Chris Kallis Solicitors Limited 30/04/2022 iXBRL

Chris Kallis Solicitors Limited 30/04/2022 iXBRL

CHRIS KALLIS SOLICITORS LIMITED - Company Information

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30/04/2022 2022-04-30 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2021-05-01 Sage Accounts Production 21.0 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP 08175941 2021-05-01 2022-04-30 08175941 2022-04-30 08175941 2021-04-30 08175941 2020-05-01 2021-04-30 08175941 2021-04-30 08175941 core:FurnitureFittingsToolsEquipment 2021-05-01 2022-04-30 08175941 core:OnerousContractsExcludingVacantProperties 2021-05-01 2022-04-30 08175941 bus:Director2 2021-05-01 2022-04-30 08175941 core:WithinOneYear 2022-04-30 08175941 core:WithinOneYear 2021-04-30 08175941 core:NetGoodwill 2022-04-30 08175941 core:FurnitureFittingsToolsEquipment 2021-04-30 08175941 core:FurnitureFittingsToolsEquipment 2022-04-30 08175941 core:ShareCapital 2022-04-30 08175941 core:ShareCapital 2021-04-30 08175941 core:RetainedEarningsAccumulatedLosses 2022-04-30 08175941 core:RetainedEarningsAccumulatedLosses 2021-04-30 08175941 core:NetGoodwill 2021-04-30 08175941 core:FurnitureFittingsToolsEquipment 2021-04-30 08175941 bus:Director1 2021-04-30 08175941 bus:Director1 2022-04-30 08175941 bus:Director1 2020-04-30 08175941 bus:Director1 2021-04-30 08175941 bus:Director1 2021-05-01 2022-04-30 08175941 bus:Director1 2020-05-01 2021-04-30 08175941 bus:SmallEntities 2021-05-01 2022-04-30 08175941 bus:AuditExemptWithAccountantsReport 2021-05-01 2022-04-30 08175941 bus:FullAccounts 2021-05-01 2022-04-30 08175941 bus:SmallCompaniesRegimeForAccounts 2021-05-01 2022-04-30 08175941 bus:PrivateLimitedCompanyLtd 2021-05-01 2022-04-30 08175941 core:ComputerEquipment 2021-05-01 2022-04-30 08175941 core:ComputerEquipment 2021-04-30 08175941 core:ComputerEquipment 2022-04-30
Company registration number: 08175941
Chris Kallis Solicitors Limited
Trading as Chris kallis Solicitors
Unaudited filleted financial statements
30 April 2022
CHRIS KALLIS SOLICITORS LIMITED
STATEMENT OF FINANCIAL POSITION
30 APRIL 2022
2022 2021
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 19,080 24,645
_______ _______
19,080 24,645
Current assets
Debtors 7 799,025 872,089
Cash at bank and in hand 542,522 1,009,614
_______ _______
1,341,547 1,881,703
Creditors: amounts falling due
within one year 8 ( 375,821) ( 802,058)
_______ _______
Net current assets 965,726 1,079,645
_______ _______
Total assets less current liabilities 984,806 1,104,290
Provisions for liabilities ( 4,770) ( 4,381)
_______ _______
Net assets 980,036 1,099,909
_______ _______
Capital and reserves
Called up share capital 120 120
Profit and loss account 9 979,916 1,099,789
_______ _______
Shareholders funds 980,036 1,099,909
_______ _______
For the year ending 30 April 2022 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.
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.
These financial statements were approved by the board of directors and authorised for issue on 08 September 2022 , and are signed on behalf of the board by:
Mr A Kallis
Director
Company registration number: 08175941
CHRIS KALLIS SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 33 North Road East, Plymouth, Devon, Pl4 6AY.
Principal activity
The principal activity of the company is that of personal injury solicitors.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the company.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax. Revenue from the sale of services is recognised when a case has been won and the level of damages have been agreed.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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 - 25 % reducing balance
Computer equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the performance model. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2021: 11 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 May 2021 and 30 April 2022 750,000 750,000
_______ _______
Amortisation
At 1 May 2021 and 30 April 2022 750,000 750,000
_______ _______
Carrying amount
At 30 April 2022 - -
_______ _______
At 30 April 2021 - -
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Computer equipment Total
£ £ £
Cost
At 1 May 2021 12,888 53,134 66,022
Additions 250 542 792
_______ _______ _______
At 30 April 2022 13,138 53,676 66,814
_______ _______ _______
Depreciation
At 1 May 2021 8,127 33,250 41,377
Charge for the year 1,252 5,105 6,357
_______ _______ _______
At 30 April 2022 9,379 38,355 47,734
_______ _______ _______
Carrying amount
At 30 April 2022 3,759 15,321 19,080
_______ _______ _______
At 30 April 2021 4,761 19,884 24,645
_______ _______ _______
7. Debtors
2022 2021
£ £
Trade debtors 349,594 318,902
Other debtors 449,431 553,187
_______ _______
799,025 872,089
_______ _______
8. Creditors: amounts falling due within one year
2022 2021
£ £
Trade creditors 25,412 8,031
Accruals and deferred income 12,917 13,250
Social security and other taxes 157,134 245,806
Other creditors 180,358 534,971
_______ _______
375,821 802,058
_______ _______
9. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
10. Other financial commitments
The company has future operating lease committments of £Nil (2021: £28,000) due within one year.
11. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Directors 512,726 427,370 (546,000) 394,096
_______ _______ _______ _______
2021
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Directors 320,297 522,429 (330,000) 512,726
_______ _______ _______ _______
12. Coronavirus Job Retention Scheme
During the year the company was the recipient of economic benefits as a result of participating in the UK Government's Coronavirus Job Retention Scheme. The total funds received were £1,910.