Accounts filed on 30-09-2016
Accounts filed on 30-09-2016
trueSpearpoint Franks Solicitors Limited063743802016-09-30129149145975130149146975100010001301491469752872375213302115072711866013196653012409401716721729061453181727742635413214361187611436118761Basis of accounting
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Turnover
The turnover shown in the profit and loss account represents services provided during the year, exclusive of Value Added Tax. Turnover for legal aid services is stated before uplifts awarded by the Legal Services Commission after the year end.
In accordance with UITF 40 'Revenue Recognition and Service Contracts', turnover includes the fair value of services provided but not yet invoiced.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over
the useful economic life of that asset as follows:
Goodwill-20% per annum of cost
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.
Pension costs
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date
where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.
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 tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Fixed Assets
All fixed assets are initially recorded at cost.
Financial Instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities.
Fixtures & FittingsStraight line0.2500Motor VehiclesReducing balance0.2000EquipmentStraight line0.250025403254032540325403451584462952930797258684929705617003252956200512714929Ordinary A1500500500Ordinary B1500500500During the year, the company advanced the directors an amount of £976 (2015: £nil). They repaid an amount of £976 (2015: £nil). At the year end, the directors owed the company an amount of £nil (2015: £nil).2016-11-08L Spearpointtruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureSpearpoint Franks Solicitors Limited2015-10-012016-09-30Spearpoint Franks Solicitors Limited2014-10-012015-09-30Spearpoint Franks Solicitors Limited2014-09-30Spearpoint Franks Solicitors Limited2015-09-30Spearpoint Franks Solicitors Limited2015-09-30Spearpoint Franks Solicitors Limited2016-09-30 2016-11-10
