Company registration number 09208926 (England and Wales)
LAW 365 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
LAW 365 LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
LAW 365 LIMITED (REGISTERED NUMBER: 09208926)
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
6,475
10,099
Tangible assets
5
48,930
135,554
55,405
145,653
Current assets
Debtors
6
284,952
394,804
Cash at bank and in hand
132,730
143,152
417,682
537,956
Creditors: amounts falling due within one year
7
(206,559)
(302,877)
Net current assets
211,123
235,079
Total assets less current liabilities
266,528
380,732
Creditors: amounts falling due after more than one year
8
(868,667)
(627,005)
Net liabilities
(602,139)
(246,273)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(602,239)
(246,373)
Total equity
(602,139)
(246,273)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
LAW 365 LIMITED (REGISTERED NUMBER: 09208926)
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 18 September 2024
K A Simmonds
Director
LAW 365 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Law 365 Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Lodge On The Common, London Road, Tunbridge Wells, Kent, TN2 5BF.
1.1
Accounting convention
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 amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors and the shareholders have confirmed their intention to continue to provide the company with the necessary financial support to continue for the foreseeable future. Consequently, the financial statements have been prepared on a Going Concern basis.true
1.3
Turnover
Turnover represents invoiced sales for legal services provided and is shown net of VAT and trade discounts.
Turnover from a contract to provide services is recognised in the period in which the services are provided.
1.4
Research and development expenditure
Expenditure on research costs are written of to the profit and loss account as incurred. Expenditure on development costs are either written off to the profit and loss account as incurred or carried forward as an intangible asset if certain criteria are met. The criteria are tested at least annually.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Branding
20% straight line
LAW 365 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% straight line
Office Equipment
33% straight line
Motor vehicles
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
1.8
Retirement benefits
Contributions to the company's defined contribution pension scheme are charged to the profit and loss account in the year in which they become payable. The assets of the scheme are held separately from those of the company in an independently administered fund.
1.9
Government grants
Grants are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is 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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
21
26
LAW 365 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Intangible fixed assets
Branding
£
Cost
At 1 January 2023
20,875
Additions
2,100
At 31 December 2023
22,975
Amortisation and impairment
At 1 January 2023
10,776
Amortisation charged for the year
5,724
At 31 December 2023
16,500
Carrying amount
At 31 December 2023
6,475
At 31 December 2022
10,099
5
Tangible fixed assets
Fixtures and fittings
Office Equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
129,537
140,958
63,245
333,740
Additions
42
42
Disposals
(19,042)
(63,245)
(82,287)
At 31 December 2023
129,537
121,958
251,495
Depreciation and impairment
At 1 January 2023
73,341
81,365
43,480
198,186
Depreciation charged in the year
25,907
33,930
82
59,919
Eliminated in respect of disposals
(11,978)
(43,562)
(55,540)
At 31 December 2023
99,248
103,317
202,565
Carrying amount
At 31 December 2023
30,289
18,641
48,930
At 31 December 2022
56,196
59,593
19,765
135,554
LAW 365 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
124,818
163,428
Corporation tax recoverable
121,822
Other debtors
38,312
231,376
284,952
394,804
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
18,398
36,566
Taxation and social security
141,348
141,424
Other creditors
46,813
124,887
206,559
302,877
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
868,667
627,005