13 13 March 2025 false false false false false false false false false false true false false false false false false No description of principal activity 2023-06-26 Sage Accounts Production Advanced 2023 - FRS102_2023 700,000 282,397 163,404 445,801 254,199 417,603 55,286 741 45,000 11,027 49,398 4,255 45,000 8,653 2,374 5,888 xbrli:pure xbrli:shares iso4217:GBP 09500107 2023-06-26 2024-03-31 09500107 2024-03-31 09500107 2023-06-25 09500107 2022-06-01 2023-06-25 09500107 2023-06-25 09500107 2022-05-31 09500107 core:NetGoodwill 2023-06-26 2024-03-31 09500107 bus:Director3 2023-06-26 2024-03-31 09500107 bus:Director1 2023-06-26 2024-03-31 09500107 bus:Director2 2023-06-26 2024-03-31 09500107 core:NetGoodwill 2023-06-25 09500107 core:NetGoodwill 2024-03-31 09500107 core:WithinOneYear 2024-03-31 09500107 core:WithinOneYear 2023-06-25 09500107 core:AfterOneYear 2023-06-25 09500107 core:ShareCapital 2024-03-31 09500107 core:ShareCapital 2023-06-25 09500107 core:RetainedEarningsAccumulatedLosses 2024-03-31 09500107 core:RetainedEarningsAccumulatedLosses 2023-06-25 09500107 core:BetweenOneFiveYears 2024-03-31 09500107 core:BetweenOneFiveYears 2023-06-25 09500107 core:NetGoodwill 2023-06-25 09500107 bus:Director1 2023-06-25 09500107 bus:Director2 2023-06-25 09500107 bus:Director1 2022-05-31 09500107 bus:Director1 2023-06-25 09500107 bus:Director2 2022-05-31 09500107 bus:Director2 2023-06-25 09500107 bus:Director1 2022-06-01 2023-06-25 09500107 bus:Director2 2022-06-01 2023-06-25 09500107 bus:SmallEntities 2023-06-26 2024-03-31 09500107 bus:Audited 2023-06-26 2024-03-31 09500107 bus:SmallCompaniesRegimeForAccounts 2023-06-26 2024-03-31 09500107 bus:PrivateLimitedCompanyLtd 2023-06-26 2024-03-31 09500107 bus:FullAccounts 2023-06-26 2024-03-31 09500107 core:ComputerEquipment 2023-06-26 2024-03-31 09500107 core:ComputerEquipment 2023-06-25 09500107 core:ComputerEquipment 2024-03-31 09500107 core:AfterOneYear 2023-06-26 2024-03-31
COMPANY REGISTRATION NUMBER: 09500107
Kidd & Spoor Solicitors Limited
Filleted financial statements
31 March 2024
Kidd & Spoor Solicitors Limited
Statement of financial position
31 March 2024
31 Mar 24
25 Jun 23
Note
£
£
£
£
Fixed assets
Intangible assets
5
254,199
417,603
Tangible assets
6
2,374
5,888
---------
---------
256,573
423,491
Current assets
Debtors
7
264,213
235,187
Cash at bank and in hand
16,303
4,329
---------
---------
280,516
239,516
Creditors: amounts falling due within one year
8
324,495
298,015
---------
---------
Net current liabilities
43,979
58,499
---------
---------
Total assets less current liabilities
212,594
364,992
Creditors: amounts falling due after more than one year
9
37,549
---------
---------
Net assets
212,594
327,443
---------
---------
Capital and reserves
Called up share capital
34,773
34,773
Profit and loss account
177,821
292,670
---------
---------
Shareholders funds
212,594
327,443
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 11 March 2025 , and are signed on behalf of the board by:
Mr A S Milnes
Director
Company registration number: 09500107
Kidd & Spoor Solicitors Limited
Notes to the financial statements
period from 26th June 2023 to 31st March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 7 Marden Road, Whitley Bay, NE26 2JN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. The comparative information in the accounts is unaudited as the company applied their entitlement to exemption from audit in the year ended 25 June 2023.
Going concern
The directors, having made due and careful enquiry and with reference to cash flow forecasts, are of the opinion that the Company has adequate working capital to execute its operations for a period of at least 12 months from the date of approval of these financial statements. The directors therefore believe it remains appropriate to adopt the going concern basis of accounting in preparing the financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the date of the statement of financial position and the amounts reported for revenue and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Details of these judgements are set out in the accounting policies.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue for services rendered is recognised by reference to the stage of completion of a matter, with an appropriate amount being reflected in amounts recoverable on contracts for work done but not invoiced.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows (time frame for writing off intangible assets was reduced from 20 years to 10 years in June 2023):
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 13 (2023: 17 ).
5. Intangible assets
Goodwill
£
Cost
At 26th June 2023 and 31st March 2024
700,000
---------
Amortisation
At 26th June 2023
282,397
Charge for the period
163,404
---------
At 31st March 2024
445,801
---------
Carrying amount
At 31st March 2024
254,199
---------
At 25th June 2023
417,603
---------
6. Tangible assets
Equipment
£
Cost
At 26th June 2023
55,286
Additions
741
Disposals
( 45,000)
-------
At 31st March 2024
11,027
-------
Depreciation
At 26th June 2023
49,398
Charge for the period
4,255
Disposals
( 45,000)
-------
At 31st March 2024
8,653
-------
Carrying amount
At 31st March 2024
2,374
-------
At 25th June 2023
5,888
-------
7. Debtors
31 Mar 24
25 Jun 23
£
£
Trade debtors
38,330
56,092
Other debtors
225,883
179,095
---------
---------
264,213
235,187
---------
---------
8. Creditors: amounts falling due within one year
31 Mar 24
25 Jun 23
£
£
Bank loans and overdrafts
70,817
Trade creditors
218
6,841
Amounts owed to group undertakings and undertakings in which the company has a participating interest
171,062
Social security and other taxes
55,732
131,876
Other creditors
97,483
88,481
---------
---------
324,495
298,015
---------
---------
In the prior year, bank loan balances were secured with personal guarantees, but they have been satisfied during the period to 31 March 2024, and there is no security on the creditors as at the balance sheet date.
9. Creditors: amounts falling due after more than one year
31 Mar 24
25 Jun 23
£
£
Bank loans and overdrafts
37,549
----
-------
In the prior year, bank loan balances were secured with personal guarantees, but they have been satisfied during the period to 31 March 2024, and there is no security on the creditors as at the balance sheet date.
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
31 Mar 24
25 Jun 23
£
£
Not later than 1 year
24,000
Later than 1 year and not later than 5 years
106,250
167,000
---------
---------
130,250
167,000
---------
---------
11. Summary audit opinion
The auditor's report dated 13 March 2025 was unqualified .
The senior statutory auditor was James Hunt BA (Hons) FCA CTA , for and on behalf of AAB Audit & Accountancy Ltd .
12. Directors' advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
31 Mar 24
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr N P Miller
5,720
( 5,720)
Mr P Walker
4,891
( 4,891)
-------
-------
----
10,611
( 10,611)
-------
-------
----
25 Jun 23
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr N P Miller
137,397
( 131,677)
5,720
Mr P Walker
84,378
( 79,487)
4,891
---------
---------
-------
221,775
( 211,164)
10,611
---------
---------
-------
13. Related party transactions
Control The company was a wholly owned subsidiary of KSL7 Limited in the current and previous period. The ultimate controlling party was the directors of this company until 25 June 2023, from which point True Solicitors LLP became the ultimate controlling party. Transactions There were no transactions that required disclosure in either the current period or previous year.