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COMPANY REGISTRATION NUMBER: 06524676
Simon Burn Solicitors Limited
Filleted Unaudited Financial Statements
30 November 2023
Simon Burn Solicitors Limited
Financial Statements
Year ended 30 November 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Simon Burn Solicitors Limited
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
666,932
664,681
Investments
7
90,239
70,157
---------
---------
757,171
734,838
Current assets
Debtors
8
198,833
246,205
Cash at bank and in hand
220,375
155,424
---------
---------
419,208
401,629
Creditors: amounts falling due within one year
9
( 504,110)
( 384,440)
---------
---------
Net current (liabilities)/assets
( 84,902)
17,189
---------
---------
Total assets less current liabilities
672,269
752,027
Creditors: amounts falling due after more than one year
10
( 298,734)
( 365,503)
Provisions
Taxation including deferred tax
( 31,460)
( 24,306)
---------
---------
Net assets
342,075
362,218
---------
---------
Simon Burn Solicitors Limited
Statement of Financial Position (continued)
30 November 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
1
1
Profit and loss account
342,074
362,217
---------
---------
Shareholder funds
342,075
362,218
---------
---------
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.
For the year ending 30 November 2023 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 were approved by the board of directors and authorised for issue on 4 February 2025 , and are signed on behalf of the board by:
S L Burn
Director
Company registration number: 06524676
Simon Burn Solicitors Limited
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 51 Promenade, Cheltenham, Gloucestershire, GL50 1PJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, 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. When the outcome of a transaction involving the rendering of services 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 profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
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. Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
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 as follows:
Goodwill
-
equal instalments over 10 years
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Furniture, fixtures and equipment
-
20% per annum of reducing balance
Computer equipment
-
40% per annum of reducing balance
No depreciation is provided on freehold buildings as in the opinion of the director the residual value to the business is not less than the valuation shown in these financial statements.
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.
Impairment of fixed assets
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2022: 6 ).
5. Intangible assets
Goodwill
£
Cost
At 1 December 2022 and 30 November 2023
400,000
---------
Amortisation
At 1 December 2022 and 30 November 2023
400,000
---------
Carrying amount
At 30 November 2023
---------
At 30 November 2022
---------
6. Tangible assets
Freehold property
Furniture, fixtures and equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 December 2022
632,402
61,623
18,048
712,073
Additions
2,600
7,819
10,419
---------
--------
--------
---------
At 30 November 2023
632,402
64,223
25,867
722,492
---------
--------
--------
---------
Depreciation
At 1 December 2022
33,127
14,265
47,392
Charge for the year
5,848
2,320
8,168
---------
--------
--------
---------
At 30 November 2023
38,975
16,585
55,560
---------
--------
--------
---------
Carrying amount
At 30 November 2023
632,402
25,248
9,282
666,932
---------
--------
--------
---------
At 30 November 2022
632,402
28,496
3,783
664,681
---------
--------
--------
---------
7. Investments
Other investments other than loans
£
Cost/valuation
At 1 December 2022
70,157
Additions
13,812
Revaluations
6,270
--------
At 30 November 2023
90,239
--------
Impairment
At 1 December 2022 and 30 November 2023
--------
Carrying amount
At 30 November 2023
90,239
--------
At 30 November 2022
70,157
--------
8. Debtors
2023
2022
£
£
Trade debtors
61,400
153,715
Other debtors
137,433
92,490
---------
---------
198,833
246,205
---------
---------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
36,462
38,633
Trade creditors
86,225
54,813
Social security and other taxes
126,336
114,730
Other creditors
255,087
176,264
---------
---------
504,110
384,440
---------
---------
The bank loans are secured by fixed and floating charges over the company's assets.
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
298,734
365,503
---------
---------
The bank loans are secured by fixed and floating charges over the company's assets.
Included within creditors: amounts falling due after more than one year is an amount of £190,457 (2022: £231,290) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Later than 1 year and not later than 5 years
1,448
11,067
-------
--------
12. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
S L Burn
( 688)
304,369
( 305,829)
( 2,148)
----
---------
---------
-------
2022
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
S L Burn
1,868
164,433
( 166,989)
( 688)
-------
---------
---------
----
No interest has been charged on the advances to the director.