Company registration number 08204818 (England and Wales)
Home Legal Services 2 Limited
Unaudited financial statements
For the year ended 31 December 2023
Home Legal Services 2 Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
Home Legal Services 2 Limited
Balance sheet
As at 31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,161
11,562
Investment property
4
382,000
342,443
389,161
354,005
Current assets
Debtors
5
279,363
324,503
Cash at bank and in hand
203,252
186,367
482,615
510,870
Creditors: amounts falling due within one year
6
(352,998)
(380,081)
Net current assets
129,617
130,789
Total assets less current liabilities
518,778
484,794
Creditors: amounts falling due after more than one year
7
(146,920)
(149,831)
Provisions for liabilities
(11,200)
(2,095)
Net assets
360,658
332,868
Capital and reserves
Called up share capital
8
100
100
Non-distributable profits reserve
9
29,657
-
0
Distributable profit and loss reserves
330,901
332,768
Total equity
360,658
332,868
Home Legal Services 2 Limited
Balance sheet (continued)
As at 31 December 2023
- 2 -

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 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 Companies Act 2006 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.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 18 September 2024 and are signed on its behalf by:
Mr P M Lea
Director
Company registration number 08204818 (England and Wales)
Home Legal Services 2 Limited
Notes to the financial statements
For the year ended 31 December 2023
- 3 -
1
Accounting policies
Company information

Home Legal Services 2 Limited is a private company limited by shares incorporated in England and Wales. The registered office is 18 The Crescent, Wirral, CH48 4HN, West Kirby.

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 £.

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
Turnover

Turnover represents amounts receivable for services net of VAT and trade discounts.

1.3
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, fittings & equipment
25% straight line
Computer equipment
33% 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.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Home Legal Services 2 Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.6
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
7
6
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 and 31 December 2023
16,648
Depreciation and impairment
At 1 January 2023
5,086
Depreciation charged in the year
4,401
At 31 December 2023
9,487
Carrying amount
At 31 December 2023
7,161
At 31 December 2022
11,562
Home Legal Services 2 Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
- 5 -
4
Investment property
2023
£
Fair value
At 1 January 2023
342,443
Revaluations
39,557
At 31 December 2023
382,000

The fair value of investment property was measured by the directors as at the balance sheet date on an open market basis.

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
277,468
324,503
Other debtors
1,895
-
0
279,363
324,503
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
6,316
9,350
Trade creditors
150,798
110,708
Taxation and social security
68,098
69,754
Other creditors
127,786
190,269
352,998
380,081
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
146,920
149,831

Bank loans of £153,236 (2022 £159,181) are secured on the assets of the company.

Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
114,800
110,786
Home Legal Services 2 Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
- 6 -
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
9
Non-distributable profits reserve
2023
2022
£
£
At the beginning of the year
-
-
Non distributable profits in the year
29,657
-
At the end of the year
29,657
-

Non-distributable reserves represents the fair value increase of investment property less provision for deferred tax.

10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
42,420
59,795
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