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COMPANY REGISTRATION NUMBER: 07535449
Gladstones Solicitors Limited
Filleted Unaudited Financial Statements
29 February 2024
Gladstones Solicitors Limited
Financial Statements
Year Ended 29 February 2024
Contents
Page
Statement of Financial Position
1
Notes to the Financial Statements
3
Gladstones Solicitors Limited
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
£
Fixed Assets
Tangible assets
6
22,945
2,859
Investments
7
15,425
15,425
--------
--------
38,370
18,284
Current Assets
Debtors
8
2,580,502
2,126,085
Cash at bank and in hand
1,642,962
1,829,408
------------
------------
4,223,464
3,955,493
Creditors: amounts falling due within one year
9
2,565,620
2,358,838
------------
------------
Net Current Assets
1,657,844
1,596,655
------------
------------
Total Assets Less Current Liabilities
1,696,214
1,614,939
Creditors: amounts falling due after more than one year
10
351,274
534,254
Provisions
Taxation including deferred tax
5,622
543
------------
------------
Net Assets
1,339,318
1,080,142
------------
------------
Capital and Reserves
Called up share capital
100
100
Other reserves
9,900
9,900
Profit and loss account
1,329,318
1,070,142
------------
------------
Shareholders Funds
1,339,318
1,080,142
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Gladstones Solicitors Limited
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 20 January 2025 , and are signed on behalf of the board by:
Mr J L Davies
Director
Company registration number: 07535449
Gladstones Solicitors Limited
Notes to the Financial Statements
Year Ended 29 February 2024
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit B, 1st Floor, 210 Cygnet Court, Centre Park, Warrington, WA1 1PP, Cheshire.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Exceptional Items
Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Fees receivable are recognised when a right to consideration is earned in exchange for performance of contractual obligations.Income is recorded at its fair value which is based on time spent, skills and expertise provided and expenses incurred after deducting allowances for uncertainties relating to amounts capable of being billed.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the 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.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and furniture
-
20% straight line
Motor vehicles
-
25% reducing balance
Office equipment
-
20% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Government Grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Research and Development
Research expenditure is written off in the period in which it is incurred.
Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met:
- It is technically feasible to complete the intangible asset so that it will be available for use or sale;
- There is the intention to complete the intangible asset and use or sell it;
- There is the ability to use or sell the intangible asset;
- The use or sale of the intangible asset will generate probable future economic benefits;
- There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and
- The expenditure attributable to the intangible asset during its development can be measured reliably.
Expenditure that does not meet the above criteria is expensed as incurred.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial Instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 47 (2023: 49 ).
5. Tax on Profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
230,028
175,008
Adjustments in respect of prior periods
( 11,047)
---------
---------
Total current tax
230,028
163,961
---------
---------
Deferred tax:
Origination and reversal of timing differences
5,078
( 1,020)
---------
---------
Tax on profit
235,106
162,941
---------
---------
6. Tangible Assets
Fixtures and furniture
Motor vehicles
Office equipment
Total
£
£
£
£
Cost
At 1 March 2023
13,045
11,349
83,067
107,461
Additions
25,312
25,312
--------
--------
---------
---------
At 29 February 2024
13,045
11,349
108,379
132,773
--------
--------
---------
---------
Depreciation
At 1 March 2023
11,828
10,997
81,777
104,602
Charge for the year
304
88
4,834
5,226
--------
--------
---------
---------
At 29 February 2024
12,132
11,085
86,611
109,828
--------
--------
---------
---------
Carrying amount
At 29 February 2024
913
264
21,768
22,945
--------
--------
---------
---------
At 28 February 2023
1,217
352
1,290
2,859
--------
--------
---------
---------
7. Investments
Other investments other than loans
£
Cost
At 1 March 2023 and 29 February 2024
15,425
--------
Impairment
At 1 March 2023 and 29 February 2024
--------
Carrying amount
At 29 February 2024
15,425
--------
At 28 February 2023
15,425
--------
8. Debtors
2024
2023
£
£
Office ledger balances
1,820,523
1,294,104
Amounts owed by undertakings in which the company has a participating interest
21,310
21,010
Prepayments and accrued income
25,531
69,073
Other debtors
713,138
741,898
------------
------------
2,580,502
2,126,085
------------
------------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
116,529
126,244
Accruals and deferred income
119,465
29,414
Corporation tax
405,036
175,008
Social security and other taxes
156,650
174,031
Director loan accounts
71,155
75,655
Other creditors - Amounts due to clients
1,610,204
1,684,536
Pension fund creditor
9,749
7,050
Other creditors
76,832
86,900
------------
------------
2,565,620
2,358,838
------------
------------
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
351,274
534,254
---------
---------
11. Deferred Tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
5,622
543
-------
----
12. Controlling Party
On 10 March 2020 100% of the company's issued share capital was aquired by Gladstones Holdings Limited . The company's ultimate parent company is Gladstones Holdings Limited a company incorporated and registered in the United Kingdom.