LAW REPORTS INTERNATIONAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 APRIL 2023
Company Registration Number: 07604210
LAW REPORTS INTERNATIONAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 10
LAW REPORTS INTERNATIONAL LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2023
DIRECTORS
S Smith
S Snell
SECRETARY
S Snell
REGISTERED OFFICE
Cranbrook House
287-291 Banbury Road
Oxford
OX2 7JQ
COMPANY REGISTRATION NUMBER
07604210 England and Wales
LAW REPORTS INTERNATIONAL LIMITED
BALANCE SHEET
AS AT 30 APRIL 2023
Notes 2023 2022
£ £
FIXED ASSETS
Intangible assets 5 8,005 9,005
Tangible assets 6 1,091 1,704
9,096 10,709
CURRENT ASSETS
Debtors 7 177,621 175,624
Cash at bank and in hand 120,929 62,409
298,550 238,033
CREDITORS: Amounts falling due within one year 8 95,293 101,858
NET CURRENT ASSETS 203,257 136,175
TOTAL ASSETS LESS CURRENT LIABILITIES 212,353 146,884
Provisions for liabilities and charges 273 324
NET ASSETS 212,080 146,560
CAPITAL AND RESERVES
Called up share capital 135 110
Distributable profit and loss account 211,945 146,450
SHAREHOLDERS' FUNDS 212,080 146,560
LAW REPORTS INTERNATIONAL LIMITED
BALANCE SHEET
AS AT 30 APRIL 2023
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.
For the financial year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
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.
Signed on behalf of the board of directors
S Smith S Snell
Director Director
Date approved by the board: 31 October 2023
LAW REPORTS INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
1 GENERAL INFORMATION
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:
Registered office Principal place of business
Cranbrook House John Eccles House
287-291 Banbury Road Robert Robinson Avenue
Oxford Oxford Science Park
OX2 7JQ Oxford
OX4 2GP
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
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.
Revenue recognition
Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of reporting services provided and royalties received during the year, stated net of trade discounts and value added tax.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
Intangible fixed assets
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. At acquisition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is charged on a straight line basis so as to write off the cost of goodwill and website development, less its residual value assumed to be zero, over its useful economic life, which is estimated to be 20 years and 3 years respectively.
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new expectations.
LAW REPORTS INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
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.
Computer equipment Straight line basis at 25% per annum
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.
Financial Instruments
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.
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.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
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 amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
LAW REPORTS INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
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.
Leases
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.
Payments applicable to operating leases are charged against profit on a straight line basis over the lease term.
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
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.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Current and deferred tax assets and liabilities are not discounted.
LAW REPORTS INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Foreign currencies
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the rate of exchange prevailing at that date. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit or loss.
Pensions
The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.
4 EMPLOYEES
The average number of persons employed by the company (including directors) during the year was:
2023 2022
Average number of employees 2 3
LAW REPORTS INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
5 INTANGIBLE FIXED ASSETS
Goodwill Website Development Total
£ £ £
Cost
At 1 May 2022 20,005 2,035 22,040
At 30 April 2023 20,005 2,035 22,040
Accumulated amounts written off
At 1 May 2022 11,000 2,035 13,035
Charge for year 1,000 - 1,000
At 30 April 2023 12,000 2,035 14,035
Net book value
At 1 May 2022 9,005 - 9,005
At 30 April 2023 8,005 - 8,005
6 TANGIBLE ASSETS
Computer equipment
£
Cost
At 1 May 2022 2,400
At 30 April 2023 2,400
Accumulated depreciation and impairments
At 1 May 2022 696
Charge for year 613
At 30 April 2023 1,309
Net book value
At 1 May 2022 1,704
At 30 April 2023 1,091
LAW REPORTS INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
7 DEBTORS
2023 2022
£ £
Trade debtors 105,772 1,923
Prepayments and accrued income 66,227 169,507
Other debtors 5,622 4,194
177,621 175,624
8 CREDITORS: Amounts falling due within one year
2023 2022
£ £
Trade creditors 8,931 18,198
Taxation and social security 51,462 33,938
Accruals and deferred income 27,501 39,500
Other creditors 7,399 10,222
95,293 101,858
9 CONTINGENCIES AND COMMITMENTS
Other Commitments
Amounts falling due under operating leases: 2023 2022
£ £
In less than one year 29,700 30,000
In more than one but less than five years 24,750 27,500
54,450 57,500
10 DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
The following director's advances, credits and guarantees took place during the year:
Balance at 1 May 2022 Amounts advanced Amounts repaid Amounts written off or waived Balance at 30 April 2023
£ £ £ £ £
S Snell - 85,718 85,258 - 460
Interest has been charged on this advance at the Beneficial Loan Arrangement Official Rate as prescribed by HM Revenue and Customs. The advance is repayable on demand.
LAW REPORTS INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
11 RELATED PARTY TRANSACTIONS
During the year, the following transactions with related parties took place:
S Snell
Director 2023 2022
£ £
Advances from director 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: - 1,626
S Smith
Director 2023 2022
£ £
Advances from director 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: 7,374 8,571
E Smith
Shareholder 2023 2022
£ £
Advances from shareholder 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: 25 25
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