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Registered number: 10000671
Fidelis Legal Services Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Enterprise Chartered Certified Accountants
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10000671
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 5,710,500 5,323,520
5,710,500 5,323,520
CURRENT ASSETS
Debtors 5 1,469,619 601,233
Cash at bank and in hand 29,337 98,570
1,498,956 699,803
Creditors: Amounts Falling Due Within One Year 6 (1,252,280 ) (554,092 )
NET CURRENT ASSETS (LIABILITIES) 246,676 145,711
TOTAL ASSETS LESS CURRENT LIABILITIES 5,957,176 5,469,231
Creditors: Amounts Falling Due After More Than One Year 7 (20,833 ) (86,583 )
NET ASSETS 5,936,343 5,382,648
CAPITAL AND RESERVES
Called up share capital 8 1 1
Fair Value Reserve 9 5,710,500 5,323,520
Profit and Loss Account 225,842 59,127
SHAREHOLDERS' FUNDS 5,936,343 5,382,648
Page 1
Page 2
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 Profit and Loss Account.
On behalf of the board
Mr Andrew Townsend
Director
19/09/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Fidelis Legal Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10000671 . The registered office is Fidelis House , 5 Low Moor Road , Lincoln, LN6 3JY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are the directors valuation of assets held under contract and the future value of income those assets will generate.  The quantum of assets held and their individual vlaues are known, but cannot be recognised as income as the date of the critical event is unknown.
The directors acknowledge that this method is not in keeping with GAAP but consider that not recognising these assets does not represent its true and fair position of the company's commercial strategy and hence its overall value.
A reduction in the value of these assets would lead to a corresponding reduction in the fair value reserve.
Amortisiation is not recognised on these assets as the directors will perform an annual impairment review and revalue the assets accordingly.
2.4. 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.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 33 (2022: 26)
33 26
4. Intangible Assets
Other
£
Cost
As at 1 January 2023 5,323,520
Additions 386,980
As at 31 December 2023 5,710,500
Net Book Value
As at 31 December 2023 5,710,500
As at 1 January 2023 5,323,520
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 528,376 255,683
Amounts owed by group undertakings 815,968 214,886
Other debtors 125,275 130,664
1,469,619 601,233
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors (10,234 ) (1,849 )
Bank loans and overdrafts 67,130 81,250
Amounts owed to group undertakings 1,029,488 388,408
Other creditors 46,754 63,168
Taxation and social security 119,142 23,115
1,252,280 554,092
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 20,833 86,583
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
Page 4
Page 5
9. Reserves
Fair Value Reserve
£
As at 1 January 2023 5,323,520
Movements in fair value reserve 386,980
As at 31 December 2023 5,710,500
10. Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent undertaking is HAIG Legal Group Limited . HAIG Legal Group Limited was incorporated in England & Wales. The ultimate controlling party is the directors who controls 100% of the shares of Fidelis Legal Services Limited .
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