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Registration number: 06850103

Faradays Solicitors Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Faradays Solicitors Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Faradays Solicitors Limited

Company Information

Directors

Mr Andreas Symeou

Mr Sanjeev Shivalkar

Mr Tommy Polycarpou

Mr Panayiotis Symeou

Registered office

142 Seven Sisters Road
Finsbury Park
London
N7 7NS

Accountants

BBK Accountants BMM Limited
Chartered Certified Accountants4A Roman Road
London
E6 3RX

 

Faradays Solicitors Limited

(Registration number: 06850103)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

100,000

200,000

Tangible assets

5

53,616

60,736

 

153,616

260,736

Current assets

 

Stocks

6

350,000

350,000

Debtors

7

393,142

544,419

Cash at bank and in hand

 

810,757

937,599

 

1,553,899

1,832,018

Creditors: Amounts falling due within one year

8

(1,188,672)

(1,341,835)

Net current assets

 

365,227

490,183

Total assets less current liabilities

 

518,843

750,919

Provisions for liabilities

(7,975)

(7,975)

Net assets

 

510,868

742,944

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

509,868

741,944

Shareholders' funds

 

510,868

742,944

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 February 2025 and signed on its behalf by:
 

.........................................
Mr Andreas Symeou
Director

 

Faradays Solicitors Limited

(Registration number: 06850103)
Balance Sheet as at 31 May 2024

.........................................
Mr Sanjeev Shivalkar
Director

.........................................
Mr Tommy Polycarpou
Director

.........................................
Mr Panayiotis Symeou
Director

 

Faradays Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
142 Seven Sisters Road
Finsbury Park
London
N7 7NS
England

These financial statements were authorised for issue by the Board on 25 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Faradays Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Improvements to freehold property

10% on cost

Fixtures and fittings

15% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Faradays Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2023 - 8).

 

Faradays Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2023

1,500,000

1,500,000

At 31 May 2024

1,500,000

1,500,000

Amortisation

At 1 June 2023

1,300,000

1,300,000

Amortisation charge

100,000

100,000

At 31 May 2024

1,400,000

1,400,000

Carrying amount

At 31 May 2024

100,000

100,000

At 31 May 2023

200,000

200,000

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 June 2023

108,102

149,273

257,375

Additions

-

2,342

2,342

At 31 May 2024

108,102

151,615

259,717

Depreciation

At 1 June 2023

87,239

109,400

196,639

Charge for the year

3,130

6,332

9,462

At 31 May 2024

90,369

115,732

206,101

Carrying amount

At 31 May 2024

17,733

35,883

53,616

At 31 May 2023

20,863

39,873

60,736

Included within the net book value of land and buildings above is £17,733 (2023 - £20,863) in respect of freehold land and buildings.
 

 

Faradays Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

6

Stocks

2024
£

2023
£

Work in progress

350,000

350,000

7

Debtors

Current

2024
£

2023
£

Trade debtors

282,281

438,553

Prepayments

95,861

95,866

Other debtors

15,000

10,000

 

393,142

544,419

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

56,848

39,256

Taxation and social security

384,040

457,615

Accruals and deferred income

24,000

24,000

Other creditors

723,784

820,964

1,188,672

1,341,835

9

Dividends

During the year ended 31 May 2024 dividends of £642,000 were paid in respect of Ordinary shares and £170,000 on A Ordinary shares.