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Registered number: 09903611










IAIN NICHOLSON SOLICITORS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2025

 
IAIN NICHOLSON SOLICITORS LIMITED
REGISTERED NUMBER: 09903611

BALANCE SHEET
AS AT 31 MARCH 2025

2025
2025
2024
2024
Note
£
£
£
£

Fixed assets
  

Tangible assets
 5 
16,276
15,893

  
16,276
15,893

Current assets
  

Debtors: amounts falling due within one year
 6 
410,535
360,464

Cash at bank and in hand
  
177,828
145,475

  
588,363
505,939

Creditors: amounts falling due within one year
 7 
(130,093)
(94,466)

Net current assets
  
 
 
458,270
 
 
411,473

Total assets less current liabilities
  
474,546
427,366

Creditors: amounts falling due after more than one year
 8 
(1,184)
(2,762)

  

Net assets
  
473,362
424,604


Capital and reserves
  

Called up share capital 
  
10,300
10,300

Profit and loss account
  
463,062
414,304

  
473,362
424,604


Page 1

 
IAIN NICHOLSON SOLICITORS LIMITED
REGISTERED NUMBER: 09903611
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 June 2025.




Mr I.H. Nicholson
Mrs V. Stevenson
Director
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
IAIN NICHOLSON SOLICITORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

1.


General information

Iain Nicholson Solicitors Limited is a limited company incorporated in England and Wales. The registered office is 5 West Road, Ponteland, Newcastle upon Tyne, NE20 9ST.
The company's principal activity is that of the provision of legal services.
 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Turnover

Turnover represents legal and other services undertaken during the year. 
Legal and other services which have been provided to clients during the year which at the year end have not been invoiced, have been recognised as fee income in accordance with Section 23 of Financial Reporting Standard 102.  Fee income recognised in this manner is based on an assessment of the fair value of the work completed by the balance sheet date as a proportion of the total value of the engagement.
Unbilled fee income is included as Accrued Income within Debtors. This is stated at the fair value where the right to consideration has been obtained.  Provision is made against unbilled amounts on those engagements where the right to receive payments is dependent on a contingent event outside the control of the company.  Contingent fee income is recognised in the period when the contingent event occurs.

 
2.3

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
IAIN NICHOLSON SOLICITORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Property improvements
-
25%
writing down allowance
Fixtures and fittings
-
25%
writing down allowance
Computer equipment
-
15%
writing down allowance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In applying the company's accounting policies described in Note 2, the directors are required to make judgements and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors considered to be relevant. Actual results may differ from these estimates.
Revenue recognition 
The value of accrued income is derived from estimations and assumptions regarding fair value of unbilled time at the year end, having regard to the company's accounting policy for revenue recognition.
Directors are also required to make judgements in determining the point at which a contingent event occurs to determine whether the fair value of consideration can be measured reliably.


4.


Employees

The average monthly number of employees, including directors, during the year was 12 (2024 - 14).

Page 4

 
IAIN NICHOLSON SOLICITORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

5.


Tangible fixed assets





Property improvements
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2024
252
13,715
26,168
40,135


Additions
3,192
-
307
3,499



At 31 March 2025

3,444
13,715
26,475
43,634



Depreciation


At 1 April 2024
110
11,654
12,478
24,242


Charge for the year on owned assets
500
516
2,100
3,116



At 31 March 2025

610
12,170
14,578
27,358



Net book value



At 31 March 2025
2,834
1,545
11,897
16,276



At 31 March 2024
142
2,061
13,690
15,893

Page 5

 
IAIN NICHOLSON SOLICITORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

6.


Debtors

2025
2024
£
£


Trade debtors
89,851
90,786

Other debtors
41,674
43,101

Accrued income
279,010
226,577

410,535
360,464



7.


Creditors: Amounts falling due within one year

2025
2024
£
£

Other loans
1,578
1,578

Corporation tax
67,214
40,425

Other creditors
61,301
52,463

130,093
94,466



8.


Creditors: Amounts falling due after more than one year

2025
2024
£
£

Other loans
1,184
2,762

1,184
2,762



9.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £9,863 (2024 - £11,647).

Page 6