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Registration number: 05981609

PBIP Solicitors Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2024

image-name
 

PBIP Solicitors Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

PBIP Solicitors Limited

Company Information

Director

Mr S Palmer

Registered office

The Beehive
Beehive Ring Road
Gatwick
RH6 0PA

Accountants

Lucraft Hodgson & Dawes LLP
Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF

 

PBIP Solicitors Limited

(Registration number: 05981609)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed Assets

 

Tangible Assets

4

250,200

232,142

Current assets

 

Stocks

5

52,330

49,867

Debtors

6

168,918

164,346

Cash at bank and in hand

 

18,917

79,217

 

240,165

293,430

Creditors: Amounts falling due within one year

7

(295,751)

(260,187)

Net current (liabilities)/assets

 

(55,586)

33,243

Total assets less current liabilities

 

194,614

265,385

Creditors: Amounts falling due after more than one year

7

(82,492)

(86,674)

Provisions for liabilities

(26,447)

(23,058)

Net assets

 

85,675

155,653

Capital and Reserves

 

Called up share capital

130

130

Retained Earnings

85,545

155,523

Shareholders' funds

 

85,675

155,653

For the financial year ending 31 October 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 11 July 2025
 

 

PBIP Solicitors Limited

(Registration number: 05981609)
Balance Sheet as at 31 October 2024

.........................................
Mr S Palmer
Director

   
     
 

PBIP Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Beehive
Beehive Ring Road
Gatwick
RH6 0PA

These financial statements were authorised for issue by the director on 11 July 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling, which is the functional currency of the company.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

PBIP Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible Assets

Tangible Assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% on reducing balance

Computer equipment

25% on reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade Debtors

Trade Debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

PBIP Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade Creditors

Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

PBIP Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

PBIP Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:

2024
 No.

2023
 No.

Administration and support

1

1

Other departments

7

7

8

8

4

Tangible Assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Cost or valuation

At 1 November 2023

151,088

78,724

80,000

1,375

Additions

4,002

6,643

79,509

-

Disposals

-

-

(48,000)

-

At 31 October 2024

155,090

85,367

111,509

1,375

Depreciation

At 1 November 2023

7,355

50,315

20,000

1,375

Charge for the year

3,086

8,263

24,747

-

Eliminated on disposal

-

-

(12,000)

-

At 31 October 2024

10,441

58,578

32,747

1,375

Carrying amount

At 31 October 2024

144,649

26,789

78,762

-

At 31 October 2023

143,733

28,409

60,000

-

 

PBIP Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Total
£

Cost or valuation

At 1 November 2023

311,187

Additions

90,154

Disposals

(48,000)

At 31 October 2024

353,341

Depreciation

At 1 November 2023

79,045

Charge for the year

36,096

Eliminated on disposal

(12,000)

At 31 October 2024

103,141

Carrying amount

At 31 October 2024

250,200

At 31 October 2023

232,142

Included within the net book value of land and buildings above is £144,649 (2023 - £143,733) in respect of short leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Work in progress

52,330

49,867

6

Debtors

Current

2024
£

2023
£

Trade Debtors

97,916

118,591

Prepayments

42,748

42,317

Other debtors

28,254

3,438

 

168,918

164,346

 

PBIP Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

13,566

12,800

Trade Creditors

 

44,103

26,416

Taxation and social security

 

220,285

205,696

Accruals and deferred income

 

11,730

7,824

Other creditors

 

6,067

7,451

 

295,751

260,187

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

82,492

86,674

 

PBIP Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

15,833

25,832

Hire purchase contracts

66,659

60,842

82,492

86,674

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

10,097

10,331

Other borrowings

3,469

2,469

13,566

12,800

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2023 - £30,375). This amount is operating lease payments committed to be paid over the remaining term of the lease.

10

Related party transactions

Loans to related parties

2023

Key management
£

Total
£

At start of period

4,978

4,978

Repaid

(4,978)

(4,978)

At end of period

-

-

Terms of loans to related parties

During the year the company provided it's director with a loan which was unsecured and interest free. The loan was repaid in full following the balance sheet date.
 

 

PBIP Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Loans from related parties

2024

Key management
£

Total
£

At start of period

2,469

2,469

Advanced

1,000

1,000

At end of period

3,469

3,469

2023

Key management
£

Total
£

Advanced

2,469

2,469

At end of period

2,469

2,469

Terms of loans from related parties

During the year the director made funds available to the company to assist with the provision of working capital. This loan was interest free, unsecured and repayable on demand.