Silverfin false false 31/12/2024 01/01/2024 31/12/2024 Steven John Hudson 23/11/2016 Neil Geoffrey Major 26/11/1992 James Jonathan Walsh 23/11/2016 22 August 2025 The company represents solicitors in the local Plymouth area and provides training and support throughout the year. 00005452 2024-12-31 00005452 bus:Director1 2024-12-31 00005452 bus:Director2 2024-12-31 00005452 bus:Director3 2024-12-31 00005452 2023-12-31 00005452 core:CurrentFinancialInstruments 2024-12-31 00005452 core:CurrentFinancialInstruments 2023-12-31 00005452 core:RetainedEarningsAccumulatedLosses 2024-12-31 00005452 core:RetainedEarningsAccumulatedLosses 2023-12-31 00005452 core:FurnitureFittings 2023-12-31 00005452 core:FurnitureFittings 2024-12-31 00005452 2022-09-30 00005452 2024-01-01 2024-12-31 00005452 bus:FilletedAccounts 2024-01-01 2024-12-31 00005452 bus:SmallEntities 2024-01-01 2024-12-31 00005452 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 00005452 bus:CompanyLimitedByGuarantee 2024-01-01 2024-12-31 00005452 bus:Director1 2024-01-01 2024-12-31 00005452 bus:Director2 2024-01-01 2024-12-31 00005452 bus:Director3 2024-01-01 2024-12-31 00005452 2022-10-01 2023-12-31 iso4217:GBP xbrli:pure

Company No: 00005452 (England and Wales)

PLYMOUTH LAW SOCIETY

(A company limited by guarantee)

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

PLYMOUTH LAW SOCIETY

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

PLYMOUTH LAW SOCIETY

STATEMENT OF FINANCIAL POSITION

As at 31 December 2024
PLYMOUTH LAW SOCIETY

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2024
Note 31.12.2024 31.12.2023
£ £
Fixed assets
Tangible assets 3 475 475
475 475
Current assets
Debtors 4 200 186
Cash at bank and in hand 37,195 29,018
37,395 29,204
Creditors: amounts falling due within one year 5 ( 15,835) ( 9,888)
Net current assets 21,560 19,316
Total assets less current liabilities 22,035 19,791
Provision for liabilities 662 0
Net assets 22,697 19,791
Reserves
Profit and loss account 22,697 19,791
Total reserves 22,697 19,791

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Plymouth Law Society (registered number: 00005452) were approved and authorised for issue by the Board of Directors on 22 August 2025. They were signed on its behalf by:

James Jonathan Walsh
Director
PLYMOUTH LAW SOCIETY

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
PLYMOUTH LAW SOCIETY

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Plymouth Law Society (the Company) is a private company, limited by guarantee, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Salt Quay House 4 North East Quay, Sutton Harbour, Plymouth, PL4 0BN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Reporting period length

The reporting period length was extended to 15 months in the prior year at the decision of the directors. Therefore, the 2023 comparative amounts presented in the financial statements are not entirely comparable.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Fixtures and fittings not depreciated

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The President's Jewel is not depreciated as its net realisable value exceeds its book value.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

Year ended
31.12.2024
Period from
01.10.2022 to
31.12.2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 January 2024 475 475
At 31 December 2024 475 475
Accumulated depreciation
At 01 January 2024 0 0
At 31 December 2024 0 0
Net book value
At 31 December 2024 475 475
At 31 December 2023 475 475

4. Debtors

31.12.2024 31.12.2023
£ £
Prepayments 200 186

5. Creditors: amounts falling due within one year

31.12.2024 31.12.2023
£ £
Accruals and deferred income 15,054 9,888
Taxation and social security 781 0
15,835 9,888

6. Deferred tax

31.12.2024 31.12.2023
£ £
At the beginning of financial year/period 0 0
Credited to the Statement of Income and Retained Earnings 662 0
At the end of financial year/period 662 0

7. Liability of members

The members of the Plymouth Law Society have undertaken to contribute a sum not exceeding £1 each to meet the liabilities of the Company if it should be wound up.

8. Related party transactions

An annual honorarium fee of £950 (2023: £950) was charged by a director during the year. This is shown as wages and salaries within administrative expenses.