Company registration number 07583268 (England and Wales)
ARCHER RUSBY SOLICITORS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
ARCHER RUSBY SOLICITORS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
ARCHER RUSBY SOLICITORS LTD
BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
24,604
25,390
Current assets
Debtors
5
524,188
538,408
Cash at bank and in hand
284,181
131,144
808,369
669,552
Creditors: amounts falling due within one year
6
(414,710)
(319,901)
Net current assets
393,659
349,651
Net assets
418,263
375,041
Capital and reserves
Called up share capital
100
100
Capital redemption reserve
5
5
Profit and loss reserves
418,158
374,936
Total equity
418,263
375,041
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 26 March 2025 and are signed on its behalf by:
Ms M Rusby
Director
Company registration number 07583268 (England and Wales)
ARCHER RUSBY SOLICITORS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
1
Accounting policies
Company information
Archer Rusby Solicitors Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 3 Norfolk Court, Norfolk Road, Rickmansworth, Hertfordshire, WD3 1LA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents revenue earned under a wide variety of contracts to provide professional services and advice to third parties.
Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including recoverable expenses and disbursements but excluding VAT at the applicable rate.
For complete contracts, an assessment is made of the extent to which revenue has been earned. This assessment takes into account the nature of the assignment, its stage of completion, and the relevant contract terms.
Revenue in respect of contingent fee arrangements (over and above any minimum agreed fee) is recognised when the contingent event occurs and the recoverability of the fee is assured.
Unbilled revenue is included in debtors.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
over 20 years
Fixtures and fittings
25% on reducing balance
Computers
25% on reducing balance
ARCHER RUSBY SOLICITORS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 3 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
19
17
ARCHER RUSBY SOLICITORS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 September 2023 and 31 August 2024
410,000
Amortisation and impairment
At 1 September 2023 and 31 August 2024
410,000
Carrying amount
At 31 August 2024
At 31 August 2023
4
Tangible fixed assets
Leasehold land and buildings
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 September 2023
6,202
17,067
96,693
119,962
Additions
5,835
5,835
At 31 August 2024
6,202
17,067
102,528
125,797
Depreciation and impairment
At 1 September 2023
3,583
16,554
74,435
94,572
Depreciation charged in the year
310
128
6,183
6,621
At 31 August 2024
3,893
16,682
80,618
101,193
Carrying amount
At 31 August 2024
2,309
385
21,910
24,604
At 31 August 2023
2,619
513
22,258
25,390
ARCHER RUSBY SOLICITORS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
140,755
153,664
Other debtors
23,216
87,618
Prepayments and accrued income
347,043
283,999
511,014
525,281
Deferred tax asset
9,355
9,308
520,369
534,589
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
3,819
3,819
Total debtors
524,188
538,408
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
89,190
76,162
Trade creditors
42,002
32,463
Corporation tax
62,511
28,484
Other taxation and social security
81,061
75,580
Other creditors
68,307
67,659
Accruals and deferred income
71,639
39,553
414,710
319,901
7
Operating lease commitments
Lessee
At the year end, the company had total financial commitments of £134,672 (2023 - £180,490).