Company Registration No. 04381150 (England and Wales)
LAW DESIGN & PRINT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
LAW DESIGN & PRINT LIMITED
COMPANY INFORMATION
Directors
Mr K W Law
Mr N C K Law
Miss E C C Law
Mr J C H Law
(Appointed 27 September 2022)
Secretary
Mrs L K Law
Company number
04381150
Registered office
Unit 3c
278 Thimble Mill Lane
Nechells
Birmingham
B7 5HD
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Lloyds Bank Plc
Ariel House
2138 Coventry Road
Sheldon
Birmingham
B26 3JW
LAW DESIGN & PRINT LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
LAW DESIGN & PRINT LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LAW DESIGN & PRINT LIMITED FOR THE YEAR ENDED 31 MARCH 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Law Design & Print Limited for the year ended 31 March 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of Law Design & Print Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Law Design & Print Limited and state those matters that we have agreed to state to the Board of Directors of Law Design & Print Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Law Design & Print Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Law Design & Print Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Law Design & Print Limited. You consider that Law Design & Print Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Law Design & Print Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
16 September 2023
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
LAW DESIGN & PRINT LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
429,071
487,888
Current assets
Stocks
168,872
257,043
Debtors
6
550,971
326,480
Cash at bank and in hand
169,955
287,863
889,798
871,386
Creditors: amounts falling due within one year
7
(440,161)
(470,526)
Net current assets
449,637
400,860
Total assets less current liabilities
878,708
888,748
Provisions for liabilities
8
(70,817)
(81,345)
Net assets
807,891
807,403
Capital and reserves
Called up share capital
9
100,000
100,000
Profit and loss reserves
707,891
707,403
Total equity
807,891
807,403
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 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.
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.
LAW DESIGN & PRINT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 16 September 2023 and are signed on its behalf by:
Mr K W Law
Director
Company Registration No. 04381150
LAW DESIGN & PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Company information
Law Design & Print Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 3c, 278 Thimble Mill Lane, Nechells, Birmingham, B7 5HD.
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 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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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 the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
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 has been fully amortised on a systematic basis over its expected life.
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:
Leasehold property
over the lease term
Plant and machinery
15% on reducing balance
Fixtures and fittings
15% on reducing balance
Motor vehicles
25% on reducing balance
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.
LAW DESIGN & PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
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 asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
LAW DESIGN & PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 6 -
1.10
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.
1.11
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 are included in the profit and loss account for the period.
2
Exceptional costs/(income)
2023
2022
£
£
Irrecoverable loan write off
1,230
The irrecoverable loan write off relates to a balance due from a company that the directors previously had an interest in, which has now dissolved.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 35 (2022 - 32).
4
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
223,500
Amortisation and impairment
At 1 April 2022 and 31 March 2023
223,500
Carrying amount
At 31 March 2023
At 31 March 2022
LAW DESIGN & PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
5
Tangible fixed assets
Leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2022
23,726
1,410,586
381,557
98,623
1,914,492
Additions
4,988
9,817
8,140
22,945
Disposals
(35,000)
(15,730)
(50,730)
At 31 March 2023
23,726
1,380,574
391,374
91,033
1,886,707
Depreciation and impairment
At 1 April 2022
23,726
1,066,935
279,421
56,521
1,426,603
Depreciation charged in the year
51,952
15,443
11,856
79,251
Eliminated in respect of disposals
(32,592)
(15,626)
(48,218)
At 31 March 2023
23,726
1,086,295
294,864
52,751
1,457,636
Carrying amount
At 31 March 2023
294,279
96,510
38,282
429,071
At 31 March 2022
343,650
102,136
42,102
487,888
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
28,567
59,440
Amounts owed by group undertakings
240,730
Other debtors
281,674
267,040
550,971
326,480
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
216,540
277,316
Amounts owed to group undertakings
1,086
Taxation and social security
37,749
96,481
Other creditors
185,872
95,643
440,161
470,526
LAW DESIGN & PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
8
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
70,817
81,345
9
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
70,000 Ordinary of £1 each
70,000
70,000
10,000 Ordinary Deferred of £1 each
10,000
10,000
10,000 Ordinary Preferred of £1 each
10,000
10,000
10,000 Ordinary Capital of £1 each
10,000
10,000
100,000
100,000
10
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
11
Control
Ultimate parent company
The ultimate parent company is Law & Co. Holdings Limited, a company registered in England and Wales.
Ultimate controlling party
The ultimate controlling party is Mr K W Law by virtue of his controlling interest in the ultimate parent company.
2023-03-312022-04-01false16 September 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityMr K W LawMr N C K LawMiss E C C LawMr J C H LawMrs L K Law043811502022-04-012023-03-3104381150bus:Director12022-04-012023-03-3104381150bus:Director22022-04-012023-03-3104381150bus:Director32022-04-012023-03-3104381150bus:Director42022-04-012023-03-3104381150bus:CompanySecretary12022-04-012023-03-3104381150bus:RegisteredOffice2022-04-012023-03-3104381150bus:Agent12022-04-012023-03-31043811502023-03-31043811502022-03-3104381150core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-03-3104381150core:PlantMachinery2023-03-3104381150core:FurnitureFittings2023-03-3104381150core:MotorVehicles2023-03-3104381150core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-03-3104381150core:PlantMachinery2022-03-3104381150core:FurnitureFittings2022-03-3104381150core:MotorVehicles2022-03-3104381150core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3104381150core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3104381150core:CurrentFinancialInstruments2023-03-3104381150core:CurrentFinancialInstruments2022-03-3104381150core:ShareCapital2023-03-3104381150core:ShareCapital2022-03-3104381150core:RetainedEarningsAccumulatedLosses2023-03-3104381150core:RetainedEarningsAccumulatedLosses2022-03-3104381150core:ShareCapitalOrdinaryShares2023-03-3104381150core:ShareCapitalOrdinaryShares2022-03-3104381150core:Goodwill2022-04-012023-03-3104381150core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-04-012023-03-3104381150core:PlantMachinery2022-04-012023-03-3104381150core:FurnitureFittings2022-04-012023-03-3104381150core:MotorVehicles2022-04-012023-03-310438115012022-04-012023-03-310438115012021-04-012022-03-3104381150core:NetGoodwill2022-03-3104381150core:NetGoodwill2023-03-3104381150core:NetGoodwill2022-03-3104381150core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-03-3104381150core:PlantMachinery2022-03-3104381150core:FurnitureFittings2022-03-3104381150core:MotorVehicles2022-03-31043811502022-03-3104381150bus:OrdinaryShareClass12023-03-3104381150bus:OrdinaryShareClass22023-03-3104381150bus:OrdinaryShareClass32023-03-3104381150bus:OrdinaryShareClass42023-03-3104381150bus:OrdinaryShareClass12022-04-012023-03-3104381150bus:OrdinaryShareClass22022-04-012023-03-3104381150bus:OrdinaryShareClass32022-04-012023-03-3104381150bus:OrdinaryShareClass42022-04-012023-03-3104381150bus:PrivateLimitedCompanyLtd2022-04-012023-03-3104381150bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3104381150bus:FRS1022022-04-012023-03-3104381150bus:AuditExemptWithAccountantsReport2022-04-012023-03-3104381150bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP