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REGISTERED NUMBER: 07266539 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

MJP LAW LIMITED

MJP LAW LIMITED (REGISTERED NUMBER: 07266539)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Balance sheet 1

Notes to the financial statements 3


MJP LAW LIMITED (REGISTERED NUMBER: 07266539)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Intangible assets 4 9,000 15,000
Tangible assets 5 14,405 5,122
23,405 20,122

Current assets
Debtors 6 182,801 226,503
Cash at bank and in hand 411,473 121,310
594,274 347,813
Creditors
Amounts falling due within one year 7 236,193 177,147
Net current assets 358,081 170,666
Total assets less current liabilities 381,486 190,788

Creditors
Amounts falling due after more than one year 8 (40,020 ) (72,021 )

Provisions for liabilities 11 (1,261 ) (1,050 )
Net assets 340,205 117,717

Capital and reserves
Called up share capital 12 8,001 8,001
Retained earnings 332,204 109,716
Shareholders' funds 340,205 117,717

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MJP LAW LIMITED (REGISTERED NUMBER: 07266539)

BALANCE SHEET - continued
31 MARCH 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of comprehensive income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 August 2024 and were signed on its behalf by:





Mr M J Pate - Director


MJP LAW LIMITED (REGISTERED NUMBER: 07266539)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. Statutory information

MJP Law Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 07266539. The registered office and business address is 28 Old Road, Wimborne, Dorset, BH21 1EJ.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents fee income earned under a wide variety of contracts to provide professional services. Revenue is recognised as it is earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.

Goodwill
Acquired Goodwill is written off in equal annual instalments over its estimated useful life of 10 years.

Intangible assets
Software licences, held under finance lease agreements are being amortised over the lease term of 5 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold improvements - 10% on cost
Fixtures and fittings - 33% on cost and 15% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

MJP LAW LIMITED (REGISTERED NUMBER: 07266539)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. Accounting policies - continued

Financial instruments
Basic financial instruments are initially recognised at transaction price and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities.

At each balance sheet date, financial instruments are measured at amortised cost using the effective interest method. Any losses arising from impairment are recognised in the profit and loss account in the period to which they relate.

3. Employees and directors

The average number of employees during the year was 26 (2023 - 24 ) .

4. Intangible fixed assets
Other
intangible
Goodwill assets Totals
£    £    £   
Cost
At 1 April 2023
and 31 March 2024 442,500 78,645 521,145
Amortisation
At 1 April 2023 427,500 78,645 506,145
Charge for year 6,000 - 6,000
At 31 March 2024 433,500 78,645 512,145
Net book value
At 31 March 2024 9,000 - 9,000
At 31 March 2023 15,000 - 15,000

5. Tangible fixed assets
Fixtures
Leasehold and
improvements fittings Totals
£    £    £   
Cost
At 1 April 2023 - 98,322 98,322
Additions 10,407 2,681 13,088
At 31 March 2024 10,407 101,003 111,410
Depreciation
At 1 April 2023 - 93,200 93,200
Charge for year 1,041 2,764 3,805
At 31 March 2024 1,041 95,964 97,005
Net book value
At 31 March 2024 9,366 5,039 14,405
At 31 March 2023 - 5,122 5,122

MJP LAW LIMITED (REGISTERED NUMBER: 07266539)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


6. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 40,167 63,123
Amounts recoverable on contract 105,000 130,000
Other debtors 16,006 10,000
Directors' current accounts 9,961 9,982
Prepayments and accrued income 11,667 13,398
182,801 226,503

7. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loans and overdrafts 32,000 32,000
Trade creditors 17,219 15,845
Tax 116,512 52,577
Social security and other taxes 19,958 17,848
VAT 35,911 47,216
Other creditors 5,522 3,220
Accruals and deferred income 9,071 8,441
236,193 177,147

8. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Bank loans - 1-2 years 32,000 32,000
Bank loans - 2-5 years 8,020 40,021
40,020 72,021

9. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 17,333 35,047
Between one and five years 7,523 10,006
24,856 45,053

The Director, Mr M Pate, is guarantor for the Company under the property lease.

10. Secured debts

All monies due or to become due to Barclays Bank PLC, excluding any Coronavirus Business Interruption Loan, are secured by way of a legal charge, dated 9 February 2012, over all the assets of the company.

Limited guarantees in favour of Barclays Bank have been given by the Director, Mr M Pate, totalling £129,000.

11. Provisions for liabilities
2024 2023
£    £   
Deferred tax 1,261 1,050

MJP LAW LIMITED (REGISTERED NUMBER: 07266539)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


11. Provisions for liabilities - continued

Deferred
tax
£   
Balance at 1 April 2023 1,050
Charge to Income statement during year 211
Balance at 31 March 2024 1,261

12. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
8,001 Ordinary £1 8,001 8,001

13. Directors' advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
Mr M J Pate
Balance outstanding at start of year 9,983 77,665
Amounts advanced 151,612 105,956
Amounts repaid (151,634 ) (173,638 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 9,961 9,983

The amount outstanding at the year end has been repaid within 9 months of the year end.
A loan to a participator, Mrs W Pate, for £10,000 was repaid within 9 months of the year end.

14. Ultimate controlling party

The company is under the control of the director, Mr M Pate, by virtue of his controlling 91% of the share capital of the company.