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COMPANY REGISTRATION NUMBER: 05171543
Carr's Solicitors Limited
Filleted Unaudited Financial Statements
30 September 2024
Carr's Solicitors Limited
Financial Statements
Year Ended 30 September 2024
Contents
Page
Statement of Financial Position
1
Notes to the Financial Statements
3
Carr's Solicitors Limited
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
£
Fixed Assets
Tangible assets
5
23
209
Current Assets
Work in progress
50,030
76,100
Debtors
6
23,603
4,754
Cash at bank and in hand
142
83
--------
--------
73,775
80,937
Creditors: amounts falling due within one year
7
51,181
60,136
--------
--------
Net Current Assets
22,594
20,801
--------
--------
Total Assets Less Current Liabilities
22,617
21,010
Creditors: amounts falling due after more than one year
8
42,837
54,688
--------
--------
Net Liabilities
( 20,220)
( 33,678)
--------
--------
Capital and Reserves
Called up share capital
100
100
Profit and loss account
( 20,320)
( 33,778)
--------
--------
Shareholders Deficit
( 20,220)
( 33,678)
--------
--------
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.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Carr's 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 17 June 2025 , and are signed on behalf of the board by:
Mr J Carr
Director
Company registration number: 05171543
Carr's 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 England and Wales. The address of the registered office is 1-3 The Courtyard, Calvin Street, Bolton, Lancashire, BL1 8PB.
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 represents the total invoice value, excluding value added tax, of fees raised during the year. Disbursements incurred on behalf of clients are normally invoiced at the same time as the corresponding fee work done is invoiced. Fees receivable are recognised when a right to consideration is earned in exchange for performance of a contractual obligation to provide professional services.Income is measured at the fair value of the right to consideration which is based on time spent, skills and expertise provided and expenses incurred after deducting allowances for uncertainties relating to amounts capable of being billed.
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.
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:
Website costs
-
3 Years Straight line
Computer equipment
-
3 Years Straight line
Office equipment
-
25% 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.
Work in Progress
Work in progress consisting of unbilled fees, where the ability to recover fees on a matter is non contingent, is recognised on the basis of time spent and valued at the amount expected to be billed in respect of that time.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 2 ).
5. Tangible Assets
Website costs
Computer equipment
Office equipment
Total
£
£
£
£
Cost
At 1 October 2023 and 30 September 2024
5,580
524
1,916
8,020
-------
----
-------
-------
Depreciation
At 1 October 2023
5,580
349
1,882
7,811
Charge for the year
175
11
186
-------
----
-------
-------
At 30 September 2024
5,580
524
1,893
7,997
-------
----
-------
-------
Carrying amount
At 30 September 2024
23
23
-------
----
-------
-------
At 30 September 2023
175
34
209
-------
----
-------
-------
6. Debtors
2024
2023
£
£
Trade debtors
12,757
3,085
Prepayments and accrued income
3,366
1,420
Director's loan account
7,480
Other debtors
249
--------
-------
23,603
4,754
--------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
35,699
47,831
Trade creditors
1,146
3,357
Corporation tax
5,823
2
Social security and other taxes
5,698
343
Other creditors - Amounts due to clients
31
1
Other creditors
2,784
8,602
--------
--------
51,181
60,136
--------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
42,837
54,688
--------
--------
9. Director's Advances, Credits and Guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr J Carr
7,480
7,480
----
-------
-------
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr J Carr
----
----
----