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Company registration number: 09908389
Horsham Family Lawyers Ltd
Unaudited filleted financial statements
30 April 2024
Horsham Family Lawyers Ltd
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Horsham Family Lawyers Ltd
Directors and other information
Director Mr J Billingham
Secretary Mr J Billingham
Company number 09908389
Registered office 10 East Street Horsham
West Sussex
RH12 1HL
Horsham Family Lawyers Ltd
Statement of financial position
30 April 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 32,211 4,863
_______ _______
32,211 4,863
Current assets
Debtors 6 6,807 16,493
Cash at bank and in hand 164,874 173,252
_______ _______
171,681 189,745
Creditors: amounts falling due
within one year 7 ( 67,217) ( 42,064)
_______ _______
Net current assets 104,464 147,681
_______ _______
Total assets less current liabilities 136,675 152,544
Creditors: amounts falling due
after more than one year 8 ( 31,383) ( 33,781)
_______ _______
Net assets 105,292 118,763
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 105,291 118,762
_______ _______
Shareholder funds 105,292 118,763
_______ _______
For the 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.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 22 January 2025 , and are signed on behalf of the board by:
Mr J Billingham
Director
Company registration number: 09908389
Horsham Family Lawyers Ltd
Notes to the financial statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 East Street Horsham, West Sussex, RH12 1HL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
No provision for deferred taxation has been provided for in the financial statements due to the amount not being material.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold improvement - Straight line over the life of the lease
Fittings fixtures and equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Tangible assets
Leasehold Improvement Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 May 2023 - 21,671 21,671
Additions 11,352 26,433 37,785
_______ _______ _______
At 30 April 2024 11,352 48,104 59,456
_______ _______ _______
Depreciation
At 1 May 2023 - 16,808 16,808
Charge for the year 1,419 9,018 10,437
_______ _______ _______
At 30 April 2024 1,419 25,826 27,245
_______ _______ _______
Carrying amount
At 30 April 2024 9,933 22,278 32,211
_______ _______ _______
At 30 April 2023 - 4,863 4,863
_______ _______ _______
6. Debtors
2024 2023
£ £
Other debtors 6,807 16,493
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 7,565 7,540
Trade creditors 7,695 396
Corporation tax 20,275 9,252
Social security and other taxes 26,507 22,571
Other creditors 5,175 2,305
_______ _______
67,217 42,064
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 31,383 33,781
_______ _______
9. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 39,050 13,852
Later than 1 year and not later than 5 years 57,778 1,840
_______ _______
96,828 15,692
_______ _______
10. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mr J Billingham - - -
_______ _______ _______
2023
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mr J Billingham 87,264 ( 87,264) -
_______ _______ _______