Company registration number 07235928 (England and Wales)
J L Law Limited
Unaudited financial statements
For the year ended 30 April 2023
J L Law Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
J L Law Limited
Statement of financial position
As at 30 April 2023
30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
10,500
12,000
Tangible assets
4
2,243
1,594
12,743
13,594
Current assets
Debtors
5
42,326
45,194
Cash at bank and in hand
3,348
23,995
45,674
69,189
Creditors: amounts falling due within one year
6
(20,853)
(33,042)
Net current assets
24,821
36,147
Net assets
37,564
49,741
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
37,464
49,641
Total equity
37,564
49,741

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

For the financial year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her 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.

The financial statements were approved and signed by the director and authorised for issue on 4 October 2023
Ms J L Leese
Director
Company Registration No. 07235928
J L Law Limited
Notes to the financial statements
For the year ended 30 April 2023
- 2 -
1
Accounting policies
Company information

J L Law Limited is a private company limited by shares incorporated in England and Wales. The registered office is Marcus House Estates, Park Hall, Longton, Stoke on Trent, Staffordshire, England, ST3 5XA.

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.

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 recovered.

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 is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is twenty 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
25% 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.

J L Law Limited
Notes to the financial statements (continued)
For the year ended 30 April 2023
1
Accounting policies
(Continued)
- 3 -

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

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.

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.

Basic financial liabilities

Basic financial liabilities, including creditors, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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.

1.9
Taxation

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

J L Law Limited
Notes to the financial statements (continued)
For the year ended 30 April 2023
1
Accounting policies
(Continued)
- 4 -
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 leases asset are consumed.

1.13
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

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

2023
2022
Number
Number
Total
4
4
J L Law Limited
Notes to the financial statements (continued)
For the year ended 30 April 2023
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2022 and 30 April 2023
30,000
Amortisation and impairment
At 1 May 2022
18,000
Amortisation charged for the year
1,500
At 30 April 2023
19,500
Carrying amount
At 30 April 2023
10,500
At 30 April 2022
12,000
4
Tangible fixed assets
Fixtures and fittings
Computers equipment
Total
£
£
£
Cost
At 1 May 2022
2,073
8,596
10,669
Additions
749
666
1,415
Disposals
(196)
(2,068)
(2,264)
At 30 April 2023
2,626
7,194
9,820
Depreciation and impairment
At 1 May 2022
1,861
7,214
9,075
Depreciation charged in the year
119
647
766
Eliminated in respect of disposals
(196)
(2,068)
(2,264)
At 30 April 2023
1,784
5,793
7,577
Carrying amount
At 30 April 2023
842
1,401
2,243
At 30 April 2022
212
1,382
1,594
J L Law Limited
Notes to the financial statements (continued)
For the year ended 30 April 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,183
2,996
Other debtors
39,143
42,198
42,326
45,194
6
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
15,573
28,185
Other creditors
5,280
4,857
20,853
33,042
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
£
£
23,324
5,221
2023-04-302022-05-01false04 October 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityMs Jennifer Lynn LeeseMs L Parsons072359282022-05-012023-04-30072359282023-04-30072359282022-04-3007235928core:Goodwill2023-04-3007235928core:Goodwill2022-04-3007235928core:FurnitureFittings2023-04-3007235928core:ComputerEquipment2023-04-3007235928core:FurnitureFittings2022-04-3007235928core:ComputerEquipment2022-04-3007235928core:CurrentFinancialInstrumentscore:WithinOneYear2023-04-3007235928core:CurrentFinancialInstrumentscore:WithinOneYear2022-04-3007235928core:CurrentFinancialInstruments2023-04-3007235928core:CurrentFinancialInstruments2022-04-3007235928core:ShareCapital2023-04-3007235928core:ShareCapital2022-04-3007235928core:RetainedEarningsAccumulatedLosses2023-04-3007235928core:RetainedEarningsAccumulatedLosses2022-04-3007235928bus:Director12022-05-012023-04-3007235928core:Goodwill2022-05-012023-04-3007235928core:FurnitureFittings2022-05-012023-04-3007235928core:ComputerEquipment2022-05-012023-04-30072359282021-05-012022-04-3007235928core:Goodwill2022-04-3007235928core:FurnitureFittings2022-04-3007235928core:ComputerEquipment2022-04-30072359282022-04-3007235928core:WithinOneYear2023-04-3007235928core:WithinOneYear2022-04-3007235928bus:PrivateLimitedCompanyLtd2022-05-012023-04-3007235928bus:SmallCompaniesRegimeForAccounts2022-05-012023-04-3007235928bus:FRS1022022-05-012023-04-3007235928bus:AuditExemptWithAccountantsReport2022-05-012023-04-3007235928bus:CompanySecretary12022-05-012023-04-3007235928bus:FullAccounts2022-05-012023-04-30xbrli:purexbrli:sharesiso4217:GBP