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Registration number: 06300793

Denby & Co Solicitors Limited

Unaudited Financial Statements

31 July 2024

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Denby & Co 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
Denby & Co Solicitors Limited
for the Year Ended 31 July 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Denby & Co Solicitors Limited for the year ended 31 July 2024 as set out on pages 2 to 9 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 Denby & Co 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 Denby & Co Solicitors Limited and state those matters that we have agreed to state to the Board of Directors of Denby & Co 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 Denby & Co Solicitors Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Denby & Co 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 Denby & Co Solicitors Limited. You consider that Denby & Co 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 Denby & Co 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

4 March 2025

 

Denby & Co Solicitors Limited

(Registration number: 06300793)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

90,000

120,000

Tangible assets

5

6,072

10,461

 

96,072

130,461

Current assets

 

Debtors

6

325,186

313,956

Cash at bank and in hand

 

233,880

393,814

 

559,066

707,770

Creditors: Amounts falling due within one year

7

(101,017)

(260,520)

Net current assets

 

458,049

447,250

Total assets less current liabilities

 

554,121

577,711

Creditors: Amounts falling due after more than one year

7

(8,334)

(18,334)

Provisions for liabilities

(904)

(2,110)

Net assets

 

544,883

557,267

Capital and reserves

 

Allotted, called up and fully paid share capital

400

400

Profit and loss account

544,483

556,867

Total equity

 

544,883

557,267

 

Denby & Co Solicitors Limited

(Registration number: 06300793)
Balance Sheet as at 31 July 2024 (continued)

For the financial year ending 31 July 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 4 March 2025 and signed on its behalf by:
 

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

A Gallagher

Director

 

Denby & Co Solicitors Limited

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

1

General information

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

The address of its registered office is:
119 Duke Street
BARROW-IN-FURNESS
LA14 1XE

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.

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.

 

Denby & Co Solicitors Limited

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

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

Fixtures and fittings

15% reducing balance

Computer equipment

3 years straight line

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.

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

20 years straight line

The directors reviewed the valuation of goodwill on 1 August 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 12 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.

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.

 

Denby & Co Solicitors Limited

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

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2023 - 21).

 

Denby & Co Solicitors Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2023

600,000

600,000

At 31 July 2024

600,000

600,000

Amortisation

At 1 August 2023

480,000

480,000

Amortisation charge

30,000

30,000

At 31 July 2024

510,000

510,000

Carrying amount

At 31 July 2024

90,000

90,000

At 31 July 2023

120,000

120,000

5

Tangible assets

Computer equipment
 £

Fixtures and fittings
 £

Total
£

Cost or valuation

At 1 August 2023

89,926

16,095

106,021

At 31 July 2024

89,926

16,095

106,021

Depreciation

At 1 August 2023

82,153

13,407

95,560

Charge for the year

3,986

403

4,389

At 31 July 2024

86,139

13,810

99,949

Carrying amount

At 31 July 2024

3,787

2,285

6,072

At 31 July 2023

7,773

2,688

10,461

 

Denby & Co Solicitors Limited

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

6

Debtors

2024
£

2023
£

Trade debtors

105,644

79,481

Other debtors

219,542

234,475

325,186

313,956

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

9,998

10,002

Trade creditors

 

22,646

19,980

Taxation and social security

 

36,988

54,330

Corporation tax liability

 

12,989

40,734

Other creditors

 

18,396

135,474

 

101,017

260,520

Due after one year

 

Loans and borrowings

8

8,334

18,334

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

9,998

10,002

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

8,334

18,334

 

Denby & Co Solicitors Limited

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

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 £2,292 (2023 - £2,292). These commitments include £2,292 (2023 - £2,292) in relation to property leases.

10

Related party transactions

Transactions with directors

2024

At 1 August 2023
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 July 2024
£

J P Scott

Directors loan

74,241

140

(145)

-

-

1,689

75,925

               
         

A Gallagher

Directors loan

35,598

7,813

(869)

-

-

857

43,399

               
         

 

2023

At 1 August 2022
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 July 2023
£

J P Scott

Directors loan

72,573

140

-

-

-

1,528

74,241

               
         

A Gallagher

Directors loan

32,250

2,638

-

-

-

710

35,598

               
         

 

Directors' advances are repayable on demand.

Interest has been charged at a rate of 2% to 5 April 2023 and at 2.25% thereafter on advances to directors.

11

Off-balance sheet arrangements

Client monies
At 31 July 2024 the company held client monies totalling £1,997,871 (2023 : £3,210,126). These were held in various client accounts in accordance with the SRA Accounts Rules.