Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-303786true2023-05-01falseSolicitors7875trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 08149970 2023-05-01 2024-04-30 08149970 2022-05-01 2023-04-30 08149970 2024-04-30 08149970 2023-04-30 08149970 c:Director5 2023-05-01 2024-04-30 08149970 d:Buildings d:LongLeaseholdAssets 2023-05-01 2024-04-30 08149970 d:Buildings d:LongLeaseholdAssets 2024-04-30 08149970 d:Buildings d:LongLeaseholdAssets 2023-04-30 08149970 d:MotorVehicles 2023-05-01 2024-04-30 08149970 d:MotorVehicles 2024-04-30 08149970 d:MotorVehicles 2023-04-30 08149970 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 08149970 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 08149970 d:FurnitureFittings 2023-05-01 2024-04-30 08149970 d:FurnitureFittings 2024-04-30 08149970 d:FurnitureFittings 2023-04-30 08149970 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 08149970 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 08149970 d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 08149970 d:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 08149970 d:Goodwill 2023-05-01 2024-04-30 08149970 d:Goodwill 2024-04-30 08149970 d:Goodwill 2023-04-30 08149970 d:CurrentFinancialInstruments 2024-04-30 08149970 d:CurrentFinancialInstruments 2023-04-30 08149970 d:Non-currentFinancialInstruments 2024-04-30 08149970 d:Non-currentFinancialInstruments 2023-04-30 08149970 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 08149970 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 08149970 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-30 08149970 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 08149970 d:ShareCapital 2024-04-30 08149970 d:ShareCapital 2023-04-30 08149970 d:CapitalRedemptionReserve 2024-04-30 08149970 d:CapitalRedemptionReserve 2023-04-30 08149970 d:RetainedEarningsAccumulatedLosses 2024-04-30 08149970 d:RetainedEarningsAccumulatedLosses 2023-04-30 08149970 c:OrdinaryShareClass1 2023-05-01 2024-04-30 08149970 c:OrdinaryShareClass1 2024-04-30 08149970 c:OrdinaryShareClass1 2023-04-30 08149970 c:OrdinaryShareClass2 2023-05-01 2024-04-30 08149970 c:OrdinaryShareClass2 2024-04-30 08149970 c:OrdinaryShareClass2 2023-04-30 08149970 c:OrdinaryShareClass3 2023-05-01 2024-04-30 08149970 c:OrdinaryShareClass3 2024-04-30 08149970 c:OrdinaryShareClass4 2023-05-01 2024-04-30 08149970 c:OrdinaryShareClass4 2024-04-30 08149970 c:OrdinaryShareClass5 2023-05-01 2024-04-30 08149970 c:OrdinaryShareClass5 2024-04-30 08149970 c:OrdinaryShareClass5 2023-04-30 08149970 c:FRS102 2023-05-01 2024-04-30 08149970 c:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 08149970 c:FullAccounts 2023-05-01 2024-04-30 08149970 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 08149970 d:WithinOneYear 2024-04-30 08149970 d:WithinOneYear 2023-04-30 08149970 d:BetweenOneFiveYears 2024-04-30 08149970 d:BetweenOneFiveYears 2023-04-30 08149970 d:MoreThanFiveYears 2024-04-30 08149970 d:MoreThanFiveYears 2023-04-30 08149970 d:HirePurchaseContracts d:WithinOneYear 2024-04-30 08149970 d:HirePurchaseContracts d:WithinOneYear 2023-04-30 08149970 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-04-30 08149970 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-04-30 08149970 6 2023-05-01 2024-04-30 08149970 d:AcceleratedTaxDepreciationDeferredTax 2024-04-30 08149970 d:AcceleratedTaxDepreciationDeferredTax 2023-04-30 08149970 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2024-04-30 08149970 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-04-30 08149970 d:Goodwill d:OwnedIntangibleAssets 2023-05-01 2024-04-30 08149970 e:PoundSterling 2023-05-01 2024-04-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 08149970










WAKE SMITH SOLICITORS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
WAKE SMITH SOLICITORS LIMITED
REGISTERED NUMBER: 08149970

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
768,000
896,000

Tangible assets
 5 
75,181
75,016

Investments
 6 
13
13

  
843,194
971,029

Current assets
  

Debtors: amounts falling due within one year
 7 
2,703,169
2,766,881

Cash at bank and in hand
  
970,845
327,519

  
3,674,014
3,094,400

Creditors: amounts falling due within one year
 8 
(2,139,463)
(1,588,451)

Net current assets
  
 
 
1,534,551
 
 
1,505,949

Total assets less current liabilities
  
2,377,745
2,476,978

Creditors: amounts falling due after more than one year
 9 
-
(8,275)

  

Net assets
  
2,377,745
2,468,703


Capital and reserves
  

Called up share capital 
 12 
303
301

Capital redemption reserve
  
249
249

Profit and loss account
  
2,377,193
2,468,153

  
2,377,745
2,468,703


Page 1

 
WAKE SMITH SOLICITORS LIMITED
REGISTERED NUMBER: 08149970
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 January 2025.




