Company Registration No. NI631438 (Northern Ireland)
Kearney Sefton Solicitors Limited
Unaudited accounts
for the year ended 31 May 2024
Kearney Sefton Solicitors Limited
Statement of financial position
as at 31 May 2024
Tangible assets
3,369
4,176
Cash at bank and in hand
240,663
241,773
Creditors: amounts falling due within one year
(253,466)
(191,113)
Net current assets
515,342
530,572
Total assets less current liabilities
518,711
534,748
Creditors: amounts falling due after more than one year
(11,465)
(22,715)
Net assets
507,246
512,033
Called up share capital
2
2
Profit and loss account
507,244
512,031
Shareholders' funds
507,246
512,033
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 16 December 2024 and were signed on its behalf by
Paula Smith
Director
Company Registration No. NI631438
Kearney Sefton Solicitors Limited
Notes to the Accounts
for the year ended 31 May 2024
Kearney Sefton Solicitors Limited is a private company, limited by shares, registered in Northern Ireland, registration number NI631438. The registered office is 12 Brunswick Street , Belfast , BT2 7GE.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
The directors of Kearney Sefton Solicitors Limited believe that the company has adequate resources available to enable it to continue to meet its ongoing obligations as and when they fall due for at least twelve months from the date of signing. Accordingly, Kearney Sefton Solicitors Limited continue to adopt the going concern basis in preparing the financial statements.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
33% Reducing Balance
Computer equipment
20% Straight Line
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the rendering of legal 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.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
The prior year figures have been restated to correctly recognise the work in progress at 31 May 2023. This has resulted in an increase of £150,000 to other debtors and increase in the closing stock in the profit and loss of £150,000.
Kearney Sefton Solicitors Limited
Notes to the Accounts
for the year ended 31 May 2024
4
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 June 2023
159,996
210
160,206
At 31 May 2024
159,996
772
160,768
At 1 June 2023
156,002
28
156,030
Charge for the year
1,318
51
1,369
At 31 May 2024
157,320
79
157,399
At 31 May 2024
2,676
693
3,369
At 31 May 2023
3,994
182
4,176
Amounts falling due within one year
Trade debtors
192,120
176,354
Accrued income and prepayments
4,025
3,558
Other debtors
332,000
300,000
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
11,311
11,032
Taxes and social security
89,805
41,927
Loans from directors
5,002
6,518
The bank loans are secured by way of a fixed and floating charge over the assets of the company.
7
Creditors: amounts falling due after more than one year
2024
2023
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2
2
Kearney Sefton Solicitors Limited
Notes to the Accounts
for the year ended 31 May 2024
9
Average number of employees
During the year the average number of employees was 15 (2023: 13).