Company registration number 05306377 (England and Wales)
CONVEY LAW LTD.
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CONVEY LAW LTD.
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
CONVEY LAW LTD.
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
441,294
531,651
Current assets
Debtors
4
4,140,805
3,500,453
Cash at bank and in hand
455,400
493,014
4,596,205
3,993,467
Creditors: amounts falling due within one year
5
(2,105,755)
(1,809,402)
Net current assets
2,490,450
2,184,065
Total assets less current liabilities
2,931,744
2,715,716
Creditors: amounts falling due after more than one year
6
(854,351)
(281,250)
Provisions for liabilities
(15,741)
(66,150)
Net assets
2,061,652
2,368,316
Capital and reserves
Called up share capital
7
1,000
1,000
Profit and loss reserves
2,060,652
2,367,316
Total equity
2,061,652
2,368,316

The directors of the company have 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 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 member has 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.

The financial statements were approved by the board of directors and authorised for issue on 11 October 2024 and are signed on its behalf by:
Ms K A Bater
Director
Company Registration No. 05306377
CONVEY LAW LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Convey Law Ltd. is a private company limited by shares incorporated in England and Wales. The registered office is Maxwell Chambers, 34-38 Stow Hill, Newport, South Wales, United Kingdom, NP20 1JE.

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 as earned when, and to the extent that that, the company obtains the right to consideration in exchange for services provided.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

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:

Improvements to property
10% on cost
Fixtures, fittings & equipment
20% on cost
Computer equipment
20% on cost

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
Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

 

1.5
Taxation

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

CONVEY LAW LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
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.

1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.7
Retirement benefits

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

2
Employees

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

2023
2022
Number
Number
Total
159
164
CONVEY LAW LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
3
Tangible fixed assets
Improvements to property
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 January 2023
583,367
278,563
183,384
1,045,314
Additions
7,459
3,455
11,294
22,208
At 31 December 2023
590,826
282,018
194,678
1,067,522
Depreciation and impairment
At 1 January 2023
252,155
231,291
30,217
513,663
Depreciation charged in the year
50,758
23,813
37,994
112,565
At 31 December 2023
302,913
255,104
68,211
626,228
Carrying amount
At 31 December 2023
287,913
26,914
126,467
441,294
At 31 December 2022
331,212
47,272
153,167
531,651
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
256,138
328,046
Amounts owed by group undertakings
2,129,702
1,000,000
Other debtors
1,754,965
2,172,407
4,140,805
3,500,453
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
626,982
256,208
Trade creditors
444,351
336,828
Taxation and social security
666,100
1,076,670
Other creditors
368,322
139,696
2,105,755
1,809,402
CONVEY LAW LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
854,351
281,250
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
383,272
-
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1,000
1,000
1,000
1,000
8
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:

2023
2022
£
£
94,999
94,999
9
Parent company

The parent company of Convey Law Limited is Convey365 Group Limited and its registered office is Maxwell Chambers, 34-38 Stow Hill, Newport, NP20 1JE.

10
Directors' transactions

Dividends totalling £55,000 (2022 - £280,544) were paid in the year in respect of shares held by the company's directors.

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing    balance
£
£
£
£
Directors
-
546,304
504,939
(1,055,000)
(3,757)
546,304
504,939
(1,055,000)
(3,757)
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