Lawson West Solicitors Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07514625 (England and Wales)

Unaudited Financial Statements

for the Year Ended

31 March 2021

for

Lawson West Solicitors Limited

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

A M Hunt

V N Jones

D Heys

V Thakerar

REGISTERED OFFICE:

4 Dominus Way

Meridian Business Park

Leicester

Leicestershire

LE19 1RP

REGISTERED NUMBER:

07514625 (England and Wales)

ACCOUNTANTS:

The Rowleys Partnership Ltd

Chartered Accountants

Charnwood House

Harcourt Way

Meridian Business Park

Leicester

Leicestershire

LE19 1WP

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lawson West Solicitors Limited for the year ended 31 March 2021 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Lawson West Solicitors Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Lawson West Solicitors Limited and state those matters that we have agreed to state to the Board of Directors of Lawson West Solicitors Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lawson West Solicitors Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Lawson West Solicitors Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Lawson West Solicitors Limited. You consider that Lawson West Solicitors Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Lawson West Solicitors Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

The Rowleys Partnership Ltd

Chartered Accountants

Charnwood House

Harcourt Way

Meridian Business Park

Leicester

Leicestershire

LE19 1WP

29 November 2021

FIXED ASSETS

Intangible assets

4

490,422

571,960

Tangible assets

5

116,245

143,700

606,667

715,660

CURRENT ASSETS

Debtors

6

898,825

700,208

Cash at bank and in hand

528,323

309,661

1,427,148

1,009,869

CREDITORS

Amounts falling due within one year

7

1,221,046

1,075,831

NET CURRENT ASSETS/(LIABILITIES)

206,102

(65,962

)

TOTAL ASSETS LESS CURRENT LIABILITIES

812,769

649,698

CREDITORS

Amounts falling due after more than one year

8

(250,000

)

(10,182

)

PROVISIONS FOR LIABILITIES

(19,044

)

(22,640

)

NET ASSETS

543,725

616,876

CAPITAL AND RESERVES

Called up share capital

10

320,000

320,000

Retained earnings

223,725

296,876

SHAREHOLDERS' FUNDS

543,725

616,876

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 November 2021 and were signed on its behalf by:

D Heys - Director

1.	STATUTORY INFORMATION

Lawson West 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.

Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of twenty years.

The goodwill of £130,000 acquired in October 2018 is being amortised evenly over its useful economic life of two years.

Tangible fixed assets

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

Land and buildings

-

over the term of the lease

Plant and machinery etc

-

20% on cost and 15% on cost

Government grants

Government grants receivable in relation to the job retention scheme and the coronavirus business interruption loan scheme, are recognised as income over the periods necessary to match them against the related costs which they are intended to compensate on a systematic basis. Other Government grants received are recognised at the point of receipt. Government grants are shown separately as other income.

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.

Hire purchase and leasing

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account on a sum of digits basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 51 (2020 - 53 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2020

and 31 March 2021

1,110,850

AMORTISATION

At 1 April 2020

538,890

Charge for year

81,538

At 31 March 2021

620,428

NET BOOK VALUE

At 31 March 2021

490,422

At 31 March 2020

571,960

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2020

125,956

380,289

506,245

Additions

-

24,610

24,610

At 31 March 2021

125,956

404,899

530,855

DEPRECIATION

At 1 April 2020

57,317

305,228

362,545

Charge for year

11,664

40,401

52,065

At 31 March 2021

68,981

345,629

414,610

NET BOOK VALUE

At 31 March 2021

56,975

59,270

116,245

At 31 March 2020

68,639

75,061

143,700

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Trade debtors

733,432

597,607

Other debtors

165,393

102,601

898,825

700,208

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Bank loans and overdrafts

85,616

79,880

Trade creditors

42,313

39,459

Amounts owed to group undertakings

197,027

170,358

Taxation and social security

300,207

184,980

Other creditors

595,883

601,154

1,221,046

1,075,831

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.21

31.3.20

£

£

Bank loans

250,000

10,182

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

50,000

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.21

31.3.20

£

£

Bank loans

335,616

90,062

Bank loans are secured by a fixed and floating charge over the assets of the business.

Within bank loans is another form of government assistance from which the entity has benefited. This is a Coronavirus Business Interruption Loan for £250,000, for a period of 6 years from 25 March 2021. The loan is partially guaranteed by the UK Government under the CBILS Guarantee, but the company is still liable for the full amount of any outstanding loan amount. The first 12 months are repayment free and the UK Government, Business Interruption Payment (BIP) will cover the interest cost in the first 12 months of £6,325. Thereafter, the interest rate applied will be at a market rate of 2.43% over the Bank of England Base Rate.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.21

31.3.20

value:

£

£

300,000

Ordinary A

£1

300,000

300,000

20,000

Ordinary B

£1

20,000

20,000

320,000

320,000

11.	OTHER FINANCIAL COMMITMENTS

The company had total guarantees and commitments at the balance sheet date of £459,083 (2020 £270,083).