REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023 |
FOR |
ET LAW LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023 |
FOR |
ET LAW LIMITED |
ET LAW LIMITED (REGISTERED NUMBER: 11254303) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31st March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
ET LAW LIMITED |
COMPANY INFORMATION |
for the Year Ended 31st March 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
100 Barbirolli Square |
Manchester |
M2 3BD |
ET LAW LIMITED (REGISTERED NUMBER: 11254303) |
BALANCE SHEET |
31st March 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings |
The directors acknowledge their 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. |
ET LAW LIMITED (REGISTERED NUMBER: 11254303) |
BALANCE SHEET - continued |
31st March 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 Board of Directors and authorised for issue on |
ET LAW LIMITED (REGISTERED NUMBER: 11254303) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31st March 2023 |
1. | STATUTORY INFORMATION |
ET Law Limited is a private company limited by share capital, incorporated in England and Wales, registration number 11254303. The address of the registered office and principle place of business is Reedham House, 31-33 King Street West, Manchester, United Kingdom, M3 2PN. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents amounts due in respect of legal services provided during the year, net of value added tax. |
Services provided to clients during the year which, at the balance sheet date, have not been invoiced to clients have been recognised as turnover in accordance with FRS 102. Turnover recognised in this manner is based on an assessment of the fair value of services provided by the balance sheet date as a proportion of the total value of the engagement. Provision is made against unbilled amounts on those engagements where the right to receive payment is contingent on factors outside the control of the partnership. |
Unbilled fee income is included as unbilled turnover within debtors. Provision is made against unbilled amounts on those engagements where the right to receive payment is contingent on factors outside the control of the company. Income on such contingent engagements is generally recognised when the contingent event is successful. |
Tangible fixed assets |
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost 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 either a straight line or reducing balance method, as indicated below. |
Depreciation is provided on the following basis: |
Computer equipment | - | 33% on cost |
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. |
ET LAW LIMITED (REGISTERED NUMBER: 11254303) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st March 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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 future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
Debtors |
Basic financial assets, including trade and other debtors, 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 method, less any impairment. |
Cash and cash equivalents |
Cash and cash equivalents are represented by cash at bank and in hand. Bank overdrafts and bank loans are included within creditors. |
Creditors |
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
ET LAW LIMITED (REGISTERED NUMBER: 11254303) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st March 2023 |
4. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1st April 2022 |
and 31st March 2023 |
DEPRECIATION |
At 1st April 2022 |
Charge for year |
At 31st March 2023 |
NET BOOK VALUE |
At 31st March 2023 |
At 31st March 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
ET LAW LIMITED (REGISTERED NUMBER: 11254303) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st March 2023 |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal value: | 2023 | 2022 |
£ | £ |
100 | Ordinary | £1.00 | 100 | 100 |
1 | Ordinary A | £1.00 | 1 | 1 |
1 | Ordinary B | £1.00 | 1 | 1 |
1 | Ordinary C | £1.00 | 1 | 1 |
1 | Ordinary D | £1.00 | 1 | 1 |
104 | 104 |
9. | RELATED PARTY DISCLOSURES |
On 1 October 2022, ET Law Limited acquired Abacus Solicitors LLP. |