REGISTERED NUMBER: 05760009 (England and Wales)

Financial Statements for the Year Ended 31 December 2024

for

Patricks Solicitors Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Manjula Patrick-Jekody

REGISTERED OFFICE:

157 High Road

Chadwell Heath

Romford

Essex

RM6 6NL

REGISTERED NUMBER:

05760009 (England and Wales)

ACCOUNTANTS:

Prestons

Chartered Accountants

364-368 Cranbrook Road

Gants Hill

Ilford

Essex

IG2 6HY

FIXED ASSETS

Intangible assets

4

-

1,100

Tangible assets

5

292

388

292

1,488

CURRENT ASSETS

Stocks

6

57,600

52,410

Debtors

7

93,411

88,695

Cash at bank and in hand

3,021

153

154,032

141,258

CREDITORS

Amounts falling due within one year

8

67,163

77,620

NET CURRENT ASSETS

86,869

63,638

TOTAL ASSETS LESS CURRENT LIABILITIES

87,161

65,126

CREDITORS

Amounts falling due after more than one year

9

8,832

14,608

NET ASSETS

78,329

50,518

CAPITAL AND RESERVES

Called up share capital

550

550

Retained earnings

77,779

49,968

78,329

50,518

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 September 2025 and were signed by:

Manjula Patrick-Jekody - Director

1.	STATUTORY INFORMATION

Patricks Solicitors Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the costs of assets less their residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:

Computer equipment - 25% on reducing balance

Fixtures and fittings - 25% on reducing balance

The asset's residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit and loss.

Work in progress

Work in progress include labour and attributable overheads and is valued at lower of cost and net realiseable value.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Leasing commitments

Rentals paid under operating leases are charged to the Profit and Loss Account on a straight line basis over the period of the lease.

Lease commitments for the year ended 31 December 2024 is £18,000 (2023: £18,000).

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less and impairment.

Going concern

The director has reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. It is for this reason the accounts have been prepared on a going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

11,000

AMORTISATION

At 1 January 2024

9,900

Charge for year

1,100

At 31 December 2024

11,000

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

1,100

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2024

and 31 December 2024

9,760

15,412

25,172

DEPRECIATION

At 1 January 2024

9,718

15,066

24,784

Charge for year

10

86

96

At 31 December 2024

9,728

15,152

24,880

NET BOOK VALUE

At 31 December 2024

32

260

292

At 31 December 2023

42

346

388

6.

STOCKS

31/12/24

31/12/23

£

£

Work-in-progress

57,600

52,410

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/24

31/12/23

£

£

Trade debtors

75,942

73,498

Other debtors

17,469

15,197

93,411

88,695

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/24

31/12/23

£

£

Bank loans and overdrafts

1,376

4,163

Trade creditors

20,882

23,954

Taxation and social security

28,722

26,276

Other creditors

16,183

23,227

67,163

77,620

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/12/24

31/12/23

£

£

Bank loans

8,832

14,608

10.	FINANCIAL INSTRUMENTS

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.