N Salter
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
WAKE SMITH SOLICITORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Wake Smith Solicitors Limited is a private company limited by shares, incorporated in England and Wales. Its registered office is No.1 Velocity, 2 Tenter Street, Sheffield, South Yorkshire, S1 4BY and its registered number is 08149970. The principal activity of the company throughout the year conitinued to be the provision of legal services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 Company's functional and presentation currency is pounds sterling.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 3

 
WAKE SMITH SOLICITORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

 
2.6

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of comprehensive income over its useful economic life  If a reliable estimate of the useful life cannot be made, the useful life shall not exceed 10 years.

 The estimated useful lives range as follows:

Goodwill
-
15
years

Page 4

 
WAKE SMITH SOLICITORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

The depreciation rates used are:

Leasehold improvements
-
13% straight line
Fixtures and fittings
-
10 - 20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

 

Page 5

 
WAKE SMITH SOLICITORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 78 (2023 - 75).


4.


Intangible assets




Goodwill

£



Cost


At 1 May 2023
1,920,000



At 30 April 2024

1,920,000



Amortisation


At 1 May 2023
1,024,000


Charge for the year on owned assets
128,000



At 30 April 2024

1,152,000



Net book value



At 30 April 2024
768,000



At 30 April 2023
896,000



Page 6

 
WAKE SMITH SOLICITORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Tangible fixed assets





Long-term leasehold property
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost 


At 1 May 2023
170,473
12,777
267,193
450,443


Additions
-
-
51,110
51,110


Disposals
(170,473)
(12,777)
(50,052)
(233,302)



At 30 April 2024

-
-
268,251
268,251



Depreciation


At 1 May 2023
166,687
12,777
195,963
375,427


Charge for the year on owned assets
3,786
-
40,599
44,385


Charge for the year on financed assets
-
-
6,560
6,560


Disposals
(170,473)
(12,777)
(50,052)
(233,302)



At 30 April 2024

-
-
193,070
193,070



Net book value



At 30 April 2024
-
-
75,181
75,181



At 30 April 2023
3,786
-
71,230
75,016

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Fixtures and fittings
-
6,560

Page 7

 
WAKE SMITH SOLICITORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 May 2023
13



At 30 April 2024
13






Net book value



At 30 April 2024
13



At 30 April 2023
13

The Company owns the entire share capital of The Business Portal Limited, Wake Smith &Tofields Limited, Wake Smith (Services) Limited, WS (Directors) Limited and WS (Secretaries) Limited. All companies were dormant throughout the year,


7.


Debtors

2024
2023
£
£


Trade debtors
1,259,354
1,513,855

Prepayments and accrued income
1,443,734
1,251,717

Deferred taxation
81
1,309

2,703,169
2,766,881


Page 8

 
WAKE SMITH SOLICITORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
283,882
110,949

Trade creditors
39,088
56,459

Corporation tax
236,085
291,882

Other taxation and social security
394,116
421,356

Obligations under finance lease and hire purchase contracts
6,014
8,600

Other creditors
448,728
449,638

Accruals and deferred income
731,550
249,567

2,139,463
1,588,451


Included in creditors due within one year is a bank loan on which security has been given.


9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
-
8,275



10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
6,014
8,600

Between 1-5 years
-
8,275

6,014
16,875

Amounts due under finance lease and hire purchase contracts included in creditors due within and after more than one year are secured over the assets to which they relate.

Page 9

 
WAKE SMITH SOLICITORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

11.


Deferred taxation




2024


£






At beginning of year
1,309


Charged to profit or loss
(1,228)



At end of year
81

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
81
1,309


12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



50 (2023 - 50) Ordinary D shares of £1.00 each
50
50
50 (2023 - 50) Ordinary E shares of £1.00 each
50
50
1 (2023 - ) Ordinary B share of £1.00
1
-
1 (2023 - ) Ordinary C share of £1.00
1
-
50 (2023 - 50) Ordinary H shares of £1.00 each
50
50
50 (2023 - 50) Ordinary I shares of £1.00 each
50
50
50 (2023 - 50) Ordinary J shares of £1.00 each
50
50
50 (2023 - 50) Ordinary K shares of £1.00 each
50
50
1 (2022 - 1) Ordinary F share of £1.00
1
1

303

301


During the year, 5 Ordinary J shares were issued to P A Gibbon, and 5 Ordinary K shares were issued to S M Porter, at par. 1 redeemable C share was cancelled during the year.


13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £268,789 (2023:  £188,718).

Page 10

 
WAKE SMITH SOLICITORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

14.


Commitments under operating leases

At 30 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
170,394
134,964

Later than 1 year and not later than 5 years
745,474
715,046

Later than 5 years
362,087
562,909

1,277,955
1,412,919

 
Page 11