Registered number
08655181
Law Financial Services Ltd
Unaudited Filleted Accounts
For the Year Ended
30 November 2023
Law Financial Services Ltd
Registered number: 08655181
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 1,063,821 1,010,512
Tangible assets 4 84,171 2,120
1,147,992 1,012,632
Current assets
Debtors 5 21,358 36,051
Cash at bank and in hand 90,290 120,530
111,648 156,581
Creditors: amounts falling due within one year 6 (189,956) (205,181)
Net current liabilities (78,308) (48,600)
Total assets less current liabilities 1,069,684 964,032
Creditors: amounts falling due after more than one year 7 (661,603) (598,645)
Provisions for liabilities (15,993) (403)
Net assets 392,088 364,984
Capital and reserves
Called up share capital 2 2
Profit and loss account 392,086 364,982
Shareholders' funds 392,088 364,984
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J G Law
Director
Approved by the board on 18 July 2024
Law Financial Services Ltd
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant & Machinery 10% reducing balance
Computer equipment over 3 years
Motor Vehicles 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 December 2022 1,273,539
Additions 123,142
At 30 November 2023 1,396,681
Amortisation
At 1 December 2022 263,027
Provided during the year 69,833
At 30 November 2023 332,860
Net book value
At 30 November 2023 1,063,821
At 30 November 2022 1,010,512
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 December 2022 8,215 - 8,215
Additions - 105,454 105,454
At 30 November 2023 8,215 105,454 113,669
Depreciation
At 1 December 2022 6,095 - 6,095
Charge for the year 1,433 21,970 23,403
At 30 November 2023 7,528 21,970 29,498
Net book value
At 30 November 2023 687 83,484 84,171
At 30 November 2022 2,120 - 2,120
5 Debtors 2023 2022
£ £
Trade debtors 17,908 15,187
Other debtors 3,450 20,864
21,358 36,051
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 130,824 129,871
Obligations under finance lease and hire purchase contracts 6,195 -
Trade creditors 8,336 2,127
Taxation and social security costs 42,326 71,352
Other creditors 2,275 1,831
189,956 205,181
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 585,571 598,645
Obligations under finance lease and hire purchase contracts 76,032 -
661,603 598,645
8 Other information
Law Financial Services Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Lynn Garth
Gillinggate
Kendal
Cumbria
LA9 4JB
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