Murrays Solicitors Limited - Accounts to registrar (filleted) - small 18.2

MURRAYS SOLICITORS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

I P Clarke

S Mclaughlin

REGISTERED OFFICE:

10 Piece Hall Yard

Bradford

West Yorkshire

BD1 1PJ

REGISTERED NUMBER:

08934475 (England and Wales)

ACCOUNTANTS:

Wilkinson and Partners

Chartered Accountants

Fairfax House

6a Mill Field Road

Cottingley Business Park

Bradford

West Yorkshire

BD16 1PY

FIXED ASSETS

Intangible assets

4

-

18,333

Tangible assets

5

1,868

2,574

1,868

20,907

CURRENT ASSETS

Work in progress

37,280

41,242

Debtors

6

61,690

52,133

Cash at bank and in hand

67,710

78,838

166,680

172,213

CREDITORS

Amounts falling due within one year

7

89,956

83,894

NET CURRENT ASSETS

76,724

88,319

TOTAL ASSETS LESS CURRENT LIABILITIES

78,592

109,226

PROVISIONS FOR LIABILITIES

8

191

288

NET ASSETS

78,401

108,938

CAPITAL AND RESERVES

Called up share capital

9

15

15

Retained earnings

78,386

108,923

SHAREHOLDERS' FUNDS

78,401

108,938

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 September 2020 and were signed on its behalf by:

I P Clarke - Director

S Mclaughlin - Director

1.	STATUTORY INFORMATION

Murrays 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 is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of five 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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing work in progress to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and

Retained Earnings, 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2019 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2019

and 31 March 2020

550,000

AMORTISATION

At 1 April 2019

531,667

Amortisation for year

18,333

At 31 March 2020

550,000

NET BOOK VALUE

At 31 March 2020

-

At 31 March 2019

18,333

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2019

and 31 March 2020

1,750

7,779

9,529

DEPRECIATION

At 1 April 2019

951

6,004

6,955

Charge for year

120

586

706

At 31 March 2020

1,071

6,590

7,661

NET BOOK VALUE

At 31 March 2020

679

1,189

1,868

At 31 March 2019

799

1,775

2,574

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade debtors

52,679

48,572

Directors' current accounts

5,954

3

Prepayments

3,057

3,558

61,690

52,133

The adverse director's loan account was repaid to the company by 30 April 2020.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Tax

23,624

31,360

Social security and other taxes

1,161

1,086

VAT

31,663

8,959

Other creditors

26,800

145

Directors' current accounts

3,834

39,538

Accrued expenses

2,874

2,806

89,956

83,894

The directors' loan accounts are interest free and repayable on demand.

8.	PROVISIONS FOR LIABILITIES

31.3.20

31.3.19

£

£

Deferred tax

191

288

Deferred

tax

£

Balance at 1 April 2019

288

Accelerated capital allowances

(97

)

Balance at 31 March 2020

191

The entire provision for deferred taxation is in respect of accelerated capital allowances.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.20

31.3.19

value:

£

£

15

Ordinary

£1.00

15

15

10.	ULTIMATE CONTROLLING PARTY

The controlling party is I P Clarke.