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REGISTERED NUMBER: SC145875 (Scotland)















Unaudited Financial Statements for the Year Ended 31 July 2024

for

Grant Smith Law Practice Limited

Grant Smith Law Practice Limited (Registered number: SC145875)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Accountants' Report 9

Grant Smith Law Practice Limited

Company Information
for the Year Ended 31 July 2024







DIRECTORS: H A B Macandrew
A Duthie
S G N Beveridge
M J M Nash
M D O'neill





REGISTERED OFFICE: Amicable House
252 Union Street
ABERDEEN
AB10 1TN





REGISTERED NUMBER: SC145875 (Scotland)





ACCOUNTANTS: Atholl Scott
Victoria House
13 Victoria Street
ABERDEEN
AB10 1XB

Grant Smith Law Practice Limited (Registered number: SC145875)

Balance Sheet
31 July 2024

31.7.24 31.7.23
Notes £    £   
FIXED ASSETS
Intangible assets 4 12,000 14,000
Tangible assets 5 290,968 302,908
Investment property 6 70,000 100,000
372,968 416,908

CURRENT ASSETS
Debtors 7 310,101 275,630
Cash at bank and in hand 521,064 422,974
831,165 698,604
CREDITORS
Amounts falling due within one
year

8

(548,304

)

(500,708

)
NET CURRENT ASSETS 282,861 197,896
TOTAL ASSETS LESS CURRENT
LIABILITIES

655,829

614,804

CREDITORS
Amounts falling due after more
than one year

9

(81,818

)

(127,687

)

PROVISIONS FOR LIABILITIES (10,184 ) (11,496 )
NET ASSETS 563,827 475,621

CAPITAL AND RESERVES
Called up share capital 500 500
Revaluation reserve 12 61,247 88,639
Fair value reserve 12 (2,608 ) -
Retained earnings 504,688 386,482
SHAREHOLDERS' FUNDS 563,827 475,621

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Grant Smith Law Practice Limited (Registered number: SC145875)

Balance Sheet - continued
31 July 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 January 2025 and were signed on its behalf by:




A Duthie - Director S G N Beveridge - Director




H A B Macandrew - Director M J M Nash - Director




M D O'neill - Director


Grant Smith Law Practice Limited (Registered number: SC145875)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Grant Smith Law Practice Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents amounts receivable for services rendered during the year, exclusive of value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Improvements to property - 15% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investment properties are not depreciated and are valued at open-market value. This represents a departure from the Companies Act 2006 necessary to give a true and fair view.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Grant Smith Law Practice Limited (Registered number: SC145875)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 44 (2023 - 43 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 August 2023
and 31 July 2024 150,000
AMORTISATION
At 1 August 2023 136,000
Charge for year 2,000
At 31 July 2024 138,000
NET BOOK VALUE
At 31 July 2024 12,000
At 31 July 2023 14,000

Grant Smith Law Practice Limited (Registered number: SC145875)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
Freehold to and Computer
property property fittings equipment Totals
£    £    £    £    £   
COST
At 1 August 2023 366,618 50 32,355 38,654 437,677
Additions - - - 7,004 7,004
At 31 July 2024 366,618 50 32,355 45,658 444,681
DEPRECIATION
At 1 August 2023 84,206 43 29,706 20,814 134,769
Charge for year 7,333 1 666 10,944 18,944
At 31 July 2024 91,539 44 30,372 31,758 153,713
NET BOOK VALUE
At 31 July 2024 275,079 6 1,983 13,900 290,968
At 31 July 2023 282,412 7 2,649 17,840 302,908

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2023 100,000
Impairments (30,000 )
At 31 July 2024 70,000
NET BOOK VALUE
At 31 July 2024 70,000
At 31 July 2023 100,000

Fair value at 31 July 2024 is represented by:
£   
Valuation in 2007 77,392
Valuation in 2017 (20,000 )
Valuation in 2018 (10,000 )
Valuation in 2023 (20,000 )
Valuation in 2024 (30,000 )
Cost 72,608
70,000

If the investment property had not been revalued it would have been included at the following historical cost:

31.7.24 31.7.23
£    £   
Cost 72,608 72,608
Aggregate depreciation (39,206 ) (39,206 )

Investment property was revalued at 31 July 2024 by A Duthie (director), who has many years experience in the Aberdeenshire property market.

Grant Smith Law Practice Limited (Registered number: SC145875)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade debtors 134,900 127,900
Client ledger debit balances 100,326 95,091
Other debtors 11,701 11,701
D Macandrew loan 288 -
Directors' loan accounts 1,698 -
Tax recoverable 574 -
Prepayments & accrued income 60,614 40,938
310,101 275,630

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Bank loans and overdrafts 86,273 107,484
Tax 218,625 141,176
PAYE 15,346 15,121
VAT 116,570 92,195
S Ritchie loan - 6,082
D Macandrew loan - 3,293
Directors' loan accounts 68,658 91,114
Accrued exps & deferred income 42,832 44,243
548,304 500,708

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.24 31.7.23
£    £   
Bank loans - 2-5 years 60,286 97,504
Bank loans more 5 yr by instal 21,532 30,183
81,818 127,687

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 21,532 30,183

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.7.24 31.7.23
£    £   
Within one year 60,662 46,715
Between one and five years 128,919 17,609
In more than five years 3,415 -
192,996 64,324

Grant Smith Law Practice Limited (Registered number: SC145875)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

11. SECURED DEBTS

The following secured debts are included within creditors:

31.7.24 31.7.23
£    £   
Bank overdrafts 40,404 48,576
Bank loans 127,687 186,595
168,091 235,171

The Bank of Scotland plc holds 5 standard securities (created on 19 September 2011) and a floating charge over the company's assets (created 15 September 2011) at 31 July 2015.

12. RESERVES
Fair
Revaluation value
reserve reserve Totals
£    £    £   
At 1 August 2023 88,639 - 88,639
Investment property (27,392 ) (2,608 ) (30,000 )

At 31 July 2024 61,247 (2,608 ) 58,639

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 July 2024 and 31 July 2023:

31.7.24 31.7.23
£    £   
H A B Macandrew
Balance outstanding at start of year - -
Amounts advanced 1,700 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,700 -

Advances and repayments during the year have been summarised. The above loan is unsecured, interest free and repayable on demand.

14. RELATED PARTY DISCLOSURES

During the year, total dividends of £300,000 (2023 - £298,125) were paid to the directors .

The loans due to directors from the company at the year end were as follows:

A D Duthie - £36,029
Mrs H A B Macandrew - £nil
S G N Beveridge - £8,645
Mrs M J M Nash - £2,485
M D O'neil - £21,500

These loans are unsecured, interest free and repayable on demand.


Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Grant Smith Law Practice Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Grant Smith Law Practice Limited for the year ended 31 July 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Grant Smith Law Practice Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Grant Smith Law Practice Limited and state those matters that we have agreed to state to the Board of Directors of Grant Smith Law Practice Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Grant Smith Law Practice Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Grant Smith Law Practice Limited. You consider that Grant Smith Law Practice Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Grant Smith Law Practice Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

As a member firm of the Institute of Financial Accountants (IFA), we are subject to its ethical and other professional requirements which are detailed at https://www.ifa.org.uk/about-us/publicinterest/memberregulations.






Atholl Scott
Victoria House
13 Victoria Street
ABERDEEN
AB10 1XB


13 February 2025