Company Registration No. 07376606 (England and Wales)
RADIANT LAW LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
RADIANT LAW LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
RADIANT LAW LTD
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
5
1,599
892
Investments
6
106
2,862
1,705
3,754
Current assets
Debtors
7
1,820,263
714,546
Cash at bank and in hand
669,702
486,415
2,489,965
1,200,961
Creditors: amounts falling due within one year
8
(1,211,695)
(617,906)
Net current assets
1,278,270
583,055
Total assets less current liabilities
1,279,975
586,809
Provisions for liabilities
(304)
(694)
Net assets
1,279,671
586,115
Capital and reserves
Called up share capital
9
1,652
1,647
Capital redemption reserve
401
401
Profit and loss reserves
1,277,618
584,067
Total equity
1,279,671
586,115

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 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.

RADIANT LAW LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2021
31 December 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 7 September 2022 and are signed on its behalf by:
Mrs S Wallace-Turner
Director
Company Registration No. 07376606
RADIANT LAW LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information

Radiant Law Ltd is a private company limited by shares incorporated in England and Wales. The registered office is International House, 24 Holborn Viaduct, London, EC1A 2BN.

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 amounts 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.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover represents amounts receivable for professional services net of VAT. Revenue for services provided to clients which had not been billed at the balance sheet date have been recognised based on the fair value of services provided up to the balance sheet date. Revenue is recognised only to the extent that there is a contractual right to receive consideration for the work performed.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.4
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.

RADIANT LAW LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -

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
15% on cost
Computer equipment
50% on cost

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 profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Impairment of fixed assets

At each balance sheet date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts (if any) are shown within borrowings in current liabilities.

1.8
Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

RADIANT LAW LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end if each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

 

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset is realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

 

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

RADIANT LAW LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2021
2020
Number
Number
Total
4
3
4
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2021
2020
Notes
£
£
In respect of:
Investments in joint ventures
6
3,082
-
Recognised in:
Amounts written off investments
3,082
-

The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.

RADIANT LAW LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2021
14,028
Additions
2,815
Disposals
(816)
At 31 December 2021
16,027
Depreciation and impairment
At 1 January 2021
13,136
Depreciation charged in the year
1,700
Eliminated in respect of disposals
(408)
At 31 December 2021
14,428
Carrying amount
At 31 December 2021
1,599
At 31 December 2020
892
6
Fixed asset investments
2021
2020
£
£
Shares in group undertakings and participating interests
106
182
Loans to group undertakings and participating interests
-
0
2,680
106
2,862
RADIANT LAW LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
6
Fixed asset investments
(Continued)
- 8 -
Movements in fixed asset investments
Shares in subsidiaries and joint ventures
Loans to joint ventures
Total
£
£
£
Cost or valuation
At 1 January 2021
182
2,680
2,862
Additions
-
326
326
At 31 December 2021
182
3,006
3,188
Impairment
At 1 January 2021
-
-
-
Impairment losses
76
3,006
3,082
At 31 December 2021
76
3,006
3,082
Carrying amount
At 31 December 2021
106
-
106
At 31 December 2020
182
2,680
2,862
7
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
1,261,940
435,504
Corporation tax recoverable
-
0
103,815
Amounts owed by group undertakings
410,411
45,470
Other debtors
147,912
129,757
1,820,263
714,546
RADIANT LAW LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 9 -
8
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
60,149
53,625
Amounts owed to group undertakings
-
0
28,871
Corporation tax
164,904
-
0
Other taxation and social security
404,714
196,790
Other creditors
581,928
338,620
1,211,695
617,906

Other creditors includes £543,250 (2020: £0) in respect of monies billed in advance for works being undertaken in 2022.

9
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
40,000 Ordinary A shares of 1p each
400
400
100 Ordinary B shares of 1p each
1
1
16,525 (2020: 17,925) Ordinary F shares of 1p each
166
180
18,775 Ordinary G shares of 1p each
188
188
24,600 Ordinary H shares of 1p each
246
246
65,101 (2020: 63,201) Ordinary Exit shares of 1p each
651
632
1,652
1,647

The company holds 5,000 Ordinary 1p F shares and 24,600 Ordinary 1p H shares at the balance sheet date. These were acquired in 2018 for nil consideration and are treated as Treasury shares.

During the year 500 Ordinary 1p F shares were issued as fully paid shares.

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