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Registered number: 11806600
Simply Legal Team Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Sterling Accounting Solutions Ltd
Chartered Accountants
SAS House
Chipperfield Road
Kings Langley
Hertfordshire
WD4 9JB
Unaudited Financial Statements
Contents
Page
Company Information 1
Accountants' Report 2
Statement of Financial Position 3—4
Notes to the Financial Statements 5—10
Page 1
Company Information
Directors S Kaur
M Raja
S Yasin
Company Number 11806600
Registered Office Unit 12 Chess Business Park
Moor Road
Chesham
Buckinghamshire
HP5 1SD
Accountants Sterling Accounting Solutions Ltd
Chartered Accountants
SAS House
Chipperfield Road
Kings Langley
Hertfordshire
WD4 9JB
Page 1
Page 2
Accountants' Report
Chartered Accountants' report to the directors on the preparation of the unaudited statutory accounts of Simply Legal Team Limited For The 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 accounts of Simply Legal Team Limited For The Year Ended 31 December 2023 which comprise the Income Statement, the Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the directors of Simply Legal Team Limited , as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the accounts of Simply Legal Team Limited and state those matters that we have agreed to state to the directors of Simply Legal Team Limited , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Simply Legal Team Limited and its directors, as a body, for our work or for this report.
It is your duty to ensure that Simply Legal Team Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Simply Legal Team Limited . You consider that Simply Legal Team Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Simply Legal Team Limited . 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 financial statements.
Signed
19/09/2024
Sterling Accounting Solutions Ltd
Chartered Accountants
SAS House
Chipperfield Road
Kings Langley
Hertfordshire
WD4 9JB
Page 2
Page 3
Statement of Financial Position
Registered number: 11806600
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 23,710 8,012
23,710 8,012
CURRENT ASSETS
Stocks 5 48,000 32,000
Debtors 6 310,491 20,930
Cash at bank and in hand 681,453 452,420
1,039,944 505,350
Creditors: Amounts Falling Due Within One Year 7 (1,041,580 ) (502,744 )
NET CURRENT ASSETS (LIABILITIES) (1,636 ) 2,606
TOTAL ASSETS LESS CURRENT LIABILITIES 22,074 10,618
Creditors: Amounts Falling Due After More Than One Year 8 (21,972 ) (10,333 )
NET ASSETS 102 285
CAPITAL AND RESERVES
Called up share capital 11 100 100
Income Statement 2 185
SHAREHOLDERS' FUNDS 102 285
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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 Statement.
On behalf of the board
M Raja
Director
19/09/2024
The notes on pages 5 to 10 form part of these financial statements.
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Page 5
Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2. Going Concern Disclosure
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3. Significant judgements and estimations
In the application of the company's accounting policies, the directors are required to make judgements, estimates, and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
1.4. 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 the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
1.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. 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:
Motor Vehicles 25% Straight Line
Computer Equipment 25% Straight Line
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1.6. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.
1.7. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.8. Financial Instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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1.9. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit 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 profit. 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 profits 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 profits 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 assets reflect 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 profit or loss, except when they related 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.
1.10. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 9 (2022: 6)
9 6
3. Interest Payable
2023 2022
£ £
Bank loans and overdrafts 313 413
313 413
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4. Tangible Assets
Motor Vehicles Computer Equipment Total
£ £ £
Cost
As at 1 January 2023 10,000 4,210 14,210
Additions 27,078 - 27,078
As at 31 December 2023 37,078 4,210 41,288
Depreciation
As at 1 January 2023 4,376 1,822 6,198
Provided during the period 10,398 982 11,380
As at 31 December 2023 14,774 2,804 17,578
Net Book Value
As at 31 December 2023 22,304 1,406 23,710
As at 1 January 2023 5,624 2,388 8,012
5. Stocks
2023 2022
£ £
Work in progress 48,000 32,000
6. Debtors
2023 2022
£ £
Due within one year
Prepayments and accrued income 216,274 -
Other debtors 91,861 20,930
Deferred tax current asset 2,356 -
310,491 20,930
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 2,497 -
Trade creditors 962,234 451,669
Bank loans and overdrafts 4,000 4,000
Corporation tax 21,906 9,730
Other taxes and social security 27,523 6,977
VAT 9,775 10,001
Other creditors 6,004 18,417
...CONTINUED
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Accruals and deferred income 4,000 1,950
Directors' loan accounts 3,641 -
1,041,580 502,744
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 15,639 -
Bank loans 6,333 10,333
21,972 10,333
9. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The maturity of these amounts is as follows:
Within one year 2,497 -
Between one and five years 15,639 -
18,136 -
18,136 -
10. Provisions for Liabilities
Deferred Tax
£
Increase/(Decrease) in the year (2,356 )
Balance at 31 December 2023 (2,356 )
11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
Value Number 2023 2022
Allotted, called up and fully paid £ £ £
Ordinary Shares 1.00 100 100 100
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12. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
Land and buildings
2023 2022
£ £
Within 1 year 9,450 18,900
9,450 18,900
13. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. At the statement of financial position date unpaid contributions of £779 (2022: £Nil) were due to the fund. They are included in Other Creditors.
14. Related Party Transactions
At the year end £10,000 (2022: £10,000) was owed by Chessvale Homes Ltd, a related company. The balance is included within other debtors.
15. Ultimate Controlling Party
There is no ultimate controlling party.
16. General Information
Simply Legal Team Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11806600 . The registered office is Unit 12 Chess Business Park, Moor Road, Chesham, Buckinghamshire, HP5 1SD.
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