Company registration number 08248223 (England and Wales)
PSG LAW LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
PSG LAW LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
PSG LAW LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
532,131
751,247
Tangible assets
5
46,711
37,956
Investments
6
250,000
250,000
828,842
1,039,203
Current assets
Debtors
7
4,105,998
3,610,600
Cash at bank and in hand
750,372
320,515
4,856,370
3,931,115
Creditors: amounts falling due within one year
9
(1,535,665)
(1,357,847)
Net current assets
3,320,705
2,573,268
Total assets less current liabilities
4,149,547
3,612,471
Creditors: amounts falling due after more than one year
10
(150,000)
(396,967)
Provisions for liabilities
11
(21,321)
(7,774)
Net assets
3,978,226
3,207,730
Capital and reserves
Called up share capital
90
90
Profit and loss reserves
3,978,136
3,207,640
Total equity
3,978,226
3,207,730

In accordance with section 444 of the Companies Act 2006, advantage has been taken of the option to not deliver the director's report and the profit and loss account.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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.

PSG LAW LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 10 October 2024 and are signed on its behalf by:
C Gawne
Director
Company Registration No. 08248223
PSG LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

PSG Law Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 The Downs, Altrincham, Cheshire, United Kingdom, WA14 2QD.

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. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

In respect of contracts for on-going professional services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Amounts recoverable on contracts for on-going services is recognised, to the extent that a right to consideration has been obtained, by reference to the stage of completion, certainty of outcome and anticipated recovery rates.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.4
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:

Software
20% straight line and 33% straight line
1.5
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.

PSG LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -

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:

Plant and machinery
20% reducing balance and 25% 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.

1.6
Fixed asset investments

Investments held as assets are shown as cost less provision for impairment.

1.7
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

PSG LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

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

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.

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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12

Client money

Client bank account balances and the matching liabilities are excluded from the balance sheet.

PSG LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
2
Judgements and key sources of estimation uncertainty

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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Accrued revenue

The value of accrued revenue is derived on the basis and assumptions regarding the fair value of unbilled time recorded on cases ongoing at the year end.

 

The valuation process includes estimates around the recovery rate of each relevant service line.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was 70 (2023 - 61).

4
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
1,975,000
89,825
2,064,825
Amortisation and impairment
At 1 April 2023
1,300,208
13,370
1,313,578
Amortisation charged for the year
197,500
21,616
219,116
At 31 March 2024
1,497,708
34,986
1,532,694
Carrying amount
At 31 March 2024
477,292
54,839
532,131
At 31 March 2023
674,792
76,455
751,247
PSG LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
139,443
Additions
25,447
At 31 March 2024
164,890
Depreciation and impairment
At 1 April 2023
101,487
Depreciation charged in the year
16,692
At 31 March 2024
118,179
Carrying amount
At 31 March 2024
46,711
At 31 March 2023
37,956
6
Fixed asset investments
2024
2023
£
£
Other investments
250,000
250,000
Movements in fixed asset investments
Other investments
£
Cost or valuation
At 1 April 2023 & 31 March 2024
250,000
Carrying amount
At 31 March 2024
250,000
At 31 March 2023
250,000
PSG LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
771,740
589,718
Amounts recoverable on contracts
3,277,400
2,969,440
Other debtors
90
90
Prepayments and accrued income
56,768
51,352
4,105,998
3,610,600
8
Client money

Client monies held at the balance sheet date along with the corresponding equal and opposite liability to clients, have been excluded from the balance sheet in accordance with the accounting policy for 'Client money' set out in Note 1.12.

 

9
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
174,803
107,158
Corporation tax
343,218
282,786
Other taxation and social security
262,424
251,211
Other loans
1,591
2,646
Directors' loan account
130,592
270,000
Other creditors
275,523
242,189
Accruals and deferred income
347,514
201,857
1,535,665
1,357,847

Bank loans and overdrafts falling due within one year are secured by way of fixed charges and floating charges over the assets and rights of the company.

10
Creditors: amounts falling due after more than one year
2024
2023
£
£
Directors' loan account
-
246,967
Other creditors
150,000
150,000
150,000
396,967

Bank loans and overdrafts falling due after more than one year are secured by way of fixed charges and floating charges over the assets and rights of the company.

PSG LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
11
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
21,321
7,774
12
Operating lease commitments

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

2024
2023
£
£
Total commitment
311,964
71,200

 

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