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Registration number: 08475787

PCA Law Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

PCA Law Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

PCA Law Limited

Company Information

Directors

Mr J Fredericks

Mr C R Goode

Registered office

Northgate House
North Gate
New Basford
Nottingham
NG7 7BQ

Accountants

RWB CA Limited
Northgate House
North Gate
New Basford
Nottingham
NG7 7BQ

 

PCA Law Limited

(Registration number: 08475787)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

17,288

19,364

Current assets

 

Debtors

6

918,917

682,941

Cash at bank and in hand

 

851,595

439,575

 

1,770,512

1,122,516

Creditors: Amounts falling due within one year

7

(524,004)

(427,699)

Net current assets

 

1,246,508

694,817

Total assets less current liabilities

 

1,263,796

714,181

Provisions for liabilities

(4,322)

(3,679)

Net assets

 

1,259,474

710,502

Capital and reserves

 

Called up share capital

9

2

2

EMI share option reserve

4,928

4,561

Retained earnings

1,254,544

705,939

Shareholders' funds

 

1,259,474

710,502

 

PCA Law Limited

(Registration number: 08475787)
Balance Sheet as at 30 June 2023

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 October 2023 and signed on its behalf by:
 

.........................................
Mr J Fredericks
Director

 

PCA Law Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Northgate House
North Gate
New Basford
Nottingham
NG7 7BQ

The principal place of business is:
Sandbox Workspace
46-48 Red Lion Court
Park Street
London
SE1 9EQ

These financial statements were authorised for issue by the Board on 6 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

PCA Law Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Deferred tax is measured using the 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

25% Straight Line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Patents and Trademarks

20% Straight Line

Website costs

20% Straight Line

 

PCA Law Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 20 (2022 - 22).

 

PCA Law Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Intangible assets

Trademarks, patents and licenses
 £

Website costs
 £

Total
£

Cost or valuation

At 1 July 2022

1,027

3,060

4,087

At 30 June 2023

1,027

3,060

4,087

Amortisation

At 1 July 2022

1,027

3,060

4,087

At 30 June 2023

1,027

3,060

4,087

Carrying amount

At 30 June 2023

-

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2022

37,116

37,116

Additions

7,195

7,195

At 30 June 2023

44,311

44,311

Depreciation

At 1 July 2022

17,752

17,752

Charge for the year

9,271

9,271

At 30 June 2023

27,023

27,023

Carrying amount

At 30 June 2023

17,288

17,288

At 30 June 2022

19,364

19,364

 

PCA Law Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

6

Debtors

Note

2023
£

2022
£

Trade debtors

 

458,842

382,918

Amounts owed by group undertakings and undertakings in which the company has a participating interest

11

388,467

34,008

Prepayments

 

50,135

111,796

Other debtors

 

21,473

154,219

 

918,917

682,941

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

138,007

140,607

Taxation and social security

177,364

117,240

Accruals and deferred income

200,562

162,530

Other creditors

8,071

7,322

524,004

427,699

 

PCA Law Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

8

Share based payments

Enterprise Management Investment Scheme

Scheme details and movements

The scheme is equity settled with 448 options currently granted

The fair value of the equity instrument granted is measured based on the most recent valuation of the company

The movements in the number of share options during the year were as follows:

 

2023

2022

 

Number

Number

Outstanding, start of period

448

4,152

Granted during the period

-

-

Forfeited during the period

-

(3,704)

Outstanding, end of period

448

448

The movements in the weighted average exercise price of share options during the year were as follows:

Effect of share-based payments on profit or loss and financial position

The total expense (released)/ recognised in profit or loss for the year was (£367) (2022: £38,071).

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £0.0001 each

20,000

2

20,000

2

         

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £52,590 (2022 - £147,845).

 

PCA Law Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

11

Related party transactions

2023

At 1 July 2022
£

Repayments by director
£

At 30 June 2023
£

Mr J Fredericks

Loan account without interest charged

78

(78)

-

       
     

 

12

Parent and ultimate parent undertaking

The company's immediate parent is The Experiential Learning Group Limited, incorporated in England and Wales.