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Registration number: 05132590

Arnison & Company Solicitors Limited

Unaudited Financial Statements

30 April 2024

image-name

 

Arnison & Company Solicitors Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Arnison & Company Solicitors Limited
for the Year Ended 30 April 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Arnison & Company Solicitors Limited for the year ended 30 April 2024 as set out on pages 2 to 13 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Arnison & Company Solicitors Limited, as a body, in accordance with the terms of our engagement letter dated 9 December 2022. Our work has been undertaken solely to prepare for your approval the accounts of Arnison & Company Solicitors Limited and state those matters that we have agreed to state to the Board of Directors of Arnison & Company Solicitors Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Arnison & Company Solicitors Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Arnison & Company Solicitors Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Arnison & Company Solicitors Limited. You consider that Arnison & Company Solicitors Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Arnison & Company Solicitors Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Audit Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

16 January 2025

 

Arnison & Company Solicitors Limited

(Registration number: 05132590)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

106,398

145,146

Tangible assets

5

104,156

106,455

Investments

6

250,000

250,000

 

460,554

501,601

Current assets

 

Debtors

8

1,377,197

1,441,471

Other financial assets

7

777,542

370,637

Cash at bank and in hand

 

536,530

906,804

 

2,691,269

2,718,912

Creditors: Amounts falling due within one year

9

(869,972)

(1,012,751)

Net current assets

 

1,821,297

1,706,161

Total assets less current liabilities

 

2,281,851

2,207,762

Creditors: Amounts falling due after more than one year

9

(13,864)

(22,620)

Provisions for liabilities

(30,021)

(31,406)

Net assets

 

2,237,966

2,153,736

Capital and reserves

 

Allotted, called up and fully paid share capital

102

102

Capital redemption reserve

18

18

Profit and loss account

2,237,846

2,153,616

Total equity

 

2,237,966

2,153,736

For the financial year ending 30 April 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 year 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.

 

Arnison & Company Solicitors Limited

(Registration number: 05132590)
Balance Sheet as at 30 April 2024 (continued)

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 Profit and Loss Account.

Approved and authorised by the Board on 16 January 2025 and signed on its behalf by:
 

.........................................
T P Price
Director

.........................................
C E Birtles
Director

.........................................
M J Rogers
Director

.........................................
C J Ryder
Company secretary and director

.........................................
M K Robson
Director

.........................................
B Richardson
Director

.........................................
L Brogden
Director

     
 

Arnison & Company Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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:
1 St Andrews Place
PENRITH
CA11 7AW

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

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 sales/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.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

Arnison & Company Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

Tangible assets

Tangible assets are stated in the balance sheet 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

Land and buildings

10% on cost

Motor vehicles

25% reducing balance

Furniture, fittings and office equipment

25% reducing balance

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 amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

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

20 years straight line

Software

8 years straight line

The directors reviewed the valuation of goodwill on 1 May 2015, the date on which Financial Reporting Standard 102 was implemented. At that date the directors were of the opinion that the goodwill had remaining useful economic lives to the company of at least the ten years and one month and sixteen years and five months they had remaining under their estimated useful lives of twenty years. Goodwill therefore continues to be amortised over its original twenty year estimated useful economic life.

 

Arnison & Company Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

Investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Current asset investments are included in the balance sheet at fair value and the gain or loss is recognised in the profit and loss account.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

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 profit and loss account 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.

 

Arnison & Company Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 44 (2023 - 43).

 

Arnison & Company Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

4

Intangible assets

Goodwill
 £

Software
 £

Total
£

Cost or valuation

At 1 May 2023

650,000

49,984

699,984

At 30 April 2024

650,000

49,984

699,984

Amortisation

At 1 May 2023

534,792

20,046

554,838

Amortisation charge

32,500

6,248

38,748

At 30 April 2024

567,292

26,294

593,586

Carrying amount

At 30 April 2024

82,708

23,690

106,398

At 30 April 2023

115,208

29,938

145,146

5

Tangible assets

Land and buildings
£

Motor vehicles
 £

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 May 2023

113,748

43,226

188,074

345,048

Additions

-

-

29,572

29,572

Disposals

-

-

(64,593)

(64,593)

