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Company registration number: SC268459
Just Employment Law Ltd.
Unaudited filleted financial statements
31 December 2023
Just Employment Law Ltd.
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Just Employment Law Ltd.
Directors and other information
Directors Gordon S Herd
David M McRae
David W Reid
Secretary Gordon S Herd
Company number SC268459
Registered office 6 Eagle Street
Craighall Business Park
Glasgow
G4 9XA
Business address 6 Eagle Street
Craighall Business Park
Glasgow
G4 9XA
Accountants Barrie Scott & Co.
16 - 18 Weir Street
Falkirk
FK1 1RA
Just Employment Law Ltd.
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Just Employment Law Ltd.
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Just Employment Law Ltd. for the year ended 31 December 2023 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the board of directors of Just Employment Law Ltd., as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Just Employment Law Ltd. and state those matters that we have agreed to state to the board of directors of Just Employment Law Ltd. as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Just Employment Law Ltd. and its board of directors as a body for our work or for this report.
It is your duty to ensure that Just Employment Law Ltd. has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Just Employment Law Ltd.. You consider that Just Employment Law Ltd. is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Just Employment Law Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Barrie Scott & Co.
Accountants & Tax Advisers
16 - 18 Weir Street
Falkirk
FK1 1RA
16 September 2024
Just Employment Law Ltd.
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 723,977 291,029
Investments 6 - 475,000
_______ _______
723,977 766,029
Current assets
Debtors 7 225,324 191,306
Cash at bank and in hand 630,245 474,327
_______ _______
855,569 665,633
Creditors: amounts falling due
within one year 8 ( 344,684) ( 221,529)
_______ _______
Net current assets 510,885 444,104
_______ _______
Total assets less current liabilities 1,234,862 1,210,133
Provisions for liabilities ( 1,724) ( 2,622)
_______ _______
Net assets 1,233,138 1,207,511
_______ _______
Capital and reserves
Called up share capital 500,000 500,000
Profit and loss account 733,138 707,511
_______ _______
Shareholders funds 1,233,138 1,207,511
_______ _______
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.
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.
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 05 August 2024 , and are signed on behalf of the board by:
David M McRae
Director
Company registration number: SC268459
Just Employment Law Ltd.
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 6 Eagle Street, Craighall Business Park, Glasgow, G4 9XA.
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.
Going concern
These accounts are prepared on a Going Concern basis.
Revenue recognition
Turnover represents revenue earned under a variety of contracts to provide employment law services and advice to third parties with an adjustment for the recoverable value of incomplete work at the end of the year.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Freehold property - Straight line over 50 years
Plant and machinery - 25% reducing balance/4 years straight line
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Investment properties are measured at fair value with changes in fair value being recognised in profit and loss. Listed investments are measured at fair value with changes in fair value being recognised in profit and loss.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless an arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2022: 15 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 January 2023 275,000 33,538 59,917 81,809 450,264
Additions - 2,492 4,583 100,159 107,234
Disposals - ( 1,930) - ( 81,809) ( 83,739)
Transfers 475,000 - - - 475,000
_______ _______ _______ _______ _______
At 31 December 2023 750,000 34,100 64,500 100,159 948,759
_______ _______ _______ _______ _______
Depreciation
At 1 January 2023 44,000 29,201 45,599 40,435 159,235
Charge for the year 76,646 3,391 2,835 25,040 107,912
Disposals - ( 1,930) - ( 40,435) ( 42,365)
_______ _______ _______ _______ _______
At 31 December 2023 120,646 30,662 48,434 25,040 224,782
_______ _______ _______ _______ _______
Carrying amount
At 31 December 2023 629,354 3,438 16,066 75,119 723,977
_______ _______ _______ _______ _______
At 31 December 2022 231,000 4,337 14,318 41,374 291,029
_______ _______ _______ _______ _______
6. Investments
Other loans Total
£ £
Cost
At 1 January 2023 475,000 475,000
Transfers ( 475,000) ( 475,000)
_______ _______
At 31 December 2023 - -
_______ _______
Impairment
At 1 January 2023 and 31 December 2023 - -
_______ _______
Carrying amount
At 31 December 2023 - -
_______ _______
At 31 December 2022 475,000 475,000
_______ _______
7. Debtors
2023 2022
£ £
Trade debtors 183,542 154,471
Other debtors 41,782 36,835
_______ _______
225,324 191,306
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 7,692 9,077
Corporation tax 169,351 120,978
Social security and other taxes 151,003 79,426
Other creditors 16,638 12,048
_______ _______
344,684 221,529
_______ _______
9. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Later than 1 year and not later than 5 years 1,560 540
_______ _______
10. Controlling party
The company is under the control of Mr Gordon S Herd , the majority shareholder and a director.