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COMPANY REGISTRATION NUMBER:
SC418426
Raeside Chisholm Solicitors Limited |
|
Filleted Unaudited Financial Statements |
|
Raeside Chisholm Solicitors Limited |
|
Year ended 30 September 2024
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements |
1 |
|
|
Statement of financial position |
2 |
|
|
Notes to the financial statements |
4 |
|
|
Raeside Chisholm Solicitors Limited |
|
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
Raeside Chisholm Solicitors Limited |
|
Year ended 30 September 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Raeside Chisholm Solicitors Limited for the year ended 30 September 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Raeside Chisholm Solicitors Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Raeside Chisholm Solicitors Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Raeside Chisholm Solicitors Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Raeside Chisholm Solicitors Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Raeside Chisholm Solicitors Limited. You consider that Raeside Chisholm 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 financial statements of Raeside Chisholm 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 financial statements.
GILLILAND & COMPANY
Chartered Accountants
216 West George Street
Glasgow
G2 2PQ
2 May 2025
Raeside Chisholm Solicitors Limited |
|
Statement of Financial Position |
|
30 September 2024
Fixed assets
Tangible assets |
6 |
|
24,649 |
22,752 |
|
|
|
|
|
Current assets
Debtors |
7 |
449,606 |
|
390,219 |
Cash at bank and in hand |
7,539,563 |
|
7,807,048 |
|
------------ |
|
------------ |
|
7,989,169 |
|
8,197,267 |
|
|
|
|
|
Creditors: amounts falling due within one year |
8 |
7,422,166 |
|
7,732,142 |
|
------------ |
|
------------ |
Net current assets |
|
567,003 |
465,125 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
591,652 |
487,877 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
9 |
|
13,333 |
33,333 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
6,162 |
5,688 |
|
|
--------- |
--------- |
Net assets |
|
572,157 |
448,856 |
|
|
--------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
|
1,000 |
1,000 |
Profit and loss account |
|
571,157 |
447,856 |
|
|
--------- |
--------- |
Shareholders funds |
|
572,157 |
448,856 |
|
|
--------- |
--------- |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 September 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 financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Raeside Chisholm Solicitors Limited |
|
Statement of Financial Position (continued) |
|
30 September 2024
These financial statements were approved by the
board of directors
and authorised for issue on
2 May 2025
, and are signed on behalf of the board by:
Mr W D F Doig |
Mr M Goddard |
Director |
Director |
|
|
Company registration number:
SC418426
Raeside Chisholm Solicitors Limited |
|
Notes to the Financial Statements |
|
Year ended 30 September 2024
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Tontine House, 8 Gordon Street, Glasgow, G1 3PL.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably
.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Goodwill |
- |
10 years straight line
|
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures & fittings |
- |
20% reducing balance |
|
Equipment |
- |
20% reducing balance |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
22
(2023:
22
).
5.
Intangible assets
|
Development costs |
|
£ |
Cost |
|
At 1 October 2023 and 30 September 2024 |
112,500 |
|
--------- |
Amortisation |
|
At 1 October 2023 and 30 September 2024 |
112,500 |
|
--------- |
Carrying amount |
|
At 30 September 2024 |
– |
|
--------- |
At 30 September 2023 |
– |
|
--------- |
|
|
Intangible fixed assets relates to clients transferred after the cessation of a former partnership.
6.
Tangible assets
|
Fixtures and fittings |
Equipment |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 October 2023 |
40,825 |
40,265 |
81,090 |
Additions |
– |
8,059 |
8,059 |
|
-------- |
-------- |
-------- |
At 30 September 2024 |
40,825 |
48,324 |
89,149 |
|
-------- |
-------- |
-------- |
Depreciation |
|
|
|
At 1 October 2023 |
33,632 |
24,706 |
58,338 |
Charge for the year |
1,439 |
4,723 |
6,162 |
|
-------- |
-------- |
-------- |
At 30 September 2024 |
35,071 |
29,429 |
64,500 |
|
-------- |
-------- |
-------- |
Carrying amount |
|
|
|
At 30 September 2024 |
5,754 |
18,895 |
24,649 |
|
-------- |
-------- |
-------- |
At 30 September 2023 |
7,193 |
15,559 |
22,752 |
|
-------- |
-------- |
-------- |
|
|
|
|
7.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
428,955 |
369,155 |
Prepayments and accrued income |
20,651 |
21,064 |
|
--------- |
--------- |
|
449,606 |
390,219 |
|
--------- |
--------- |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
20,000 |
20,000 |
Trade creditors |
10,272 |
27,893 |
Accruals and deferred income |
6,550 |
1,600 |
Corporation tax |
83,655 |
43,866 |
Social security and other taxes |
106,351 |
74,770 |
Obligations under finance leases and hire purchase contracts |
41,038 |
38,232 |
Director loan accounts |
– |
23,958 |
Other creditors |
7,154,300 |
7,501,823 |
|
------------ |
------------ |
|
7,422,166 |
7,732,142 |
|
------------ |
------------ |
|
|
|
The company has granted a floating charge in favour of its banker over all undertakings, property and assets of the business.
9.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
13,333 |
33,333 |
|
-------- |
-------- |
|
|
|
10.
Controlling party
The company was not under the control of any one individual throughout the year.