Lawbook Consulting Limited 04070081 false 2022-05-01 2023-04-30 2023-04-30 The principal activity of the company is that of management consultancy and training services for lawyers Digita Accounts Production Advanced 6.30.9574.0 true 04070081 2022-05-01 2023-04-30 04070081 2023-04-30 04070081 core:AcceleratedTaxDepreciationDeferredTax 2023-04-30 04070081 core:CurrentFinancialInstruments 2023-04-30 04070081 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 04070081 core:Non-currentFinancialInstruments 2023-04-30 04070081 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-30 04070081 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-30 04070081 core:FurnitureFittingsToolsEquipment 2023-04-30 04070081 bus:SmallEntities 2022-05-01 2023-04-30 04070081 bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 04070081 bus:FullAccounts 2022-05-01 2023-04-30 04070081 bus:SmallCompaniesRegimeForAccounts 2022-05-01 2023-04-30 04070081 bus:RegisteredOffice 2022-05-01 2023-04-30 04070081 bus:Director1 2022-05-01 2023-04-30 04070081 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 04070081 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-05-01 2023-04-30 04070081 core:FurnitureFittingsToolsEquipment 2022-05-01 2023-04-30 04070081 core:MotorVehicles 2022-05-01 2023-04-30 04070081 countries:EnglandWales 2022-05-01 2023-04-30 04070081 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-04-30 04070081 core:FurnitureFittingsToolsEquipment 2022-04-30 04070081 2021-04-06 2022-04-30 04070081 2022-04-30 04070081 core:AcceleratedTaxDepreciationDeferredTax 2022-04-30 04070081 core:CurrentFinancialInstruments 2022-04-30 04070081 core:CurrentFinancialInstruments core:WithinOneYear 2022-04-30 04070081 core:Non-currentFinancialInstruments 2022-04-30 04070081 core:Non-currentFinancialInstruments core:AfterOneYear 2022-04-30 04070081 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-04-30 04070081 core:FurnitureFittingsToolsEquipment 2022-04-30 iso4217:GBP xbrli:pure

Registration number: 04070081



Lawbook Consulting Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2023

 

Lawbook Consulting Limited

(Registration number: 04070081)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

4,486

9,870

Tangible assets

5

813

1,505

 

5,299

11,375

Current assets

 

Debtors

6

77,409

134,534

Cash at bank and in hand

 

91,291

52,668

 

168,700

187,202

Creditors: Amounts falling due within one year

7

(150,031)

(164,169)

Net current assets

 

18,669

23,033

Total assets less current liabilities

 

23,968

34,408

Creditors: Amounts falling due after more than one year

7

(22,500)

(32,500)

Deferred tax liabilities

8

(203)

(376)

Net assets

 

1,265

1,532

Capital and reserves

 

Called up share capital

1,091

1,091

Profit and loss account

174

441

Shareholders' funds

 

1,265

1,532

For the financial year ending 30 April 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 16 October 2023 and signed on its behalf by:
 

Mr P A Gilbert
Director

   
     
 

Lawbook Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
10 Grace Gardens
Cheltenham
GL51 6QE

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Critical accounting 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 amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

 

Lawbook Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

20% reducing balance/25% straight line

Motor vehicles

25% reducing balance

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website

3 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

 

Lawbook Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

Lawbook Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

 

4

Intangible assets

Website development costs
 £

Cost

At 1 May 2022

16,151

At 30 April 2023

16,151

Amortisation

At 1 May 2022

6,281

Amortisation charge

5,384

At 30 April 2023

11,665

Carrying amount

At 30 April 2023

4,486

At 30 April 2022

9,870

 

5

Tangible assets

Furniture, fittings and equipment
 £

Cost

At 1 May 2022

42,687

At 30 April 2023

42,687

Depreciation

At 1 May 2022

41,182

Charge for the period

692

At 30 April 2023

41,874

Carrying amount

At 30 April 2023

813

At 30 April 2022

1,505

 

6

Debtors

Note

2023
£

2022
£

Trade debtors

 

48,120

47,784

Amounts owed by related parties

10

7,356

46,996

Other debtors

 

15,336

28,636

Prepayments

 

6,597

11,118

   

77,409

134,534

 

Lawbook Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

 

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

10,000

19,953

Trade creditors

 

11,704

35,846

Amounts due to related parties

10

2,967

-

Social security and other taxes

 

10,495

12,583

Accrued expenses

 

2,758

23,825

Corporation tax liability

21,365

26,645

Deferred income

 

90,742

45,317

 

150,031

164,169

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

22,500

32,500

 

8

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

Difference between accumulated depreciation and capital allowances

203

2022

Liability
£

Difference between accumulated depreciation and capital allowances

376

 

Lawbook Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

 

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Bank overdrafts

-

9,953

10,000

19,953

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

22,500

32,500

 

10

Related party transactions

At the year end P A Gilbert owed the company £7,356 (2022 - £39,202). Interest of £1,499 was charged on the loan during the year. At the year end L Smith was owed £2,967 by the company (2022 - the company was owed £7,794). No interest was charged on the loan. The loans are repayable on demand.