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

REGISTERED NUMBER: 07452714 (England and Wales)

UNITED SOLICITORS LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

Page

Statement of Financial Position

1

Notes to the Financial Statements

3

Fixed assets

Intangible assets

4

-

-

Tangible assets

5

78,664

97,788

78,664

97,788

Current assets

Debtors

6

650,503

698,103

Cash at bank

38,693

1,945

689,196

700,048

Creditors

Amounts falling due within one year

7

(56,796

)

(67,949

)

Net current assets

632,400

632,099

Total assets less current liabilities

711,064

729,887

Creditors

Amounts falling due after more than one year

8

(50,000

)

-

Provisions for liabilities

(14,143

)

(14,143

)

Net assets

646,921

715,744

Capital and reserves

Called up share capital

100

100

Retained earnings

646,821

715,644

646,921

715,744

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 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 23 December 2021 and were signed on its behalf by:

Mr. Sohaib Ahmad - Director

Mr Muhammad Shahid - Director

1.	Statutory information

United Solicitors Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

07452714

Registered office:

1016-1018 Stockport Road

Levenshulme

Manchester

M19 3WN

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. That estimates and associated assumptions are based on experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The valuations of unbilled revenue involve significant judgement and affects the amount of revenue recognised. The valuation is based on an estimate of the amount expected to be recoverable from clients on unbilled items based on such factors as stage of completion. The directors review historical trends to ensure that the method for accounting for the amounts recoverable on contracts is most accurate for each department.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, has been amortised evenly over its estimated useful life of seven 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.

Short leasehold

-

10% per annum straight line basis

Fixtures, fittings & equipments

-

15% on reducing balance

Financial instruments

A financial asset or a financial liability is recognised only when the entity 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.

Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Amounts recoverable on contracts

Unbilled fees, where the ability to recover fees on a matter is non-contingent, are recognised on the basis of time spent and are valued at the amount expected to be billed in respect of that time. They are included as part of current assets.

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.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

3.	Employees and directors

The average number of employees during the year was 19 (2020 - 22 ) .

4.	Intangible fixed assets

Goodwill

£

Cost

At 1 April 2020

and 31 March 2021

790,000

Amortisation

At 1 April 2020

and 31 March 2021

790,000

Net book value

At 31 March 2021

-

At 31 March 2020

-

5.	Tangible fixed assets

Fixtures,

Short

fittings

leasehold

& equipments

Totals

£

£

£

Cost

At 1 April 2020

89,531

247,148

336,679

Additions

-

1,420

1,420

At 31 March 2021

89,531

248,568

338,099

Depreciation

At 1 April 2020

67,595

171,296

238,891

Charge for year

8,953

11,591

20,544

At 31 March 2021

76,548

182,887

259,435

Net book value

At 31 March 2021

12,983

65,681

78,664

At 31 March 2020

21,936

75,852

97,788

6.

Debtors: amounts falling due within one year

2021

2020

£

£

Trade debtors

202,570

266,063

Amounts recoverable on contract

217,200

364,200

Other debtors

230,733

67,840

650,503

698,103

7.

Creditors: amounts falling due within one year

2021

2020

£

£

Trade creditors

165

165

Taxation and social security

55,131

38,276

Other creditors

1,500

29,508

56,796

67,949

8.

Creditors: amounts falling due after more than one year

2021

2020

£

£

Bank loans

50,000

-

9.	Related party disclosures

Included in other debtors is a directors current account balance with Muhammad Shahid of £25,531 (2020: £27,920 owed from the company to the director). This loan is unsecured, interest free and repayable on demand.The amount outstanding due to the company by the director has since been repaid.

Included in other debtors falling due within one year is a balance of directors current account due to Sohaib Ahmad amounting to £151,180 (2020: £88 owed to the director). This loan is unsecured, interest free and repayable on demand. The amount outstanding due to the company by the director has since been repaid.