Arthur J Downey & Co Solicitors Ltd iXBRL

Arthur J Downey & Co Solicitors Ltd

Abridged Unaudited Financial Statements

for the financial year ended 31 July 2025

Arthur J Downey & Co Solicitors Ltd

Company Registration Number: NI691903

ABRIDGED BALANCE SHEET

as at 31 July 2025

		2025	2024
	Notes	£	£

Fixed Assets

Intangible assets

120,000

135,000

Tangible assets

791

1,558

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Fixed Assets

120,791

136,558

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Current Assets

Stocks

169,047

127,396

Debtors

72,686

67,849

Cash and cash equivalents

720,374

1,175,889

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962,107

1,371,134

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Creditors: amounts falling due within one year

(1,011,238)

(1,487,043)

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Net Current Liabilities

(49,131)

(115,909)

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Total Assets less Current Liabilities

71,660

20,649

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Capital and Reserves

Called up share capital

120

120

Retained earnings

71,540

20,529

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Shareholders' Funds

71,660

20,649

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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).

All of the members have consented to the preparation of abridged accounts in accordance with section 444(2A) of the Companies Act 2006.

The company has taken advantage of the exemption under section 444 not to file the Abridged Profit and Loss Account and Directors' Report.

For the financial year ended 31 July 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.

Approved by the Board and authorised for issue on 20 April 2026 and signed on its behalf by



________________________________			________________________________
Conleth Downey			Arthur Downey
Director			Director


________________________________
Ciaran Downey
Director

Arthur J Downey & Co Solicitors Ltd

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

for the financial year ended 31 July 2025

General Information

Arthur J Downey & Co Solicitors Ltd is a private company, limited by shares incorporated and registered in Northern Ireland. The registered number of the company is NI691903. The registered office of the company is 5 Church Street, Banbridge, Co. Down, BT32 4AA, Northern Ireland which is also the principal place of business of the company. The financial statements have been presented in Pound Sterling (£) which is also the functional currency of the company.

These financial statements represent the individual entity for the financial year end 31 July 2025.

Summary of Significant Accounting Policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Statement of compliance

The financial statements of the company for the financial year ended 31 July 2025 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006. These are the company's first set of financial statements prepared in accordance with FRS 102.

Basis of preparation

The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.

Turnover

Turnover comprises the invoice value of services supplied by the company, exclusive of trade discounts and value added tax.

Goodwill

Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Balance Sheet and amortised on a straight line basis over its economic useful life of 10 years, which is estimated to be the period during which benefits are expected to arise. On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.

Tangible assets and depreciation

Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:

Computer Equipment

33% Straight line

The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Work in progress

Where the substance of a contract is that the contractual obligations are performed gradually over time, revenue is recognised as contract activity progresses to reflect the partial performance of our contractual obligations. The amount of revenue included reflects the accrual of the right to consideration as contract activity progresses by reference to value of the work performed.

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.

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.

Taxation

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.

Pensions

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. Annual contributions payable to the company's pension scheme are charged to the Profit and Loss Account in the period to which they relate.

Ordinary share capital

The ordinary share capital of the company is presented as equity.

Adoption of FRS 102 Section 1A

This is the first set of financial statements prepared by Arthur J Downey & Co Solicitors Ltd in accordance with accounting standards issued by the Financial Reporting Council, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” Section 1A (Small Entities). The company transitioned from previously extant Irish and UK GAAP to FRS 102 Section 1A as at 1 August 2023. There were no transitional adjustments required.

Employees

The average monthly number of employees, including directors, during the financial year was:

2025

2024

Number

Number

Employees

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5.	Intangible assets

		Goodwill	Total
		£	£
	Cost
	At 1 August 2024	150,000	150,000
		─────────	─────────

	At 31 July 2025	150,000	150,000
		─────────	─────────
	Amortisation
	At 1 August 2024	15,000	15,000
	Charge for financial year	15,000	15,000
		─────────	─────────
	At 31 July 2025	30,000	30,000
		─────────	─────────
	Net book value
	At 31 July 2025	120,000	120,000
		═════════	═════════
	At 31 July 2024	135,000	135,000
		═════════	═════════


6.	Tangible assets
		Computer	Total
		Equipment

		£	£
	Cost
	At 1 August 2024	2,339	2,339
		─────────	─────────

	At 31 July 2025	2,339	2,339
		─────────	─────────
	Depreciation
	At 1 August 2024	781	781
	Charge for the financial year	767	767
		─────────	─────────
	At 31 July 2025	1,548	1,548
		─────────	─────────
	Net book value
	At 31 July 2025	791	791
		═════════	═════════
	At 31 July 2024	1,558	1,558
		═════════	═════════

Pension costs - defined contribution

The company operates a defined contribution pension scheme for the benefit of employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Pension costs amounted to £5,268 (2024 - £5,267).

Unpaid contributions outstanding at 31 July 2025 amounted to £1,308 (31 July 2024 - £2,998)

Secured Creditors

The bank holds security in the form of a fixed and floating charge over property. It also contains a negative pledge. The security totals £168,519 (2024: £201,210).