Craig Wood Solicitors Ltd
Craig Wood Solicitors Ltd
Registered number: SC483355
Unaudited Financial Statements
For The Year Ended
31 October 2022
Craig Wood Solicitors Ltd
Unaudited Financial Statements
For The Year Ended
31 October 2022
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—6 |
Craig Wood Solicitors Ltd
Balance Sheet
As at
31 October 2022
Balance Sheet
Registered number:
SC483355
For the year ending 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
| 2022 | 2021 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Intangible Assets | 3 |
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| Tangible Assets | 4 |
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| CURRENT ASSETS | |||||
| Debtors | 5 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 6 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 7 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 9 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 568,185 | 372,602 | |||
Craig Wood Solicitors Ltd
Balance Sheet (continued)
As at
31 October 2022
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 3 to 6 form part of these financial statements.
Craig Wood Solicitors Ltd
Notes to the Financial Statements
For The Year Ended
31 October 2022
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3.
Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 5 years.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Leasehold |
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| Plant & Machinery |
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| Motor Vehicles |
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| Fixtures & Fittings |
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1.5.
Financial Instruments
The company only has basic financial instruments.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Craig Wood Solicitors Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 October 2022
1.6.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.
1.7.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
1.8.
Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 9 (2021: 9)
3.
Intangible Assets
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| Amortisation | |||
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| Provided during the period |
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| Net Book Value | |||
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Craig Wood Solicitors Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 October 2022
4.
Tangible Assets
| Land & Property | |||||
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| Leasehold | Plant & Machinery | Motor Vehicles | Fixtures & Fittings | Total | |
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| Additions |
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| Depreciation | |||||
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| Provided during the period |
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| Net Book Value | |||||
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5.
Debtors
| 2022 | 2021 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Amounts recoverable on long term contracts |
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| Prepayments and accrued income |
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| Other debtors |
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| Loan to Lawnmarket |
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6.
Creditors: Amounts Falling Due Within One Year
| 2022 | 2021 | ||
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| Trade creditors |
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| Bank loans and overdrafts |
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| Corporation tax |
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| Other taxes and social security |
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| VAT |
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| Other creditors |
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| Directors' loan accounts |
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Craig Wood Solicitors Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 October 2022
7.
Creditors: Amounts Falling Due After More Than One Year
| 2022 | 2021 | ||
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| £ | £ | ||
| Bank loans |
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8.
Provisions for Liabilities
| Deferred Tax | ||
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| As at
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| Deferred taxation - Origination and reversal of timing differences |
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| Balance at
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10.
Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
| Land and buildings | Other | |||
|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 | |
| £ | £ | £ | £ | |
| Within 1 year | 24,000 | 24,000 | 4,966 | 7,450 |
| Between 1 and 5 years | 120,000 | 120,000 | - | 4,966 |
| After 5 years | 96,000 | 120,000 | - | - |
| 240,000 | 264,000 | 4,966 | 12,416 | |
11.
Related Party Transactions
Craig Wood Solicitors Ltd & Lawnmarket Ltd are associated through virtue of common control.
At 31st October 2022 the amount owed by Lawnmarket Ltd to Craig Wood Solicitors Ltd was £158,230 (2021: £140,000). This balance is non-interest bearing and is repayable on demand.
12.
General Information
Craig Wood Solicitors Ltd
is a private company, limited by shares, incorporated in Scotland, registered number
SC483355
. The registered office is 23 Academy Street, Inverness, IV1 1JN.