Lewis Onions Solicitors Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07329003 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

FOR

LEWIS ONIONS SOLICITORS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr L W Onions

Mrs A J McCutchion

Mr R S M Owen

Mrs R E Wilkinson

REGISTERED OFFICE:

Allium House

36 Water Street

Birmingham

West Midlands

B3 1HP

REGISTERED NUMBER:

07329003 (England and Wales)

ACCOUNTANTS:

TGFP

Chartered Accountants

Fulford House

Newbold Terrace

Leamington Spa

Warwickshire

CV32 4EA

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

9,164

11,831

9,164

11,831

CURRENT ASSETS

Stocks

10,250

9,850

Debtors

6

300,202

289,470

Cash at bank

178,778

179,275

489,230

478,595

CREDITORS

Amounts falling due within one year

7

157,412

164,369

NET CURRENT ASSETS

331,818

314,226

TOTAL ASSETS LESS CURRENT LIABILITIES

340,982

326,057

CREDITORS

Amounts falling due after more than one year

8

22

3,595

NET ASSETS

340,960

322,462

CAPITAL AND RESERVES

Called up and paid share capital

1,000

1,000

Retained earnings

339,960

321,462

SHAREHOLDERS' FUNDS

340,960

322,462

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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 February 2022 and were signed on its behalf by:

Mr L W Onions - Director

1.	STATUTORY INFORMATION

Lewis Onions 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.

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.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of eight 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.

Plant and machinery etc

-

25% on reducing balance

Government grants

Government grants are recognised in profit or loss on a systematic basis over the periods in which the company recognises expenses for the related costs for which the grants are intended to compensate.

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 stocks to their present location and condition.

Financial instruments

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Taxation

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.

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.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

The Company remains profitable and has sufficient cash reserves. The company has taken advantage of Government assistance where relevant. As a result the directors are confident that they have the ability to respond effectively to continued uncertainty, and as a result, the directors believe that the company will be able to meet its liabilities as they fall due for a period of at least twelve months. The financial statements do not account for any adjustments that would be required if the company was unable to achieve these objectives

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2020 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 August 2020

and 31 July 2021

761,900

AMORTISATION

At 1 August 2020

and 31 July 2021

761,900

NET BOOK VALUE

At 31 July 2021

-

At 31 July 2020

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 August 2020

40,838

Additions

1,145

Disposals

(3,000

)

At 31 July 2021

38,983

DEPRECIATION

At 1 August 2020

29,007

Charge for year

3,370

Eliminated on disposal

(2,558

)

At 31 July 2021

29,819

NET BOOK VALUE

At 31 July 2021

9,164

At 31 July 2020

11,831

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

258,307

250,574

Other debtors

41,895

38,896

300,202

289,470

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

54,249

60,861

Taxation and social security

97,353

97,278

Other creditors

5,810

6,230

157,412

164,369

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Other creditors

22

3,595