Kingswell Watts Solicitors Limited

KINGSWELL WATTS SOLICITORS LIMITED - Company Information

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Registered number: 07772460

Abbreviated accounts

For The Year Ended 31 January 2016

Smith Hannah Limited

Chartered Certified Accountants

50 Woodgate

Leicester

Leicestershire

LE3 5GF

Kingswell Watts Solicitors Limited

Company No. 07772460

Abbreviated Balance Sheet 31 January 2016

Abbreviated Balance Sheet

		2016		2015
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	2		90,000		105,000
Tangible Assets	3		4,670		5,838

			94,670		110,838
CURRENT ASSETS
Stocks		27,444		25,239
Debtors		11,106		16,510
Cash at bank and in hand		1,339		312

		39,889		42,061
Creditors: Amounts Falling Due Within One Year		(69,093)		(61,327)

NET CURRENT ASSETS (LIABILITIES)			(29,204)		(19,266)

TOTAL ASSETS LESS CURRENT LIABILITIES			65,466		91,572

Creditors: Amounts Falling Due After More Than One Year	4		(30,355)		(68,371)

NET ASSETS			35,111		23,201

CAPITAL AND RESERVES
Called up share capital	5		200		200
Profit and Loss Account			34,911		23,001

SHAREHOLDERS' FUNDS			35,111		23,201

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Kingswell Watts Solicitors Limited

Company No. 07772460

Abbreviated Balance Sheet (continued) 31 January 2016

For the year ending 31 January 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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 abbreviated accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2015).

On behalf of the board

Mr Asif Abubaker

24th May 2016

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Kingswell Watts Solicitors Limited

Notes to the Abbreviated Accounts

For The Year Ended 31 January 2016

Notes to the Abbreviated Accounts

Accounting Policies

Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover comprises the invoiced value of services supplied by the company, net of Value Added Tax and trade discounts.

Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is being written off in equal instalments over its estimated economic life of 10 years.

Tangible Fixed Assets and Depreciation

Tangible fixed assets are stated at cost less depreciation. 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:

Plant & Machinery

20% reducing balance

Leasing and Hire Purchase Contracts

Rentals paid under operating leases are charged to income on a straight line basis over the lease term.

Stocks and Work in Progress

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

Deferred Taxation

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.

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Kingswell Watts Solicitors Limited

Notes to the Abbreviated Accounts (continued)

For The Year Ended 31 January 2016

Intangible Assets


	Total
Cost	£
As at 1 February 2015	150,000

As at 31 January 2016	150,000

Amortisation
As at 1 February 2015	45,000
Provided during the period	15,000

As at 31 January 2016	60,000

Net Book Value
As at 31 January 2016	90,000

As at 1 February 2015	105,000

Tangible Assets


	Total
Cost	£
As at 1 February 2015	10,527

As at 31 January 2016	10,527

Depreciation
As at 1 February 2015	4,689
Provided during the period	1,168

As at 31 January 2016	5,857

Net Book Value
As at 31 January 2016	4,670

As at 1 February 2015	5,838

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Kingswell Watts Solicitors Limited

Notes to the Abbreviated Accounts (continued)

For The Year Ended 31 January 2016

Creditors: Amounts Falling Due After More Than One Year

	2016	2015
	£	£
Bank loans	-	10,534
Other creditors	30,355	57,837

	30,355	68,371

Secured Creditors

Of the creditors falling due within and after more than one year the following amounts are secured.

	2016		2015
	£		£
Bank loans and overdrafts	35,484		35,664

Share Capital

	Value	Number	2016	2015
Allotted, called up and fully paid	£		£	£
Ordinary shares	1	200	200	200

Ultimate Controlling Party

Ultimate control of the company lies with A Abubaker, director.

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