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REGISTERED NUMBER: 03429678 (England and Wales)








Unaudited Financial Statements

For The Year Ended 31 July 2023

for

Legal & Medical Investments Limited

Legal & Medical Investments Limited (Registered number: 03429678)






Contents of the Financial Statements
For The Year Ended 31 July 2023




Page

Balance Sheet 1

Notes to the Financial Statements 2


Legal & Medical Investments Limited (Registered number: 03429678)

Balance Sheet
31 July 2023

31.7.23 31.7.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 60,552 76,488
60,552 76,488

CURRENT ASSETS
Debtors 6 1,469,706 1,347,128
Cash at bank 251,915 287,533
1,721,621 1,634,661
CREDITORS
Amounts falling due within one year 7 1,236,938 1,178,134
NET CURRENT ASSETS 484,683 456,527
TOTAL ASSETS LESS CURRENT
LIABILITIES

545,235

533,015

PROVISIONS FOR LIABILITIES 11,272 16,685
NET ASSETS 533,963 516,330

CAPITAL AND RESERVES
Called up share capital 1,244 1,244
Share premium 34,898 34,898
Capital redemption reserve 49 49
Retained earnings 497,772 480,139
SHAREHOLDERS' FUNDS 533,963 516,330

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

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.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 April 2024 and were signed on its behalf by:





R W Major - Director


Legal & Medical Investments Limited (Registered number: 03429678)

Notes to the Financial Statements
For The Year Ended 31 July 2023

1. STATUTORY INFORMATION

Legal & Medical Investments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 03429678

Registered office: 3 Tivoli Walk
Cheltenham
Gloucestershire
GL50 2UX

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue recognition
Revenue comprises commission received in respect of mortgage, insurance and pension related products sold in the course of acting as an independent financial advisor. Commission due in respect of policies are recognised from the date that the policy is put 'on risk'. Renewal commissions are recognised as received.

In the event of the cancellation of a policy, there may be claw back of commissions previously paid after the end of the year in which they were received. No provision has been made within the accounts as in the director's opinion, such claw backs are not material and are recognised only when claimed by the insurance companies.

Commission received is the amount derived from ordinary activities, and stated after discounts, other sales taxes and net of VAT.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Legal & Medical Investments Limited (Registered number: 03429678)

Notes to the Financial Statements - continued
For The Year Ended 31 July 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2022 - 25 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 August 2022
and 31 July 2023 7,500
AMORTISATION
At 1 August 2022
and 31 July 2023 7,500
NET BOOK VALUE
At 31 July 2023 -
At 31 July 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 August 2022 220,906
Additions 3,875
At 31 July 2023 224,781
DEPRECIATION
At 1 August 2022 144,418
Charge for year 19,811
At 31 July 2023 164,229
NET BOOK VALUE
At 31 July 2023 60,552
At 31 July 2022 76,488

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade debtors 1,394,027 1,251,179
Other debtors 75,679 95,949
1,469,706 1,347,128

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Bank loans and overdrafts 131 1,596
Trade creditors 1,174,017 1,084,118
Taxation and social security 34,020 20,620
Other creditors 28,770 71,800
1,236,938 1,178,134

Legal & Medical Investments Limited (Registered number: 03429678)

Notes to the Financial Statements - continued
For The Year Ended 31 July 2023

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.7.23 31.7.22
£    £   
Within one year 21,155 27,747
Between one and five years 20,505 95,835
41,660 123,582