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Company registration number: NI614655
FISHER MULLAN SOLICITORS LIMITED
Unaudited filleted financial statements
30 November 2024
FISHER MULLAN SOLICITORS LIMITED
Contents
Accountants' report
Statement of financial position
Notes to the financial statements
FISHER MULLAN SOLICITORS LIMITED
Report to the director on the preparation of the
unaudited statutory financial statements of FISHER MULLAN SOLICITORS LIMITED
Year ended 30 November 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Fisher Mullan Solicitors Limited for the year ended 30 November 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the director of Fisher Mullan Solicitors Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Fisher Mullan Solicitors Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than its director as a body for our work or for this report.
It is your duty to ensure that Fisher Mullan Solicitors Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Fisher Mullan Solicitors Limited. You consider that Fisher Mullan Solicitors Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Fisher Mullan Solicitors Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Shriver Price & Co.
Chartered Accountants
49 Downshire Road
Newry
Co. Down
BT34 1BA
16 May 2025
FISHER MULLAN SOLICITORS LIMITED
Statement of financial position
30 November 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 58,606 47,798
_______ _______
58,606 47,798
Current assets
Stocks 40,848 36,571
Debtors 7 204,612 173,892
Cash at bank and in hand 6,993 12,037
_______ _______
252,453 222,500
Creditors: amounts falling due
within one year 8 ( 197,787) ( 154,145)
_______ _______
Net current assets 54,666 68,355
_______ _______
Total assets less current liabilities 113,272 116,153
Provisions for liabilities ( 10,086) ( 7,952)
_______ _______
Net assets 103,186 108,201
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 103,184 108,199
_______ _______
Shareholders funds 103,186 108,201
_______ _______
For the year ending 30 November 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 16 May 2025 , and are signed on behalf of the board by:
R A Ferguson
Director
Company registration number: NI614655
FISHER MULLAN SOLICITORS LIMITED
Notes to the financial statements
Year ended 30 November 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 8 Trevor Hill, Newry, Co. Down, BT34 1DN.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
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 - Straight line over 10 years
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 are subsequently stated at cost less any accumulated depreciation and 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:
Freehold property - Straight line over 25 years
Fittings, fixtures and equipment - 10 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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.
Stocks
Work in progress is valued at the lower of cost and net realisable value.
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 8 (2023: 8 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 December 2023 and 30 November 2024 398,057 398,057
_______ _______
Amortisation
At 1 December 2023 and 30 November 2024 398,057 398,057
_______ _______
Carrying amount
At 30 November 2024 - -
_______ _______
At 30 November 2023 - -
_______ _______
6. Tangible assets
Freehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 December 2023 10,555 72,484 83,039
Additions - 17,275 17,275
_______ _______ _______
At 30 November 2024 10,555 89,759 100,314
_______ _______ _______
Depreciation
At 1 December 2023 4,612 30,629 35,241
Charge for the year 422 6,045 6,467
_______ _______ _______
At 30 November 2024 5,034 36,674 41,708
_______ _______ _______
Carrying amount
At 30 November 2024 5,521 53,085 58,606
_______ _______ _______
At 30 November 2023 5,943 41,855 47,798
_______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 56,979 28,784
Other debtors 147,633 145,108
_______ _______
204,612 173,892
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 147,705 122,050
Corporation tax 12,277 8,063
Social security and other taxes 32,230 18,532
Other creditors 5,575 5,500
_______ _______
197,787 154,145
_______ _______
9. Directors 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 Amounts repaid Balance o/standing
£ £ £ £
R A Ferguson 113,229 62,021 ( 60,000) 115,250
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
R A Ferguson 97,916 75,314 ( 60,000) 113,230
_______ _______ _______ _______