Caseware UK (AP4) 2022.0.179 2022.0.179 2023-09-302023-09-30falseNo description of principal activity2022-10-01false54trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12795054 2022-10-01 2023-09-30 12795054 2023-09-30 12795054 2021-10-01 2022-09-30 12795054 2022-09-30 12795054 c:Director1 2022-10-01 2023-09-30 12795054 c:RegisteredOffice 2022-10-01 2023-09-30 12795054 d:FurnitureFittings 2022-10-01 2023-09-30 12795054 d:FurnitureFittings 2023-09-30 12795054 d:FurnitureFittings 2022-09-30 12795054 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 12795054 d:ComputerEquipment 2022-10-01 2023-09-30 12795054 d:ComputerEquipment 2023-09-30 12795054 d:ComputerEquipment 2022-09-30 12795054 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 12795054 d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 12795054 d:Goodwill 2022-10-01 2023-09-30 12795054 d:Goodwill 2023-09-30 12795054 d:Goodwill 2022-09-30 12795054 d:CurrentFinancialInstruments 2023-09-30 12795054 d:CurrentFinancialInstruments 2022-09-30 12795054 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 12795054 d:CurrentFinancialInstruments d:WithinOneYear 2022-09-30 12795054 d:ShareCapital 2023-09-30 12795054 d:ShareCapital 2022-09-30 12795054 d:RetainedEarningsAccumulatedLosses 2023-09-30 12795054 d:RetainedEarningsAccumulatedLosses 2022-09-30 12795054 c:FRS102 2022-10-01 2023-09-30 12795054 c:AuditExempt-NoAccountantsReport 2022-10-01 2023-09-30 12795054 c:FullAccounts 2022-10-01 2023-09-30 12795054 c:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 12795054 2 2022-10-01 2023-09-30 12795054 d:Goodwill d:OwnedIntangibleAssets 2022-10-01 2023-09-30 iso4217:GBP xbrli:pure
Company registration number: 12795054







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 SEPTEMBER 2023


FARORE LAW LIMITED






































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FARORE LAW LIMITED
 



CONTENTS



Page
Company information
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 8


 


FARORE LAW LIMITED
 


 
COMPANY INFORMATION


Director
S E McKie 




Registered number
12795054



Registered office
Octagon Point 5 Cheapside
St Paul's

London

EC2V 6AA




Accountants
Menzies LLP

1st Floor, Midas House

62 Goldsworth Road

Woking

Surrey

GU21 6LQ




Page 1

 


FARORE LAW LIMITED
REGISTERED NUMBER:12795054



STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
177,351
266,026

Tangible assets
 5 
27,249
10,329

  
204,600
276,355

Current assets
  

Debtors: amounts falling due within one year
 6 
436,820
226,663

Cash at bank and in hand
  
1,577,803
503,261

  
2,014,623
729,924

Creditors: amounts falling due within one year
 7 
(576,847)
(350,290)

Net current assets
  
 
 
1,437,776
 
 
379,634

Total assets less current liabilities
  
1,642,376
655,989

Provisions for liabilities
  

Deferred tax
  
(3,261)
-

  
 
 
(3,261)
 
 
-

Net assets
  
1,639,115
655,989

Page 2

 


FARORE LAW LIMITED
REGISTERED NUMBER:12795054


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
1,639,114
655,988

  
1,639,115
655,989


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
S E McKie
Director

Date: 16 February 2024

The notes on pages 4 to 8 form part of these financial statements.

Page 3

 


FARORE LAW LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

Farore Law Limited is a private Company limited by shares incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The principal place of business is the same as the address of its registered office and is disclosed on the company information page.
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 £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 


FARORE LAW LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.4

Current and deferred 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.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.5

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following bases:

Goodwill
-
20%
straight line

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model 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.

Page 5

 


FARORE LAW LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
33%
straight line
Computer equipment
-
33%
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.

  
2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.8

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2022 -4).

Page 6

 


FARORE LAW LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

4.


Intangible assets




Goodwill

£



Cost


At 1 October 2022
443,378



At 30 September 2023

443,378



Amortisation


At 1 October 2022
177,352


Charge for the year on owned assets
88,675



At 30 September 2023

266,027



Net book value



At 30 September 2023
177,351



At 30 September 2022
266,026




5.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 October 2022
8,328
6,513
14,841


Additions
27,006
390
27,396



At 30 September 2023

35,334
6,903
42,237



Depreciation


At 1 October 2022
3,657
855
4,512


Charge for the year on owned assets
8,236
2,240
10,476



At 30 September 2023

11,893
3,095
14,988



Net book value



At 30 September 2023
23,441
3,808
27,249



At 30 September 2022
4,671
5,658
10,329

Page 7

 


FARORE LAW LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

6.


Debtors

2023
2022
£
£


Trade debtors
255,906
187,153

Other debtors
35,843
8,760

Prepayments and accrued income
12,044
7,652

Amounts recoverable on contracts
133,027
23,098

436,820
226,663



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
9,744
11,684

Corporation tax
400,046
154,413

Other taxation and social security
112,970
133,307

Other creditors
45,652
46,536

Accruals and deferred income
8,435
4,350

576,847
350,290


 
Page 8