REGISTERED NUMBER: |
Strategic Report, |
Report of the Directors and |
Financial Statements |
for the Year Ended 30 November 2023 |
for |
CFG LAW LIMITED |
REGISTERED NUMBER: |
Strategic Report, |
Report of the Directors and |
Financial Statements |
for the Year Ended 30 November 2023 |
for |
CFG LAW LIMITED |
CFG LAW LIMITED (REGISTERED NUMBER: 04206160) |
Contents of the Financial Statements |
for the year ended 30 November 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 5 |
Statement of Comprehensive Income | 8 |
Balance Sheet | 9 |
Statement of Changes in Equity | 10 |
Notes to the Financial Statements | 11 |
CFG LAW LIMITED |
Company Information |
for the year ended 30 November 2023 |
Directors: |
Registered office: |
Registered number: |
Auditors: |
Northern Assurance Buildings |
9-21 Princess Street |
Manchester |
M2 4DN |
CFG LAW LIMITED (REGISTERED NUMBER: 04206160) |
Strategic Report |
for the year ended 30 November 2023 |
The directors present their strategic report for the year ended 30 November 2023. |
Review of business |
The Directors are pleased with the turnover achieved of £6.7m. Profit before tax for the year has increased to £580k |
The business has continued to deliver on the strong foundations established in recent trading years as a result of strategic investment. After a strong performance in 2022, which in itself built on a strong year in 2021, we have successfully negotiated the immediate post-Covid period. Our results in 2023 demonstrate again the strength of the business and our delivery against a clear strategy with positive growth in relation to both turnover but, more importantly, profitability. Both are forecast to grow strongly again in 2024 and in future years. |
We continue to invest in the business in line with strategy, focusing on operating processes, colleagues, locations and developing our brand. Most importantly, we continue to build our network of work sources, delivering long-term sustainable profitable growth for the next 3-5 years as a minimum. Successful agreements concluded within the financial year reported have driven further expansion and enabled us to open our latest new office in Warwick to support increasing work volumes in the Midlands and Thames Valley. |
We also continue to achieve quicker settlement of cases than the market average, benefiting our clients and their families, while also delivering settlement values at least in line with other established firms regarded as the benchmark on this metric. |
After extensive research throughout 2022 and into 2023, we launched our new market positioning and re-branded the business as simply CFG - highlighting the established differentiation we now have in the market through our related non-legal services, which we positioned as More Than Law. This change reflects feedback from our clients, their families and key work sources. It reflects a position in which we are increasingly leading the market in our broader approach to supporting clients and families, which is now recognised by our partners. Our new branding reflects three core aims of our business: legal excellence, wraparound support and leading change in our sector. |
With reference to the latter of those three areas, we continue to make no significant deductions from client damages in serious and catastrophic injury work, and have stated our intention publicly to oppose the deduction of shortfall fees in particular. We believe this is one area where the serious injury sector can and must do better and we intend to make this a focus of our campaigning in the future, to the benefit of those we support and in line with our purpose of 'helping all those affected by injury - together'. |
Our infrastructure investment continues to ensure we maintain a secure platform which can be accessed from anywhere in support of clients alongside skilled colleagues who are focused on delivering our purpose. Our main areas of investment in 2023 were: |
- Rebranding the business |
- Affirming our genuine hybrid working approach which will reduce our premises costs whilst increasing our colleague retention rates in the future |
- Opening a new office in Warwick reflecting our national growth |
- Increasing our trainee intake and full adoption of the new SQE training programme |
- Recruitment of new colleagues nationally, particularly in the expanding Midlands and Thames Valley region. |
Principal risks and uncertainties |
Competitive pressure and further industry reforms are the main risks and uncertainties which also present opportunities which the Directors consider the company is well placed to exploit. |
Research and development |
We continued to invest in developing our case management system which we believe provides us with a competitive advantage. We will continue to invest further in the future. |
This aligns with our support of a diverse hybrid workforce which we believe is critical in the changing employment and generational landscape. |
