BRADY_SOLICITORS_LIMITED - Accounts

BRADY SOLICITORS LIMITED - Company Information

Print Friendly Version

Company Registration No. 06524424 (England and Wales)

BRADY SOLICITORS LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2016

BRADY SOLICITORS LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

BRADY SOLICITORS LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

22,460

37,263

Current assets

Debtors

559,278

511,568

Cash at bank and in hand

475,063

489,983

1,034,341

1,001,551

Creditors: amounts falling due within one year

(296,358)

(382,788)

Net current assets

737,983

618,763

Total assets less current liabilities

760,443

656,026

Provisions for liabilities

(4,492)

(7,452)

755,951

648,574

Capital and reserves

Called up share capital

100

110

Other reserves

Profit and loss account

755,831

648,454

Shareholders' funds

755,951

648,574

For the financial year ended 31 March 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 of its financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 14 December 2016

C Brady

Director

Company Registration No. 06524424

BRADY SOLICITORS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

- 2 -

Accounting policies

1.1

Accounting convention

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

1.2

Turnover

Fee income represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.

Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors.

Fee income that is contingent on events outside the control of the firm is recognised when the contingent event occurs.

1.3

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 less estimated residual value of each asset over its expected useful life, as follows:

Computer equipment

3 years straight line

Website development

3 years straight line

Fixtures and fittings

15% reducing balance

Computer software

5 years straight line

1.4

Pensions

The company operates a defined contribution scheme for the benefit of its directors and employees. Contributions payable are charged to the profit and loss account in the year they are payable.

1.5

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

1.6

Government grants

Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

1.7

Client Account Balances

Client monies held in trust are banked in separate bank accounts in accordance with the Solicitors Accounts Rules and are not included in these financial statements.

BRADY SOLICITORS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2016

- 3 -

Fixed assets

Tangible assets

Cost

At 1 April 2015

96,220

Additions

2,831

Disposals

(19,296)

At 31 March 2016

79,755

Depreciation

At 1 April 2015

58,957

On disposals

(18,503)

Charge for the year

16,841

At 31 March 2016

57,295

Net book value

At 31 March 2016

22,460

At 31 March 2015

37,263

Share capital

2016

2015

Allotted, called up and fully paid

100 Ordinary shares of £1 each

100

A Ordinary shares of £1 each

100

110