Company registration number SC299991 (Scotland)
CORRIES SOLICITORS (SCOTLAND) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
CORRIES SOLICITORS (SCOTLAND) LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
CORRIES SOLICITORS (SCOTLAND) LTD
BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
6,173
6,879
Current assets
Stocks
75,000
75,000
Debtors
4
43,825
55,298
Cash at bank and in hand
41,072
9,536
159,897
139,834
Creditors: amounts falling due within one year
5
(53,474)
(18,872)
Net current assets
106,423
120,962
Total assets less current liabilities
112,596
127,841
Creditors: amounts falling due after more than one year
6
(12,060)
(20,000)
Net assets
100,536
107,841
Capital and reserves
Called up share capital
1,001
1,001
Profit and loss reserves
99,535
106,840
Total equity
100,536
107,841

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 28 May 2025
Mr G  Ware
Director
Company Registration No. SC299991
CORRIES SOLICITORS (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
1
Accounting policies
Company information

Corries Solicitors (Scotland) Ltd is a private company limited by shares incorporated in Scotland. The registered office is 40 Hillend Road, Burnside, Glasgow, United Kingdom, G73 4JX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

CORRIES SOLICITORS (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 September 2023
27,898
Additions
1,081
At 31 August 2024
28,979
Depreciation and impairment
At 1 September 2023
21,019
Depreciation charged in the year
1,787
At 31 August 2024
22,806
Carrying amount
At 31 August 2024
6,173
At 31 August 2023
6,879
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
30,390
48,882
Other debtors
13,435
6,416
43,825
55,298
CORRIES SOLICITORS (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
4
Debtors
(Continued)
- 4 -

Included within other debtors is an amount of £12,453 (2023: £5,182) which represents funds held on behalf of clients:

Clients' bank account        - £23,264    (2023: £43,562)

Balances due to clients         - (£10,811)    (2023: (£38,380))

Surplus                 - £12,453    (2023: £5,182)

 

5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
8,000
8,000
Taxation and social security
12,417
2,472
Other creditors
33,057
8,400
53,474
18,872
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
12,000
20,000
Other creditors
60
-
0
12,060
20,000
7
Directors' transactions

Dividends totalling £0 (2023 - £15,000) were paid in the year in respect of shares held by the company's directors.

Included in other creditors is an amount of £28,833 (2023 - £4,556) due to the director. The balance is unsecured, interest free and repayable on demand.

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