SOUTHFIELDS SOLICITORS LTD

Company Registration Number:
07500028 (England and Wales)

Unaudited abridged accounts for the year ended 31 March 2024

Period of accounts

Start date: 01 April 2023

End date: 31 March 2024

SOUTHFIELDS SOLICITORS LTD

Contents of the Financial Statements

for the Period Ended 31 March 2024

Balance sheet
Notes

SOUTHFIELDS SOLICITORS LTD

Balance sheet

As at 31 March 2024


Notes

2024

2023


£

£
Called up share capital not paid: 4 4
Current assets
Debtors: 3 380,288 197,712
Total current assets: 380,288 197,712
Creditors: amounts falling due within one year:   0 0
Net current assets (liabilities): 380,288 197,712
Total assets less current liabilities: 380,292 197,716
Creditors: amounts falling due after more than one year: 4 (693,922) (600,440)
Total net assets (liabilities): (313,630) (402,724)
Capital and reserves
Called up share capital: 4 4
Profit and loss account: (313,634) (402,728)
Shareholders funds: (313,630) (402,724)

The notes form part of these financial statements

SOUTHFIELDS SOLICITORS LTD

Balance sheet statements

For the year ending 31 March 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 21 January 2025
and signed on behalf of the board by:

Name: Hamid Iqbal
Status: Director

The notes form part of these financial statements

SOUTHFIELDS SOLICITORS LTD

Notes to the Financial Statements

for the Period Ended 31 March 2024

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

The Company closed being regulated by SRA on 12/08/2020 during the COVID Epidemic after 23 years. With the approval of SRA Company remains active until it can recover debts owed by it's previous clients by way of costs assessed by High Court since August 2020 in full. The Company could not take any new cases since August 2020 as such there was no Turnover ( INCOME) rom new cases , except any debts recovered from the clients for the costs incurred in the previous years before August 2020. Any costs recovered each year would be treated as Turnover in the year when calculating the Tax payable

Tangible fixed assets and depreciation policy

Tangible assets were disposed off int he years 2020 and 2022 mainly. A few tangible assets ( computers /printers , desks cupboards remain for use by the skeleton (part time staff) . Asset depreciation for these minimal physical items are carried forward to a time when sufficient Debts are recovered to set off depreciation in the accounts.

Intangible fixed assets and amortisation policy

N/A

Valuation and information policy

N/A

Other accounting policies

Deferred Tax is appropriate in this case as recovery of the Debt is not known. The recovery depends upon several:(i) Debtors court actions in challenging the amount of debt (ii)Recovery in Insolvency High Court if the debtors claim they do not have funds to pay the Debt. Lengthy court proceedings result with huge cost to paid in Court , Barristers and experts fees in the High Court

SOUTHFIELDS SOLICITORS LTD

Notes to the Financial Statements

for the Period Ended 31 March 2024

2. Employees

2024 2023
Average number of employees during the period 2 2

The Company closed being regulated by SRA as firm of solicitors after 22 years during the COVID Epidemic. This resulted in 13 made redundant and paying suppliers i.e Barristers , Experts and Court Fees by obtaining loans from third parties and the Director and shareholder. The Director took over the task of recovering the outstanding debts form previous clients in the sum of over half a Million. The Director , Senior Solicitors is pursuing the debtors in High Courts in obtaining Costs Orders after lengthy and costly Costs assessment hearings where the Debtors and their lawyers challenge the reasonableness of the Company's Bills of costs. Once these orders are obtained , enforcement actions are taken in the High Court to recover the debts. This is lengthy and hugely costly process and may take few years to complete. The Company must remain registered at the Company House to enable it to recover its costs of over half a Million. The Company accounts therefore must be prepared annually and lodged with the Company House and HMRC.

SOUTHFIELDS SOLICITORS LTD

Notes to the Financial Statements

for the Period Ended 31 March 2024

3. Debtors

2024 2023
££
Debtors due after more than one year: 380,288 197,712

In August 2020 there over 60 debtors ( previous clients ) who owed around half a Million Costs to the Company. Some large debtors died during the COVID leaving huge debts to the company. The Company issued proceedings in High Courts obtaining Costs Orders which enabled it to place charges upon the properties owned by the Debtors. The Debtors Estate needed resolution of Wills made by the debtors resulting in contentious litigation between the Beneficiaries before Probate could be obtained These processes result in lengthy delay in concluding the recovery proceedings. Hence the delay in recovering the debts to pay the Creditors including HMRC.

SOUTHFIELDS SOLICITORS LTD

Notes to the Financial Statements

for the Period Ended 31 March 2024

4. Creditors: amounts falling due after more than one year note

Creditors are mainly : Barristers , Experts, Costs lawyers accountants , investigators Insolvency Practitioners and others. Banks and third party lenders who advanced loans to pay above suppliers fees , Court Fees, and running expenses and wages to the skeleton staff involved in the recovery processes of the debtors owed in various courts. Deferred fees of Specialist lawyers in the Insolvency and Estate Management Director /Senior Partner of the firm who deals with the recovery process under as his full time job since August 2020 - deferred wages and advanced loans to the Company