Company Registration No. 03068463 (England and Wales)
LEGAL-LINK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
LEGAL-LINK LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
LEGAL-LINK LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LEGAL-LINK LIMITED FOR THE YEAR ENDED 30 JUNE 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 Legal-Link Limited for the year ended 30 June 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 Legal-Link Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Legal-Link Limited and state those matters that we have agreed to state to the Board of Directors of Legal-Link 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 Legal-Link Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Legal-Link 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 Legal-Link Limited. You consider that Legal-Link 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 Legal-Link 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.

Carpenter Box
16 November 2023
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
LEGAL-LINK LIMITED
BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
38,609
53,729
Investment properties
4
27,203,249
26,876,363
27,241,858
26,930,092
Current assets
Debtors
5
56,160
56,068
Cash at bank and in hand
77,609
165,749
133,769
221,817
Creditors: amounts falling due within one year
6
(3,117,532)
(3,176,179)
Net current liabilities
(2,983,763)
(2,954,362)
Total assets less current liabilities
24,258,095
23,975,730
Creditors: amounts falling due after more than one year
7
(8,047,405)
(8,069,241)
Provisions for liabilities
(2,410,500)
(2,410,500)
Net assets
13,800,190
13,495,989
Capital and reserves
Called up share capital
8
11,000
11,000
Share premium account
1,436,325
1,436,325
Profit and loss reserves
12,352,865
12,048,664
Total equity
13,800,190
13,495,989

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 30 June 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.

LEGAL-LINK LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023
30 June 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 16 November 2023 and are signed on its behalf by:
Mr A El-Ahwal
Director
Company Registration No. 03068463
LEGAL-LINK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
1
Accounting policies
Company information

Legal-Link Limited is a private company limited by shares incorporated in England and Wales. The registered office is Amelia House, Crescent Road, Worthing, West Sussex, BN11 1RL.

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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The COVID-19 pandemic and the ensuing economic shutdown has had a significant impact on the company’s operations which the directors are constantly monitoring and managing. In response to the COVID-19 pandemic, the directors have performed a robust analysis of forecast future cash flows taking into account the potential impact on the business of possible future scenarios arising from the impact of COVID-19. This analysis also considers the effectiveness of available measures to assist in mitigating the impact.true

 

Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty in relation to the appropriateness of continuing to adopt the going concern basis in preparing the annual report and accounts.

1.3
Turnover

Turnover represents amounts receivable for rents, on a time apportioned basis, from investment properties and is shown net of VAT.

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:

Plant and machinery
15% per annum on a straight line basis

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.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

LEGAL-LINK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.8
Equity instruments

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

 

1.9
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.

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.

2
Employees

The average monthly number of persons employed by the company during the year was 7 (2022 - 7).

LEGAL-LINK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
3
Tangible fixed assets
Plant and machinery
£
Cost
At 1 July 2022 and 30 June 2023
91,048
Depreciation and impairment
At 1 July 2022
37,319
Depreciation charged in the year
15,120
At 30 June 2023
52,439
Carrying amount
At 30 June 2023
38,609
At 30 June 2022
53,729
4
Investment property
2023
£
Fair value
At 1 July 2022
26,876,363
Additions
1,248,098
Disposals
(921,212)
At 30 June 2023
27,203,249

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 30 June 2023 by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
25,286
51,921
Other debtors
30,874
4,147
56,160
56,068
LEGAL-LINK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
78,935
46,094
Taxation and social security
90,692
40,931
Other creditors
2,947,905
3,089,154
3,117,532
3,176,179
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
8,047,405
8,069,241

Bank loans and overdrafts are secured against company assets.

8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.1p each
10,000,000
10,000,000
10,000
10,000
Ordinary A shares of 0.1p each
1,000,000
1,000,000
1,000
1,000
11,000,000
11,000,000
11,000
11,000
9
Non-distributable profits reserve
2023
2022
£
£
At the beginning and end of the year
5,392,049
5,392,049
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