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

MURRAYS SOLICITORS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

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

-

-

Tangible assets

5

1,374

1,868

1,374

1,868

CURRENT ASSETS

Work in progress

92,610

37,280

Debtors

6

22,473

61,690

Cash at bank and in hand

37,076

67,710

152,159

166,680

CREDITORS

Amounts falling due within one year

7

62,048

89,956

NET CURRENT ASSETS

90,111

76,724

TOTAL ASSETS LESS CURRENT LIABILITIES

91,485

78,592

CREDITORS

Amounts falling due after more than one year

8

(40,833

)

-

PROVISIONS FOR LIABILITIES

9

(126

)

(191

)

NET ASSETS

50,526

78,401

CAPITAL AND RESERVES

Called up share capital

10

15

15

Retained earnings

50,511

78,386

SHAREHOLDERS' FUNDS

50,526

78,401

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 17 December 2021 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 7 (2020 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2020

and 31 March 2021

550,000

AMORTISATION

At 1 April 2020

and 31 March 2021

550,000

NET BOOK VALUE

At 31 March 2021

-

At 31 March 2020

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2020

and 31 March 2021

1,750

7,779

9,529

DEPRECIATION

At 1 April 2020

1,071

6,590

7,661

Charge for year

102

392

494

At 31 March 2021

1,173

6,982

8,155

NET BOOK VALUE

At 31 March 2021

577

797

1,374

At 31 March 2020

679

1,189

1,868

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Trade debtors

17,252

52,679

Directors' current accounts

1,790

5,954

Prepayments

3,431

3,057

22,473

61,690

The adverse director's loan account was repaid to the company by 30 April 2021.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Bank loans and overdrafts

9,167

-

Tax

22,846

23,624

Social security and other taxes

3,956

1,161

VAT

21,920

31,663

Other creditors

461

26,800

Directors' current accounts

717

3,834

Accrued expenses

2,981

2,874

62,048

89,956

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

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.21

31.3.20

£

£

Bank loans - 1-2 years

20,000

-

Bank loans - 2-5 years

20,833

-

40,833

-

9.	PROVISIONS FOR LIABILITIES

31.3.21

31.3.20

£

£

Deferred tax

126

191

Deferred

tax

£

Balance at 1 April 2020

191

Accelerated capital allowances

(65

)

Balance at 31 March 2021

126

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

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.21

31.3.20

value:

£

£

15

Ordinary

£1.00

15

15

11.	ULTIMATE CONTROLLING PARTY

The controlling party is I P Clarke.