BrightAccountsProduction v1.0.0 v1.0.0 2023-09-01 The company was not dormant during the period The company was trading for the entire period The principal activity is that of a solicitors. 3 December 2024 16 16 NI668457 2024-08-31 NI668457 2023-08-31 NI668457 2022-08-31 NI668457 2023-09-01 2024-08-31 NI668457 2022-09-01 2023-08-31 NI668457 uk-bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 NI668457 uk-curr:PoundSterling 2023-09-01 2024-08-31 NI668457 uk-bus:FullAccounts 2023-09-01 2024-08-31 NI668457 uk-bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 NI668457 uk-core:ShareCapital 2024-08-31 NI668457 uk-core:ShareCapital 2023-08-31 NI668457 uk-core:RetainedEarningsAccumulatedLosses 2024-08-31 NI668457 uk-core:RetainedEarningsAccumulatedLosses 2023-08-31 NI668457 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-08-31 NI668457 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-08-31 NI668457 uk-bus:FRS102 2023-09-01 2024-08-31 NI668457 uk-core:Goodwill 2023-09-01 2024-08-31 NI668457 uk-core:FurnitureFittingsToolsEquipment 2023-09-01 2024-08-31 NI668457 uk-core:OtherPropertyPlantEquipment 2023-09-01 2024-08-31 NI668457 uk-core:Goodwill 2023-08-31 NI668457 uk-core:Goodwill 2024-08-31 NI668457 uk-core:CurrentFinancialInstruments 2024-08-31 NI668457 uk-core:CurrentFinancialInstruments 2023-08-31 NI668457 uk-core:WithinOneYear 2024-08-31 NI668457 uk-core:WithinOneYear 2023-08-31 NI668457 uk-core:WithinOneYear 2024-08-31 NI668457 uk-core:WithinOneYear 2023-08-31 NI668457 uk-core:EmployeeBenefits 2023-08-31 NI668457 uk-core:EmployeeBenefits 2023-09-01 2024-08-31 NI668457 uk-core:AcceleratedTaxDepreciationDeferredTax 2024-08-31 NI668457 uk-core:TaxLossesCarry-forwardsDeferredTax 2024-08-31 NI668457 uk-core:OtherDeferredTax 2024-08-31 NI668457 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2024-08-31 NI668457 uk-core:EmployeeBenefits 2024-08-31 NI668457 2023-09-01 2024-08-31 NI668457 uk-bus:Director1 2023-09-01 2024-08-31 NI668457 uk-bus:Director2 2023-09-01 2024-08-31 NI668457 uk-bus:Director3 2023-09-01 2024-08-31 xbrli:pure iso4217:GBP xbrli:shares
Company Registration Number: NI668457
 
 
Lacey & Co Solicitors Limited
 
Directors' Report and Unaudited Financial Statements
 
for the financial year ended 31 August 2024
Lacey & Co Solicitors Limited
DIRECTORS' REPORT
for the financial year ended 31 August 2024

 
The directors present their report and the unaudited financial statements for the financial year ended 31 August 2024.
 
Principal Activity
The principal activity is that of a solicitors.
     
Directors
The directors who served during the financial year are as follows:
     
Terence Lacey
Daniel McGeady
Ruaidri Austin
   
There were changes in shareholdings between 31 August 2024 and the date of signing the financial statements.
     
Political Contributions
The company did not make any disclosable political donations in the current financial year.
     
Special provisions relating to small companies
The above report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
     
     
On behalf of the board
     
     
___________________________
Terence Lacey
Director
     
     
___________________________
Daniel McGeady
Director
     
     
___________________________
Ruaidri Austin
Director
     
3 December 2024



Lacey & Co Solicitors Limited

CHARTERED ACCOUNTANTS REPORT
to the Board of Directors on the Compilation of the unaudited financial statements of Lacey & Co Solicitors Limited
for the financial year ended 31 August 2024
 
In accordance with the engagement letter and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled for your approval the financial statements of the company for the financial year ended 31 August 2024 as set out on pages 5 to 14 which comprise the Income Statement, the Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given to us.
 
This report is made solely to the Board of Directors of Lacey & Co Solicitors Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company’s Board of Directors that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and its Board of Directors, as a body, for our work or for this report.
 
We have carried out this engagement in accordance with guidance issued by Chartered Accountants Ireland and have complied with the relevant ethical guidance laid down by Chartered Accountants Ireland relating to members undertaking the compilation of financial statements.
 
You have acknowledged on the Statement of Financial Position for the year ended 31 August 2024 your duty to ensure that Lacey & Co 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 Lacey & Co Solicitors Limited. You consider that Lacey & Co Solicitors Limited is exempt from the statutory audit requirement for the financial year.
 
We have not been instructed to carry out an audit or a review of the financial statements of Lacey & Co Solicitors Limited. For this reason, we have not verified the adequacy, 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.
 
