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Registration number: 09362463

Red Apple Law Ltd

Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Red Apple Law Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Red Apple Law Ltd

Company Information

Directors

C Grant

M Fitzpatrick-Marshall

J M Dickson

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

 

Red Apple Law Ltd

(Registration number: 09362463)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

6

888

515

Current assets

 

Debtors

7

77,194

17,419

Cash at bank and in hand

 

183,301

66,627

 

260,495

84,046

Creditors: Amounts falling due within one year

8

(174,050)

(46,350)

Net current assets

 

86,445

37,696

Total assets less current liabilities

 

87,333

38,211

Creditors: Amounts falling due after more than one year

8

(26,559)

(31,618)

Provisions for liabilities

(222)

(129)

Net assets

 

60,552

6,464

Capital and reserves

 

Called up share capital

9

1,100

1,100

Retained earnings

59,452

5,364

Shareholders' funds

 

60,552

6,464

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.

 

Red Apple Law Ltd

(Registration number: 09362463)
Balance Sheet as at 30 April 2024

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.

Approved and authorised by the Board on 15 November 2024 and signed on its behalf by:
 

.........................................
M Fitzpatrick-Marshall
Director

   
     
 

Red Apple 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 15 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 (£).

 

Red Apple Law Ltd

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

2

Accounting policies (continued)

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

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing differences.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

Red Apple Law Ltd

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

2

Accounting policies (continued)

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

Furniture, fittings and equipment

25% reducing balance

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Computer software

nil years

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.

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.

 

Red Apple Law Ltd

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

2

Accounting policies (continued)

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

Red Apple 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 5 (2023 - 4).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

260

172

5

Intangible assets

Computer software
£

Cost or valuation

At 1 May 2023

9,300

At 30 April 2024

9,300

Amortisation

At 1 May 2023

9,300

At 30 April 2024

9,300

Carrying amount

At 30 April 2024

-

 

Red Apple Law Ltd

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

6

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2023

916

916

Additions

633

633

At 30 April 2024

1,549

1,549

Depreciation

At 1 May 2023

401

401

Charge for the year

260

260

At 30 April 2024

661

661

Carrying amount

At 30 April 2024

888

888

At 30 April 2023

515

515

7

Debtors

Current

2024
£

2023
£

Trade debtors

 

73,009

15,226

Amounts owed by related parties

-

318

Prepayments and accrued income

 

4,178

1,875

Other debtors

 

7

-

   

77,194

17,419

 

Red Apple Law Ltd

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

5,059

5,059

Trade creditors

 

3,907

1,490

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

44,780

-

Taxation and social security

 

93,627

32,587

Accruals and deferred income

 

10,478

3,435

Other creditors

 

16,199

3,779

 

174,050

46,350

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

26,559

31,618

9

Share capital

Allotted, called up and fully paid shares

 

Red Apple Law Ltd

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

9

Share capital (continued)

2024

2023

No.

£

No.

£

Ordinary A of £1 each

76

76

76

76

Ordinary B of £1 each

10

10

10

10

Ordinary C of £1 each

10

10

10

10

Ordinary D of £1 each

2

2

2

2

Ordinary E of £1 each

2

2

2

2

100

100

100

100

On 19 April 2022 the Ordinary £1 shares in the company were redesignated to Ordinary £1 A, B, C, D and E shares. All shares rank equally in all regards.

10

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.
 

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

26,559

31,618

Current loans and borrowings

2024
£

2023
£

Bank borrowings

5,059

5,059