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Mark Grassam Solicitors Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 October 2024

Registration number: 07731192

 

Mark Grassam Solicitors Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Mark Grassam Solicitors Limited

Balance Sheet

31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

869

435

Current assets

 

Debtors

5

580,042

517,857

Cash at bank and in hand

 

47,628

102,481

 

627,670

620,338

Creditors: Amounts falling due within one year

6

(74,337)

(107,927)

Net current assets

 

553,333

512,411

Total assets less current liabilities

 

554,202

512,846

Provisions for liabilities

(217)

(109)

Net assets

 

553,985

512,737

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

553,885

512,637

Shareholders' funds

 

553,985

512,737

 

Mark Grassam Solicitors Limited

Balance Sheet

31 October 2024

For the financial year ending 31 October 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 5 March 2025 and signed on its behalf by:
 

.........................................
P M Grassam
Director

Company Registration Number: 07731192

 

Mark Grassam Solicitors Limited

Notes to the Unaudited Financial Statements

Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Mark Grassam Solicitors
Fore Street
East Looe
Cornwall
PL13 1DN

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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 represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers. Fee income includes accrued income valued on the basis of contractual terms relating to different income streams as adjusted for expected ultimate recoverability in accordance with Financial Reporting Standards.

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 corporation 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.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 

Mark Grassam Solicitors Limited

Notes to the Unaudited Financial Statements

Year Ended 31 October 2024

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

Fixtures and fittings

25% straight line

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Mark Grassam Solicitors Limited

Notes to the Unaudited Financial Statements

Year Ended 31 October 2024

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 5).

 

Mark Grassam Solicitors Limited

Notes to the Unaudited Financial Statements

Year Ended 31 October 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 November 2023

31,989

31,989

Additions

794

794

At 31 October 2024

32,783

32,783

Depreciation

At 1 November 2023

31,554

31,554

Charge for the year

360

360

At 31 October 2024

31,914

31,914

Carrying amount

At 31 October 2024

869

869

At 31 October 2023

435

435

5

Debtors

2024
£

2023
£

Trade debtors

13,585

19,898

Other debtors

546,107

474,109

Prepayments

20,350

23,850

580,042

517,857

 

Mark Grassam Solicitors Limited

Notes to the Unaudited Financial Statements

Year Ended 31 October 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

6,809

6,644

Taxation and social security

67,528

101,283

74,337

107,927

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £3,532 (2023 - £4,036).

8

Related party transactions

Transactions with directors

2024

At 1 November 2023
£

Advances to director
£

Repayments by director
£

At 31 October 2024
£

P M Grassam

Directors' loan

361,977

127,070

(73,240)

415,807

2023

At 1 November 2022
£

Advances to director
£

Repayments by director
£

At 31 October 2023
£

P M Grassam

Directors' loan

222,583

215,000

(75,606)

361,977