South West Advocates Ltd 09043550 false 2023-03-21 2024-03-31 2024-03-31 The principal activity of the company is that of a law firm, regulated by the SRA Digita Accounts Production Advanced 6.30.9574.0 true true 09043550 2023-03-21 2024-03-31 09043550 2024-03-31 09043550 core:CurrentFinancialInstruments 2024-03-31 09043550 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 09043550 core:Non-currentFinancialInstruments 2024-03-31 09043550 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 09043550 core:Goodwill 2024-03-31 09043550 core:OfficeEquipment 2024-03-31 09043550 bus:SmallEntities 2023-03-21 2024-03-31 09043550 bus:AuditExemptWithAccountantsReport 2023-03-21 2024-03-31 09043550 bus:FilletedAccounts 2023-03-21 2024-03-31 09043550 bus:SmallCompaniesRegimeForAccounts 2023-03-21 2024-03-31 09043550 bus:RegisteredOffice 2023-03-21 2024-03-31 09043550 bus:CompanySecretary1 2023-03-21 2024-03-31 09043550 bus:PrivateLimitedCompanyLtd 2023-03-21 2024-03-31 09043550 core:Goodwill 2023-03-21 2024-03-31 09043550 core:OfficeEquipment 2023-03-21 2024-03-31 09043550 countries:EnglandWales 2023-03-21 2024-03-31 09043550 2022-03-21 2023-03-20 09043550 2023-03-20 09043550 core:CurrentFinancialInstruments 2023-03-20 09043550 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-20 09043550 core:Non-currentFinancialInstruments 2023-03-20 09043550 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-20 iso4217:GBP xbrli:pure

Registration number: 09043550

South West Advocates Ltd

Unaudited Filleted Financial Statements

for the Period from 21 March 2023 to 31 March 2024

 

South West Advocates Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

South West Advocates Ltd

(Registration number: 09043550)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

383,146

-

Tangible assets

5

6,763

-

 

389,909

-

Current assets

 

Debtors

6

592,374

1

Cash at bank and in hand

 

44,543

-

 

636,917

1

Creditors: Amounts falling due within one year

7

(746,546)

-

Net current (liabilities)/assets

 

(109,629)

1

Total assets less current liabilities

 

280,280

1

Creditors: Amounts falling due after more than one year

7

(298,333)

-

Net (liabilities)/assets

 

(18,053)

1

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

(18,054)

-

Shareholders' (deficit)/funds

 

(18,053)

1

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 22 January 2025 and signed on its behalf by:
 

 

South West Advocates Ltd

(Registration number: 09043550)
Statement of Financial Position as at 31 March 2024 (continued)


M D Miller
Company secretary

 

South West Advocates Ltd

Notes to the Unaudited Financial Statements for the Period from 21 March 2023 to 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Exchange
Express Park
Bristol Road
Bridgwater
YA6 4RR
United Kingdom

Principal activity

The principal activity of the company is that of a law firm, regulated by the SRA

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Although the Company had net liabilities at the year end the Directors feel the Going Concern basis for preparation of the accounts is appropriate.

 

South West Advocates Ltd

Notes to the Unaudited Financial Statements for the Period from 21 March 2023 to 31 March 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

3 years straight line

 

South West Advocates Ltd

Notes to the Unaudited Financial Statements for the Period from 21 March 2023 to 31 March 2024 (continued)

2

Accounting policies (continued)

Impairment

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.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

South West Advocates Ltd

Notes to the Unaudited Financial Statements for the Period from 21 March 2023 to 31 March 2024 (continued)

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 40 (2023 - 0).

 

South West Advocates Ltd

Notes to the Unaudited Financial Statements for the Period from 21 March 2023 to 31 March 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

Additions acquired separately

425,718

425,718

At 31 March 2024

425,718

425,718

Amortisation

Amortisation charge

42,572

42,572

At 31 March 2024

42,572

42,572

Carrying amount

At 31 March 2024

383,146

383,146

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

Additions

10,145

10,145

At 31 March 2024

10,145

10,145

Depreciation

Charge for the period

3,382

3,382

At 31 March 2024

3,382

3,382

Carrying amount

At 31 March 2024

6,763

6,763

6

Debtors

2024
£

2023
£

Trade debtors

46,222

-

Other debtors

-

1

Prepayments

114,510

-

Accrued income

431,642

-

592,374

1

 

South West Advocates Ltd

Notes to the Unaudited Financial Statements for the Period from 21 March 2023 to 31 March 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

193,358

-

Trade creditors

 

147,925

-

Taxation and social security

 

183,479

-

Accruals and deferred income

 

40,000

-

Other creditors

 

181,784

-

 

746,546

-

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

148,333

-

Other non-current financial liabilities

 

150,000

-

 

298,333

-

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

South West Advocates Ltd

Notes to the Unaudited Financial Statements for the Period from 21 March 2023 to 31 March 2024 (continued)

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

48,333

-

Other borrowings

100,000

-

148,333

-

Current loans and borrowings

2024
£

2023
£

Bank borrowings

20,000

-

Other borrowings

173,358

-

193,358

-