IRIS Accounts Production v23.1.0.753 08983654 Board of Directors 1.4.22 31.3.23 31.3.23 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure089836542022-03-31089836542023-03-31089836542022-04-012023-03-31089836542021-03-31089836542021-04-012022-03-31089836542022-03-3108983654ns16:EnglandWales2022-04-012023-03-3108983654ns15:PoundSterling2022-04-012023-03-3108983654ns11:Director12022-04-012023-03-3108983654ns11:PrivateLimitedCompanyLtd2022-04-012023-03-3108983654ns11:SmallEntities2022-04-012023-03-3108983654ns11:AuditExemptWithAccountantsReport2022-04-012023-03-3108983654ns11:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-3108983654ns11:SmallCompaniesRegimeForAccounts2022-04-012023-03-3108983654ns11:FullAccounts2022-04-012023-03-310898365412022-04-012023-03-3108983654ns6:CurrentFinancialInstruments2023-03-3108983654ns6:CurrentFinancialInstruments2022-03-3108983654ns6:ShareCapital2023-03-3108983654ns6:ShareCapital2022-03-3108983654ns6:RetainedEarningsAccumulatedLosses2023-03-3108983654ns6:RetainedEarningsAccumulatedLosses2022-03-3108983654ns11:RegisteredOffice2022-04-012023-03-3108983654ns6:NetGoodwill2022-04-012023-03-3108983654ns6:IntangibleAssetsOtherThanGoodwill2022-04-012023-03-3108983654ns6:NetGoodwill2022-03-3108983654ns6:NetGoodwill2023-03-3108983654ns6:NetGoodwill2022-03-3108983654ns6:PlantMachinery2022-03-3108983654ns6:FurnitureFittings2022-03-3108983654ns6:PlantMachinery2022-04-012023-03-3108983654ns6:FurnitureFittings2022-04-012023-03-3108983654ns6:PlantMachinery2023-03-3108983654ns6:FurnitureFittings2023-03-3108983654ns6:PlantMachinery2022-03-3108983654ns6:FurnitureFittings2022-03-3108983654ns6:CostValuation2022-03-3108983654ns6:WithinOneYearns6:CurrentFinancialInstruments2023-03-3108983654ns6:WithinOneYearns6:CurrentFinancialInstruments2022-03-3108983654ns6:WithinOneYear2023-03-3108983654ns6:WithinOneYear2022-03-3108983654ns6:BetweenOneFiveYears2023-03-3108983654ns6:BetweenOneFiveYears2022-03-3108983654ns6:AllPeriods2023-03-3108983654ns6:AllPeriods2022-03-31
REGISTERED NUMBER: 08983654 (England and Wales)



















CVS LAW LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023






CVS LAW LTD (REGISTERED NUMBER: 08983654)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Certified Accountants' Report 1

Balance Sheet 2

Notes to the Financial Statements 3


CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
CVS LAW LTD

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Cvs Law Ltd for the year ended 31 March 2023 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Cvs Law Ltd, 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 Cvs Law Ltd and state those matters that we have agreed to state to the Board of Directors of Cvs Law Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Cvs Law Ltd 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 Cvs Law Ltd. You consider that Cvs Law Ltd 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 Cvs Law Ltd. 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.






Jones Hunt & Keelings
Chartered Certified Accountants and
Chartered Tax Advisers
Broad House
1 The Broadway
Old Hatfield
Hertfordshire
AL9 5BG


20 October 2023

CVS LAW LTD (REGISTERED NUMBER: 08983654)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 1,852 4,895
Investments 6 25,125 25,125
26,977 30,020

CURRENT ASSETS
Debtors 7 194,125 48,749
Cash at bank and in hand 203,488 82,499
397,613 131,248
CREDITORS
Amounts falling due within one year 8 72,375 37,977
NET CURRENT ASSETS 325,238 93,271
TOTAL ASSETS LESS CURRENT
LIABILITIES

352,215

123,291

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 352,115 123,191
SHAREHOLDERS' FUNDS 352,215 123,291

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 October 2023 and were signed on its behalf by:





S R Radia - Director


CVS LAW LTD (REGISTERED NUMBER: 08983654)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Cvs Law Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 08983654

Registered office: 8-10 Hill Street
London
W1J 5NJ

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
These accounts have been prepared on the going concern basis, on the understanding that the directors and shareholders will continue to financially support the company.

Related party exemption
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.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion, there are no significant judgements or key sources of estimation uncertainty.

Turnover / revenue recognition
Turnover represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for its performance under those contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.

Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.

Fee income that is contingent on events outside the control of the firm is recognised when the contingent event occurs.

Goodwill
The goodwill is initially recognised at its cost and is being amortised on a systematic basis over its useful life of 2 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is calculated to write down the cost of tangible fixed assets other than freehold land by equal annual instalments from the date of purchase over their estimated useful economic lives as follows:

Office furniture fittings and equipment 2-4 years
Solicitors Accounts Rules system software 2 years

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate that the carrying values may not be recoverable.

CVS LAW LTD (REGISTERED NUMBER: 08983654)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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

Equity Instrument
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognished as liabilities once they are no longer at the discretion of the company.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account on a straight line basis.

Pension costs and other post- retirement benefits
The company contributes to staff stakeholder and personal pension schemes. The contributions are charged to the profit and loss account in the period when they are due.

Computer software
With the exception of the principal accounting system for compliance with the Solicitors Accounts Rules, which is referred to as "SAR systems software" and is treated as a tangible fixed asset, expenditure on computer software is charged to the profit and loss in the year incurred.

Insurance agreements
Insurance cover in respect of professional negligence claims is carried. Cover is written through the commercial market. Where appropriate, provision is made for the expected outcome of claims.

CVS LAW LTD (REGISTERED NUMBER: 08983654)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 1,459,459
AMORTISATION
At 1 April 2022
and 31 March 2023 1,459,459
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

5. TANGIBLE FIXED ASSETS
Fixtures
office and
equipment fittings Totals
£    £    £   
COST
At 1 April 2022 26,721 5,235 31,956
Additions 264 - 264
At 31 March 2023 26,985 5,235 32,220
DEPRECIATION
At 1 April 2022 23,999 3,062 27,061
Charge for year 2,135 1,172 3,307
At 31 March 2023 26,134 4,234 30,368
NET BOOK VALUE
At 31 March 2023 851 1,001 1,852
At 31 March 2022 2,722 2,173 4,895

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 April 2022
and 31 March 2023 25,125
NET BOOK VALUE
At 31 March 2023 25,125
At 31 March 2022 25,125

CVS LAW LTD (REGISTERED NUMBER: 08983654)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 132,952 (4,766 )
Other debtors 61,173 53,515
194,125 48,749

Included in debtors is an amount of £133,599 (2022 - Nil) in respect of fees to be charged to the clients at the balance sheet date.

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 958 3,485
Taxation and social security 51,996 21,123
Other creditors 19,421 13,369
72,375 37,977

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 12,648 12,648
Between one and five years 9,486 22,134
22,134 34,782

10. ULTIMATE PARENT COMPANY

The company is a wholly owned subsidiary of CVS Businesses Ltd.

There is no ultimate controlling party as no shareholder has majority share holding in the parent company, CVS Businesses Ltd.