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Gowlings Solicitors Limited

Registered Number
07267108
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

Gowlings Solicitors Limited
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

NATHA, Idris Yunus
SEDDON, Richard Andrew

Registered Address

Derby House Lytham Road
Fulwood
Preston
PR2 8JE

Registered Number

07267108 (England and Wales)
Gowlings Solicitors Limited
Balance Sheet as at
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets34,7717,156
Tangible assets413,38117,655
18,15224,811
Current assets
Debtors5227,300198,552
Cash at bank and on hand72,87450,158
300,174248,710
Creditors amounts falling due within one year6(126,902)(142,069)
Net current assets (liabilities)173,272106,641
Total assets less current liabilities191,424131,452
Creditors amounts falling due after one year7(55,250)(23,333)
Provisions for liabilities9(3,345)(3,220)
Net assets132,829104,899
Capital and reserves
Called up share capital22
Profit and loss account132,827104,897
Shareholders' funds132,829104,899
The financial statements were approved and authorised for issue by the Board of Directors on 24 January 2025, and are signed on its behalf by:
NATHA, Idris Yunus
Director
SEDDON, Richard Andrew
Director

Registered Company No. 07267108
Gowlings Solicitors Limited
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
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
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Short leasehold is amortise over period of lease.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery20
Fixtures and fittings15
Vehicles25
Office Equipment20
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
2.Average number of employees

20242023
Average number of employees during the year1616
3.Intangible assets

Goodwill

Other

Total

£££
Cost or valuation
At 01 April 2350,00011,92761,927
At 31 March 2450,00011,92761,927
Amortisation and impairment
At 01 April 2350,0004,77154,771
Charge for year-2,3852,385
At 31 March 2450,0007,15657,156
Net book value
At 31 March 24-4,7714,771
At 31 March 23-7,1567,156
4.Tangible fixed assets

Fixtures & fittings

Office Equipment

Total

£££
Cost or valuation
At 01 April 2344,6233,37948,002
Additions750-750
At 31 March 2445,3733,37948,752
Depreciation and impairment
At 01 April 2328,6581,68930,347
Charge for year4,1798455,024
At 31 March 2432,8372,53435,371
Net book value
At 31 March 2412,53684513,381
At 31 March 2315,9651,69017,655
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables191,300198,552
Other debtors36,000-
Total227,300198,552
6.Creditors: amounts due within one year

2024

2023

££
Bank borrowings and overdrafts10,00010,000
Taxation and social security96,41475,558
Other creditors14,47651,290
Accrued liabilities and deferred income6,0125,221
Total126,902142,069
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts13,33323,333
Other creditors41,917-
Total55,25023,333
8.Obligations under finance leases
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
9.Provisions for liabilities
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

2024

2023

££
Net deferred tax liability (asset)3,3453,220
Total3,3453,220
10.Directors advances, credits and guarantees

Brought forward

Amount advanced

Amount repaid

Carried forward

££££
SEDDON, Richard Andrew07,00007,000
Director's Loan Account < 1 Year Due
NATHA, Idris Yunus18,480011,7906,690
Director's Loan Account < 1 Year Due
SEDDON, Richard Andrew32,8109,59849141,917
Director's Loan Account > 1 Year Due
51,29016,59812,28155,607
During the financial year ended 31 March 2023 it was identified that an amount of 16598, which had previously been characterised as personal drawings has now been reversed to Andrew Seddon's Director's Loan Account. This reclassification has been made accurately to reflect the nature of the transaction.