STEPHEN CHAMBERS SOLICITORS LIMITED

STEPHEN CHAMBERS SOLICITORS LIMITED

STEPHEN CHAMBERS SOLICITORS LIMITED - Company Information

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STEPHEN CHAMBERS SOLICITORS LIMITED

Company Registration Number:
NI602985 (Northern Ireland)

Unaudited abridged accounts for the year ended 31 July 2018

Period of accounts

Start date: 01 August 2017

End date: 31 July 2018

STEPHEN CHAMBERS SOLICITORS LIMITED

Contents of the Financial Statements

for the Period Ended 31 July 2018

Balance sheet
Notes

STEPHEN CHAMBERS SOLICITORS LIMITED

Balance sheet

As at 31 July 2018


Notes
2018
2017


£
£
Fixed assets
Intangible assets: 3 301,000 322,500
Tangible assets: 4 180,302 184,686
Total fixed assets: 481,302 507,186
Current assets
Stocks: 21,043 24,395
Debtors:   125,578 129,018
Cash at bank and in hand: 495,625 221,029
Total current assets: 642,246 374,442
Creditors: amounts falling due within one year: 5 (660,402) (461,048)
Net current assets (liabilities): (18,156) (86,606)
Total assets less current liabilities: 463,146 420,580
Creditors: amounts falling due after more than one year: 6 (67,373) (88,051)
Total net assets (liabilities): 395,773 332,529
Capital and reserves
Called up share capital: 1 1
Profit and loss account: 395,772 332,528
Shareholders funds: 395,773 332,529

The notes form part of these financial statements

STEPHEN CHAMBERS SOLICITORS LIMITED

Balance sheet statements

For the year ending 31 July 2018 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 23 October 2018
and signed on behalf of the board by:

Name: Stephen Chambers
Status: Director

The notes form part of these financial statements

STEPHEN CHAMBERS SOLICITORS LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2018

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.

Tangible fixed assets and depreciation policy

Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:Land and buildings freehold-2% Straight linePlant and machinery-20% straight lineFixtures, fittings and equipment-20% straight lineMotor vehicles-25% straight lineThe carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Intangible fixed assets and amortisation policy

GoodwillPurchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Statement of Financial Position and amortised on a straight line basis over its economic useful life of 20 years, which is estimated to be the period during which benefits are expected to arise. On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.

Other accounting policies

Work in progressWork in progress is reflected in the accounts at the expected revenue due for work carried out during the period that has not yet been invoiced.

STEPHEN CHAMBERS SOLICITORS LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2018

2. Employees

2018 2017
Average number of employees during the period 14 15

STEPHEN CHAMBERS SOLICITORS LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2018

3. Intangible Assets

Total
Cost £
At 01 August 2017 430,000
At 31 July 2018 430,000
Amortisation
At 01 August 2017 107,500
Charge for year 21,500
At 31 July 2018 129,000
Net book value
At 31 July 2018 301,000
At 31 July 2017 322,500

STEPHEN CHAMBERS SOLICITORS LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2018

4. Tangible Assets

Total
Cost £
At 01 August 2017 255,432
At 31 July 2018 255,432
Depreciation
At 01 August 2017 70,746
Charge for year 4,384
At 31 July 2018 75,130
Net book value
At 31 July 2018 180,302
At 31 July 2017 184,686

STEPHEN CHAMBERS SOLICITORS LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2018

5. Creditors: amounts falling due within one year note

Client monies: 2018 £498,696, 2017 £217,821Bank overdraft: 2018 £53,992, 2017 £55,119Amount owed to related parties: 2018 -£26,406, 2017 £21,494Taxation: 2018 £101,356, 2017 £136,375Director's Current account: 2018 £892, 2017 £267Accruals: 2018 £7,900, 2017 £6,000Totals: 2018 £660,402, 2017 £461,048

STEPHEN CHAMBERS SOLICITORS LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2018

6. Creditors: amounts falling due after more than one year note

Bank Loan: 2018 £67,373, 2017 £88,051

STEPHEN CHAMBERS SOLICITORS LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2018

7. Related party transactions

£26,405 owed to Stephen Chambers Solicitors Limited from a company which is under common control with Mr S Chambers being director and 100% shareholder.