Company registration number 07376606 (England and Wales)
RADIANT LAW LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
RADIANT LAW LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
RADIANT LAW LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
5
-
0
146,716
Tangible assets
6
1,196
1,104
Investments
7
183
106
1,379
147,926
Current assets
Debtors
8
1,628,934
1,971,753
Cash at bank and in hand
1,504,331
1,112,326
3,133,265
3,084,079
Creditors: amounts falling due within one year
9
(1,167,780)
(1,339,198)
Net current assets
1,965,485
1,744,881
Total assets less current liabilities
1,966,864
1,892,807
Provisions for liabilities
(281)
(210)
Net assets
1,966,583
1,892,597
Capital and reserves
Called up share capital
10
1,744
1,694
Capital redemption reserve
401
401
Profit and loss reserves
1,964,438
1,890,502
Total equity
1,966,583
1,892,597

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

RADIANT LAW LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 19 July 2024 and are signed on its behalf by:
Mrs S Wallace-Turner
Director
Company registration number 07376606 (England and Wales)
RADIANT LAW LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Radiant Law Ltd is a private company limited by shares incorporated in England and Wales. The registered office is International House, 36-38 Cornhill, London, EC3V 3NG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover represents amounts receivable for professional services net of VAT. Revenue for services provided to clients which had not been billed at the balance sheet date have been recognised based on the fair value of services provided up to the balance sheet date. Revenue is recognised only to the extent that there is a contractual right to receive consideration for the work performed.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

RADIANT LAW LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
straight line over three years
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
15% on cost
Computer equipment
50% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
Impairment of fixed assets

At each balance sheet date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts (if any) are shown within borrowings in current liabilities.

1.9
Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

RADIANT LAW LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end if each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

 

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset is realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

 

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

RADIANT LAW LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
4
4

Staff costs for the prior year 2022 included a special bonus of £224,000 paid to one of the directors.

4
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2023
2022
Notes
£
£
In respect of:
Intangible assets
5
97,811
-
0
Investments in joint ventures
7
804
340
Recognised in:
Administrative expenses
97,811
-
Amounts written off investments
804
340

The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.

RADIANT LAW LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
5
Intangible fixed assets
Other
£
Cost
At 1 January 2023 and 31 December 2023
146,716
Amortisation and impairment
At 1 January 2023
-
0
Amortisation charged for the year
48,905
Impairment losses
97,811
At 31 December 2023
146,716
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
146,716

The asset was not in operational use until early 2023. Accordingly amortisation was not provided for in 2022.

6
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
17,126
Additions
1,105
At 31 December 2023
18,231
Depreciation and impairment
At 1 January 2023
16,022
Depreciation charged in the year
1,013
At 31 December 2023
17,035
Carrying amount
At 31 December 2023
1,196
At 31 December 2022
1,104
7
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
183
106
RADIANT LAW LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
7
Fixed asset investments
(Continued)
- 8 -
Movements in fixed asset investments
Shares in subsidiaries and joint ventures
Loans to joint ventures
Total
£
£
£
Cost or valuation
At 1 January 2023
182
3,346
3,528
Additions
1
-
1
Reversals
-
(3,346)
(3,346)
At 31 December 2023
183
-
183
Impairment
At 1 January 2023
76
3,346
3,422
Impairment losses
(76)
(3,346)
(3,422)
At 31 December 2023
-
-
-
0
Carrying amount
At 31 December 2023
183
-
183
At 31 December 2022
106
-
106
8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
538,204
844,900
Amounts owed by group undertakings
346,200
655,768
Other debtors
744,530
471,085
1,628,934
1,971,753
9
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
68,604
53,307
Amounts owed to group undertakings
28,597
-
0
Corporation tax
132,161
148,100
Other taxation and social security
216,864
319,321
Other creditors
721,554
818,470
1,167,780
1,339,198
RADIANT LAW LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Creditors: amounts falling due within one year
(Continued)
- 9 -

Other creditors includes £670,750 (2022: £764,791) in respect of monies billed in advance for works being undertaken in the following year.

10
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
40,000 Ordinary A shares of 1p each
400
400
100 Ordinary B shares of 1p each
1
1
1 (2022: 0) Ordinary C shares of 1p each
-
-
20,875 (2022: 19,275) Ordinary F shares of 1p each
209
193
18,775 Ordinary G shares of 1p each
188
188
24,600 Ordinary H shares of 1p each
246
246
70,001 (2022: 66,601) Ordinary Exit shares of 1p each
700
666
1,744
1,694

The company holds the following at the balance sheet date which are treated as Treasury shares:

 

- 422 Ordinary 1p F shares - acquired in 2023 for £36,600

- 5,000 Ordinary 1p F shares - acquired in 2018 for nil consideration

- 24,600 Ordinary 1p H shares - acquired in 2018 for nil consideration

 

2023-12-312023-01-01false19 July 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityMr A HamiltonG TufnellMrs S Wallace-Turnerfalse073766062023-01-012023-12-31073766062023-12-31073766062022-12-3107376606core:IntangibleAssetsOtherThanGoodwill2023-12-3107376606core:IntangibleAssetsOtherThanGoodwill2022-12-3107376606core:OtherPropertyPlantEquipment2023-12-3107376606core:OtherPropertyPlantEquipment2022-12-3107376606core:Non-currentFinancialInstruments2022-12-3107376606core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3107376606core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3107376606core:CurrentFinancialInstruments2023-12-3107376606core:CurrentFinancialInstruments2022-12-3107376606core:ShareCapital2023-12-3107376606core:ShareCapital2022-12-3107376606core:CapitalRedemptionReserve2023-12-3107376606core:CapitalRedemptionReserve2022-12-3107376606core:RetainedEarningsAccumulatedLosses2023-12-3107376606core:RetainedEarningsAccumulatedLosses2022-12-3107376606core:ShareCapitalOrdinaryShares2023-12-3107376606core:ShareCapitalOrdinaryShares2022-12-3107376606bus:Director32023-01-012023-12-3107376606core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3107376606core:ComputerSoftware2023-01-012023-12-3107376606core:FurnitureFittings2023-01-012023-12-3107376606core:ComputerEquipment2023-01-012023-12-31073766062022-01-012022-12-3107376606core:IntangibleAssetsOtherThanGoodwill2022-01-012022-12-3107376606core:IntangibleAssetsOtherThanGoodwill2022-12-3107376606core:OtherPropertyPlantEquipment2022-12-3107376606core:OtherPropertyPlantEquipment2023-01-012023-12-3107376606core:WithinOneYear2023-12-3107376606core:WithinOneYear2022-12-3107376606bus:PrivateLimitedCompanyLtd2023-01-012023-12-3107376606bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3107376606bus:FRS1022023-01-012023-12-3107376606bus:AuditExemptWithAccountantsReport2023-01-012023-12-3107376606bus:Director12023-01-012023-12-3107376606bus:Director22023-01-012023-12-3107376606bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP