Wessex Solicitors Chambers Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03159571 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018

FOR

WESSEX SOLICITORS CHAMBERS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr H Barrington-Clark

Mrs L E M Webster

Ms N J Dennington

SECRETARY:

Mr H Barrington-Clark

REGISTERED OFFICE:

4 Highbury Buildings

Portsmouth Road

Cosham

Portsmouth

Hampshire

PO6 2SN

REGISTERED NUMBER:

03159571 (England and Wales)

ACCOUNTANTS:

Gibson Whitter

Chartered Accountants

and Chartered Tax Advisers

Larch House

Parklands Business Park

Denmead

Hampshire

PO7 6XP

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

20,252

27,003

20,252

27,003

CURRENT ASSETS

Stocks

12,000

12,000

Debtors

6

74,299

61,140

Cash at bank and in hand

158,105

113,197

244,404

186,337

CREDITORS

Amounts falling due within one year

7

140,033

122,281

NET CURRENT ASSETS

104,371

64,056

TOTAL ASSETS LESS CURRENT LIABILITIES

124,623

91,059

PROVISIONS FOR LIABILITIES

9

3,515

4,725

NET ASSETS

121,108

86,334

CAPITAL AND RESERVES

Called up share capital

10,000

10,000

Capital redemption reserve

3,346

3,346

Retained earnings

107,762

72,988

SHAREHOLDERS' FUNDS

121,108

86,334

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 and authorised for issue by the Board of Directors on 19 September 2018 and were signed on its behalf by:

Mr H Barrington-Clark - Director

Mrs L E M Webster - Director

Ms N J Dennington - Director

1.	STATUTORY INFORMATION

Wessex Solicitors Chambers 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 amounts due from a central criminal contract with the Legal Aid Agency (LAA), Crown

Court fees paid by the LAA and private client fees, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of two businesses in 2009, is being

amortised evenly over its estimated useful life. The estimated useful life of the goodwill on each acquisition is

five 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.

Plant and machinery etc

-

25% on reducing balance

Stocks

Stocks represent work in progress which is valued at the lower of cost and net realisable value.

Costs include all direct expenditure and an appropriate proportion of fixed and variable overheads.

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 balance sheet date.

Deferred tax

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

balance sheet 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.

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 15 (2017 - 16 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2017

and 31 March 2018

250,000

AMORTISATION

At 1 April 2017

and 31 March 2018

250,000

NET BOOK VALUE

At 31 March 2018

-

At 31 March 2017

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 April 2017

and 31 March 2018

120,505

DEPRECIATION

At 1 April 2017

93,502

Charge for year

6,751

At 31 March 2018

100,253

NET BOOK VALUE

At 31 March 2018

20,252

At 31 March 2017

27,003

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Trade debtors

23,324

18,672

Other debtors

50,975

42,468

74,299

61,140

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Trade creditors

9,687

13,334

Taxation and social security

126,054

102,333

Other creditors

4,292

6,614

140,033

122,281

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.3.18

31.3.17

£

£

Within one year

25,480

-

Between one and five years

25,480

-

50,960

-

9.	PROVISIONS FOR LIABILITIES

31.3.18

31.3.17

£

£

Deferred tax

3,515

4,725

Deferred

tax

£

Balance at 1 April 2017

4,725

Utilised during year

(1,210

)

Balance at 31 March 2018

3,515

10.	PENSION COMMITMENTS

The company operates a defined contribution scheme. The assets of the scheme are held separately from

those of the company in an independently administered fund. The pension costs charge represents

contributions payable by the company to the scheme and amounted to £3,324 (31.3.17: £2,625). There were

no outstanding contributions at 31 March 2018 (31.3.17: £nil).

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2018 and

31 March 2017:

31.3.18

31.3.17

£

£

Ms N J Dennington

Balance outstanding at start of year

10,308

-

Amounts advanced

10,308

10,308

Amounts repaid

(10,308

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

10,308

10,308

12.	RELATED PARTY DISCLOSURES

During the year, total dividends of £286,000 (2017 - £192,000) were paid to the directors .

During the year the company paid rent totalling £19,404 (31.3.17: £19,200) to the directors.

The aggregate amount owed from the directors at the balance sheet date is £10,308 (31.3.17: £10,308).

13.	ULTIMATE CONTROLLING PARTY

The company is not under the control of any one individual nor another entity.