Company registration number 08029653 (England and Wales)
ATKINS HOPE SOLICITORS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
ATKINS HOPE SOLICITORS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
ATKINS HOPE SOLICITORS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
4
202,500
225,000
Tangible assets
5
87,339
86,959
289,839
311,959
Current assets
Debtors
6
423,316
518,889
Cash at bank and in hand
2,446
9,928
425,762
528,817
Creditors: amounts falling due within one year
7
(422,638)
(480,443)
Net current assets
3,124
48,374
Total assets less current liabilities
292,963
360,333
Creditors: amounts falling due after more than one year
8
(54,167)
(104,167)
Provisions for liabilities
(40,000)
(40,000)
Net assets
198,796
216,166
Capital and reserves
Called up share capital
100
100
Capital redemption reserve
100
100
Profit and loss reserves
198,596
215,966
Total equity
198,796
216,166
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ATKINS HOPE SOLICITORS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
Ms J Adelman
Director
Company registration number 08029653 (England and Wales)
ATKINS HOPE SOLICITORS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 30 April 2023:
Balance at 1 May 2022
100
100
301,811
302,011
Year ended 30 April 2023:
Profit and total comprehensive income
-
-
79,255
79,255
Dividends
-
-
(165,100)
(165,100)
Balance at 30 April 2023
100
100
215,966
216,166
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
146,392
146,392
Dividends
-
-
(163,762)
(163,762)
Balance at 30 April 2024
100
100
198,596
198,796
ATKINS HOPE SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
1
Accounting policies
Company information
Atkins Hope Solicitors Limited is a private company limited by shares incorporated in England and Wales. The registered office is 74-78 North End, Croydon, Surrey, CR9 1SD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.
Where the outcome of a contract can be estimated reliability, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contractual obligations are included to the extent that the amount can be measured reliably and its receipt is considered probable.
Where the outcome of the contract cannot be estimated reliably, contract costs are recognised as expenses in the period in which they are incurred and contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
No depreciation on land value
Fixtures and fittings
25% Straight line
Computer equipment
33% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
ATKINS HOPE SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
ATKINS HOPE SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 6 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
ATKINS HOPE SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
28
28
4
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
450,000
Amortisation and impairment
At 1 May 2023
225,000
Amortisation charged for the year
22,500
At 30 April 2024
247,500
Carrying amount
At 30 April 2024
202,500
At 30 April 2023
225,000
ATKINS HOPE SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2023
85,141
117,638
202,779
Additions
1,053
1,053
At 30 April 2024
85,141
118,691
203,832
Depreciation and impairment
At 1 May 2023
115,820
115,820
Depreciation charged in the year
673
673
At 30 April 2024
116,493
116,493
Carrying amount
At 30 April 2024
85,141
2,198
87,339
At 30 April 2023
85,141
1,818
86,959
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
128,441
214,343
Other debtors
294,875
298,033
423,316
512,376
Deferred tax asset
6,513
423,316
518,889
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
50,011
67,830
Trade creditors
133,205
144,003
Corporation tax
59,774
25,081
Other taxation and social security
69,599
84,864
Other creditors
110,049
158,665
422,638
480,443
ATKINS HOPE SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
54,167
104,167
9
Loans and overdrafts
2024
2023
£
£
Bank loans
104,167
154,167
Bank overdrafts
11
17,830
Other loans
74,678
98,787
178,856
270,784
Payable within one year
124,689
166,617
Payable after one year
54,167
104,167
Charge at Companies House has been registered by National Westminster Bank PLC for the loan taken by the company, which has fixed and floating charges over the undertaking and all property of the company.
On June 2020 the company received a government Coronavirus Business Interruption Loan Scheme (CBILS) loan of £250,000. The government provides a guarantee for 80% of the loan and also provide business interruption payments whereby interest payments and any fees levied by the Lender are covered for the first year. The loan is fully repayable after 72 months, by monthly instalments of £4,166.66 commencing 13 months after the balance sheet date, with an interest rate of 2.5% charged on the outstanding balance.
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
142,628
35,000
11
Prior period adjustment
ATKINS HOPE SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
11
Prior period adjustment
(Continued)
- 10 -
Reconciliation of changes in equity
1 May
30 April
2022
2023
£
£
Adjustments to prior year
Reversal of dividend error
-
14,000
Equity as previously reported
302,011
202,166
Equity as adjusted
302,011
216,166
Analysis of the effect upon equity
Profit and loss reserves
-
14,000
Reconciliation of changes in profit for the previous financial period
2023
£
Total adjustments
-
Profit as previously reported
79,255
Profit as adjusted
79,255
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