Company registration number 13817010 (England and Wales)
ALDSOL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
ALDSOL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
ALDSOL LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
3
4,618,891
4,879,105
Cash at bank and in hand
659,623
55,882
5,278,514
4,934,987
Creditors: amounts falling due within one year
4
(1,929,828)
(1,480,641)
Net current assets
3,348,686
3,454,346
Creditors: amounts falling due after more than one year
5
(2,443,492)
(2,813,492)
Net assets
905,194
640,854
Capital and reserves
Called up share capital
6
102
102
Profit and loss reserves
905,092
640,752
Total equity
905,194
640,854

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 17 January 2025 and are signed on its behalf by:
Mr M J Foxford
Mr A C Rattray
Director
Director
Company registration number 13817010 (England and Wales)
ALDSOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information

Aldsol Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Lowry Plaza, The Quays, Salford, M50 3UB.

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,The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of MRF Legal Limited. These consolidated financial statements are available from its registered office, 5 Cambridge Road, Hale, Altrincham, England, WA15 9SY.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Revenue for services represents the fair value of legal services provided during the year on client assignments. Fair value reflects the amount expected to be recoverable from clients and is based on time spent, expertise and skills provided, and expenses incurred. Fee income is stated net of Value Added Tax.

ALDSOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -

Legal services provided to clients during the year which, at the balance sheet date, have not been invoiced to clients, have been recognised as fee income in accordance with Section 23 Revenue of Financial Reporting Standard 102. Fee income can be recognised on a number of bases. Some fee income is recognised on an assessment of the fair value of services provided by the balance sheet date as a proportion of the total value of the engagement. Some fee income, where the services includes an indeterminate number of acts occurring, recognises revenue over the life of the service provided on a straight-line basis.

 

Unbilled fee income is included as stated at fair value where the right to consideration has been obtained. Provision is made against unbilled amounts on those engagements where the right to receive payments is contingent on other factors outside the control of the group. Contingent fee income (over and above any agreed minimum fee which is recognised as above) is recognised in the period in which the contingent event occurs.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

ALDSOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.5
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.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

1.7
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.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

ALDSOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
42
39
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
899,153
592,474
Amounts owed by group undertakings
100
100
Other debtors
3,719,638
4,286,531
4,618,891
4,879,105
4
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
366,367
27,724
Amounts owed to group undertakings
360,000
360,000
Taxation and social security
322,340
321,850
Other creditors
881,121
771,067
1,929,828
1,480,641
5
Creditors: amounts falling due after more than one year
2024
2023
£
£
Amounts owed to group undertakings
2,338,492
2,708,492
Other creditors
105,000
105,000
2,443,492
2,813,492

Redeemable preference shares

 

On 29 September 2022, the company issued 2,100 redeemable preference shares of £50 each. These shares are redeemable by the company or the shareholder, have no voting rights but have rights to a preferential dividend and limited rights to participate in capital distributions.

ALDSOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
Growth shares of £1 each
2
2
2
2
102
102
102
102

Ordinary shares

On 29 September 2022, the company issued 100 ordinary shares of £1 each. These shares are non-redeemable, have full voting rights, rights to dividends and right to participate in capital distributions.

 

Growth shares

On 29 September 2022, the company issued 2 growth shares of £1 each. These shares are non-redeemable, have no voting or dividend rights but have the right to participate in capital returns in relation to sale proceeds in excess of £5.5m.

 

 

7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Karen Hain BA FCA
Statutory Auditor:
MHA
8
Financial commitments, guarantees and contingent liabilities

The company has entered into a cross company guarantee in respect of the bank borrowings with group companies. At the year end there is a potential liability of £nil (2023: £nil).

 

There is a debenture held with the Bank that takes a first charge over all assets and undertakings of the business.

 

There are also debentures from group companies held with the Bank that takes a first charge over all assets and undertakings of the business.

9
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
£
£
79,050
32,321
ALDSOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
9
Operating lease commitments
(Continued)
- 7 -

A fellow group company has provided an unlimited guarantee in respect of the total operating lease commitment balance.

 

 

 

 

 

 

 

 

10
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

2024
2023
Amounts due to related parties
£
£
Directors
538,220
592,647
Other
122,608
122,608
Other information

The company has taken advantage of the exemption permitted under Section 1A paragraph 35C from disclosing transactions with its parent company and other wholly owned group companies.

11
Parent company

The ultimate parent company is MRF Legal Limited, a limited company registered in England and Wales. MRF Legal Limited registered office is 5 Cambridge Road, Hale, Altrincham, England, WA15 9SY.

 

Copies of the consolidated financial statements of MRF Legal Limited, which is both the smallest and largest group for which consolidated financial statements are prepared, may be obtained from Companies House.

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