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Registration number: 11453931

1LS Risk Consultants Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2023

 

1LS Risk Consultants Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 8

 

1LS Risk Consultants Limited

(Registration number: 11453931)
Abridged Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

11,790

8,611

Other financial assets

6

44,000

44,000

 

55,790

52,611

Current assets

 

Debtors

7

282,687

448,012

Cash at bank and in hand

 

272,862

119,378

 

555,549

567,390

Creditors: Amounts falling due within one year

(103,542)

(127,984)

Net current assets

 

452,007

439,406

Total assets less current liabilities

 

507,797

492,017

Accruals and deferred income

 

(22,744)

(22,744)

Net assets

 

485,053

469,273

Capital and reserves

 

Called up share capital

100

100

Retained earnings

484,953

469,173

Shareholders' funds

 

485,053

469,273

 

1LS Risk Consultants Limited

(Registration number: 11453931)
Abridged Balance Sheet as at 31 March 2023

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 12 January 2024
 

.........................................
Mr Andrew Richard Wright
Director

 

1LS Risk Consultants Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

1

General information

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

The address of its registered office is:
20 Vespasian Way
Dorchester
Dorset
DT1 2RD
United Kingdom

The principal place of business is:
42 Barncroft Drive
Haywards Heath
RH16 2NL
England

These financial statements were authorised for issue by the director on 12 January 2024.

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 abridged 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 abridged 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.

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.

Tax

The tax expense for the period comprises current 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.

 

1LS Risk Consultants Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

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.

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 and computer equipment

20% reducing balance

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 and subsequently measured at amortised cost using the effective interest method.

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.

 

1LS Risk Consultants Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

2,948

2,153

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

13,905

13,905

Additions

6,127

6,127

At 31 March 2023

20,032

20,032

Depreciation

At 1 April 2022

5,294

5,294

Charge for the year

2,948

2,948

At 31 March 2023

8,242

8,242

Carrying amount

At 31 March 2023

11,790

11,790

At 31 March 2022

8,611

8,611

 

1LS Risk Consultants Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

6

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2022

44,000

44,000

At 31 March 2023

44,000

44,000

Impairment

Carrying amount

At 31 March 2023

44,000

44,000

7

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

8

Dividends

Final dividends paid

   

2023
£

 

2022
£

Final dividend of £3,910.00 (2022 - £4,550.00) per each Ordinary £1 share

 

391,000

 

455,000

         

Final dividends paid

   

2023
£

 

2022
£

Final dividend of £3,910 (2022 - £4,550) per each Ordinary £1 share

 

391,000

 

455,000

         

Interim dividends paid

Recommended final dividends paid and not recognised in the accounts

The director is recommending the following final dividends:

These dividends have not been accrued in the balance sheet.

 

1LS Risk Consultants Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

9

Related party transactions

 

1LS Risk Consultants Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Contributions paid to money purchase schemes

40,000

40,000

Summary of transactions with associates

One Legl Square Limited

Loan to One Legal Square Limited £56,588 (2022 £39,074)

1LS Ventures Limited

Loan to 1LS Ventures Limited £180,000 (2022 £180,000)

Loans to related parties

2023

Associates
£

Total
£

At start of period

219,074

219,074

Advanced

17,514

17,514

At end of period

236,588

236,588

2022

Associates
£

Total
£

At start of period

205,807

205,807

Advanced

13,267

13,267

At end of period

219,074

219,074