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Financial Statements for the Year Ended 30 November 2021 |
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Restons Solicitors Limited |
REGISTERED NUMBER:
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Financial Statements for the Year Ended 30 November 2021 |
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for |
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Restons Solicitors Limited |
Restons Solicitors Limited (Registered number: 05584055) |
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Contents of the Financial Statements |
for the Year Ended 30 November 2021 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Restons Solicitors Limited |
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Company Information |
for the Year Ended 30 November 2021 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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Statutory Auditor |
The Copper Room |
Deva City Office Park |
Trinity Way |
Manchester |
M3 7BG |
Restons Solicitors Limited (Registered number: 05584055) |
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Balance Sheet |
30 November 2021 |
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30.11.21 | 30.11.20 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Retained earnings | 9 |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Restons Solicitors Limited (Registered number: 05584055) |
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Notes to the Financial Statements |
for the Year Ended 30 November 2021 |
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1. | STATUTORY INFORMATION |
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Restons Solicitors Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
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The key assumptions concerning the future and other key sources of estimation include uncertainties at the reporting date, which may have a risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial periods, are discussed below. |
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Going concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
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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 company 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, excluding value added tax. |
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Fee income that is contingent on events outside the control of the company is recognised when the contingent event occurs. |
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Government grants |
The accrual model has been adopted to recognise government grants in the year and are measured at the fair value of the asset received or receivable. |
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Where a grant becomes repayable it is recognised as a liability when the repayment meets the definition of a liability. |
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Grant income in the year of £9,002 (2020 £245,841) is in relation to Coronavirus Job Retention Scheme (CJRS) claims. |
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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. |
Restons Solicitors Limited (Registered number: 05584055) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 November 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Freehold property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Computer equipment | - |
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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. |
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Fixed asset investments |
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss. |
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Fixed asset investments which are listed on recognised stock exchanges are stated at year end market value. Fixed asset investments which are unlisted are stated at cost less provisions for reductions in value. |
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A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. |
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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. |
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Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have been adjusted. |
Restons Solicitors Limited (Registered number: 05584055) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 November 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
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Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
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Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
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Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
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Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
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Equity instruments |
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
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Taxation |
The tax expense represents the sum of the tax currently payable and deferred tax. |
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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 and 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. |
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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. |
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The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit or loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority. |
Restons Solicitors Limited (Registered number: 05584055) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 November 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Foreign currencies |
Transactions in foreign currency are translated at exchange rates approximating to the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the foreign exchange rate ruling at that date. Foreign exchange differences are recognised in the profit and loss account. |
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Employee benefits |
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. |
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The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. |
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Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
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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. |
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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. |
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Provisions |
A provision is recognised in the balance sheet when the company has a constructive or legal obligation as a result of a past event and it is probable that an outflow of economic benefit will be required to settle the obligation. Provisions are recognised at their discounted net present value. |
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Liability limitation agreement |
The company has entered into a liability limitation agreement with Royce Peeling Green Limited, the statutory auditor for the year ended 30 November 2021. The proportionate liability agreement follows the standard terms in Appendix B to the Financial Reporting Council's June 2008 Guidance on Auditor Liability Agreements and has been approved by the shareholders. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Restons Solicitors Limited (Registered number: 05584055) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 November 2021 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Computer |
property | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 December 2020 |
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Additions |
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At 30 November 2021 |
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DEPRECIATION |
At 1 December 2020 |
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Charge for year |
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At 30 November 2021 |
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NET BOOK VALUE |
At 30 November 2021 |
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At 30 November 2020 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.21 | 30.11.20 |
£ | £ |
Trade debtors |
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Other debtors |
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Tax |
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Prepayments and accrued income |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.21 | 30.11.20 |
£ | £ |
Trade creditors |
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Social security and other taxes |
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Other creditors |
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Directors' current accounts | 1,402 | 5,538 |
Accrued expenses |
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7. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
30.11.21 | 30.11.20 |
£ | £ |
Within one year |
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Between one and five years |
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Restons Solicitors Limited (Registered number: 05584055) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 November 2021 |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
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Number | Class | Nominal Value | 30.11.21 | 30.11.20 |
£ | £ |
52 | 'A' Ordinary | £1 | 52 | 55 |
12 | 'B' Ordinary | £1 | 12 | 45 |
36 | 'C' Ordinary | £1 | 36 | - |
100 | 100 |
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During the year a share reclassification was completed with 3 A Ordinary and 33 B Ordinary shares reclassified as C Ordinary shares. |
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9. | RESERVES |
Retained |
earnings |
£ |
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At 1 December 2020 |
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Profit for the year |
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At 30 November 2021 |
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10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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As the income statement has been omitted from the filing copy of the financial statements the following information is provided in accordance with S444 (5B) of the Companies Act 2006 in relation to the audit report on the statutory financial statements. |
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The report of the Auditors was unqualified. |
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Martin Chatten (Senior Statutory Auditor) |
for and on behalf of Royce Peeling Green Limited |
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11. | RELATED PARTY DISCLOSURES |
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C J Reston |
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Mr C J Reston is a director and shareholder of Restons Solicitors Limited. |
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Loans have been provided by C J Reston to the company with nil interest charged and are repayable on demand. The balance at the year end was £1,402 (2020: £5,538). |
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12. | ULTIMATE CONTROLLING PARTY |
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The controlling party is C J Reston and Mrs S C Reston. |