CFG LAW LIMITED (REGISTERED NUMBER: 04206160) |
Strategic Report |
for the year ended 30 November 2023 |
Future developments |
Our strategy continues to be the delivery of long -term sustainable profitable growth across the UK, delivering legal excellence and market-leading damages levels and settlement times whilst also offering clients and families our renowned wraparound support and also leading change in our sector to the benefit of those we work with. |
We anticipate further significant partnerships coming onstream in the financial year 2023-24 in line with our strategic plans, increasing the value and volume of new business and enabling us to help more people affected by injury. |
Financial instruments |
Objectives and policies |
The company’s principal financial instruments comprise bank balances, trade debtors, trade creditors and bank loans to the business. The main purpose of these instruments is to finance the company's operations. |
Price risk, credit risk, liquidity risk and cash flow risk |
In respect of bank balances, the liquidity risk is managed by holding cash balances in such a way that achieves a competitive rate of interest. |
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors. |
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. |
Loans comprise loans from financial institutions. The interest rates and payment terms are fixed. The business manages the liquidity risk by ensuring that there are sufficient funds to meet the payments. |
On behalf of the board: |
CFG LAW LIMITED (REGISTERED NUMBER: 04206160) |
Report of the Directors |
for the year ended 30 November 2023 |
The directors present their report with the financial statements of the company for the year ended 30 November 2023. |
Dividends |
The total distribution of dividends for the year was £Nil |
Directors |
The directors shown below have held office during the whole of the period from 1 December 2022 to the date of this report. |
Going concern |
The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. These have been prepared on the assumption that the bank will continue to support the company. Based on these assessments and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. |
Statement of directors' responsibilities |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Statement as to disclosure of information to auditors |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
On behalf of the board: |
Report of the Independent Auditors to the Members of |
CFG Law Limited |
Opinion |
We have audited the financial statements of CFG Law Limited (the 'company') for the year ended 30 November 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 November 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
CFG Law Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- We perform walkthrough testing to confirm that the company's own controls were operating correctly; |
- We test a sample of sales and purchases to confirm they are accounted for correctly and are appropriately disclosed; |
- We test a sample of debtors and creditors to confirm they are correctly stated; |
- We test a sample of journals to confirm they are genuine transactions; |
- We review accounting estimates, in particular those relating to work in progress, to confirm they are reasonable. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
CFG Law Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Northern Assurance Buildings |
9-21 Princess Street |
Manchester |
M2 4DN |
CFG LAW LIMITED (REGISTERED NUMBER: 04206160) |
Statement of Comprehensive |
Income |
for the year ended 30 November 2023 |
2023 | 2022 |
Notes | £ | £ |
Turnover |
Administrative expenses | ( |
) | ( |
) |
Operating profit | 5 |
Interest payable and similar expenses | 6 | ( |
) | ( |
) |
Profit before taxation |
Tax on profit | 7 | ( |
) | ( |
) |
Profit for the financial year |
Other comprehensive income | - | - |
Total comprehensive income for the year |
CFG LAW LIMITED (REGISTERED NUMBER: 04206160) |
Balance Sheet |
30 November 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 8 |
Tangible assets | 9 |
Investments | 10 |
Current assets |
Debtors | 11 |
Cash in hand |
Creditors |
Amounts falling due within one year | 12 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
13 |
( |
) |
( |
) |
Provisions for liabilities | 17 | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 18 |
Retained earnings | 19 |
Shareholders' funds |
The financial statements were approved by the Board of Directors and authorised for issue on |
CFG LAW LIMITED (REGISTERED NUMBER: 04206160) |
Statement of Changes in Equity |
for the year ended 30 November 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 December 2021 |
Changes in equity |
Total comprehensive income | - |
Balance at 30 November 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 30 November 2023 |
