Sousa Law Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 09994001 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

SOUSA LAW LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Mrs C T Sousa

REGISTERED OFFICE:

16 College Place

Southampton

Hampshire

SO15 2FE

REGISTERED NUMBER:

09994001 (England and Wales)

FIXED ASSETS

Intangible assets

5

-

-

Tangible assets

6

3,941

5,038

3,941

5,038

CURRENT ASSETS

Stocks

653

435

Debtors

7

73,401

68,735

Cash at bank and in hand

81,996

87,998

156,050

157,168

CREDITORS

Amounts falling due within one year

8

67,538

78,227

NET CURRENT ASSETS

88,512

78,941

TOTAL ASSETS LESS CURRENT LIABILITIES

92,453

83,979

CREDITORS

Amounts falling due after more than one year

9

-

27,433

NET ASSETS

92,453

56,546

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

92,353

56,446

SHAREHOLDERS' FUNDS

92,453

56,546

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 December 2023 and were signed by:

Mrs C T Sousa - Director

1.	STATUTORY INFORMATION

Sousa Law 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2017, 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

-

25% straight line

All fixed assets are initially recorded at cost.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable 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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 8 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2022

and 30 September 2023

11,100

AMORTISATION

At 1 October 2022

and 30 September 2023

11,100

NET BOOK VALUE

At 30 September 2023

-

At 30 September 2022

-

6.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 October 2022

6,786

58,635

65,421

Additions

-

960

960

Disposals

(6,786

)

(50,863

)

(57,649

)

At 30 September 2023

-

8,732

8,732

DEPRECIATION

At 1 October 2022

6,786

53,597

60,383

Charge for year

-

2,057

2,057

Eliminated on disposal

(6,786

)

(50,863

)

(57,649

)

At 30 September 2023

-

4,791

4,791

NET BOOK VALUE

At 30 September 2023

-

3,941

3,941

At 30 September 2022

-

5,038

5,038

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

42,345

36,145

Other debtors

31,056

32,590

73,401

68,735

Included in other debtors is £26,766 (2022: £28,300) in relation to prepayments and accrued income.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

-

10,648

Trade creditors

7,768

5,232

Taxation and social security

52,141

52,329

Other creditors

7,629

10,018

67,538

78,227

Included in other creditors is £7,023 (2022: £6,625) in relation to accruals and deferred income.

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

-

27,433

The bank loans are guaranteed by the Government (being part of the COVID-19 Bounce Back Loan Scheme). These have been repaid in full during the year.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

100

Ordinary

1

100

100

11.	OTHER FINANCIAL COMMITMENTS

Total future financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £51,099 (2022: £68,219).

This amount is in relation to operating lease commitments which are payable over the next 3 years (2022: 4 years).

12.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2023 and 30 September 2022:

2023

2022

£

£

Mrs C T Sousa

Balance outstanding at start of year

-

-

Amounts advanced

38,772

25,412

Amounts repaid

(38,772

)

(25,412

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

This loan was unsecured with interest charged at HMRC approved rates and was repaid prior to the year end.