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COMPANY REGISTRATION NUMBER: 05810574
T. A. Law Limited
Filleted Unaudited Financial Statements
31 July 2022
T. A. Law Limited
Financial Statements
Year ended 31 July 2022
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
T. A. Law Limited
Statement of Financial Position
31 July 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
5
24,287
49,654
Current assets
Stocks
30,000
30,000
Debtors
6
187,646
166,947
Cash at bank and in hand
278,614
319,418
-----------
-----------
496,260
516,365
Creditors: amounts falling due within one year
7
( 102,368)
( 234,092)
-----------
-----------
Net current assets
393,892
282,273
-----------
-----------
Total assets less current liabilities
418,179
331,927
Creditors: amounts falling due after more than one year
8
( 31,667)
( 45,345)
Provisions
Taxation including deferred tax
( 4,615)
( 9,434)
-----------
-----------
Net assets
381,897
277,148
-----------
-----------
T. A. Law Limited
Statement of Financial Position (continued)
31 July 2022
2022
2021
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
381,797
277,048
-----------
-----------
Shareholders funds
381,897
277,148
-----------
-----------
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 statement of income and retained earnings has not been delivered.
For the year ending 31 July 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 were approved by the board of directors and authorised for issue on 26 August 2022 , and are signed on behalf of the board by:
Mr T A Law
Mrs H Law
Director
Director
Company registration number: 05810574
T. A. Law Limited
Notes to the Financial Statements
Year ended 31 July 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 Saint & Co, The Old Police Station, Church Street, Ambleside, Cumbria, LA22 0BT, England. The address of the principal place of business is The Bield, Ravenstonedale, Kirkby Stephen, Cumbria, CA17 4NQ, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and 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.
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:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% straight line
Motor vehicles
-
25% reducing balance
Equipment
-
25% straight line
Impairment of fixed assets
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets – trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in notes. Prepayments are not financial instruments. Cash at bank – is classified as a basic financial instrument and is measured at face value. Financial liabilities – trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost as detailed in notes. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.
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 as a finance cost 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 11 (2021: 12 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 August 2021
107,430
2,192
82,930
6,530
199,082
Additions
308
308
Disposals
( 3,200)
( 22,995)
( 26,195)
-----------
--------
---------
--------
-----------
At 31 July 2022
104,538
2,192
59,935
6,530
173,195
-----------
--------
---------
--------
-----------
Depreciation
At 1 August 2021
95,719
2,192
44,987
6,530
149,428
Charge for the year
2,933
5,177
8,110
Disposals
( 2,881)
( 5,749)
( 8,630)
-----------
--------
---------
--------
-----------
At 31 July 2022
95,771
2,192
44,415
6,530
148,908
-----------
--------
---------
--------
-----------
Carrying amount
At 31 July 2022
8,767
15,520
24,287
-----------
--------
---------
--------
-----------
At 31 July 2021
11,711
37,943
49,654
-----------
--------
---------
--------
-----------
6. Debtors
2022
2021
£
£
Trade debtors
148,709
150,013
Other debtors
38,937
16,934
-----------
-----------
187,646
166,947
-----------
-----------
7. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
10,000
9,065
Trade creditors
8,651
14,255
Corporation tax
47,876
18,913
Social security and other taxes
92,987
Other creditors
35,841
98,872
-----------
-----------
102,368
234,092
-----------
-----------
8. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
31,667
40,833
Other creditors
4,512
---------
---------
31,667
45,345
---------
---------
Included within creditors: amounts falling due after more than one year is an amount of £Nil (2021: £834) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The company has a business bounce back loan that is a commercial repayment loan at market rate. The repayments are monthly and interest is charged monthly by the lenders.
9. Directors' advances, credits and guarantees
T. A. Law Limited owed Mr & Mrs Law £(19,532) (2021: £42,890) at the year end. The loan account was overdrawn during the year, the maximum overdrawn balance was £19,532 (2021: £Nil). T. A. Law Limited paid rent to Mr & Mrs Law during the year totalling £5,200 (2021: £5,200). Beneficial Loan interest has been applied to the overdrawn loan account balances. During the year the interest charged was £762 (2021: £–).
10. Related party transactions
No transactions with related parties were undertaken, other than disclosed in the notes, such as are required to be disclosed under the FRS102 Section 1A.