CFG LAW LIMITED (REGISTERED NUMBER: 04206160) |
Notes to the Financial Statements |
for the year ended 30 November 2023 |
1. | Statutory information |
CFG Law Limited is a |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention. |
The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. These have been prepared on the assumption that the bank will continue to support the company. Based on these assessments and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows. |
Significant judgements and estimates |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are not considered to be any critical judgements in applying the company's accounting policies. |
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the actual results. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets or liabilities within the next financial year are addressed below. |
(i) Accrued income valuation |
The valuation of accrued income involves a number of estimates including prospects of success and liability status. |
CFG LAW LIMITED (REGISTERED NUMBER: 04206160) |
Notes to the Financial Statements - continued |
for the year ended 30 November 2023 |
3. | Accounting policies - continued |
Turnover |
Turnover represents the fair value of professional services provided during the year to clients. Fair value reflects the amount expected to be recoverable from clients and is based on time spent, skills and expertise provided and expenses incurred, but excludes Value Added Tax. |
Turnover in respect of contingent fee assignments is recognised in the period when the contingent event occurs. The anticipated fee is discounted for the liability status and the prospects of success. |
Turnover which has been recognised but not invoiced is included in other debtors as accrued income. |
Goodwill |
Goodwill is the difference between the fair value of consideration paid for an acquired entity and the aggregate of the fair value of the entity's identifiable assets and liabilities. |
Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable. |
Amortisation is provided so as to write off the cost, less any estimated residual value, over the expected useful life of 5 years. |
Tangible fixed assets |
Improvements to property | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price and costs directly attributable to bringing the asset to its working condition for its intended use. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
CFG LAW LIMITED (REGISTERED NUMBER: 04206160) |
Notes to the Financial Statements - continued |
for the year ended 30 November 2023 |
3. | Accounting policies - continued |
Financial instruments |
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
(i) Financial assets |
Basic financial assets, including trade and other debtors, loans to fellow group companies that are classified as debt and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
Such assets are subsequently carried at amortised cost using the effective interest method. |
There are no assets which are initially measured at fair value. |
(ii) Financial liabilities |
Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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 payment is due within one year or less. If not, they are presented as non-current liabilities. |
Taxation |
Taxation for the year comprises current and deferred tax. 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 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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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. |
CFG LAW LIMITED (REGISTERED NUMBER: 04206160) |
Notes to the Financial Statements - continued |
for the year ended 30 November 2023 |
4. | Employees and directors |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
Administration and support | 19 | 18 |
Other departments | 55 | 54 |
2023 | 2022 |
£ | £ |
Directors' remuneration |
5. | Operating profit |
The operating profit is stated after charging: |
2023 | 2022 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Auditors' remuneration |
6. | Interest payable and similar expenses |
2023 | 2022 |
£ | £ |
Bank interest |
Loan |
Leasing |
7. | Taxation |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( |
) |
Tax on profit |
UK corporation tax has been charged at 23.01% . |
CFG LAW LIMITED (REGISTERED NUMBER: 04206160) |
Notes to the Financial Statements - continued |
for the year ended 30 November 2023 |
7. | Taxation - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances |
Total tax charge | 144,458 | 104,963 |
The average rate of corporation tax during the year ended 30 November 2023 was 23.01% being 19% to 31 March 2023 and 25% thereafter. |
8. | Intangible fixed assets |
Goodwill |
£ |
Cost |
At 1 December 2022 |
and 30 November 2023 |
Amortisation |
At 1 December 2022 |
and 30 November 2023 |
Net book value |
At 30 November 2023 |
At 30 November 2022 |
