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UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

FOR

SCHOFIELDS ACCOUNTANTS LIMITED

SCHOFIELDS ACCOUNTANTS LIMITED (REGISTERED NUMBER: 13936979)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SCHOFIELDS ACCOUNTANTS LIMITED

COMPANY INFORMATION
For The Year Ended 31 July 2024







DIRECTORS: Mr D Leatham
Mr I M Legg
Mr P J Schofield





REGISTERED OFFICE: Unit 1, St Stephens Court
15 - 17 St Stephens Road
Bournemouth
Dorset
BH2 6LA





REGISTERED NUMBER: 13936979 (England and Wales)






SCHOFIELDS ACCOUNTANTS LIMITED (REGISTERED NUMBER: 13936979)

BALANCE SHEET
31 July 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 79,606 597

CURRENT ASSETS
Debtors 5 534,457 461,439
Cash at bank 104,044 167,809
638,501 629,248
CREDITORS
Amounts falling due within one year 6 301,827 453,152
NET CURRENT ASSETS 336,674 176,096
TOTAL ASSETS LESS CURRENT
LIABILITIES

416,280

176,693

CREDITORS
Amounts falling due after more than one year 7 (71,962 ) -

PROVISIONS FOR LIABILITIES (140 ) (149 )
NET ASSETS 344,178 176,544

CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Retained earnings 343,178 175,544
SHAREHOLDERS' FUNDS 344,178 176,544

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

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 16 January 2025 and were signed on its behalf by:




Mr D Leatham - Director



Mr I M Legg - Director


SCHOFIELDS ACCOUNTANTS LIMITED (REGISTERED NUMBER: 13936979)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 July 2024

1. STATUTORY INFORMATION

Schofields Accountants Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

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

Turnover
Fee income represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients but excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost and over 10 years

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.

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.

Amounts recoverable on contracts
Services provided to clients during the year, which at the balance sheet date have not been billed, are recognised as turnover. Turnover recognised in this manner is based on an assessment of the fair value of the services provided at the balance sheet date as a proportion of the total value of the engagement.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 16 ) .

SCHOFIELDS ACCOUNTANTS LIMITED (REGISTERED NUMBER: 13936979)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 July 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 August 2023 717
Additions 80,645
At 31 July 2024 81,362
DEPRECIATION
At 1 August 2023 120
Charge for year 1,636
At 31 July 2024 1,756
NET BOOK VALUE
At 31 July 2024 79,606
At 31 July 2023 597

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 305,198 226,842
Amounts recoverable on contracts 181,997 177,929
Other debtors 47,262 56,668
534,457 461,439

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 9,703 -
Finance leases 2,841 -
Trade creditors 38,324 53,747
Taxation and social security 213,037 184,067
Other creditors 37,922 215,338
301,827 453,152

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 15,107 -
Finance leases 56,855 -
71,962 -

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 24,810 -

Bank loans are secured by way of a fixed and floating charge over the company's assets.

SCHOFIELDS ACCOUNTANTS LIMITED (REGISTERED NUMBER: 13936979)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 July 2024

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
400 Ordinary A £1 400 400
400 Ordinary B £1 400 400
100 Ordinary C £1 100 100
100 Ordinary D £1 100 100
1,000 1,000