LAW REPORTS INTERNATIONAL LIMITED |
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BALANCE SHEET |
AS AT 30 APRIL 2023 |
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These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities. |
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For the financial year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006. |
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Members have not required the company to obtain an audit in accordance with section 476 of the Act. |
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The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
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As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report. |
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Signed on behalf of the board of directors |
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S Smith |
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S Snell |
Director |
Director |
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Date approved by the board: 31 October 2023 |
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LAW REPORTS INTERNATIONAL LIMITED |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2023 |
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1 |
GENERAL INFORMATION |
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Law Reports International Limited is a private company limited by shares and incorporated in England and Wales. Its registered office and principal place of business are: |
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Registered office |
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Principal place of business |
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Cranbrook House |
John Eccles House |
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287-291 Banbury Road |
Robert Robinson Avenue |
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Oxford |
Oxford Science Park |
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OX2 7JQ |
Oxford |
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OX4 2GP |
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The financial statements are presented in Sterling, which is the functional currency of the company. |
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2 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
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Basis of preparation of financial statements |
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These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006. |
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Revenue recognition |
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Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives. |
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Computer equipment |
Straight line basis at 25% per annum |
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On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses. |
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Financial Instruments |
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The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
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Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. |
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Creditors |
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Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost. |
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Leases |
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Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. Other leases that do not transfer substantially all the risks and rewards of ownership of the leased assets to the company are classified as operating leases. |
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Payments applicable to operating leases are charged against profit on a straight line basis over the lease term. |
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Taxation |
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Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. |
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LAW REPORTS INTERNATIONAL LIMITED |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2023 |
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7 |
DEBTORS |
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2023 |
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2022 |
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£ |
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£ |
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Trade debtors |
105,772 |
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1,923 |
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Prepayments and accrued income |
66,227 |
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169,507 |
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Other debtors |
5,622 |
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4,194 |
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177,621 |
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175,624 |
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8 |
CREDITORS: Amounts falling due within one year |
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2023 |
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2022 |
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£ |
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£ |
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Trade creditors |
8,931 |
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18,198 |
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Taxation and social security |
51,462 |
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33,938 |
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Accruals and deferred income |
27,501 |
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39,500 |
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Other creditors |
7,399 |
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10,222 |
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95,293 |
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101,858 |
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9 |
CONTINGENCIES AND COMMITMENTS |
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Other Commitments |
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Amounts falling due under operating leases: |
2023 |
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2022 |
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£ |
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£ |
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In less than one year |
29,700 |
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30,000 |
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In more than one but less than five years |
24,750 |
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27,500 |
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54,450 |
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57,500 |
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10 |
DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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The following director's advances, credits and guarantees took place during the year: |
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Balance at 1 May 2022 |
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Amounts advanced |
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Amounts repaid |
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Amounts written off or waived |
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Balance at 30 April 2023 |
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£ |
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£ |
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£ |
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£ |
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£ |
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S Snell |
- |
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85,718 |
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85,258 |
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- |
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460 |
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11 |
RELATED PARTY TRANSACTIONS |
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During the year, the following transactions with related parties took place: |
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S Snell |
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Director |
2023 |
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2022 |
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£ |
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£ |
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Advances from director |
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The director has made advances to the company which are repayable on demand. No interest has been charged on these advances. At the year end, the company owed the director the following amount: |
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1,626 |
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S Smith |
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Director |
2023 |
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2022 |
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£ |
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£ |
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Advances from director |
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The director has made advances to the company which are repayable on demand. No interest has been charged on these advances. At the year end, the company owed the director the following amount: |
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7,374 |
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8,571 |
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E Smith |
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Shareholder |
2023 |
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2022 |
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£ |
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£ |
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Advances from shareholder |
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The shareholder has made advances to the company which are repayable on demand. No interest has been charged on these advances. At the year end, the company owed the shareholder the following amount: |
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25 |
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25 |
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