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Registered number: 12275796









WILLS & TRUSTS LEGAL LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2021

 
WILLS & TRUSTS LEGAL LIMITED
REGISTERED NUMBER: 12275796

BALANCE SHEET
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

Fixed assets
  

Tangible assets
 4 
-
8,580

  
-
8,580

Current assets
  

Debtors: amounts falling due within one year
 5 
111,137
106,231

Cash at bank and in hand
 6 
16,909
5,715

  
128,046
111,946

Creditors: amounts falling due within one year
 7 
(712,393)
(262,573)

Net current liabilities
  
 
 
(584,347)
 
 
(150,627)

Total assets less current liabilities
  
(584,347)
(142,047)

  

Net liabilities
  
(584,347)
(142,047)


Capital and reserves
  

Called up share capital 
  
1
-

Profit and loss account
  
(584,348)
(142,047)

  
(584,347)
(142,047)


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

Page 1

 
WILLS & TRUSTS LEGAL LIMITED
REGISTERED NUMBER: 12275796
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
S C Payne
Director
Date: 19 July 2022

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
WILLS & TRUSTS LEGAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1.


General information

Wills & Trusts Legal Limited is a company limited by shares incorporated in England and Wales within the United Kingdom. The address of the registered office is 91-92 High Street, Thame, Oxon, OX9 3EH.
The Company's principal activity is that of specialist legal advice.
The financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

 
2.2

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

Page 3

 
WILLS & TRUSTS LEGAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Computer equipment
-
25%
reducing balance method

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
WILLS & TRUSTS LEGAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 13 (2020 - 5).


4.


Tangible fixed assets





Office equipment

£





At 1 January 2021
10,725


Disposals
(10,725)



At 31 December 2021

-





At 1 January 2021
2,145


Charge for the year on owned assets
1,716


Disposals
(3,861)



At 31 December 2021

-



Net book value



At 31 December 2021
-



At 31 December 2020
8,580

Page 5

 
WILLS & TRUSTS LEGAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

5.


Debtors

2021
2020
£
£


Trade debtors
18,248
53,418

Amounts owed by group undertakings
34,740
2,506

Other debtors
47,554
46,240

Prepayments and accrued income
10,595
4,067

111,137
106,231



6.


Cash and cash equivalents

2021
2020
£
£

Cash at bank and in hand
16,909
5,715



7.


Creditors: Amounts falling due within one year

2021
2020
£
£

Trade creditors
5,485
7,017

Amounts owed to group undertakings
692,829
229,183

Other taxation and social security
8,829
-

Other creditors
2,144
373

Accruals and deferred income
3,106
26,000

712,393
262,573



8.


Pension commitments

The Company operates a defined contributions pension scheme. The fund is administered independently of the Company. Contributions made during the year amount to £9,276 (2020 - £3,800). Contributions totalling £2,144 (2020 - £373) were payable to the fund at the balance sheet date and are included in creditors.


9.


Controlling party

The Company's immediate and ultimate parent undertaking is Wills & Trusts Wealth Management Limited. Wills & Trusts Wealth Management Limited is the parent of the smallest group for which consolidated financial statements are drawn up. Their registered office is 91-92 High Street, Thame, Oxon, OX9 3EH.

Page 6

 
WILLS & TRUSTS LEGAL LIMITED
 
 
 Page 7