Company Registration No. 09050473 (England and Wales)
ELITE LAW SOLICITORS LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 29 FEBRUARY 2016
ELITE LAW SOLICITORS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
ELITE LAW SOLICITORS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
29 FEBRUARY 2016
29 February 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Intangible assets
2
360,000
-
Tangible assets
2
4,861
2,270
364,861
2,270
Current assets
Stocks
62,216
-
Debtors
301,539
43,501
363,755
43,501
Creditors: amounts falling due within one year
3
(408,968)
(49,321)
Net current liabilities
(45,213)
(5,820)
Total assets less current liabilities
319,648
(3,550)
Creditors: amounts falling due after more than one year
(277,500)
-
Provisions for liabilities
(972)
-
41,176
(3,550)
Capital and reserves
Called up share capital
4
900
900
Profit and loss account
40,276
(4,450)
Shareholders' funds
41,176
(3,550)
ELITE LAW SOLICITORS LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
29 FEBRUARY 2016
29 February 2016
- 2 -
For the financial year ended 29 February 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 6 July 2016
S Howey
J Mistri
Director
Director
Company Registration No. 09050473
ELITE LAW SOLICITORS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 29 FEBRUARY 2016
- 3 -
1
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
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.
1.5
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
25% straight line
Fixtures, fittings & equipment
20% written down value
1.6
Stock and work in progress
Work in progress is valued at the lower of cost and net realisable value.
1.7
Revenue recognition
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.
Fee income that is contingent on events outside the control of the firm is recognised when the contingent event occurs.
1.8
Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.9
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.
ELITE LAW SOLICITORS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2016
- 4 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 March 2015
-
2,270
2,270
Additions
450,000
3,774
453,774
At 29 February 2016
450,000
6,044
456,044
Depreciation
At 1 March 2015
-
-
-
Charge for the year
90,000
1,183
91,183
At 29 February 2016
90,000
1,183
91,183
Net book value
At 29 February 2016
360,000
4,861
364,861
At 28 February 2015
-
2,270
2,270
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £6,460 (2015 - £0).
The bank overdraft is secured by
a joint and several personal guarantee from S. Howey and J. Mistri.
4
Share capital
2016
2015
£
£
Allotted, called up and fully paid
610 Ordinary shares of £1 each
610
610
290 Ordinary B shares of £1 each
290
290
900
900
The ordinary shares have full dividend, voting and capital distribution rights. The ordinary B shares have restricted rights.