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Registration number: 11758773

TI Law Ltd

Unaudited Financial Statements

for the Year Ended 30 April 2024

 

TI Law Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

TI Law Ltd

Company Information

Directors

J M Dickson

E Porter

Company secretary

K Channon

Registered office

Crown House
1 Stafford Place
Weston-super-Mare
North Somerset
BS23 2QZ

Accountants

Four Fifty Partnership
Chartered Accountants
34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF

 

TI Law Ltd

(Registration number: 11758773)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

117

156

Current assets

 

Debtors

5

22,980

5,917

Cash at bank and in hand

6

2,913,163

5,669,562

 

2,936,143

5,675,479

Creditors: Amounts falling due within one year

7

(2,933,655)

(5,679,800)

Net current assets/(liabilities)

 

2,488

(4,321)

Net assets/(liabilities)

 

2,605

(4,165)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

2,505

(4,265)

Shareholders' funds/(deficit)

 

2,605

(4,165)

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

TI Law Ltd

(Registration number: 11758773)
Balance Sheet as at 30 April 2024

Approved and authorised by the Board on 18 November 2024 and signed on its behalf by:
 

.........................................
J M Dickson
Director

.........................................
E Porter
Director

 

TI Law Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Crown House
1 Stafford Place
Weston-super-Mare
North Somerset
BS23 2QZ
United Kingdom

These financial statements were authorised for issue by the Board on 18 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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

 

TI Law Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

2

Accounting policies (continued)

Going concern

The financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational exist for twelve months from the date of approval of the financial statements. The company is reliant on the continued financial support of its majority shareholder, Trust Inheritance Limited, who have confirmed that they will not remove their financial support until such a time that TI Law Ltd has sufficient reserves for this to occur.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

25% reducing balance

 

TI Law Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Included in cash at bank is a client account balance that is ring fenced from creditors as disclosed in the creditors note to these accounts.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

TI Law Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 4).

 

TI Law Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

208

208

At 30 April 2024

208

208

Depreciation

At 1 May 2023

52

52

Charge for the year

39

39

At 30 April 2024

91

91

Carrying amount

At 30 April 2024

117

117

At 30 April 2023

156

156

5

Debtors

Current

2024
£

2023
£

Trade debtors

21,248

5,213

Prepayments

1,732

704

 

22,980

5,917

6

Cash at bank and in hand

Included in cash at bank and in hand is a designated client account of £2,882,855 (2023 - £5,669,562) which is not available for use by the company.

 

TI Law Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

4,136

651

Amounts owed to group undertakings and undertakings in which the company has a participating interest

6,634

2,794

Taxation and social security

 

9,964

18,069

Accruals and deferred income

 

4,650

4,150

Other creditors

 

2,908,271

5,654,136

 

2,933,655

5,679,800

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

9

Parent and ultimate parent undertaking

Trust Inheritance Limited is owned by an Employee Ownership Trust with the sole trustee being TI EOT Limited, a company registered in England and Wales.

 The company's immediate parent is Trust Inheritance Limited, incorporated in England and Wales.