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The Association of Law Costs Draftsmen Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
The Laurel Partnership Ltd
16 Broad Street
Eye
Suffolk
IP23 7AF
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 01330762
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 14,435 143
Investments 5 129,803 122,640
144,238 122,783
CURRENT ASSETS
Debtors 6 47,211 42,902
Cash at bank and in hand 132,018 142,039
179,229 184,941
Creditors: Amounts Falling Due Within One Year 7 (164,296 ) (173,987 )
NET CURRENT ASSETS (LIABILITIES) 14,933 10,954
TOTAL ASSETS LESS CURRENT LIABILITIES 159,171 133,737
PROVISIONS FOR LIABILITIES
Deferred Taxation (14,651 ) (10,575 )
NET ASSETS 144,520 123,162
Income and Expenditure Account 144,520 123,162
MEMBERS' FUNDS 144,520 123,162
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For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income and Expenditure Account.
On behalf of the board
Mr J Ridgway
Director
31/07/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
The Association of Law Costs Draftsmen Limited is a private company, limited by guarantee, incorporated in England & Wales, registered number 01330762 . The registered office is 16 Broad Street, Eye, Suffolk, IP23 7AF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 membership subscriptions and from the rendering of services. Turnover is reduced for estimated customer rebates and other similar allowances.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% reducing balance
Computer Equipment 33% straight line
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable surplus for the year. Taxable surplus differs from surplus as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on 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 surplus. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable surplus will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable surplus 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 realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in surplus or deficit, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
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4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 January 2023 286 5,535 5,821
Additions - 14,328 14,328
As at 31 December 2023 286 19,863 20,149
Depreciation
As at 1 January 2023 143 5,535 5,678
Provided during the period 36 - 36
As at 31 December 2023 179 5,535 5,714
Net Book Value
As at 31 December 2023 107 14,328 14,435
As at 1 January 2023 143 - 143
5. Investments
Listed Unlisted Total
£ £ £
Cost
As at 1 January 2023 107,640 15,000 122,640
Revaluations 7,163 - 7,163
As at 31 December 2023 114,803 15,000 129,803
Provision
As at 1 January 2023 - - -
As at 31 December 2023 - - -
Net Book Value
As at 31 December 2023 114,803 15,000 129,803
As at 1 January 2023 107,640 15,000 122,640
Listed investments are shown at their stock market valuation at year-end.
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6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 20,259 36,771
Prepayments and accrued income 2,894 4,263
Other debtors 650 625
VAT 1,250 -
Amounts owed by associates 22,158 1,243
47,211 42,902
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 1,022 5,279
Corporation tax 3,171 483
Other taxes and social security 1,089 639
VAT - 4,898
Other creditors 519 761
Accruals and deferred income 158,495 161,927
164,296 173,987
8. Related Party Transactions
9. Company limited by guarantee
The company is limited by guarantee and has no share capital.
Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £5.
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