Whiteheads Solicitors Limited Small abbreviated accounts

WHITEHEADS SOLICITORS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER 05954961

Whiteheads

Solicitors Limited

Unaudited

Abbreviated accounts

31 March 2016

Whiteheads Solicitors Limited

Abbreviated balance sheet

31 March 2016

		2016		2015
Note		£	£	£
Fixed assets	2
Intangible assets			338,078	368,813
Tangible assets			1,161	2,805
			---------	---------
			339,239	371,618
			---------	---------

Current assets

Stocks	31,459		31,562
Debtors	214,838		206,754
Cash at bank and in hand	124,785		113,166
	---------		---------
	371,082		351,482
Creditors: Amounts falling due within one year	86,048		86,114
	---------		---------
Net current assets		285,034	265,368
		---------	---------
Total assets less current liabilities		624,273	636,986

Creditors: Amounts falling due after more than one year	3	113,268	138,243
		---------	---------
		511,005	498,743
		---------	---------

Capital and reserves

Called up equity share capital	4	100	100
Profit and loss account		510,905	498,643
		---------	---------
Shareholders' funds		511,005	498,743
		---------	---------

For the 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 accounts for the year in question in accordance with section 476; and

- 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 special provisions applicable to companies subject to the small companies regime.

These abbreviated accounts were approved by the directors and authorised for issue on 21 December 2016 , and are signed on their behalf by:

Mr P J Whitehead Director

Company Registration Number: 05954961

Whiteheads Solicitors Limited

Notes to the abbreviated accounts

Year ended 31 March 2016

1. Accounting policies

(a) Basis 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).

(b) Turnover

The turnover shown in the profit and loss account represents the invoice value of goods and services provided during the year, exclusive of Value Added Tax.

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-straight line over 20 years

(d) Fixed assets

All fixed assets are initially recorded at cost.

(e) Depreciation

Depreciation 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:

Fixtures & Fittings-straight line over 4 years

Leasehold Property-straight line over the life of the lease

(f) Work in progress

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

(g) 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.

(h) Deferred taxation

Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.

Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.

Deferred tax assets and liabilities are not discounted.

(i) 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 entity after deducting all of its financial liabilities.

2. Fixed assets

Intangible Assets	Tangible Assets	Total
£	£	£

Cost

At 1 April 2015 and 31 March 2016	614,693	184,888	799,581
	---------	---------	---------

Depreciation

At 1 April 2015	245,880	182,083	427,963
Charge for year	30,735	1,644	32,379
	---------	---------	---------
At 31 March 2016	276,615	183,727	460,342
	---------	---------	---------

Net book value

At 31 March 2016	338,078	1,161	339,239
	---------	-------	---------

At 31 March 2015	368,813	2,805	371,618
	---------	-------	---------

3. Creditors: Amounts falling due after more than one year

The following liabilities disclosed under creditors falling due after more than one year are secured by the company:

	2016	2015
	£	£
Other creditors including taxation and social security	113,268	138,243
	---------	---------

4. Share capital

Allotted, called up and fully paid:

	2016		2015
	No	£	No	£
Ordinary "A" shares of £ 0.01 each	100	1	100	1
Ordinary "B" shares of £ 0.01 each	9,900	99	9,900	99
Ordinary "C" shares of £0.01 each	1	-	1	-
Ordinary "D" shares of £0.01 each	1	-	1	-
	--------	----	--------	----
	10,002	100	10,002	100
	--------	----	--------	----