Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31Publishing and sale of legal journals2022-04-01false22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06187841 2022-04-01 2023-03-31 06187841 2021-04-01 2022-03-31 06187841 2023-03-31 06187841 2022-03-31 06187841 c:Director1 2022-04-01 2023-03-31 06187841 d:Goodwill 2022-04-01 2023-03-31 06187841 d:Goodwill 2023-03-31 06187841 d:Goodwill 2022-03-31 06187841 d:CurrentFinancialInstruments 2023-03-31 06187841 d:CurrentFinancialInstruments 2022-03-31 06187841 d:Non-currentFinancialInstruments 2023-03-31 06187841 d:Non-currentFinancialInstruments 2022-03-31 06187841 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 06187841 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 06187841 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 06187841 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 06187841 d:UKTax 2022-04-01 2023-03-31 06187841 d:UKTax 2021-04-01 2022-03-31 06187841 d:ShareCapital 2023-03-31 06187841 d:ShareCapital 2022-03-31 06187841 d:RetainedEarningsAccumulatedLosses 2023-03-31 06187841 d:RetainedEarningsAccumulatedLosses 2022-03-31 06187841 c:OrdinaryShareClass1 2022-04-01 2023-03-31 06187841 c:OrdinaryShareClass1 2023-03-31 06187841 c:OrdinaryShareClass1 2022-03-31 06187841 c:FRS102 2022-04-01 2023-03-31 06187841 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 06187841 c:FullAccounts 2022-04-01 2023-03-31 06187841 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 06187841 2 2022-04-01 2023-03-31 06187841 d:Goodwill d:OwnedIntangibleAssets 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 06187841









INTERNATIONAL IN-HOUSE COUNSEL JOURNAL LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
INTERNATIONAL IN-HOUSE COUNSEL JOURNAL LIMITED
REGISTERED NUMBER: 06187841

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Intangible assets
 5 
62,572
76,461

  
62,572
76,461

CURRENT ASSETS
  

Stocks
  
10,000
15,000

Debtors: amounts falling due within one year
 6 
46,761
29,597

  
56,761
44,597

Creditors: amounts falling due within one year
 8 
(59,589)
(97,008)

NET CURRENT LIABILITIES
  
 
 
(2,828)
 
 
(52,411)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
59,744
24,050

Creditors: amounts falling due after more than one year
 9 
(34,284)
(43,649)

  

NET ASSETS/(LIABILITIES)
  
25,460
(19,599)


CAPITAL AND RESERVES
  

Called up share capital 
 10 
2
2

Profit and loss account
  
25,458
(19,601)

  
25,460
(19,599)

Page 1

 
INTERNATIONAL IN-HOUSE COUNSEL JOURNAL LIMITED
REGISTERED NUMBER: 06187841
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






M G Bond
Director

Date: 24 November 2023


The notes on pages 3 to 8 form part of these financial statements.
Page 2

 
INTERNATIONAL IN-HOUSE COUNSEL JOURNAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


GENERAL INFORMATION

The Company is limited by shares and incorporated in England and Wales. The address of the registered office is Salisbury House, Station Road, Cambridge, CB1 2LA. The principal trading address is Summerhill, Blackborough End, Kings Lynn, PE32 1SG.
The financial statements are presented in sterling which is the functional currency of the Company.
The significant accounting policies applied in the preparation of these financial statements are set out below.  These policies have been consistently applied to all years presented unless otherwise stated.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

 
2.2

TURNOVER

Turnover comprises revenue recognised by the Company in respect of goods and services supplied during the year, exclusive of Value Added Tax. 

 
2.3

INTANGIBLE ASSETS

GOODWILL

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Income and Retained Earnings over its useful economic life.

OTHER INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.4

STOCKS

Stocks are stated at the lower of cost and net realisable value and comprise journal stock held for resale.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 3

 
INTERNATIONAL IN-HOUSE COUNSEL JOURNAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.5

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.9

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
INTERNATIONAL IN-HOUSE COUNSEL JOURNAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.12

TAXATION

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


TAXATION


2023
2022
£
£

CORPORATION TAX


Current tax on profits for the year
13,377
431


TOTAL CURRENT TAX
13,377
431

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of  19% (2022 - 19%).


Page 5

 
INTERNATIONAL IN-HOUSE COUNSEL JOURNAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


INTANGIBLE ASSETS




Goodwill

£



COST


At 1 April 2022
125,000



At 31 March 2023

125,000



AMORTISATION


At 1 April 2022
48,539


Charge for the year on owned assets
13,889



At 31 March 2023

62,428



NET BOOK VALUE



At 31 March 2023
62,572



At 31 March 2022
76,461



Page 6

 
INTERNATIONAL IN-HOUSE COUNSEL JOURNAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


DEBTORS

2023
2022
£
£


Trade debtors
15,056
28,949

Other debtors
31,705
648

46,761
29,597



7.


CASH AND CASH EQUIVALENTS

2023
2022
£
£

Bank overdraft
(24,693)
(24,312)

(24,693)
(24,312)



8.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Bank overdrafts
24,693
24,312

Bank loans
5,400
10,000

Other loans
9,800
15,127

Corporation tax
13,377
6,695

Other taxation and social security
1,469
3,331

Other creditors
-
32,923

Accruals and deferred income
4,850
4,620

59,589
97,008


The bank overdraft arrangement is secured under a personal guarantee provided by M G Bond, a director.
Other loans are unsecured.
Bank loans represents a Government backed 'bounce back' loan, which was drawn down in June 2020. This loan is 100% guaranteed by the Government and there will be no fees or interest payable by the Company in the first 12 months. After this 12 month period, interest was charged at 2.5% per annum. The first instalment was paid in June 2021.

Page 7

 
INTERNATIONAL IN-HOUSE COUNSEL JOURNAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023
2022
£
£

Bank loans
33,752
32,500

Other loans
532
11,149

34,284
43,649


Other loans are unsecured.
Bank loans represents a Government backed 'bounce back' loan, which was drawn down in June 2020. This loan is 100% guaranteed by the Government and there will be no fees or interest payable by the Company in the first 12 months. After this 12 month period, interest was charged at 2.5% per annum. The first instalment was paid in June 2021.


10.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



2 (2022 - 2) Ordinary shares of £1.00 each
2
2



11.


PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £NIL (2022 - £NIL). Contributions totalling £Nil (2022 - £3,525) were payable to the fund at the balance sheet date and are included in creditors.


12.


TRANSACTIONS WITH DIRECTORS

At the balance sheet date the Company was owed £31,705 (2022 - £NIL) by M G Bond and B A Bond.

 
Page 8