Company registration number 07982415 (England and Wales)
McGuinness Legal Ltd
Unaudited financial statements
For the year ended 31 March 2023
McGuinness Legal Ltd
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
McGuinness Legal Ltd
Statement of financial position
As at 31 March 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,092
2,371
Current assets
Debtors
5
79,716
98,617
Cash at bank and in hand
135,389
111,406
215,105
210,023
Creditors: amounts falling due within one year
6
(103,276)
(135,215)
Net current assets
111,829
74,808
Net assets
114,921
77,179
Capital and reserves
Called up share capital
101
101
Profit and loss reserves
114,820
77,078
Total equity
114,921
77,179

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 2023 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.

T he 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.

The financial statements were approved by the board of directors and authorised for issue on 26 September 2023 and are signed on its behalf by:
Mrs J McGuinness
Director
Company Registration No. 07982415
McGuinness Legal Ltd
Notes to the financial statements
For the year ended 31 March 2023
- 2 -
1
Accounting policies
Company information

McGuinness Legal Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Forecourt, 12 Albion Street, Hanley, Stoke on Trent, Staffordshire, England, ST1 1QG.

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 a mounts 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.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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 recover ed.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill, being the amount paid in connection with the acquisition of a business in 2012, has been amortised evenly over its estimated useful life of five years.

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.

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 and fittings
20% on cost
Computers equipment
33.33% 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.

McGuinness Legal Ltd
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets 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 an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

1.6
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.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.8
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.

McGuinness Legal Ltd
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
- 4 -
1.9
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.10
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.

1.11
Retirement benefits

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

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

2
Employees

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

2023
2022
Number
Number
Total
5
5
McGuinness Legal Ltd
Notes to the financial statements (continued)
For the year ended 31 March 2023
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
133,333
Amortisation and impairment
At 1 April 2022 and 31 March 2023
133,333
Carrying amount
At 31 March 2023
-
0
At 31 March 2022
-
0
4
Tangible fixed assets
Fixtures and fittings
Computers equipment
Total
£
£
£
Cost
At 1 April 2022
9,718
8,924
18,642
Additions
-
0
1,837
1,837
At 31 March 2023
9,718
10,761
20,479
Depreciation and impairment
At 1 April 2022
7,413
8,858
16,271
Depreciation charged in the year
739
377
1,116
At 31 March 2023
8,152
9,235
17,387
Carrying amount
At 31 March 2023
1,566
1,526
3,092
At 31 March 2022
2,305
66
2,371
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
543
-
0
Other debtors
79,173
98,617
79,716
98,617
McGuinness Legal Ltd
Notes to the financial statements (continued)
For the year ended 31 March 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
17,609
47,609
Taxation and social security
83,844
84,945
Other creditors
1,823
2,661
103,276
135,215
7
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
-
0
380
2023-03-31 2022-04-01 false 26 September 2023 CCH Software CCH Accounts Production 2023.200 No description of principal activity Mr Alexander Robert Wynspeare Herbert Mrs Joanne McGuinness 07982415 2022-04-01 2023-03-31 07982415 2023-03-31 07982415 2022-03-31 07982415 core:FurnitureFittings 2023-03-31 07982415 core:ComputerEquipment 2023-03-31 07982415 core:FurnitureFittings 2022-03-31 07982415 core:ComputerEquipment 2022-03-31 07982415 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 07982415 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 07982415 core:CurrentFinancialInstruments 2023-03-31 07982415 core:CurrentFinancialInstruments 2022-03-31 07982415 core:ShareCapital 2023-03-31 07982415 core:ShareCapital 2022-03-31 07982415 core:RetainedEarningsAccumulatedLosses 2023-03-31 07982415 core:RetainedEarningsAccumulatedLosses 2022-03-31 07982415 bus:Director2 2022-04-01 2023-03-31 07982415 core:Goodwill 2022-04-01 2023-03-31 07982415 core:FurnitureFittings 2022-04-01 2023-03-31 07982415 core:ComputerEquipment 2022-04-01 2023-03-31 07982415 2021-04-01 2022-03-31 07982415 core:Goodwill 2022-03-31 07982415 core:Goodwill 2023-03-31 07982415 core:Goodwill 2022-03-31 07982415 core:FurnitureFittings 2022-03-31 07982415 core:ComputerEquipment 2022-03-31 07982415 2022-03-31 07982415 core:WithinOneYear 2023-03-31 07982415 core:WithinOneYear 2022-03-31 07982415 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 07982415 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 07982415 bus:FRS102 2022-04-01 2023-03-31 07982415 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 07982415 bus:Director1 2022-04-01 2023-03-31 07982415 bus:FullAccounts 2022-04-01 2023-03-31 xbrli:pure xbrli:shares iso4217:GBP