Hine Solicitors Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 09010555

HINE SOLICITORS LIMITED

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

Page

Balance Sheet

1

Notes to the Financial Statements

2

to

5

FIXED ASSETS

Tangible assets

4

119,831

155,451

CURRENT ASSETS

Debtors

5

1,908,975

1,802,439

Cash at bank and in hand

379,832

212,899

2,288,807

2,015,338

CREDITORS

Amounts falling due within one year

6

814,743

973,856

NET CURRENT ASSETS

1,474,064

1,041,482

TOTAL ASSETS LESS CURRENT LIABILITIES

1,593,895

1,196,933

CREDITORS

Amounts falling due after more than one year

7

(472,089

)

(162,500

)

PROVISIONS FOR LIABILITIES

9

(335,690

)

(336,247

)

NET ASSETS

786,116

698,186

CAPITAL AND RESERVES

Called up share capital

10

100,000

100,000

Retained earnings

686,116

598,186

SHAREHOLDERS' FUNDS

786,116

698,186

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 Board of Directors and authorised for issue on 28 March 2024 and were signed on its behalf by:

AC Hine - Director

1.	STATUTORY INFORMATION

Hine 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.

Significant judgements and estimates

The accounts are materially affected by the estimation of the accrued income yet to be billed at the year end. Estimation is based on time ledger recordings against individual matters by work category. Reviews to ascertain accuracy are undertaken for unrecoverable work due to age, recovery rates on a work category basis and actual income post year end.

The accounts are also materially affected by the estimation of the dilapidation provision. Estimates are based on surveyors' reports where available, otherwise they are based on the accumulated knowledge and experience of the directors.

Changes in accounting policies

The directors have made a change in the way ongoing client work is shown in the accounts. In previous years this work was shown in turnover as work in progress, going forward this accrued income will be amalgamated with sales and not shown separately. Accordingly, accrued income will no longer be shown on the Balance Sheet as Stocks.

Turnover

Turnover is measured at fair value consideration received or receivable and represents the invoiced value, net of VAT, of fee income for legal services billed to customers as adjusted by the movement of accrued income during the year . Fee income is from publicly funded legal aid work or from private clients. Private clients work includes work in criminal , conveyancing , family and wills and probate areas. Publicly funded income is recognised at the point of determination by the Legal Aid Board. Private client work, excluding family work, is billed at completion with income accrued in accordance with time spent. Family work is billed at completion or on an interim billing basis dependent on the length of time of the case. Disbursements billed to clients where the firm acts as agent are not included in the turnover. Accrued income is provided for time booked by fee earners awaiting case completion.Valuation is based on an assessment of recoverability of the balances and is adjusted for any reductions in Legal Aid rates, plus an assessment of outstanding Court fees for Advocates.

Tangible fixed assets

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

Improvements to property

-

20% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33% on reducing balance

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 assesments in periods different from those in which they are recognised in the 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.

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.

Dilapidation provision

Provision is made in respect of the repairing leases entered into where an obligation exists to make repairs to property either during the course of the lease or at the end of the lease to return the property to its original condition.The amount of the provision represents the directors best estimate of financial obligation to carry out remedial work at the year end.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 88 (2022 - 96 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2022

24,315

98,359

108,186

230,860

Additions

-

-

3,150

3,150

At 31 March 2023

24,315

98,359

111,336

234,010

DEPRECIATION

At 1 April 2022

11,865

34,601

28,943

75,409

Charge for year

2,496

9,564

26,710

38,770

At 31 March 2023

14,361

44,165

55,653

114,179

NET BOOK VALUE

At 31 March 2023

9,954

54,194

55,683

119,831

At 31 March 2022

12,450

63,758

79,243

155,451

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

397,813

425,696

Amounts recoverable on contracts

900,755

918,379

Other debtors

610,407

458,364

1,908,975

1,802,439

The comparative figure above includes an amount of £918,379 which was included in the 2022 accounts as Stocks. This figure is the year end accrued income provision and the Directors' have taken the view that it is more appropriate to disclose it as Amounts recoverable on contracts.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

50,000

50,000

Taxation and social security

495,735

488,151

Other creditors

269,008

435,705

814,743

973,856

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

112,500

162,500

Other creditors

359,589

-

472,089

162,500

8.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank loans

162,500

212,500

The bank loan is secured by a fixed and floating charge over assets of the company.

9.	PROVISIONS FOR LIABILITIES

2023

2022

£

£

Deferred tax

20,877

29,536

Dilapidation provision

314,813

306,711

335,690

336,247

Dilapidati

Deferred

ons

tax

provision

£

£

Balance at 1 April 2022

29,536

306,711

(Credit)/charge to Income Statement during year

(8,659

)

8,102

Balance at 31 March 2023

20,877

314,813

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

60,000

A Ordinary

£1

60,000

60,000

40,000

B Ordinary

£1

40,000

40,000

100,000

100,000

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Gareth Davies FCA (Senior Statutory Auditor)

for and on behalf of Keen Dicey Grover

Keen Dicey Grover

12.	OTHER FINANCIAL COMMITMENTS

The company has future lease commitments of £976,875 ( 2022 £809,225 ) primarily in respect of rent due under leases on properties, from which the company trades, until the end of those leases.

13.	RELATED PARTY DISCLOSURES

During the year the company paid rent of £104,350 on properties in which the shareholding Directors have an interest.