Caseware UK (AP4) 2024.0.164 2024.0.164 2024-06-302024-06-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-07-01falseNo description of principal activity105100falsetruefalse 07927761 2023-07-01 2024-06-30 07927761 2022-07-01 2023-06-30 07927761 2024-06-30 07927761 2023-06-30 07927761 1 2023-07-01 2024-06-30 07927761 d:Director1 2023-07-01 2024-06-30 07927761 d:Director4 2023-07-01 2024-06-30 07927761 c:Buildings 2023-07-01 2024-06-30 07927761 c:Buildings 2024-06-30 07927761 c:Buildings 2023-06-30 07927761 c:Buildings c:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 07927761 c:Buildings c:LongLeaseholdAssets 2023-07-01 2024-06-30 07927761 c:FurnitureFittings 2023-07-01 2024-06-30 07927761 c:FurnitureFittings 2024-06-30 07927761 c:FurnitureFittings 2023-06-30 07927761 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 07927761 c:OfficeEquipment 2023-07-01 2024-06-30 07927761 c:OfficeEquipment 2024-06-30 07927761 c:OfficeEquipment 2023-06-30 07927761 c:OfficeEquipment c:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 07927761 c:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 07927761 c:CopyrightsPatentsTrademarksServiceOperatingRights 2024-06-30 07927761 c:CopyrightsPatentsTrademarksServiceOperatingRights 2023-06-30 07927761 c:CurrentFinancialInstruments 2024-06-30 07927761 c:CurrentFinancialInstruments 2023-06-30 07927761 c:Non-currentFinancialInstruments 2024-06-30 07927761 c:Non-currentFinancialInstruments 2023-06-30 07927761 c:CurrentFinancialInstruments c:WithinOneYear 2024-06-30 07927761 c:CurrentFinancialInstruments c:WithinOneYear 2023-06-30 07927761 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2024-06-30 07927761 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-06-30 07927761 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2024-06-30 07927761 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-06-30 07927761 c:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-07-01 2024-06-30 07927761 c:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-06-30 07927761 c:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-06-30 07927761 d:FRS102 2023-07-01 2024-06-30 07927761 d:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 07927761 d:FullAccounts 2023-07-01 2024-06-30 07927761 d:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 07927761 2 2023-07-01 2024-06-30 07927761 c:AcceleratedTaxDepreciationDeferredTax 2024-06-30 07927761 c:AcceleratedTaxDepreciationDeferredTax 2023-06-30 07927761 c:CopyrightsPatentsTrademarksServiceOperatingRights c:OwnedIntangibleAssets 2023-07-01 2024-06-30 07927761 e:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure

Registered number: 07927761










HAYES + STORR LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
HAYES + STORR LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF HAYES + STORR LIMITED
FOR THE YEAR ENDED 30 JUNE 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Hayes + Storr Limited for the year ended 30 June 2024 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Hayes + Storr Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Hayes + Storr Limited and state those matters that we have agreed to state to the Board of Directors of Hayes + Storr Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hayes + Storr Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Hayes + Storr 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 Hayes + Storr Limited. You consider that Hayes + Storr Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Hayes + Storr 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.

  



MA Partners LLP
 
Chartered Accountants
  
12 Church Street
Cromer
Norfolk
NR27 9ER
24 March 2025
Page 1

 
HAYES + STORR LIMITED
REGISTERED NUMBER: 07927761

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

  

Fixed assets
  

Intangible assets
 4 
466,687
513,355

Tangible assets
 5 
698,760
757,103

  
1,165,447
1,270,458

Current assets
  

Stocks
  
854,742
924,187

Debtors: amounts falling due within one year
 6 
731,496
810,793

Cash at bank and in hand
 7 
843,998
671,524

  
2,430,236
2,406,504

Creditors: amounts falling due within one year
 8 
(1,122,367)
(1,178,301)

Net current assets
  
 
 
1,307,869
 
 
1,228,203

Total assets less current liabilities
  
2,473,316
2,498,661

  

Creditors: amounts falling due after more than one year
 9 
(516,262)
(733,953)

  
1,957,054
1,764,708

Provisions for liabilities
  

Deferred taxation
 11 
(12,796)
(19,733)

Other provisions
 12 
-
(125,500)

  
 
 
(12,796)
 
 
(145,233)

  

Net assets excluding pension asset
  
1,944,258
1,619,475

Net assets
  
1,944,258
1,619,475


Capital and reserves
  

Called up share capital 
  
864
864

Capital redemption reserve
  
336
336

Profit and loss account
  
1,943,058
1,618,275

  
1,944,258
1,619,475


Page 2

 
HAYES + STORR LIMITED
REGISTERED NUMBER: 07927761
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
A Bunkle
................................................
A Hallworth
Director
Director


Date: 24 March 2025

The notes on pages 4 to 14 form part of these financial statements.