At 30 April 2024

113,748

43,226

153,053

310,027

Depreciation

At 1 May 2023

84,329

11,974

142,290

238,593

Charge for the year

7,610

7,813

12,491

27,914

Eliminated on disposal

-

-

(60,636)

(60,636)

At 30 April 2024

91,939

19,787

94,145

205,871

Carrying amount

At 30 April 2024

21,809

23,439

58,908

104,156

At 30 April 2023

29,419

31,252

45,784

106,455

 

Arnison & Company Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

6

Investments

2024
£

2023
£

Investments in subsidiaries

250,000

250,000

Subsidiaries

£

Cost or valuation

At 1 May 2023

250,000

At 30 April 2024

250,000

Provision

Carrying amount

At 30 April 2024

250,000

At 30 April 2023

250,000

7

Other financial assets (current and non-current)

2024
£

2023
£

Current financial assets

Financial assets at fair value through profit and loss

777,542

370,637

Financial assets at fair value through profit and loss
£

Total
£

Current financial assets

Cost or valuation

At 1 May 2023

370,637

370,637

Additions

398,000

398,000

Fair value adjustments

8,905

8,905

At 30 April 2024

777,542

777,542

Carrying amount

At 30 April 2024

777,542

777,542

 

Arnison & Company Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

8

Debtors

2024
£

2023
£

Trade debtors

531,163

507,069

Other debtors

846,034

934,402

 

1,377,197

1,441,471

Less non-current portion

(21,177)

(26,831)

1,356,020

1,414,640

Details of non-current trade and other debtors

£21,177 (2023 - £26,831) of other debtors is classified as non-current. This relates to an interest bearing loan repayable over 6 years.

9

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

300,414

326,872

Trade creditors

 

9,156

3,050

Amounts owed to group undertakings and undertakings in which the company has a participating interest

 

250,000

250,000

Taxation and social security

 

110,214

135,751

Corporation tax liability

 

111,245

199,265

Other creditors

 

88,943

97,813

 

869,972

1,012,751

Due after one year

 

Loans and borrowings

10

13,864

22,620

 

Arnison & Company Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

10

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Finance lease liabilities

8,756

8,756

Other borrowings

291,658

318,116

300,414

326,872

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Finance lease liabilities

8,756

8,756

Finance lease liabilities are secured on the assets to which they relate.

2024
£

2023
£

Non-current loans and borrowings

Finance lease liabilities

13,864

22,620

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Finance lease liabilities

13,864

22,620

Finance lease liabilities are secured on the assets to which they relate.

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £90,078 (2023 - £114,380). £90,078 (2023 : 114,380) of these commitments relate to property leases.

 

Arnison & Company Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

12

Related party transactions

Transactions with directors

2024

At 1 May 2023
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 30 April 2024
£

C E Birtles

Loan

-

30,991

(344)

-

(30,892)

245

-

               
         

L Brogden

Loan

20,113

72,188

(13,188)

-

(37,500)

1,210

42,823

               
         

M J Rogers

Loan

-

32,925

(306)

-

(32,903)

284

-

               
         

D Tew

-

30,864

(28,738)

-

-

269

2,395

               
         

 

2023

At 1 May 2022
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 30 April 2023
£

C E Birtles

Loan

-

31,091

(589)

-

(30,784)

282

-

               
         

L Brogden

Loan

-

57,539

(305)

-

(37,500)

379

20,113

               
         

M J Rogers

Loan

-

31,364

(429)

-

(31,161)

226

-

               
         

 

Directors' advances are repayable on demand.

Interest has been charged at a rate of 2% to 5 April 2023 and at 2.25% thereafter on advances to directors.

 

Arnison & Company Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

13

Financial instruments

Financial assets measured at fair value

Investment Bond
The fair value of the bond is based on the number of units held multiplied by the unit price as determined by the bond provider.

The fair value is £777,542 (2023 - £370,637) and the change in value included in profit or loss is £8,905 (2023 - £18,487).

14

Off-balance sheet arrangements

Client monies
At 30 April 2024 the company held client monies totalling £10,495,219 (2023 : £8,545,602). These were held in various client accounts in accordance with the SRA Accounts Rules.