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REGISTERED NUMBER: 12262127 (England and Wales)















Abridged Unaudited Financial Statements for the Year Ended 31 December 2023

for

Finance Law Limited

Finance Law Limited (Registered number: 12262127)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Abridged Balance Sheet 1

Notes to the Financial Statements 3


Finance Law Limited (Registered number: 12262127)

Abridged Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 86,441 20,886

CURRENT ASSETS
Debtors 186,865 198,324
Prepayments and accrued income - 1,125
Cash at bank 361 9,838
187,226 209,287
CREDITORS
Amounts falling due within one year 91,155 106,049
NET CURRENT ASSETS 96,071 103,238
TOTAL ASSETS LESS CURRENT
LIABILITIES

182,512

124,124

CREDITORS
Amounts falling due after more than
one year

83,974

25,000
NET ASSETS 98,538 99,124

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 98,338 98,924
98,538 99,124

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

Finance Law Limited (Registered number: 12262127)

Abridged Balance Sheet - continued
31 December 2023


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 October 2024 and were signed on its behalf by:





Mr J R Whitbread - Director


Finance Law Limited (Registered number: 12262127)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Finance Law Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 12262127

Registered office: 5 Deansway
Worcester
WR1 2JG

The presentation currency of the financial statements is the Pound Sterling (£).


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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and fittings - at varying rates on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


Finance Law Limited (Registered number: 12262127)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

Finance Law Limited (Registered number: 12262127)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2023 27,814
Additions 90,000
At 31 December 2023 117,814
DEPRECIATION
At 1 January 2023 6,928
Charge for year 24,445
At 31 December 2023 31,373
NET BOOK VALUE
At 31 December 2023 86,441
At 31 December 2022 20,886

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
Additions 90,000
At 31 December 2023 90,000
DEPRECIATION
Charge for year 22,500
At 31 December 2023 22,500
NET BOOK VALUE
At 31 December 2023 67,500

Finance Law Limited (Registered number: 12262127)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.23 31.12.22
£    £   
Net obligations repayable:
Within one year 13,795 -
Between one and five years 68,974 -
82,769 -

Non-cancellable operating leases
31.12.23 31.12.22
£    £   
Within one year 43,253 23,059

6. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
Mr J R Whitbread and Mrs J A Whitbread
Balance outstanding at start of year 124,422 108,412
Amounts advanced 142,675 124,422
Amounts repaid (124,422 ) (108,412 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 142,675 124,422

The directors loan was repaid within 9 months of the year end.

Loan interest has been charged at 2.25% (2023 - 2%).