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Company registration number: 10786693
Channing Law International Ltd
Unaudited filleted financial statements
31 May 2024
Channing Law International Ltd
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Channing Law International Ltd
Directors and other information
Director Mrs C Abrams
Company number 10786693
Registered office Audley House
13 Palace Street
London
SW1E 5HX
Accountants Passer & Co
20 Sunningdale Close
Stanmore
Middlesex
HA7 3QL
Channing Law International Ltd
Statement of financial position
31 May 2024
2024 2023
Note £ £ £ £
Current assets
Debtors 5 67,124 23,166
Cash at bank and in hand 355,156 456,836
_______ _______
422,280 480,002
Creditors: amounts falling due
within one year 6 ( 114,019) ( 107,649)
_______ _______
Net current assets 308,261 372,353
_______ _______
Total assets less current liabilities 308,261 372,353
_______ _______
Net assets 308,261 372,353
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 308,161 372,253
_______ _______
Shareholders funds 308,261 372,353
_______ _______
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 04 September 2024 , and are signed on behalf of the board by:
Mrs C Abrams
Director
Company registration number: 10786693
Channing Law International Ltd
Statement of changes in equity
Year ended 31 May 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 June 2022 100 507,597 507,697
Profit for the year 389,156 389,156
_______ _______ _______
Total comprehensive income for the year - 389,156 389,156
Dividends paid and payable ( 524,500) ( 524,500)
_______ _______ _______
Total investments by and distributions to owners - ( 524,500) ( 524,500)
_______ _______ _______
At 31 May 2023 and 1 June 2023 100 372,253 372,353
Profit for the year 284,548 284,548
_______ _______ _______
Total comprehensive income for the year - 284,548 284,548
Dividends paid and payable ( 348,640) ( 348,640)
_______ _______ _______
Total investments by and distributions to owners - ( 348,640) ( 348,640)
_______ _______ _______
At 31 May 2024 100 308,161 308,261
_______ _______ _______
Channing Law International Ltd
Notes to the financial statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Audley House, 13 Palace Street, London, SW1E 5HX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate 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. In this case, tax is 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 losses 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Debtors
2024 2023
£ £
Trade debtors 38,465 23,166
Other debtors 28,659 -
_______ _______
67,124 23,166
_______ _______
6. Creditors: amounts falling due within one year
2024 2023
£ £
Corporation tax 94,827 97,306
Social security and other taxes 19,192 10,343
_______ _______
114,019 107,649
_______ _______
7. Controlling party
The Company is controlled by the Director by virtue of her share holding.