REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
FOR |
OLD VICARAGE ADVISORY LEGAL (KEMPSTON) |
LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
FOR |
OLD VICARAGE ADVISORY LEGAL (KEMPSTON) |
LIMITED |
OLD VICARAGE ADVISORY LEGAL (KEMPSTON) |
LIMITED (REGISTERED NUMBER: 07632908) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 May 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
OLD VICARAGE ADVISORY LEGAL (KEMPSTON) |
LIMITED |
COMPANY INFORMATION |
for the year ended 31 May 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Magma House |
16 Davy Court |
Castle Mound Way |
Rugby |
CV23 0UZ |
OLD VICARAGE ADVISORY LEGAL (KEMPSTON) |
LIMITED (REGISTERED NUMBER: 07632908) |
BALANCE SHEET |
31 May 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
OLD VICARAGE ADVISORY LEGAL (KEMPSTON) |
LIMITED (REGISTERED NUMBER: 07632908) |
BALANCE SHEET - continued |
31 May 2023 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
OLD VICARAGE ADVISORY LEGAL (KEMPSTON) |
LIMITED (REGISTERED NUMBER: 07632908) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 May 2023 |
1. | STATUTORY INFORMATION |
Old Vicarage Advisory Legal (Kempston) Limited is a private company, limited by shares,registered in England and Wales. The company's registered number is 07632908 and the registered office address is Winthorpe House, 29 Church End, Biddenham, Bedford, Bedfordshire, MK40 4AR. |
The presentation currency of the financial statements is the Pound Sterling (£) and figures are rounded to the nearest £1. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
Rendering of services |
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: |
- the amount of revenue can be measured reliably; |
- it is probable that the Company will receive the consideration due under the contract; |
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and |
- the costs incurred and the costs to complete the contract can be measured reliably. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
The client database is being amortised over its useful life of four years. |
Tangible fixed assets |
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost also includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using a straight line method, as indicated below. |
Computer Equipment - 25% straight line |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. |
OLD VICARAGE ADVISORY LEGAL (KEMPSTON) |
LIMITED (REGISTERED NUMBER: 07632908) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 May 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
(i) Financial assets |
Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
Such assets are subsequently carried at amortised cost using the effective interest rate method. |
(ii) Financial liabilities |
Basic financial liabilities, including trade and other creditors 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. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Taxation |
The tax expense for the year comprises current and deferred tax. |
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. |
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. |
Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date profits. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Client |
database |
£ |
COST |
At 1 June 2022 |
and 31 May 2023 |
AMORTISATION |
At 1 June 2022 |
and 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
OLD VICARAGE ADVISORY LEGAL (KEMPSTON) |
LIMITED (REGISTERED NUMBER: 07632908) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 May 2023 |
5. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 June 2022 |
Disposals | ( |
) |
At 31 May 2023 |
DEPRECIATION |
At 1 June 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 9) |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 9) |
9. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
OLD VICARAGE ADVISORY LEGAL (KEMPSTON) |
LIMITED (REGISTERED NUMBER: 07632908) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 May 2023 |
9. | LOANS - continued |
2023 | 2022 |
£ | £ |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
10. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 May 2023 and 31 May 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The maximum amount overdrawn in the year was £106,117 (2022: £104,706) The loan was interest free and repayable on demand. |