Company registration number 13897281 (England and Wales)
KB EXPERT LAW LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
KB EXPERT LAW LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
KB EXPERT LAW LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
6,832
1,286
Current assets
Stocks
5
29,750
19,266
Debtors
6
32,276
3,720
Cash at bank and in hand
85,431
7,053
147,457
30,039
Creditors: amounts falling due within one year
7
(57,379)
(11,659)
Net current assets
90,078
18,380
Net assets
96,910
19,666
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
96,909
19,665
Total equity
96,910
19,666
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.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 director acknowledges her 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 and signed by the director and authorised for issue on 18 October 2024
Mrs C J Brassington
Director
Company registration number 13897281 (England and Wales)
KB EXPERT LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
KB Expert Law Limited is a private company limited by shares incorporated in England and Wales. The registered office is Willow Farm Cottage, Well Lane, Mollington, Chester, CH1 6LD.
1.1
Reporting period
These financial statements have been prepared for the year ended 31 March 2024. Comparative figures run from the date of incorporation on 7 February 2022 to 31 March 2023 but the company only traded for the final 2 months of that period.
1.2
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.
1.3
Turnover
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, 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 .
1.4
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:
Office Equipment
33% Straight Line
IT 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.
1.5
Stocks
Work in progress is included to reflect the recoverability of the professional services provided but not invoiced at the year end. The adjustment to work in progress is shown as an increase or decrease to turnover, net of VAT.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
KB EXPERT LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is 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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1.
2024
2023
Number
Number
Total
1
1
4
Tangible fixed assets
Office Equipment
IT Equipment
Total
£
£
£
Cost
At 1 April 2023
150
1,422
1,572
Additions
6,000
817
6,817
At 31 March 2024
6,150
2,239
8,389
Depreciation and impairment
At 1 April 2023
50
236
286
Depreciation charged in the year
717
554
1,271
At 31 March 2024
767
790
1,557
Carrying amount
At 31 March 2024
5,383
1,449
6,832
At 31 March 2023
100
1,186
1,286
KB EXPERT LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
5
Stocks
2024
2023
£
£
Work in progress
29,750
19,266
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
8,651
3,491
Other debtors
23,000
Prepayments and accrued income
625
229
32,276
3,720
7
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
52,484
5,397
Other creditors
4,895
6,262
57,379
11,659
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1
1
1
1
9
Related party transactions
There is a loan of £23,000 (2023: £nil) to an immediate family member of the director which is shown within other debtors. No interest is charged on this balance and it is repayable on demand.