Bishop Lloyd & Jackson Solicitors Limited |
Notes to the Accounts |
for the year ended 30 June 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Leasehold land and buildings |
over the lease term |
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Fixtures, fittings, tools and equipment |
20% reducing balance |
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Motor vehicles |
20% reducing balance |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Leased assets |
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A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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Functional and presentation currency |
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The financial statements of the company are measured and presented in the currency of the primary economic environment in which the company operates, the functional currency. The financial statements are presented in Pound sterling (£), which is the company’s functional currency. |
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Employee benefits |
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Short-term employee benefits Short-term employee benefits are recognised as an expense in the period in which they are incurred. Post-employment defined contribution plans Amounts in respect of defined contributions plans are recognised as an expense as they are incurred. Termination benefits Provisions for termination benefits are recognised only when the company is demonstrably committed to terminate the employment of an employee or of a group of employees before their normal retirement date or to provide termination benefits as a result of an offer made in order to encourage voluntary redundancy. |
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Going concern |
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The financial statements have been prepared on the basis that the company will receive continued financial support from bank and director and has adequate resources to continue in operational existence for the foreseeable future. |
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2 |
Employees |
2024 |
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2023 |
Number |
Number |
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Average number of persons employed by the company |
15 |
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20 |
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3 |
Tangible fixed assets |
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Land and buildings |
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Fixtures, fittings, tools and equipment |
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Motor vehicles |
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Total |
£ |
£ |
£ |
£ |
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Cost |
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At 1 July 2023 |
92,000 |
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38,773 |
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19,962 |
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150,735 |
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Additions |
- |
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4,603 |
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- |
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4,603 |
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At 30 June 2024 |
92,000 |
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43,376 |
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19,962 |
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155,338 |
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Depreciation |
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At 1 July 2023 |
6,620 |
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20,777 |
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13,421 |
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40,818 |
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Charge for the year |
1,840 |
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4,520 |
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1,308 |
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7,668 |
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At 30 June 2024 |
8,460 |
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25,297 |
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14,729 |
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48,486 |
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Net book value |
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At 30 June 2024 |
83,540 |
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18,079 |
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5,233 |
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106,852 |
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At 30 June 2023 |
85,380 |
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17,996 |
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6,541 |
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109,917 |
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4 |
Debtors |
2024 |
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2023 |
£ |
£ |
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Trade debtors |
68,512 |
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93,740 |
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Other debtors |
2,874,898 |
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1,329,584 |
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2,943,410 |
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1,423,324 |
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5 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
£ |
£ |
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Trade creditors |
2,407,125 |
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1,070,877 |
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Corporation tax |
369,253 |
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130,160 |
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Other taxes and social security costs |
536 |
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288 |
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Other creditors |
391 |
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1 |
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2,777,305 |
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1,201,326 |
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6 |
Related party transactions |
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Included within other debtors is a director's loan of £988,547 (2023 - £313,241). S445 corporation tax of 333,634.62 (2023 - £105,719) has been accounted for and declared in CT600, company tax return. Included within other debtors is a loan of £285,593 (2023 - £159,400) given to Foster & Foster Solicitors Ltd, a company with the same director and shareholder. |
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7 |
Controlling party |
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Jhangir Mahmood is the ultimate controlling party. |
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8 |
Other information |
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Bishop Lloyd & Jackson Solicitors Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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77 Farringdon Road |
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Farringdon |
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London |
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EC1M 3JU |