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Registration number: 05393433

Paul Taylor (Solicitors) Limited

Unaudited Filleted Financial Statements

for the Period from 1 April 2023 to 30 April 2024

 

Contents

Statement of Director's Responsibilities

1

Statement of Financial Position

2

Notes to the Unaudited Financial Statements

3 to 7

 

Statement of Director's Responsibilities

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

 

(Registration number: 05393433)
Statement of Financial Position as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

6

-

858,032

Current assets

 

Debtors

7

1,198,760

1

Cash at bank and in hand

 

1

1

 

1,198,761

2

Creditors: Amounts falling due within one year

8

(328,817)

(15,281)

Net current assets/(liabilities)

 

869,944

(15,279)

Net assets

 

869,944

842,753

Capital and reserves

 

Called up share capital

9

2

2

Profit and loss account

869,942

842,751

Shareholders' funds

 

869,944

842,753

For the financial period 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 members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 31 January 2025
 


P A Taylor
Director

 

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 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:
15 William Prance Road
Plymouth
PL6 5ZD

Principal activity

The principal activity of the company is that of solicitors

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

Paul Taylor (Solicitors) Limited has ceased trading since the year end. The financial statements have been prepared on a basis other than that of a going concern and therefore assets have been written down to net realisable value.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

 

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 April 2024 (continued)

2

Accounting policies (continued)

Tax

The taxation expense represents the aggregate amount of the 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 the 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.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

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.

When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

 

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset follows:

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise of cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.

 

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 April 2024 (continued)

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 2 (2023 - 2).

4

Income from participating interests

2024
£

2023
£

Income from joint ventures

64,000

58,000

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

1,250

1,250

At 30 April 2024

1,250

1,250

Amortisation

At 1 April 2023

1,250

1,250

At 30 April 2024

1,250

1,250

Carrying amount

At 30 April 2024

-

-

 

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 April 2024 (continued)

6

Investments

Other investments other than loans

£

Cost

At 1 April 2023

858,032

Additions

(139,540)

Disposals

(718,492)

At 30 April 2024

-

Provision

Carrying amount

At 30 April 2024

-

At 31 March 2023

858,032

The company accounts for its partnership interest in Paul Taylor Solicitors in accordance with FRS 102.
The company's 40.00% share of the trading profit of the partnership is shown in note 4.
The balance on the company's partnership capital account is shown above.

7

Debtors

2024
£

2023
£

Other debtors

1,198,760

1

1,198,760

1

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

65,756

11,996

Accruals and deferred income

4,780

3,285

Other creditors

258,281

-

328,817

15,281

 

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 April 2024 (continued)

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1.00 each of £1 each

1

1

1

1

Ordinary B shares of £1.00 each of £1 each

1

1

1

1

2

2

2

2

10

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.