Company Registration No. 04336425 (England and Wales)
THE SURREY LAW SOCIETY
(A COMPANY LIMITED BY GUARANTEE)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
THE SURREY LAW SOCIETY
(A COMPANY LIMITED BY GUARANTEE)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
THE SURREY LAW SOCIETY
(A COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,504
3,706
Current assets
Debtors
4
3,774
719
Cash at bank and in hand
67,726
80,734
71,500
81,453
Creditors: amounts falling due within one year
5
(33,508)
(28,599)
Net current assets
37,992
52,854
Total assets less current liabilities
39,496
56,560
Reserves
Income and expenditure account
39,496
56,560
Members' funds
39,496
56,560
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.
true
The notes on pages 2 - 4 form an integral part of these financial statements.
For the financial year ended 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
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.
T
he 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
and FRS102 Section 1A
.
The financial statements were approved by the board of directors and authorised for issue on 17 December 2020 and are signed on its behalf by:
V Clarke
Director
Company Registration No. 04336425
THE SURREY LAW SOCIETY
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 2 -
1
Accounting policies
Company information
The Surrey Law Society is a
private
company
limited by guarantee
incorporated in England and Wales.
The registered office is
C/o Russell Cooke Solicitors, Kingston Bridge, Kingston Upon Thames, Surrey, England, KT1 1QN.
The principal activity of the company continued to be that of services to the legal profession.
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 a
mounts
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
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
1.3
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
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 surplus or deficit
.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
3
3
THE SURREY LAW SOCIETY
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 3 -
3
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 April 2019 and 31 March 2020
15,494
Depreciation and impairment
At 1 April 2019
11,788
Depreciation charged in the year
2,202
At 31 March 2020
13,990
Carrying amount
At 31 March 2020
1,504
At 31 March 2019
3,706
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Service charges due
926
719
Prepayments and accrued income
2,848
-
3,774
719
The directors consider the carrying value of trade and other receivables approximate to their fair values.
5
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
6,313
-
Corporation tax
37
40
Other taxation and social security
2,656
637
Deferred income
23,380
22,775
Accruals and deferred income
1,122
5,147
33,508
28,599
The directors consider the carrying amounts of current liabilities approximate to their fair values.
6
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £10.
THE SURREY LAW SOCIETY
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 4 -
7
Events after the reporting date
Since the year end, the Coronavirus (COVID-19) has emerged globally resulting in a significant impact on businesses worldwide. As a result some business operations have been restricted, however the company continues to operate using alternative methods and remote working. The directors are unable to evaluate the overall financial impact on the business at present. Hence financial statements do not include any adjustments that might result from the outcome of this uncertainty. The directors are continuing to monitor, assess and act to the current changing environment in order to position the company to ensure its future success.