Old Bailey Solicitors Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 08640371 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 November 2022

for

Old Bailey Solicitors Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R C Hayler

C J Rents

REGISTERED OFFICE:

Sussex House

Crowhurst Road

Brighton

East Sussex

BN1 8AF

REGISTERED NUMBER:

08640371 (England and Wales)

ACCOUNTANTS:

Warren House Accountants Limited

4 The Courtyard

Holmsted Farm

Staplefield Road

Haywards Heath

RH17 5JF

FIXED ASSETS

Intangible assets

4

31,277

62,555

Tangible assets

5

3,453

3,564

34,730

66,119

CURRENT ASSETS

Debtors

6

264,908

265,309

Cash at bank

221,736

186,622

486,644

451,931

CREDITORS

Amounts falling due within one year

7

194,212

201,347

NET CURRENT ASSETS

292,432

250,584

TOTAL ASSETS LESS CURRENT LIABILITIES

327,162

316,703

CREDITORS

Amounts falling due after more than one year

8

(30,746

)

(40,482

)

PROVISIONS FOR LIABILITIES

(656

)

(677

)

NET ASSETS

295,760

275,544

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

295,758

275,542

295,760

275,544

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2022 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 13 February 2023 and were signed on its behalf by:

R C Hayler - Director

1.	STATUTORY INFORMATION

Old Bailey 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.

The financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future.

Turnover

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

Revenue from contracts for the provision of professional services is recognised when a right to consideration has been obtained through performance of work and accrues in relation to the value of work done. Unfilled work performed is included within work in progress.

Goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

Tangible fixed assets

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

Fixtures, fittings and equipment

20% straight line

Computer equipment

33% straight line

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.

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.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivables or payables within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2021 - 19 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 December 2021

and 30 November 2022

323,785

AMORTISATION

At 1 December 2021

261,230

Charge for year

31,278

At 30 November 2022

292,508

NET BOOK VALUE

At 30 November 2022

31,277

At 30 November 2021

62,555

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 December 2021

44,789

Additions

1,639

At 30 November 2022

46,428

DEPRECIATION

At 1 December 2021

41,225

Charge for year

1,750

At 30 November 2022

42,975

NET BOOK VALUE

At 30 November 2022

3,453

At 30 November 2021

3,564

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.22

30.11.21

£

£

Trade debtors

144,141

130,052

Amounts owed by group undertakings

25,813

25,813

Other debtors

94,954

109,444

264,908

265,309

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.22

30.11.21

£

£

Bank loans and overdrafts

9,747

9,518

Trade creditors

17,839

9,128

Taxation and social security

88,087

116,297

Other creditors

78,539

66,404

194,212

201,347

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.11.22

30.11.21

£

£

Bank loans

30,746

40,482

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end, a director was owed by the company £11,539 (2021: £2,809). Another director owed £360 to the company (2021: £nil). Both loans are unsecured, interest free and repayable on demand.