13 false false false false false false false false false false true false false false false false false No description of principal activity 2023-10-01 Sage Accounts Production Advanced 2024 - FRS102_2024 120,000 84,000 12,000 96,000 24,000 36,000 28,981 2,638 17,423 14,196 21,513 3,214 17,423 7,304 6,892 7,468 xbrli:pure xbrli:shares iso4217:GBP 09079884 2023-10-01 2024-09-30 09079884 2024-09-30 09079884 2023-09-30 09079884 2022-10-01 2023-09-30 09079884 2023-09-30 09079884 2022-09-30 09079884 core:NetGoodwill 2023-10-01 2024-09-30 09079884 bus:Director1 2023-10-01 2024-09-30 09079884 bus:Director2 2023-10-01 2024-09-30 09079884 core:NetGoodwill 2023-09-30 09079884 core:NetGoodwill 2024-09-30 09079884 core:WithinOneYear 2024-09-30 09079884 core:WithinOneYear 2023-09-30 09079884 core:AfterOneYear 2024-09-30 09079884 core:AfterOneYear 2023-09-30 09079884 core:ShareCapital 2024-09-30 09079884 core:ShareCapital 2023-09-30 09079884 core:RetainedEarningsAccumulatedLosses 2024-09-30 09079884 core:RetainedEarningsAccumulatedLosses 2023-09-30 09079884 core:NetGoodwill 2023-09-30 09079884 bus:SmallEntities 2023-10-01 2024-09-30 09079884 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 09079884 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 09079884 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 09079884 bus:FullAccounts 2023-10-01 2024-09-30 09079884 core:ComputerEquipment 2023-10-01 2024-09-30 09079884 core:ComputerEquipment 2023-09-30 09079884 core:ComputerEquipment 2024-09-30 09079884 1 2023-10-01 2024-09-30
COMPANY REGISTRATION NUMBER: 09079884
GLADSTONE SOLICITORS LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 September 2024
GLADSTONE SOLICITORS LTD
STATEMENT OF FINANCIAL POSITION
30 September 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
5
24,000
36,000
Tangible assets
6
6,892
7,468
---------
---------
30,892
43,468
Current assets
Debtors
7
110,992
94,822
Cash at bank and in hand
10,738
1,709
----------
---------
121,730
96,531
Creditors: amounts falling due within one year
8
80,867
56,885
----------
---------
Net current assets
40,863
39,646
---------
---------
Total assets less current liabilities
71,755
83,114
Creditors: amounts falling due after more than one year
9
24,436
48,513
Provisions
1,309
1,419
---------
---------
Net assets
46,010
33,182
---------
---------
GLADSTONE SOLICITORS LTD
STATEMENT OF FINANCIAL POSITION (continued)
30 September 2024
2024
2023
Note
£
£
Capital and reserves
Called up share capital
2
2
Profit and loss account
46,008
33,180
---------
---------
Shareholders funds
46,010
33,182
---------
---------
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 .
These financial statements were approved by the board of directors and authorised for issue on 9 May 2025 , and are signed on behalf of the board by:
A J Driver
J Ellis
Director
Director
Company registration number: 09079884
GLADSTONE SOLICITORS LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 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 22 Market Place, Arnold, Nottingham, Nottinghamshire, NG5 6ND.
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. Revenue from the provision of services is recognised by reference to the stage of completion where the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
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
-
10% 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.
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:
Equipment
-
25% straight line
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 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.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are recognised at fair value, with any subsequent changes to fair value recognised in profit or loss.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2023: 13 ).
5. Intangible assets
Goodwill
£
Cost
At 1 October 2023 and 30 September 2024
120,000
----------
Amortisation
At 1 October 2023
84,000
Charge for the year
12,000
----------
At 30 September 2024
96,000
----------
Carrying amount
At 30 September 2024
24,000
----------
At 30 September 2023
36,000
----------
6. Tangible assets
Equipment
£
Cost
At 1 October 2023
28,981
Additions
2,638
Disposals
( 17,423)
---------
At 30 September 2024
14,196
---------
Depreciation
At 1 October 2023
21,513
Charge for the year
3,214
Disposals
( 17,423)
---------
At 30 September 2024
7,304
---------
Carrying amount
At 30 September 2024
6,892
---------
At 30 September 2023
7,468
---------
7. Debtors
2024
2023
£
£
Trade debtors
17,227
11,852
Other debtors
93,765
82,970
----------
---------
110,992
94,822
----------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
20,000
20,000
Trade creditors
2,529
Corporation tax
8,917
3,185
Social security and other taxes
44,488
25,764
Other creditors
7,462
5,407
---------
---------
80,867
56,885
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
24,436
48,513
---------
---------
10. Related party transactions
During the period rent amounting to £15,900 was paid to the directors. No other transactions with related parties were undertaken, such as are required to be disclosed under FRS102 (Section 1A).
11. Controlling party
The company was under the control of the directors throughout the current and previous year.