Frearsons Solicitors Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 08789136 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2017

for

FREARSONS SOLICITORS LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Director:

Mr C N H Seymour

Registered office:

268 Drummond Road

Skegness

Lincolnshire

PE25 3AT

Registered number:

08789136 (England and Wales)

Accountants:

Haines Watts

Chartered Accountants

23 Algitha Road

Skegness

Lincolnshire

PE25 2AG

Current assets

Stocks

-

114,259

Debtors

4

267,441

268,873

Cash at bank

73,798

138,297

341,239

521,429

Creditors

Amounts falling due within one year

5

116,768

459,229

Net current assets

224,471

62,200

Total assets less current liabilities

224,471

62,200

Capital and reserves

Called up share capital

6

1,000

1,000

Retained earnings

7

223,471

61,200

Shareholders' funds

224,471

62,200

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 15 November 2017 and were signed by:

Mr C N H Seymour - Director

1.	Statutory information

Frearsons 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

This is the first year in which the financial statements have been prepared under FRS 102 1A. There have been no

material departures from that standard. Please refer to note 12 for an explanation of the transition.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value

added tax and other sales taxes.

Stocks

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing

stocks to their present location and condition.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of

financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in

which they are recognised in 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.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be

recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	Employees and directors

The average number of employees during the year was 1 .

4.

Debtors

2017

2016

£

£

Amounts falling due within one year:

Trade debtors

99,360

4,409

Disbursement debtors

36,629

77,028

Sills and Betteridge debtor

-

187,436

Hegarty debtor

(re P Downing dec'd)

15,532

-

151,521

268,873

Amounts falling due after more than one year:

Trade debtors

115,920

-

Aggregate amounts

267,441

268,873

5.

Creditors: amounts falling due within one year

2017

2016

£

£

Trade creditors

76,200

53,343

Corporation tax

40,568

21,697

Creditor P W Downing

(deceased)

-

332,468

Directors' current accounts

-

17,721

Directors' loan accounts

-

34,000

116,768

459,229

6.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

1,000

Ordinary

£1

1,000

1,000

7.

Reserves

Retained

earnings

£

At 1 April 2016

61,200

Profit for the year

162,271

At 31 March 2017

223,471

8.	Related party disclosures

Mr P W Downing, Deceased

Director

Directors current account

2017

2016

Balance at the start of the year

Nil

24,620

Partnership capital introduced

335,977

Payment of personal income tax

(16,730

)

Payment of personal motor expenses

(3,399

)

Repayment of capital

(8,000

)

332,468

Directors loan (shown in creditors)

(300,000

)

Creditor due to Mr P W Downing (deceased)

(32,468

)

Balance at the end of the year

Nil

Nil

Mr C N H Seymour

Director

Directors current account

2017

2016

Balance at the start of the year

17,721

24,534

Partnership capital introduced

134,264.

Payment of personal income tax

(15,641

)

Payment of personal motor expenses

(1,569

)

Payment of alarm maintenance

(442

)

Business mileage

1,575

Repayment of capital

(17,721

)

(91,000

)

Nil

51,721

Directors loan

(34,000

)

Balance at the end of the year

Nil

17,721

9.	Ultimate controlling party

The controlling party is Mr C N H Seymour.

10.	First year adoption

The company has adopted FRS102 1A for the first time in the year ended 31 March 2017. The effect of the transition

from the previous financial reporting framework to FRS102 1A has been considered.

There has been no material impact in relation to the following:

-changes in accounting policy

-changes in shareholders funds

-comparative year profit or loss