Company registration number 09050473 (England and Wales)
ELITE LAW SOLICITORS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
ELITE LAW SOLICITORS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
ELITE LAW SOLICITORS LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
4,000
Tangible assets
4
51,637
31,318
51,637
35,318
Current assets
Debtors
5
1,200,403
1,087,791
Cash at bank and in hand
428,069
340,889
1,628,472
1,428,680
Creditors: amounts falling due within one year
6
(680,720)
(560,588)
Net current assets
947,752
868,092
Total assets less current liabilities
999,389
903,410
Creditors: amounts falling due after more than one year
7
(134,612)
(225,214)
Provisions for liabilities
(12,909)
(5,950)
Net assets
851,868
672,246
Capital and reserves
Called up share capital
8
900
900
Profit and loss reserves
850,968
671,346
Total equity
851,868
672,246
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ELITE LAW SOLICITORS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2023
28 February 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 June 2023 and are signed on its behalf by:
S Howey
J Mistri
Director
Director
J Scozzi
Director
Company Registration No. 09050473
ELITE LAW SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information
Elite Law Solicitors Limited is a private company limited by shares incorporated in England and Wales. The registered office is Equity House, 57 Hill Avenue, Amersham, Buckinghamshire, HP6 5BX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is five years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
20% written down value
Computer equipment
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
ELITE LAW SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
ELITE LAW SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
43
32
3
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2022 and 28 February 2023
510,000
Amortisation and impairment
At 1 March 2022
506,000
Amortisation charged for the year
4,000
At 28 February 2023
510,000
Carrying amount
At 28 February 2023
At 28 February 2022
4,000
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2022
48,382
Additions
30,990
At 28 February 2023
79,372
Depreciation and impairment
At 1 March 2022
17,064
Depreciation charged in the year
10,671
At 28 February 2023
27,735
Carrying amount
At 28 February 2023
51,637
At 28 February 2022
31,318
ELITE LAW SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
737,899
599,190
Other debtors
462,504
488,601
1,200,403
1,087,791
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
76,089
79,966
Trade creditors
31,944
24,546
Taxation and social security
328,843
348,956
Other creditors
243,844
107,120
680,720
560,588
Security has been provided for the bank loans.
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
134,612
225,214
Security has been provided for the bank loans.
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
610
610
610
610
Ordinary B shares of £1 each
290
290
290
290
900
900
900
900
The ordinary shares and ordinary B shares have full dividend, voting and capital distribution rights.
ELITE LAW SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 7 -
9
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
615,754
229,000