CFG LAW LIMITED (REGISTERED NUMBER: 04206160) |
Notes to the Financial Statements - continued |
for the year ended 30 November 2023 |
9. | Tangible fixed assets |
Fixtures |
Improvements | and | Motor | Computer |
to property | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
Cost |
At 1 December 2022 |
Additions |
At 30 November 2023 |
Depreciation |
At 1 December 2022 |
Charge for year |
At 30 November 2023 |
Net book value |
At 30 November 2023 |
At 30 November 2022 |
10. | Fixed asset investments |
Shares in |
group |
undertakings |
£ |
Cost |
Additions |
At 30 November 2023 |
Net book value |
At 30 November 2023 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: Oakwater House, 4 Oakwater Avenue, Cheadle Royal Business Park, Cheadle, Cheshire, SK8 3SR |
Nature of business: |
% |
Class of shares: | holding |
11. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Directors' current accounts | 850,000 | 850,000 |
Tax |
Prepayments and accrued income |
CFG LAW LIMITED (REGISTERED NUMBER: 04206160) |
Notes to the Financial Statements - continued |
for the year ended 30 November 2023 |
12. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 14) |
Hire purchase contracts (see note 15) |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax |
Social security and other taxes |
VAT | 309,157 | 287,860 |
Other creditors |
Accrued expenses |
13. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Bank loans (see note 14) |
Hire purchase contracts (see note 15) |
14. | Loans |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Bank loans |
Amounts falling due between one and two years: |
Bank loans 1-2 years |
Amounts falling due between two and five years: |
Bank loans 2-5 years |
15. | Leasing agreements |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
CFG LAW LIMITED (REGISTERED NUMBER: 04206160) |
Notes to the Financial Statements - continued |
for the year ended 30 November 2023 |
15. | Leasing agreements - continued |
Non-cancellable |
operating leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
16. | Secured debts |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank overdrafts |
The company's bankers hold a debenture dated 29 November 2007 as security for any bank overdrafts. The security incorporates a fixed and floating charge over the undertaking and all property and assets both present and future. |
17. | Provisions for liabilities |
2023 | 2022 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred tax |
£ |
Balance at 1 December 2022 |
Credit to Statement of Comprehensive Income during year | ( |
) |
Balance at 30 November 2023 |
The net deferred tax liability expected to reverse in 2024 is £5,500. This primarily relates to the reversal of timing differences on capital allowances. |
18. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 1,500 | 1,500 |
Ordinary redeemable | £1 | 1 | 1 |
1,501 | 1,501 |
There are no restrictions on the voting rights of the ordinary shares nor on their rights to dividends and to participate in any surplus. |
The ordinary redeemable share has no voting rights and is repayable at par on a winding up or other repayment of capital. It is entitled to dividends as declared on the class. |
CFG LAW LIMITED (REGISTERED NUMBER: 04206160) |
Notes to the Financial Statements - continued |
for the year ended 30 November 2023 |
19. | Reserves |
Retained |
earnings |
£ |
At 1 December 2022 |
Profit for the year |
At 30 November 2023 |
20. | Ultimate parent company |
Client First Group Holdings Limited is regarded by the directors as being the company's ultimate parent company. |
The company is a 100% subsidiary of Client First Group Holdings Limited, a company incorporated in England and Wales. Claire Fernie controls The Client First Group Limited as she owns 100% of its Ordinary shares and 90% of its A Ordinary shares. |
Client First Group Holdings Limited is the sole parent company of the group of which the company is a member and for which group accounts are drawn up. Copies of the group accounts are available from 4 Oakwater Avenue, Cheadle Royal Business Park, Cheadle, Cheshire SK8 3SR. |
21. | Contingent liabilities |
CFG Law Limited has guaranteed a bank loan creditor of a related party, The Client First Group Limited. At 30 November 2023 the amount outstanding was £825,288 (2022 - £939,693). |
22. | Directors' advances, credits and guarantees |
A director had an overdrawn loan account of £850,000 at 30 November 2022 and 30 November 2023. There were no advances or credits during the year. |
The above loan is interest free and repayable on demand. |
23. | Related party disclosures |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
At 30 November the company was owed £484,786 (2022 £161,242) by a company under common control. |
Purchases from this company during the year amounted to £193,353 (2022 £193,353). |
24. | Ultimate controlling party |
The controlling party is Claire Fernie. |