PENN FARADAY SOLICITORS LTD Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 07304628

PENN FARADAY SOLICITORS LTD

Filleted Unaudited Financial Statements

31 December 2024

PENN FARADAY SOLICITORS LTD

Statement of Financial Position

31 December 2024

	2024		2023
Note	£	£	£

Fixed assets

Intangible assets	5	–	43,500
Tangible assets	6	25,552	31,411
		--------	--------
		25,552	74,911

Current assets

Work in progress		10,580	15,770
Debtors	7	22,328	74,964
Cash at bank and in hand		289,522	408,449
		---------	---------
		322,430	499,183

Creditors: amounts falling due within one year	8	257,274		521,003
		---------		---------
Net current assets/(liabilities)			65,156	( 21,820)
			--------	--------
Total assets less current liabilities			90,708	53,091

Creditors: amounts falling due after more than one year	9	–	6,502
		--------	--------
Net assets		90,708	46,589
		--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	90,608	46,489
	--------	--------
Shareholders funds	90,708	46,589
	--------	--------

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

PENN FARADAY SOLICITORS LTD

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 2 September 2025 , and are signed on behalf of the board by:

N Younas

Director

Company registration number: 07304628

PENN FARADAY SOLICITORS LTD

Notes to the Financial Statements

Year ended 31 December 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 792 Wickham Road, Croydon, Surrey, CR0 8EA.

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 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. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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.

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	-	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 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:

Fixtures and fittings	-	15% reducing balance
Equipment	-	20% 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 comprises non-partner professional time costs, excluding any mark-up, plus disbursements, to the extent that no right to consideration exists at the balance sheet date. Work in progress is valued at the lower of cost and estimated fee chargeable less costs expected to be incurred to completion.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 9 (2023: 6 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 January 2024 and 31 December 2024	580,000
	---------
Amortisation
At 1 January 2024	536,500
Charge for the year	43,500
	---------
At 31 December 2024	580,000
	---------
Carrying amount
At 31 December 2024	–
	---------
At 31 December 2023	43,500
	---------

6. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 January 2024	46,100	67,109	113,209
Additions	–	4,924	4,924
Disposals	–	( 9,584)	( 9,584)
	--------	--------	---------
At 31 December 2024	46,100	62,449	108,549
	--------	--------	---------
Depreciation
At 1 January 2024	37,902	43,896	81,798
Charge for the year	1,230	5,627	6,857
Disposals	–	( 5,658)	( 5,658)
	--------	--------	---------
At 31 December 2024	39,132	43,865	82,997
	--------	--------	---------
Carrying amount
At 31 December 2024	6,968	18,584	25,552
	--------	--------	---------
At 31 December 2023	8,198	23,213	31,411
	--------	--------	---------

7. Debtors

	2024	2023
	£	£
Trade debtors	22,328	73,483
Other debtors	–	1,481
	--------	--------
	22,328	74,964
	--------	--------

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	6,467	6,468
Corporation tax	25,556	–
Social security and other taxes	41,269	9,560
Other creditors	183,982	504,975
	---------	---------
	257,274	521,003
	---------	---------

9. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	–	6,502
	----	-------

10. Directors' advances, credits and guarantees

	2024	2023
	£	£
(advances)/credits
Director Loan Accounts	42,408	162,225
	--------	---------