 
 
__________________________________
QUARTER
Chartered Accountants
St Anne's House
15 Church Street
Cathedral Quarter
Belfast
BT1 1PG
 
3 December 2024



Lacey & Co Solicitors Limited
INCOME STATEMENT
for the financial year ended 31 August 2024
2024 2023
Notes £ £

Revenue 1,381,125 948,247
 
Cost of sales - -
───────── ─────────
Gross profit 1,381,125 948,247
 
Administrative expenses (1,268,274) (1,068,177)
Other operating income 995,807 595,524
───────── ─────────
Operating profit 1,108,658 475,594
 
Finance income 11,123 1,619
Finance costs (45,133) (45,947)
───────── ─────────
Profit before taxation 1,074,648 431,266
 
Tax on profit (344,126) (146,848)
───────── ─────────
Profit for the financial year 730,522 284,418
───────── ─────────
Total comprehensive income 730,522 284,418
    ═════════   ═════════



Lacey & Co Solicitors Limited
Company Registration Number: NI668457
STATEMENT OF FINANCIAL POSITION
as at 31 August 2024

2024 2023
Notes £ £
 
Non-Current Assets
Intangible assets 4 1,530,000 1,785,000
Property, plant and equipment 5 27,495 30,334
───────── ─────────
Non-Current Assets 1,557,495 1,815,334
───────── ─────────
 
Current Assets
Inventories 6 400,000 400,000
Receivables 7 605,267 554,250
Cash and cash equivalents 64,093 65,119
Client bank balances 367,412 473,650
───────── ─────────
1,436,772 1,493,019
───────── ─────────
Payables: amounts falling due within one year 8 (1,523,592) (2,511,418)
───────── ─────────
Net Current Liabilities (86,820) (1,018,399)
───────── ─────────
Total Assets less Current Liabilities 1,470,675 796,935
 
Provisions for liabilities 10 (6,874) (7,583)
───────── ─────────
Net Assets 1,463,801 789,352
═════════ ═════════
 
Equity
Called up share capital 100 100
Retained earnings 1,463,701 789,252
───────── ─────────
Equity attributable to owners of the company 1,463,801 789,352
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Board and authorised for issue on 3 December 2024 and signed on its behalf by
           
           
________________________________          
Terence Lacey          
Director          
           
           
________________________________
Daniel McGeady
Director
           
           
________________________________          
Ruaidri Austin          
Director          
           



Lacey & Co Solicitors Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 August 2024

   
1. General Information
 
Lacey & Co Solicitors Limited is a company limited by shares incorporated and registered in Northern Ireland. The registered number of the company is NI668457. The registered office of the company is 3rd Floor, 18-22 Hill Street, Cathedral Quarter, Belfast, Antrim, BT1 2LA which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the financial year ended 31 August 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Revenue
Revenue comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Goodwill
Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Statement of Financial Position and amortised on a straight line basis over its economic useful life of 10 years, which is estimated to be the period during which benefits are expected to arise.  On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.
 
Property, plant and equipment and depreciation
Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:
 
  Fixtures, fittings and equipment - 15% Reducing Balance
  Computer equipment - 25% Reducing Balance
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Inventories
Work in progress is valued in line with methods applicabe to professional practices.
 
Trade and other receivables
Trade and other receivables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other payables
Trade and other payables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including directors, during the financial year was 16, (2023 - 16).
 
  2024 2023
  Number Number
 
Employees 16 16
  ═════════ ═════════
       
4. Intangible assets
     
  Goodwill Total
  £ £
Cost
At 1 September 2023 2,550,000 2,550,000
  ───────── ─────────
 
At 31 August 2024 2,550,000 2,550,000
  ───────── ─────────
Amortisation
At 1 September 2023 765,000 765,000
Charge for financial year 255,000 255,000
  ───────── ─────────
At 31 August 2024 1,020,000 1,020,000
  ───────── ─────────
Carrying amount
At 31 August 2024 1,530,000 1,530,000
  ═════════ ═════════
At 31 August 2023 1,785,000 1,785,000
  ═════════ ═════════
         
5. Property, plant and equipment
  Fixtures, Computer Total
  fittings and equipment  
  equipment    
  £ £ £
Cost
At 1 September 2023 27,065 15,332 42,397
Additions 3,193 - 3,193
  ───────── ───────── ─────────
At 31 August 2024 30,258 15,332 45,590
  ───────── ───────── ─────────
Depreciation
At 1 September 2023 6,760 5,303 12,063
Charge for the financial year 3,525 2,507 6,032
  ───────── ───────── ─────────
At 31 August 2024 10,285 7,810 18,095
  ───────── ───────── ─────────
Carrying amount
At 31 August 2024 19,973 7,522 27,495
  ═════════ ═════════ ═════════
At 31 August 2023 20,305 10,029 30,334
  ═════════ ═════════ ═════════
       
6. Inventories 2024 2023
  £ £
 
Work in progress 400,000 400,000
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
7. Receivables 2024 2023
  £ £
 
Trade receivables 593,512 544,853
Prepayments and accrued income 11,755 9,397
  ───────── ─────────
  605,267 554,250
  ═════════ ═════════
       
8. Payables 2024 2023
Amounts falling due within one year £ £
 
Bank overdrafts 293,101 660,445
Trade payables 367,412 473,650
Taxation  (Note 9) 403,455 194,685
Directors' current accounts 441,807 1,167,028
Accruals 17,817 15,610
  ───────── ─────────
  1,523,592 2,511,418
  ═════════ ═════════
 
As at 31st August 2024, not all bank accounts formerly held for Lacey &  Co Solicitors had been transferred over to the limited company. The directors have indicated that these accounts are currently held in trust for the limited company. As a consequence, all such bank accounts have been reflected in the financial statements of Lacey & Co Solicitors Limited
       
9. Taxation 2024 2023
  £ £
 
Payables:
VAT 52,239 34,456
Corporation tax 339,055 142,610
PAYE / NI 12,161 17,619
  ───────── ─────────
  403,455 194,685
  ═════════ ═════════
         
10. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total Total
  allowances    
       
    2024 2023
  £ £ £
 
At financial year start 7,583 7,583 3,345
Charged to profit and loss (709) (709) 4,238
  ───────── ───────── ─────────
At financial year end 6,874 6,874 7,583
  ═════════ ═════════ ═════════
       
11. Capital commitments
 
The company had no material capital commitments at the financial year-ended 31 August 2024.
   
12. Events After the End of the Reporting Period
 
There have been no significant events affecting the company since the financial year-end.