Company registration number 08282848 (England and Wales)
MARSDEN RAWSTHORN SOLICITORS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
MARSDEN RAWSTHORN SOLICITORS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
MARSDEN RAWSTHORN SOLICITORS LIMITED
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
41,330
55,163
Current assets
Debtors
4
1,798,865
1,768,027
Cash at bank and in hand
104,605
234,324
1,903,470
2,002,351
Creditors: amounts falling due within one year
5
(1,410,555)
(1,399,253)
Net current assets
492,915
603,098
Total assets less current liabilities
534,245
658,261
Creditors: amounts falling due after more than one year
6
(323,333)
(565,277)
Provisions for liabilities
(9,590)
(12,502)
Net assets
201,322
80,482
Capital and reserves
Called up share capital
7
7
Share premium account
99,999
99,999
Capital redemption reserve
2
2
Profit and loss reserves
101,314
(19,526)
Total equity
201,322
80,482
MARSDEN RAWSTHORN SOLICITORS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024
30 April 2024
- 2 -

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.

The financial statements were approved by the board of directors and authorised for issue on 28 January 2025 and are signed on its behalf by:
Mr P D Hine
Mr K J Wilson
Director
Director
Mr P A Ridehalgh
Mr S J Hodgson
Director
Director
Mr R L Ainsworth
Director
Company Registration No. 08282848
MARSDEN RAWSTHORN SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information

Marsden Rawsthorn Solicitors Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3-4 Faraday Court, Fulwood, Preston, PR2 9NB.

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.

1.2
Turnover

Turnover represents amounts receivable for services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
15% reducing balance
Computer equipment
33.3% 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.

1.4
Impairment of fixed assets

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

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.

MARSDEN RAWSTHORN SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.6
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, 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.

 

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.

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.

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.

MARSDEN RAWSTHORN SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
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.

1.9
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.

1.10
Retirement benefits

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

1.11
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.

2
Employees

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

2024
2023
Number
Number
Total
71
81
MARSDEN RAWSTHORN SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
3
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
Cost
At 1 May 2023
68,676
74,611
143,287
Additions
2,659
7,473
10,132
Disposals
(12,120)
-
0
(12,120)
At 30 April 2024
59,215
82,084
141,299
Depreciation and impairment
At 1 May 2023
30,373
57,751
88,124
Depreciation charged in the year
5,633
16,016
21,649
Eliminated in respect of disposals
(9,804)
-
0
(9,804)
At 30 April 2024
26,202
73,767
99,969
Carrying amount
At 30 April 2024
33,013
8,317
41,330
At 30 April 2023
38,303
16,860
55,163
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
662,291
592,072
Gross amounts owed by contract customers
739,844
553,536
Other debtors
73,011
216,286
Prepayments and accrued income
322,383
403,168
1,797,529
1,765,062
Deferred tax asset
1,336
2,965
1,798,865
1,768,027
MARSDEN RAWSTHORN SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
107,418
125,396
Other borrowings
573,145
727,644
Trade creditors
243,864
198,887
Taxation and social security
390,762
220,990
Other creditors
35,371
18,723
Accruals and deferred income
59,995
107,613
1,410,555
1,399,253

Included in Creditors Due Within One Year are loans to the value of £158,333 (2023 - £ 234,047) which are secured by personal guarantees given by the Directors.

Included in other borrowings is £50,000 (2023 - £50,000) which is secured by a fixed and floating charge over all of the company's assets.

 

Also included in other borrowings is £80,000 (2023 - £80,000) of loans which were made under the Government secured Covid business recovery scheme.

6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Other borrowings
323,333
565,277

Included in Creditors Due After One Year are loans to the value of £41,667 (2023 - £131,945 ) which are secured by personal guarantees given by the Directors.

 

Included in other borrowings is £141,666 (2023 - £191,666) which is secured by a fixed and floating charge over all of the company's assets.

 

Also included in other borrowings is £93,333 (2023 - £173,333) of loans which were made under the Government secured Covid business recovery scheme.

7
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
£
£
516,098
595,886
MARSDEN RAWSTHORN SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
8
Directors' transactions

 

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Loan to director
2.25
37,162
15,657
833
(44,464)
9,188
Loan to director
2.25
46,295
14,873
1,234
(44,464)
17,938
Loan to director
2.25
40,866
14,435
1,005
(44,464)
11,842
Loan to director
2.25
42,330
14,277
1,064
(44,464)
13,207
Loan to director
2.25
47,866
14,374
1,293
(44,464)
19,069
214,519
73,616
5,429
(222,320)
71,244
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