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Registered number: 03384650









LAW ABROAD LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2023

 
LAW ABROAD LIMITED
REGISTERED NUMBER: 03384650

BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
538
4,334

  
538
4,334

Current assets
  

Debtors
 6 
411,672
400,346

Cash at bank and in hand
 7 
82
82

  
411,754
400,428

Creditors: amounts falling due within one year
 8 
(342,055)
(369,199)

Net current assets
  
 
 
69,699
 
 
31,229

Total assets less current liabilities
  
70,237
35,563

Creditors: amounts falling due after more than one year
 9 
(16,667)
(26,669)

  

Net assets
  
53,570
8,894


Capital and reserves
  

Called up share capital 
  
51,000
51,000

Profit and loss account
  
2,570
(42,106)

  
53,570
8,894


Page 1

 
LAW ABROAD LIMITED
REGISTERED NUMBER: 03384650
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023

The directors consider 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 directors acknowledge their 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: 




................................................
Mr K Underwood
Director

Date: 30 July 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
LAW ABROAD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Firsdon Bushfield Road, Bovingdon, Hemel Hempstead, England, HP3 0DR.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expenses over the lease term, on a straight-line basis.

 
2.4

Interest income

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

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
LAW ABROAD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to reduction in future payments or cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

 
2.8

Taxation

The taxation expense represents the aggreagte amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves, respectively. 
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax llosses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

 
2.9

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.

 
2.10

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 4

 
LAW ABROAD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.10
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:

Fittings fixtures and equipment
-
20%
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.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Staff Costs

The average monthly number of employees, including directors, during the year was 6 (2022 - 7).

Page 5

 
LAW ABROAD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

4.


Intangible assets




Goodwill

£



Cost


At 1 November 2022
375,000



At 31 October 2023

375,000



Amortisation


At 1 November 2022
375,000



At 31 October 2023

375,000



Net book value



At 31 October 2023
-



At 31 October 2022
-



Page 6

 
LAW ABROAD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

5.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 November 2022
63,593


Additions
659



At 31 October 2023

64,252



Depreciation


At 1 November 2022
59,259


Charge for the year on owned assets
4,455



At 31 October 2023

63,714



Net book value



At 31 October 2023
538



At 31 October 2022
4,334


6.


Debtors

2023
2022
£
£



Trade debtors
55,326
33,607

Other debtors
336,528
346,691

Prepayments and accrued income
19,818
20,048

411,672
400,346


Included within other debtors due within one year is a loan to a director, amounting to £18,800 (2022 - £30,282). Amounts repaid after the year totalled £10,000. The loan was charged interest at the official rate.  



Page 7

 
LAW ABROAD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
82
82

Less: bank overdrafts
(44,080)
(45,206)

(43,998)
(45,124)



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
44,080
45,206

Bank loans
120,333
167,185

Other loans
39,634
40,939

Trade creditors
3,280
11,658

Corporation tax
94,760
72,475

Other taxation and social security
34,116
27,736

Other creditors
852
-

Accruals and deferred income
5,000
4,000

342,055
369,199



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
16,667
26,669

16,667
26,669


Page 8

 
LAW ABROAD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
120,333
167,185

Other loans
39,634
40,939


159,967
208,124

Amounts falling due 1-2 years

Bank loans
16,667
26,667


16,667
26,667



176,634
234,791



11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £30,853 (2022 - £19,888). Contributions totalling £852 (2022 - £nil) were payable to the fund at the balance sheet date and are included in creditors.

 
Page 9