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REGISTERED NUMBER: 03113721 (England and Wales)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

KITELEYS SOLICITORS LIMITED

KITELEYS SOLICITORS LIMITED (REGISTERED NUMBER: 03113721)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


KITELEYS SOLICITORS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: R J Mildren
S L Townsend
A J Townsend
D Bridge





SECRETARY: S L Townsend





REGISTERED OFFICE: 41-43 High Street
Fordingbridge
Hampshire
SP6 1AU





REGISTERED NUMBER: 03113721 (England and Wales)





ACCOUNTANTS: TC Group
The Old Carriage Works
Moresk Road
TRURO
Cornwall
TR1 1DG

KITELEYS SOLICITORS LIMITED (REGISTERED NUMBER: 03113721)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 69,659 96,623
Tangible assets 5 386,829 454,109
456,488 550,732

CURRENT ASSETS
Debtors 6 1,067,064 1,059,816
Cash at bank 2,055 56,798
1,069,119 1,116,614
CREDITORS
Amounts falling due within one year 7 936,359 1,016,438
NET CURRENT ASSETS 132,760 100,176
TOTAL ASSETS LESS CURRENT
LIABILITIES

589,248

650,908

CREDITORS
Amounts falling due after more than one year 8 (244,677 ) (377,526 )

PROVISIONS FOR LIABILITIES (12,850 ) (18,205 )
NET ASSETS 331,721 255,177

CAPITAL AND RESERVES
Called up share capital 379 379
Capital redemption reserve 10 73 73
Retained earnings 10 331,269 254,725
331,721 255,177

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

KITELEYS SOLICITORS LIMITED (REGISTERED NUMBER: 03113721)

BALANCE SHEET - continued
31 DECEMBER 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 April 2025 and were signed on its behalf by:





S L Townsend - Director


KITELEYS SOLICITORS LIMITED (REGISTERED NUMBER: 03113721)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1. STATUTORY INFORMATION

Kiteleys Solicitors Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The company continues to manage the impact of changes that have taken place within the business over recent years.

In 2022 and 2023 there was significant investment in the business with the acquisition of another firm of solicitors, the refurbishment of the largest office and significant investment in IT including the appointment of an IT manager. The company also appointed an Operations & HR manager and and carried out further investment in the compliance role.

Within 2024 the directors have advised that there was further rationalisation within the business which was anticipated to lead to improvement in the financial position in the 2024 accounts, however, this has taken longer than expected.

The directors remain confident that within the 2025 accounts the benefits of these investments and efficiencies will begin to be realised.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue for provision of services is recognised when it is probable that an economic benefit will flow to the entity and the revenue and costs can be reliably measured.

For conveyancing and estate planing services, revenue is recognised upon completion.

For probate, litigation, clinical negligence, deputyship, trusts, wills and other services, revenue is recognised when the stage of completion can be reliably measured using a percentage of completion method and this is generally when a stage or final invoice is raised.

Goodwill
Goodwill, being the amounts paid in connection with the acquisitions of businesses over number of years is being amortised evenly over its estimated useful life of 5 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost, 20% on cost and 15% on cost


KITELEYS SOLICITORS LIMITED (REGISTERED NUMBER: 03113721)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 61 (2023 - 61 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2024
and 31 December 2024 1,112,856
AMORTISATION
At 1 January 2024 1,016,233
Charge for year 26,964
At 31 December 2024 1,043,197
NET BOOK VALUE
At 31 December 2024 69,659
At 31 December 2023 96,623

KITELEYS SOLICITORS LIMITED (REGISTERED NUMBER: 03113721)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2024 496,117 505,310 1,001,427
Additions - 7,671 7,671
Disposals - (2,251 ) (2,251 )
At 31 December 2024 496,117 510,730 1,006,847
DEPRECIATION
At 1 January 2024 137,824 409,494 547,318
Charge for year 39,099 33,914 73,013
Eliminated on disposal - (313 ) (313 )
At 31 December 2024 176,923 443,095 620,018
NET BOOK VALUE
At 31 December 2024 319,194 67,635 386,829
At 31 December 2023 358,293 95,816 454,109

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 302,920 356,362
Amounts recoverable on contracts 476,127 440,007
Other debtors 288,017 263,447
1,067,064 1,059,816

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 210,565 320,238
Trade creditors 18,772 30,717
Taxation and social security 219,856 157,456
Other creditors 487,166 508,027
936,359 1,016,438

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Other creditors 244,677 377,526

KITELEYS SOLICITORS LIMITED (REGISTERED NUMBER: 03113721)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 210,565 315,045
Bank loans - 5,193
210,565 320,238

The bank loans and overdraft are subject to a debenture on fixed and current assets.

10. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 January 2024 254,725 73 254,798
Profit for the year 229,184 229,184
Dividends (152,640 ) (152,640 )
At 31 December 2024 331,269 73 331,342

11. OTHER FINANCIAL COMMITMENTS

The total amount of financial commitments not included in the balance sheet is £133,500 (2023: £116,500).

12. ULTIMATE CONTROLLING PARTY

The company is ultimately controlled by Mr A Townsend and Mrs S Townsend (directors) who together own 79.6% of the issued share capital.