-04-3008040928core:IntangibleAssetsOtherThanGoodwill2023-04-30080409282023-04-3008040928core:NetGoodwill2024-04-3008040928core:IntangibleAssetsOtherThanGoodwill2024-04-3008040928core:NetGoodwill2023-05-012024-04-3008040928core:IntangibleAssetsOtherThanGoodwill2023-05-012024-04-3008040928core:NetGoodwill2023-04-3008040928core:IntangibleAssetsOtherThanGoodwill2023-04-3008040928core:LandBuildingscore:OwnedOrFreeholdAssets2023-04-3008040928core:LeaseholdImprovements2023-04-3008040928core:FurnitureFittings2023-04-3008040928core:ComputerEquipment2023-04-3008040928core:MotorVehicles2023-04-3008040928core:LeaseholdImprovements2023-05-012024-04-3008040928core:WithinOneYear2024-04-3008040928core:WithinOneYear2023-04-3008040928bus:PrivateLimitedCompanyLtd2023-05-012024-04-3008040928bus:SmallCompaniesRegimeForAccounts2023-05-012024-04-3008040928bus:FRS1022023-05-012024-04-3008040928bus:AuditExemptWithAccountantsReport2023-05-012024-04-3008040928bus:Director22023-05-012024-04-3008040928bus:Director32023-05-012024-04-3008040928bus:Director42023-05-012024-04-3008040928bus:Director52023-05-012024-04-3008040928bus:CompanySecretary12023-05-012024-04-3008040928bus:FullAccounts2023-05-012024-04-30xbrli:purexbrli:sharesiso4217:GBP