Murrays Solicitors Limited - Accounts to registrar (filleted) - small 23.1.2

MURRAYS SOLICITORS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

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

1,024

1,374

1,024

1,374

CURRENT ASSETS

Work in progress

135,670

92,610

Debtors

6

75,752

22,473

Cash at bank and in hand

89,660

37,076

301,082

152,159

CREDITORS

Amounts falling due within one year

7

163,188

62,048

NET CURRENT ASSETS

137,894

90,111

TOTAL ASSETS LESS CURRENT LIABILITIES

138,918

91,485

CREDITORS

Amounts falling due after more than one year

8

(33,206

)

(40,833

)

PROVISIONS FOR LIABILITIES

9

(84

)

(126

)

NET ASSETS

105,628

50,526

CAPITAL AND RESERVES

Called up share capital

10

15

15

Retained earnings

105,613

50,511

SHAREHOLDERS' FUNDS

105,628

50,526

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 26 April 2023 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 9 (2021 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2021

and 31 March 2022

550,000

AMORTISATION

At 1 April 2021

and 31 March 2022

550,000

NET BOOK VALUE

At 31 March 2022

-

At 31 March 2021

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2021

and 31 March 2022

1,750

7,779

9,529

DEPRECIATION

At 1 April 2021

1,173

6,982

8,155

Charge for year

87

263

350

At 31 March 2022

1,260

7,245

8,505

NET BOOK VALUE

At 31 March 2022

490

534

1,024

At 31 March 2021

577

797

1,374

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Trade debtors

-

17,252

Directors' current accounts

72,698

1,790

Prepayments

3,054

3,431

75,752

22,473

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Bank loans and overdrafts

9,687

9,167

Tax

50,342

22,846

Social security and other taxes

(2,822

)

3,956

Net Pay Control

(1,720

)

-

VAT

14,026

21,920

Other creditors

882

461

Directors' current accounts

-

717

Deferred income

86,852

-

Accrued expenses

5,941

2,981

163,188

62,048

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

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.22

31.3.21

£

£

Bank loans - 1-2 years

9,932

20,000

Bank loans - 2-5 years

23,274

20,833

33,206

40,833

9.	PROVISIONS FOR LIABILITIES

31.3.22

31.3.21

£

£

Deferred tax

84

126

Deferred

tax

£

Balance at 1 April 2021

126

Accelerated capital allowances

(42

)

Balance at 31 March 2022

84

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

31.3.22

31.3.21

value:

£

£

15

Ordinary

£1.00

15

15

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2022 and 31 March 2021:

31.3.22

31.3.21

£

£

I P Clarke

Balance outstanding at start of year

(717

)

(3,833

)

Amounts advanced

137,417

80,616

Amounts repaid

(98,000

)

(77,500

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

38,700

(717

)

S McLaughlin

Balance outstanding at start of year

1,790

5,953

Amounts advanced

93,542

43,337

Amounts repaid

(61,333

)

(47,500

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

33,999

1,790

The loans to the directors are interest free and repayable on demand.

The loans outstanding at the year end were repaid through a dividend on 6 April 2022.

12.	ULTIMATE CONTROLLING PARTY

The controlling party is I P Clarke.