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COMPANY REGISTRATION NUMBER: 05717891
Legalrisks Professional Indemnity Limited
Filleted Unaudited Financial Statements
29 February 2024
Legalrisks Professional Indemnity Limited
Financial Statements
Year ended 29 February 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Legalrisks Professional Indemnity Limited
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
3,329
3,699
Tangible assets
6
7,371
9,742
--------
--------
10,700
13,441
Current assets
Debtors
7
31,355
33,308
Cash at bank and in hand
8,212
4,053
--------
--------
39,567
37,361
Creditors: amounts falling due within one year
8
4,092
3,804
--------
--------
Net current assets
35,475
33,557
--------
--------
Total assets less current liabilities
46,175
46,998
--------
--------
Net assets
46,175
46,998
--------
--------
Capital and reserves
Called up share capital
2,000
2,000
Profit and loss account
44,175
44,998
--------
--------
Shareholders funds
46,175
46,998
--------
--------
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 income and retained earnings has not been delivered.
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Legalrisks Professional Indemnity Limited
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 10 September 2024 , and are signed on behalf of the board by:
P James
Director
Company registration number: 05717891
Legalrisks Professional Indemnity Limited
Notes to the Financial Statements
Year ended 29 February 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 Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Website Development Cost
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
20% straight line
Equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. 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. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. Intangible assets
Development costs
£
Cost
At 1 March 2023 and 29 February 2024
3,986
-------
Amortisation
At 1 March 2023
287
Charge for the year
370
-------
At 29 February 2024
657
-------
Carrying amount
At 29 February 2024
3,329
-------
At 28 February 2023
3,699
-------
6. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 March 2023
2,201
29,247
31,448
Additions
500
500
-------
--------
--------
At 29 February 2024
2,201
29,747
31,948
-------
--------
--------
Depreciation
At 1 March 2023
2,201
19,505
21,706
Charge for the year
2,871
2,871
-------
--------
--------
At 29 February 2024
2,201
22,376
24,577
-------
--------
--------
Carrying amount
At 29 February 2024
7,371
7,371
-------
--------
--------
At 28 February 2023
9,742
9,742
-------
--------
--------
7. Debtors
2024
2023
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
4,090
3,120
Other debtors
27,265
30,188
--------
--------
31,355
33,308
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,737
1,023
Corporation tax
705
1,281
Other creditors
1,650
1,500
-------
-------
4,092
3,804
-------
-------
9. Directors' advances, credits and guarantees
During the year advances were made to a director of £474 (2023: £1,110) and repayments made of £Nil (2023: £Nil). At the year end a director owed the company £19,449 (2023: £18,975). Included within this balance is interest charged at 2.25%.