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Registered number: 07867964
Savage Legal Communications Ltd.
Unaudited Financial Statements
For The Year Ended 31 December 2023
C & M Accountants
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07867964
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,197 2,674
1,197 2,674
CURRENT ASSETS
Debtors 5 445,451 325,085
Cash at bank and in hand 433,027 348,628
878,478 673,713
Creditors: Amounts Falling Due Within One Year 6 (110,292 ) (78,862 )
NET CURRENT ASSETS (LIABILITIES) 768,186 594,851
TOTAL ASSETS LESS CURRENT LIABILITIES 769,383 597,525
PROVISIONS FOR LIABILITIES
Deferred Taxation (281 ) (492 )
NET ASSETS 769,102 597,033
CAPITAL AND RESERVES
Called up share capital 8 1 1
Profit and Loss Account 769,101 597,032
SHAREHOLDERS' FUNDS 769,102 597,033
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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 member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 Nigel Savage
Director
01/11/2024
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
Savage Legal Communications Ltd. is a private company, limited by shares, incorporated in England & Wales, registered number 07867964 . The registered office is 51 First Floor Flat, 51 St. John's Road, Bristol, BS8 2HG.
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. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery over 4 years
Computer Equipment over 3 years
2.4. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.5. 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 year 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 asset reflects 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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2.6. Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
1 1
4. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 January 2023 999 4,238 5,237
As at 31 December 2023 999 4,238 5,237
Depreciation
As at 1 January 2023 250 2,313 2,563
Provided during the period 250 1,227 1,477
As at 31 December 2023 500 3,540 4,040
Net Book Value
As at 31 December 2023 499 698 1,197
As at 1 January 2023 749 1,925 2,674
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 12,922 26,736
Prepayments and accrued income 126 122
Other debtors 73,593 73,593
Director's loan account 324,601 224,634
411,242 325,085
Due after more than one year
Corporation tax recoverable assets 34,209 -
445,451 325,085
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Corporation tax 101,321 72,687
Other taxes and social security 6,217 3,029
Accruals and deferred income 2,754 3,146
110,292 78,862
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7. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 January 2023 492 492
Reversals (211 ) (211)
Balance at 31 December 2023 281 281
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
Mr Nigel Savage 224,634 99,967 - - 324,601
The above loan is unsecured, interest-bearing and repayable on demand.
Dividends paid to directors
2023 2022
£ £
Mr Nigel Savage 39,894 54,000
10. Ultimate Controlling Party
The company's ultimate controlling party is N Savage due to his sole shareholding.
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