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COMPANY REGISTRATION NUMBER: 04836244
AMD Solicitors Limited
Filleted Unaudited Abridged Financial Statements
31 August 2024
AMD Solicitors Limited
Abridged Financial Statements
Year ended 31 August 2024
Contents
Pages
Report to the board of directors on the preparation of the unaudited statutory abridged financial statements
1
Abridged statement of financial position
2 to 3
Notes to the abridged financial statements
4 to 8
AMD Solicitors Limited
Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of AMD Solicitors Limited
Year ended 31 August 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of AMD Solicitors Limited for the year ended 31 August 2024, which comprise the abridged 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 the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
JAY & JAY PARTNERSHIP LIMITED Chartered Certified Accountants
2 Chesterfield Buildings Westbourne Place Clifton Bristol BS8 1RU
14 May 2025
AMD Solicitors Limited
Abridged Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
5
29,165
33,123
Tangible assets
6
69,188
73,846
--------
---------
98,353
106,969
Current assets
Debtors
751,922
510,472
Cash at bank and in hand
689,713
481,684
------------
---------
1,441,635
992,156
Creditors: amounts falling due within one year
407,011
284,014
------------
---------
Net current assets
1,034,624
708,142
------------
---------
Total assets less current liabilities
1,132,977
815,111
Creditors: amounts falling due after more than one year
8
66,712
116,733
------------
---------
Net assets
1,066,265
698,378
------------
---------
Capital and reserves
Called up share capital
59
59
Profit and loss account
1,066,206
698,319
------------
---------
Shareholders funds
1,066,265
698,378
------------
---------
These abridged 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 31 August 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 abridged 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 abridged financial statements .
All of the members have consented to the preparation of the abridged statement of financial position for the year ending 31 August 2024 in accordance with Section 444(2A) of the Companies Act 2006.
AMD Solicitors Limited
Abridged Statement of Financial Position (continued)
31 August 2024
These abridged financial statements were approved by the board of directors and authorised for issue on 14 May 2025 , and are signed on behalf of the board by:
Ms K. L. Hughes
Director
Company registration number: 04836244
AMD Solicitors Limited
Notes to the Abridged Financial Statements
Year ended 31 August 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 100 Henleaze Road, Henleaze, Bristol, BS9 4JZ.
2. Statement of compliance
These abridged 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 abridged 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 abridged 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. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
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, or a right to pay less or to receive more tax, with the following exceptions: Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
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
-
5% 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. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Leasehold property
-
10% straight line
Fixtures & fittings
-
10% 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 .
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 51 (2023: 49 ).
5. Intangible assets
£
Cost
At 1 September 2023 and 31 August 2024
204,162
---------
Amortisation
At 1 September 2023
171,039
Charge for the year
3,958
---------
At 31 August 2024
174,997
---------
Carrying amount
At 31 August 2024
29,165
---------
At 31 August 2023
33,123
---------
6. Tangible assets
£
Cost
At 1 September 2023
200,431
Additions
8,417
---------
At 31 August 2024
208,848
---------
Depreciation
At 1 September 2023
126,585
Charge for the year
13,075
---------
At 31 August 2024
139,660
---------
Carrying amount
At 31 August 2024
69,188
---------
At 31 August 2023
73,846
---------
7. Creditors; amounts falling due within one year
The company has given security for some of the creditors that fall due within one year.
The company has given a fixed and floating charge on all assets of the company to the bank in respect of its bank loans of £50,000.
8. Creditors: amounts falling due after more than one year
The company has given security for some of the creditors that fall after more than one year.
The company has given a fixed and floating charge on all assets of the company to the bank in respect of its bank loans of £66,712.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
77,824
59,374
Later than 1 year and not later than 5 years
299,845
160,330
---------
---------
377,669
219,704
---------
---------
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Ms K. L. Hughes
( 35,000)
( 35,000)
35,000
( 35,000)
Mr G. A. McCall
( 2,750)
( 2,750)
Mr A. L. Jack
Ms F. I. Pearce
( 1,000)
( 1,000)
1,000
( 1,000)
--------
--------
--------
--------
( 36,000)
( 38,750)
36,000
( 38,750)
--------
--------
--------
--------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Ms K. L. Hughes
( 35,000)
( 35,000)
35,000
( 35,000)
Mr G. A. McCall
( 55,167)
55,167
Mr A. L. Jack
( 2,500)
2,500
Ms F. I. Pearce
( 1,000)
( 1,000)
--------
--------
--------
--------
( 92,667)
( 36,000)
92,667
( 36,000)
--------
--------
--------
--------
All loans are interest free and repayable on demand.