Page 3

 
HAYES + STORR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

The Company is a private company limited by shares.  It is both incorporated and domiciled in England and Wales.  The address of its registered office is 31-33 Market Place, Fakenham, Norfolk, NR21 9BX.
The company's principal activity is that of Solicitors. Its principal place of business is the registered office, the company also has offices in Holt, Sheringham, Kings Lynn and Swaffham.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

The costs incurred are measured by time spent carrying out work on behalf of a client, in accordance with that member of staff’s charge out rate.

 
2.3

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 4

 
HAYES + STORR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following basis:

Long-term leasehold property
-
10%
Reducing Balance
Fixtures and fittings
-
25%
Reducing Balance
Office equipment
-
33%
Straight Line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Work in Progress

Work in progress is based upon staff time spent carrying out work on behalf of a client, in accordance with the member of staffs charge out rate. 

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Page 5

 
HAYES + STORR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.8
Financial instruments (continued)

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

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 Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial
Page 6

 
HAYES + STORR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.8
Financial instruments (continued)

measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 7

 
HAYES + STORR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.12

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.13

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.14

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.15

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 8

 
HAYES + STORR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.16

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.



3.


Employees

The average monthly number of employees, including directors, during the year was 105 (2023 - 100).

Page 9

 
HAYES + STORR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Intangible assets




Goodwill

£



Cost


At 1 July 2023
933,372



At 30 June 2024

933,372



Amortisation


At 1 July 2023
420,017


Charge for the year on owned assets
46,669



At 30 June 2024

466,686



Net book value



At 30 June 2024
466,686



At 30 June 2023
513,355



Page 10

 
HAYES + STORR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Tangible fixed assets





Freehold property
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 July 2023
640,621
352,600
40,616
1,033,837


Additions
15,297
5,628
3,416
24,341


Disposals
(14,190)
-
-
(14,190)



At 30 June 2024

641,728
358,228
44,032
1,043,988



Depreciation


At 1 July 2023
-
254,068
22,666
276,734


Charge for the year on owned assets
20,668
28,749
19,077
68,494



At 30 June 2024

20,668
282,817
41,743
345,228



Net book value



At 30 June 2024
621,060
75,411
2,289
698,760



At 30 June 2023
640,621
98,532
17,950
757,103


6.


Debtors

2024
2023
£
£


Trade debtors
515,253
528,353

Other debtors
737
704

Prepayments and accrued income
215,506
281,736

731,496
810,793


Page 11

 
HAYES + STORR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
843,998
671,524

843,998
671,524



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
24,036
24,036

Trade creditors
220,779
252,509

Other taxation and social security
758,133
707,620

Other creditors
105,656
170,890

Accruals and deferred income
13,763
23,246

1,122,367
1,178,301



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
219,763
234,181

Other creditors
296,499
499,772

516,262
733,953


The following liabilities were secured:

2024
2023
£
£



Mortgage
243,800
258,217

243,800
258,217

Details of security provided:

 Security against land and property is provided for the above liabilities

Page 12

 
HAYES + STORR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

10.


Loans


2024
2023
£
£

Amounts falling due within one year

Bank loans
24,036
24,036


24,036
24,036

Amounts falling due 1-2 years

Bank loans
24,036
24,036


24,036
24,036

Amounts falling due 2-5 years

Bank loans
195,729
210,146


195,729
210,146


243,801
258,218



11.


Deferred taxation




2024


£






At beginning of year
(19,733)


Charged to profit or loss
6,937



At end of year
(12,796)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(12,796)
(19,733)

(12,796)
(19,733)

Page 13

 
HAYES + STORR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Provisions




Dilapidation Provision

£





At 1 July 2023
125,500


Utilised in year
(125,500)



At 30 June 2024
-


13.


Pension commitments

The company operates a defined contribution pension scheme, for the directors and employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date, unpaid contributions of £25,656 (2023 - £79,774) were due to the fund. They are included in other creditors.


14.


Related party transactions

During the year, some directors forewent dividend remuneration, in favour of receiving a contribution paid into their pension fund. In the year to 30 June 2024, the pension contributions paid on behalf of directors, instead of dividends amounted to £88,500 (2023: £49,500).


15.


Post balance sheet events

There are no post balance sheet events arising.

 
Page 14