R & L Law Limited
Registered number: SC214142
Balance Sheet
as at 31 December 2022
Notes 2022 2021
£ £
Fixed assets
Intangible assets 4 - -
Tangible assets 5 1,020 3,168
Investments 6 - -
1,020 3,168
Current assets
Stocks 86,046 90,907
Debtors 7 17,641 3,406
Investments held as current assets - -
Cash at bank and in hand 4,929 97
108,616 94,410
Creditors: amounts falling due within one year 8 (145,131) (133,188)
Net current liabilities (36,515) (38,778)
Total assets less current liabilities (35,495) (35,610)
Creditors: amounts falling due after more than one year 9 - -
Provisions for liabilities - -
Net liabilities (35,495) (35,610)
Capital and reserves
Called up share capital 1 1
Share premium - -
Revaluation reserve 11 - -
Profit and loss account (35,496) (35,611)
Shareholders' funds (35,495) (35,610)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr R D Law
Director
Approved by the board on 30 September 2023
R & L Law Limited
Notes to the Accounts
for the year ended 31 December 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Exceptional items 2022 2021
£ £
- -
3 Employees 2022 2021
Number Number
Average number of persons employed by the company 3 3
4 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2022 -
Additions -
Disposals -
At 31 December 2022 -
Amortisation
At 1 January 2022 -
Provided during the year -
On disposals -
At 31 December 2022 -
Net book value
At 31 December 2022 -
At 31 December 2021 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
5 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2022 - 94,216 12,311 106,527
Additions - - - -
Surplus on revaluation - - - -
Disposals - - - -
At 31 December 2022 - 94,216 12,311 106,527
Depreciation
At 1 January 2022 - 91,048 12,311 103,359
Charge for the year - 2,148 - 2,148
Surplus on revaluation - - - -
On disposals - - - -
At 31 December 2022 - 93,196 12,311 105,507
Net book value
At 31 December 2022 - 1,020 - 1,020
At 31 December 2021 - 3,168 - 3,168
Freehold land and buildings: 2022 2021
£ £
Historical cost - -
Cumulative depreciation based on historical cost - -
- -
[For revalued assets, state the years in which the assets were valued and their values. For assets revalued during the reporting period, state the names of the persons who revalued them or particulars of their qualifications for doing so and the bases of valuation used by them.]
6 Investments
Investments in
subsidiary Other
undertakings investments Total
£ £ £
Cost
At 1 January 2022 - - -
Additions - - -
Disposals - - -
At 31 December 2022 - - -
7 Debtors 2022 2021
£ £
Trade debtors 17,641 3,406
Amounts owed by group undertakings and undertakings in which the company has a participating interest - -
Deferred tax asset - -
Other debtors - -
17,641 3,406
Amounts due after more than one year included above - -
8 Creditors: amounts falling due within one year 2022 2021
£ £
Non-equity preference shares - -
Bank loans and overdrafts 74,566 60,299
Obligations under finance lease and hire purchase contracts - -
Trade creditors 53,774 52,735
Amounts owed to group undertakings and undertakings in which the company has a participating interest - -
Corporation tax - -
Other taxes and social security costs (6,866) (3,186)
Other creditors 23,657 23,340
145,131 133,188
9 Creditors: amounts falling due after one year 2022 2021
£ £
Non-equity preference shares - -
Bank loans - -
Obligations under finance lease and hire purchase contracts - -
Trade creditors - -
Amounts owed to group undertakings and undertakings in which the company has a participating interest - -
Other creditors - -
- -
10 Loans 2022 2021
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years - -
Instalments falling due for payment after more than five years - -
- -
Secured bank loans - -
[Give an indication of the nature and form of the security for the bank loans]
11 Revaluation reserve 2022 2021
£ £
At 1 January 2022 - -
Gain on revaluation of land and buildings - -
Deferred taxation arising on the revaluation of land and buildings - -
At 31 December 2022 - -
12 Events after the reporting date
13 Capital commitments 2022 2021
£ £
Amounts contracted for but not provided in the accounts - -
14 Pension commitments
15 Other financial commitments 2022 2021
£ £
Total future minimum payments under non-cancellable operating leases - -
16 Contingent liabilities
17 Off-balance sheet arrangements
18 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr R D Law
[Loan 1] - - - -
[Loan 2] - - - -
Mrs L G Law
[Loan 1] - - - -
[Loan 2] - - - -
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- - - -
19 Guarantees made by the company on behalf of directors
Main terms Maximum Amount paid
liability and incurred
£ £
Mr R D Law
[Guarantee 1] - -
[Guarantee 2] - -
Mrs L G Law
[Guarantee 1] - -
[Guarantee 2] - -
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- -
20 Related party transactions
The company was under the control of Mr Law throughout the current and previous year. Mr Law is the managing director and sole shareholder.

During the year Mr Law received no dividends (2015 - nil).
21 Controlling party
22 Other information
R & L Law Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
22 Ashley Terrace
Edinburgh
EH11 1RE
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