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Registration number: 05287828

Gedye & Sons (Solicitors) Limited

Unaudited Financial Statements

31 December 2024

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Gedye & Sons (Solicitors) Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Gedye & Sons (Solicitors) Limited
for the Year Ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Gedye & Sons (Solicitors) Limited for the year ended 31 December 2024 as set out on pages 2 to 11 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 http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Gedye & Sons (Solicitors) Limited, as a body, in accordance with the terms of our engagement letter dated 9 December 2022. Our work has been undertaken solely to prepare for your approval the accounts of Gedye & Sons (Solicitors) Limited and state those matters that we have agreed to state to the Board of Directors of Gedye & Sons (Solicitors) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gedye & Sons (Solicitors) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Gedye & Sons (Solicitors) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Gedye & Sons (Solicitors) Limited. You consider that Gedye & Sons (Solicitors) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Gedye & Sons (Solicitors) 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 accounts.



Dodd & Co Audit Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

8 March 2025

 

Gedye & Sons (Solicitors) Limited

(Registration number: 05287828)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

15,000

Tangible assets

5

281,075

291,297

 

281,075

306,297

Current assets

 

Debtors

6

447,612

418,528

Cash at bank and in hand

 

64

-

 

447,676

418,528

Creditors: Amounts falling due within one year

7

(305,883)

(321,578)

Net current assets

 

141,793

96,950

Total assets less current liabilities

 

422,868

403,247

Creditors: Amounts falling due after more than one year

7

(59,972)

(90,442)

Provisions for liabilities

(51,951)

(55,476)

Net assets

 

310,945

257,329

Capital and reserves

 

Allotted, called up and fully paid share capital

400

400

Profit and loss account

310,545

256,929

Total equity

 

310,945

257,329

 

Gedye & Sons (Solicitors) Limited

(Registration number: 05287828)
Balance Sheet as at 31 December 2024 (continued)

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 March 2025 and signed on its behalf by:
 

.........................................

R A Roberts

Company secretary and director

.........................................

M E Jones

Director

 

Gedye & Sons (Solicitors) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Chancery House
Kents Bank Road
Grange-Over-Sands
Cumbria
LA11 7HD

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tax

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

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

 

Gedye & Sons (Solicitors) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

2% straight line basis

Furniture and fittings

15% reducing balance basis

Office equipment

15% reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

over 20 years

The directors reviewed the valuation of goodwill on 1 January 2015, the date on which Financial Reporting Standard 102 was implemented. At that date the directors were of the opinion that the goodwill had a remaining useful economic life to the company of at least the 10 years it had remaining under its estimated useful life of twenty years. Goodwill therefore continues to be amortised over its original twenty year estimated useful economic life.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Gedye & Sons (Solicitors) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Gedye & Sons (Solicitors) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2023 - 12).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2024

300,000

300,000

At 31 December 2024

300,000

300,000

Amortisation

At 1 January 2024

285,000

285,000

Amortisation charge

15,000

15,000

At 31 December 2024

300,000

300,000

Carrying amount

At 31 December 2024

-

-

At 31 December 2023

15,000

15,000

 

Gedye & Sons (Solicitors) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

5

Tangible assets

Land and buildings
£

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 January 2024

412,360

40,823

453,183

Additions

-

350

350

At 31 December 2024

412,360

41,173

453,533

Depreciation

At 1 January 2024

131,237

30,649

161,886

Charge for the year

8,240

2,332

10,572

At 31 December 2024

139,477

32,981

172,458

Carrying amount

At 31 December 2024

272,883

8,192

281,075

At 31 December 2023

281,123

10,174

291,297

6

Debtors

2024
£

2023
£

Trade debtors

212,852

196,953

Other debtors

234,760

221,575

447,612

418,528

 

Gedye & Sons (Solicitors) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

107,208

158,699

Trade creditors

 

19,158

14,205

Taxation and social security

 

102,110

90,026

Corporation tax liability

 

46,271

43,540

Other creditors

 

31,136

15,108

 

305,883

321,578

Due after one year

 

Loans and borrowings

8

59,972

90,442

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

30,597

29,963

Bank overdrafts

3,853

77,827

Other borrowings

72,758

50,909

107,208

158,699

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

30,597

29,963

Bank overdrafts

3,853

77,827

34,450

107,790

Bank borrowings and bank overdrafts are secured by fixed and floating charges over the company's assets.

 

Gedye & Sons (Solicitors) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

59,972

90,442

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

59,972

90,442

Bank borrowings are secured by fixed and floating charges over the company's assets.

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £108,322 (2023 - £137,039). Of these commitments, £92,425 (2023 : £122,000) relates to property leases and £15,138 (2023 : £14,280) relates to software.

 

Gedye & Sons (Solicitors) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

10

Related party transactions

Transactions with directors

2024

At 1 January 2024
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 December 2024
£

R A Roberts

Loan

17,776

24,683

(870)

-

(17,776)

355

24,168

               
         

M E Jones

Loan

43,436

34,053

(870)

-

(43,436)

786

33,969

               
         

 

2023

At 1 January 2023
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 December 2023
£

R A Roberts

Loan

41,807

18,314

(870)

-

(41,807)

332

17,776

               
         

M E Jones

Loan

47,020

43,600

(870)

-

(47,020)

706

43,436

               
         

 

Directors' advances are repayable on demand.

Interest has been charged at a rate of 2.0% up to 5 April 2023 and 2.25% thereafter on advances to directors.

11

Off-balance sheet arrangements

Client monies
At 31 December 2024 the company held client monies totalling £2,290,248 (2023 : £1,903,263). These monies were held in various client accounts in accordance with the Solicitors Regulation Authority Accounts Rules.