Cotswold Barristers Ltd Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 08751593

Cotswold Barristers Ltd

Filleted Unaudited Financial Statements

For the year ended

31 October 2024

Cotswold Barristers Ltd

Statement of Financial Position

31 October 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	5	422,588	433,439

Current assets

Debtors	6	611,491	808,936
Cash at bank and in hand		63,533	386,092
		---------	------------
		675,024	1,195,028

Creditors: amounts falling due within one year	7	103,432	426,012
		---------	------------
Net current assets		571,592	769,016
		---------	------------
Total assets less current liabilities		994,180	1,202,455

Provisions

Deferred taxation	19,212	21,925
	---------	------------
Net assets	974,968	1,180,530
	---------	------------

Capital and reserves

Called up share capital	100	100
Revaluation reserve	59,259	59,259
Profit and loss account	915,609	1,121,171
	---------	------------
Shareholders funds	974,968	1,180,530
	---------	------------

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 comprehensive income has not been delivered.

For the 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.

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 .

Cotswold Barristers Ltd

Statement of Financial Position (continued)

31 October 2024

These financial statements were approved by the board of directors and authorised for issue on 10 September 2025 , and are signed on behalf of the board by:

C J Morris	M W Smith
Director	Director

Company registration number: 08751593

Cotswold Barristers Ltd

Notes to the Financial Statements

Year ended 31 October 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 D5 Cotswold Airport, Kemble, Gloucestershire, GL7 6BA.

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 services rendered, stated net of discounts and of Value Added Tax. Revenue derived from fee income is recognised by reference to the stage of completion of the contract. Costs incurred for work performed to date are compared against the total estimated contract costs. Revenue is recognised when the right to consideration is secured except where the final outcome cannot be assessed with reasonable certainty.

Taxation

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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures, fittings and equipment	-	25% or 33.33% straight line

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. An amount equal to the fair value during the accounting period is transferred from the profit and loss reserve to the revaluation reserve and disclosed in the statement of changes in equity.

Defined contribution plans

The company makes contributions to the personal pension schemes of the directors and certain employees. The annual contributions payable are recognised as an expense in the period in which the related services are provided.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2023: 3 ).

5. Tangible assets

	Investment property	Fixtures, fittings and equipment	Total
	£	£	£
Cost
At 1 November 2023 and 31 October 2024	405,000	48,555	453,555
	---------	--------	---------
Depreciation
At 1 November 2023	–	20,116	20,116
Charge for the year	–	10,851	10,851
	---------	--------	---------
At 31 October 2024	–	30,967	30,967
	---------	--------	---------
Carrying amount
At 31 October 2024	405,000	17,588	422,588
	---------	--------	---------
At 31 October 2023	405,000	28,439	433,439
	---------	--------	---------

The investment property is reviewed annually to determine any changes to fair value. The historical cost of the investment property is £345,741 (2023: £345,741).

6. Debtors

	2024	2023
	£	£
Trade debtors	6,600	122,646
Other debtors	604,891	686,290
	---------	---------
	611,491	808,936
	---------	---------

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	30,152	9,718
Social security and other taxes	623	238,145
Other creditors	72,657	178,149
	---------	---------
	103,432	426,012
	---------	---------

8. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2024	2023
	£	£
Included in debtors (note 6)	2,717	–
Included in provisions	( 19,212)	( 21,925)
	--------	--------
	( 16,495)	( 21,925)
	--------	--------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2024	2023
	£	£
Accelerated capital allowances	4,397	7,110
Fair value adjustment of investment property	14,815	14,815
Unused tax losses	( 2,717)	–
	--------	--------
	16,495	21,925
	--------	--------

9. Related party transactions

Included within other debtors, is a receivable loan due from Tase Holdings Ltd (CRN:09236715). This company has directors in common with a majority shareholding. At the reporting date, the balance due from Tase Holdings Ltd was £561,326 (2023: £572,826). This loan is unsecured, interest free and repayable on demand.