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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
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
3,369 
4,176 
Current assets
Debtors
528,145 
479,912 
Cash at bank and in hand
240,663 
241,773 
768,808 
721,685 
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 
Capital and reserves
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
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Kearney Sefton Solicitors Limited Notes to the Accounts for the year ended 31 May 2024
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Going concern
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
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.
Pension 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.
Restatement
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.
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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 
Additions
- 
562 
562 
At 31 May 2024
159,996 
772 
160,768 
Depreciation
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 
Net book value
At 31 May 2024
2,676 
693 
3,369 
At 31 May 2023
3,994 
182 
4,176 
5
Debtors
2024 
2023 
£ 
£ 
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 
528,145 
479,912 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
11,311 
11,032 
VAT
33,498 
27,056 
Taxes and social security
89,805 
41,927 
Loans from directors
5,002 
6,518 
Accruals
113,850 
104,580 
253,466 
191,113 
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 
£ 
£ 
Bank loans
11,465 
22,715 
8
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2 
2 
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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).
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