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2021-05-01
Sage Accounts Production 21.0 - FRS102_2021
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Company registration number:
11492275
Litigationware Limited
Trading as
Finlegal
Unaudited filleted financial statements
30 April 2022
Litigationware Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Litigationware Limited
Directors and other information
|
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Directors |
Mr S. Shinn |
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Mr A. S. Harris |
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Mr. J. Lester |
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Company number |
11492275 |
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Registered office |
Unit 8, Acorn Business Park |
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Woodseats Close |
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Sheffield |
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S8 0TB |
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Accountants |
Henry Bramall & Co Limited |
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Unit 8, Acorn Business Park |
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Woodseats Close |
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Sheffield |
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S8 0TB |
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Bankers |
National Westminster Bank |
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Hunters Bar |
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669 Ecclesall Road |
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Sheffield |
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S11 8PW |
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Litigationware Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Litigationware Limited
Year ended 30 April 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Litigationware Limited for the year ended 30 April 2022 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Litigationware Limited, as a body, in accordance with the terms of our engagement letter dated 14 November 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Litigationware Limited and state those matters that we have agreed to state to the board of directors of Litigationware Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Litigationware Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Litigationware Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Litigationware Limited. You consider that Litigationware Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Litigationware Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Henry Bramall & Co Limited
Chartered Certifiefd Accountants
Unit 8, Acorn Business Park
Woodseats Close
Sheffield
S8 0TB
12 August 2022
Litigationware Limited
Statement of financial position
30 April 2022
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Intangible assets |
|
6 |
271,545 |
|
|
|
366,545 |
|
|
Tangible assets |
|
7 |
12,920 |
|
|
|
2,150 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
284,465 |
|
|
|
368,695 |
|
|
|
|
|
|
|
|
|
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Current assets |
|
|
|
|
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|
|
|
|
Debtors |
|
8 |
530,368 |
|
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|
311,497 |
|
|
Cash at bank and in hand |
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|
625,430 |
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|
432,541 |
|
|
|
|
|
_______ |
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_______ |
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1,155,798 |
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|
|
744,038 |
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Creditors: amounts falling due |
|
|
|
|
|
|
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|
|
within one year |
|
9 |
(
723,394) |
|
|
|
(
188,945) |
|
|
|
|
|
_______ |
|
|
|
_______ |
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|
Net current assets |
|
|
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|
432,404 |
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|
|
555,093 |
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|
|
|
|
_______ |
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_______ |
Total assets less current liabilities |
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|
|
716,869 |
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|
923,788 |
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|
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Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
10 |
|
|
(
45,276) |
|
|
|
(
50,000) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
671,593 |
|
|
|
873,788 |
|
|
|
|
|
_______ |
|
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|
_______ |
|
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Capital and reserves |
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|
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|
|
|
|
|
|
Called up share capital |
|
11 |
|
|
167 |
|
|
|
146 |
Share premium account |
|
|
|
|
2,270,212 |
|
|
|
1,018,452 |
Profit and loss account |
|
|
|
|
(
1,598,786) |
|
|
|
(
144,810) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
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|
|
|
671,593 |
|
|
|
873,788 |
|
|
|
|
|
_______ |
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|
_______ |
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For the year ending 30 April 2022 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 financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
12 August 2022
, and are signed on behalf of the board by:
Mr S. Shinn
Director
Company registration number:
11492275
Litigationware Limited
Notes to the financial statements
Year ended 30 April 2022
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 8, Acorn Business Park, Woodseats Close, Sheffield, S8 0TB.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The business continues to grow claims automation (formerly Casefunnel) recurring revenue with customers in the UK, Australia, South and North America, and Europe having exceeded forecasted revenue for the year by tripling revenues. Based on innovation the team has been able to further reduce the barriers to new law firm adoption. Given further product market fit and increasing adoption the company will increase investment in sales and marketing for the coming year, and expects to double its customer base of law firms and litigation funders who are looking to benefit from the automation of claims and settlement payments. In addition, the newly launched funding marketplace has attracted over 20 litigation funders, and over 100 law firms since launch which is a more than promising start.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
Corporation tax losses sustained and carried forward have not been valued as a deferred asset. The company is in the process of submitting a Research and Development claim which will be used to obtain a tax credit.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
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Software developed |
- |
20 % |
straight line |
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|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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|
|
|
|
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Fittings fixtures and equipment |
- |
33 % |
straight line |
|
|
|
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|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
21
(2021:
13
).
5.
Tax on loss
Major components of tax income
|
|
|
2022 |
2021 |
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|
|
£ |
£ |
|
Current tax: |
|
|
|
|
Research and Development tax credit |
|
(
219,332) |
(
166,425) |
|
|
|
_______ |
_______ |
|
Tax on loss |
|
(
219,332) |
(
166,425) |
|
|
|
_______ |
_______ |
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|
|
|
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Factors affecting future tax expense
Corporation tax losses equating to £1,008,444 are carried forward and will be useable against future trading profits.
6.
Intangible assets
|
|
Other intangible assets |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
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At 1 May 2021 and 30 April 2022 |
476,931 |
476,931 |
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|
|
|
|
|
_______ |
_______ |
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|
|
|
|
Amortisation |
|
|
|
|
|
|
|
At 1 May 2021 |
110,386 |
110,386 |
|
|
|
|
|
Charge for the year |
95,000 |
95,000 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 30 April 2022 |
205,386 |
205,386 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 30 April 2022 |
271,545 |
271,545 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 30 April 2021 |
366,545 |
366,545 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
7.
Tangible assets
|
|
Fixtures, fittings and equipment |
Total |
|
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 May 2021 |
3,233 |
3,233 |
|
|
|
|
|
|
Additions |
15,438 |
15,438 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 30 April 2022 |
18,671 |
18,671 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 May 2021 |
1,083 |
1,083 |
|
|
|
|
|
|
Charge for the year |
4,668 |
4,668 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 30 April 2022 |
5,751 |
5,751 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 30 April 2022 |
12,920 |
12,920 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 30 April 2021 |
2,150 |
2,150 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8.
Debtors
|
|
|
2022 |
2021 |
|
|
|
£ |
£ |
|
Trade debtors |
|
232,092 |
179,167 |
|
Other debtors |
|
298,276 |
132,330 |
|
|
|
_______ |
_______ |
|
|
|
530,368 |
311,497 |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Creditors: amounts falling due within one year
|
|
|
2022 |
2021 |
|
|
|
£ |
£ |
|
Trade creditors |
|
232,328 |
57,660 |
|
Social security and other taxes |
|
32,811 |
115,195 |
|
Other creditors |
|
458,255 |
16,090 |
|
|
|
_______ |
_______ |
|
|
|
723,394 |
188,945 |
|
|
|
_______ |
_______ |
|
|
|
|
|
10.
Creditors: amounts falling due after more than one year
|
|
|
2022 |
2021 |
|
|
|
£ |
£ |
|
Other creditors |
|
45,276 |
50,000 |
|
|
|
_______ |
_______ |
|
|
|
|
|
11.
Called up share capital
Issued, called up and fully paid
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
shares of £ 0.0001 each |
|
1,670,000 |
|
167 |
|
1,460,000 |
|
146 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
The company has issued 117,720 EMI options in respect of B ordinary shares. These have a total value of £472,820. No option has been exercised during the periods.