Lewis Onions Solicitors Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 07329003 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2017

FOR

LEWIS ONIONS SOLICITORS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr L W Onions

Mrs A J McCutchion

Mr R S M Owen

Mrs R E Wilkinson

REGISTERED OFFICE:

Allium House

36 Water Street

Birmingham

West Midlands

B3 1HP

REGISTERED NUMBER:

07329003 (England and Wales)

ACCOUNTANTS:

TGFP

Chartered Accountants

Fulford House

Newbold Terrace

Leamington Spa

Warwickshire

CV32 4EA

FIXED ASSETS

Intangible assets

4

51,761

99,539

Tangible assets

5

10,922

14,562

62,683

114,101

CURRENT ASSETS

Stocks

58,600

57,161

Debtors

6

225,317

302,147

Cash at bank

871,061

1,194,952

1,154,978

1,554,260

CREDITORS

Amounts falling due within one year

7

856,782

1,156,099

NET CURRENT ASSETS

298,196

398,161

TOTAL ASSETS LESS CURRENT LIABILITIES

360,879

512,262

CREDITORS

Amounts falling due after more than one year

8

185,722

265,368

NET ASSETS

175,157

246,894

CAPITAL AND RESERVES

Called up and paid share capital

9

1,000

1,000

Retained earnings

10

174,157

245,894

SHAREHOLDERS' FUNDS

175,157

246,894

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

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

The directors acknowledge their 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 Board of Directors on 17 January 2018 and were signed on its behalf by:

Mr L W Onions - Director

1.	STATUTORY INFORMATION

Lewis Onions 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.

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.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of eight years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

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 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 tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 August 2016

and 31 July 2017

761,900

AMORTISATION

At 1 August 2016

662,361

Amortisation for year

47,778

At 31 July 2017

710,139

NET BOOK VALUE

At 31 July 2017

51,761

At 31 July 2016

99,539

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 August 2016

and 31 July 2017

6,044

42,324

48,368

DEPRECIATION

At 1 August 2016

4,412

29,394

33,806

Charge for year

408

3,232

3,640

At 31 July 2017

4,820

32,626

37,446

NET BOOK VALUE

At 31 July 2017

1,224

9,698

10,922

At 31 July 2016

1,632

12,930

14,562

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

216,496

289,026

Prepayments

8,821

13,121

225,317

302,147

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

52,589

41,997

Client account balances

765,802

1,053,708

Tax

1,790

1,790

Social security and other taxes

8,159

10,202

VAT

20,913

42,702

Other creditors

1,829

-

Accrued expenses

5,700

5,700

856,782

1,156,099

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Directors loan account

185,722

265,368

9.

CALLED UP AND PAID SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

1,000

Ordinary

£1

1,000

1,000

10.

RESERVES

Retained

earnings

£

At 1 August 2016

245,894

Deficit for the year

(71,737

)

At 31 July 2017

174,157

11.	RELATED PARTY DISCLOSURES

The company purchased services amounting to £18,000 (2016 - £18,000) and rental charges of £40,000 (2016 -

£40,000) from Mr L Onions.

All of the above transactions were made at arms length.

At the year end date the company owed Mr L Onions £185,722 (2016 - £265,368). The loan is interest free and

there are no fixed terms for repayment.