7 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2024 - FRS102_2024 xbrli:pure xbrli:shares iso4217:GBP 11636608 2023-04-01 2024-03-31 11636608 2024-03-31 11636608 2023-03-31 11636608 2022-04-01 2023-03-31 11636608 2023-03-31 11636608 2022-03-31 11636608 bus:Director1 2023-04-01 2024-03-31 11636608 core:WithinOneYear 2024-03-31 11636608 core:WithinOneYear 2023-03-31 11636608 core:AfterOneYear 2024-03-31 11636608 core:AfterOneYear 2023-03-31 11636608 core:ShareCapital 2024-03-31 11636608 core:ShareCapital 2023-03-31 11636608 core:RetainedEarningsAccumulatedLosses 2024-03-31 11636608 core:RetainedEarningsAccumulatedLosses 2023-03-31 11636608 bus:SmallEntities 2023-04-01 2024-03-31 11636608 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 11636608 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 11636608 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 11636608 bus:AbridgedAccounts 2023-04-01 2024-03-31 11636608 core:FurnitureFittings 2023-04-01 2024-03-31 11636608 core:OfficeEquipment 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 11636608
Lever Law Limited
Filleted Unaudited Abridged Financial Statements
31 March 2024
Lever Law Limited
Abridged Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
992
3,246
Current assets
Debtors
6
225,883
186,085
Cash at bank and in hand
22,479
118,790
---------
---------
248,362
304,875
---------
---------
249,354
308,121
---------
---------
Capital, reserves and liabilities
Called up share capital
100
100
Profit and loss account
191,728
231,289
---------
---------
Shareholders funds
191,828
231,389
Creditors: amounts falling due within one year
50,026
63,232
Creditors: amounts falling due after more than one year
7,500
13,500
---------
---------
249,354
308,121
---------
---------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 31 March 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 abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.
Lever Law Limited
Abridged Statement of Financial Position (continued)
31 March 2024
These abridged financial statements were approved by the board of directors and authorised for issue on 20 November 2024 , and are signed on behalf of the board by:
D Lever
Director
Company registration number: 11636608
Lever Law Limited
Notes to the Abridged Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Carter House, Pelaw Leazes Lane, Durham, DH1 1TB.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
In the opinion of the directors the business will continue into the foreseeable future and will continue to have the support of the directors and shareholders where required.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
4 year straight line
Equipment
-
3 year straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2023: 7 ).
5. Tangible assets
£
Cost
At 1 April 2023 and 31 March 2024
21,615
--------
Depreciation
At 1 April 2023
18,369
Charge for the year
2,254
--------
At 31 March 2024
20,623
--------
Carrying amount
At 31 March 2024
992
--------
At 31 March 2023
3,246
--------
6. Debtors
Debtors include amounts of £36,722 (2023: £36,923) falling due after more than one year.
7. Related party transactions
During the year a further loan was made to a close family member of a director of £2,250 (2023: £30,600). The amount outstanding at the year end was £29,250 (2023: £29,400). Interest was charged of £585 (2023: £319). A further loan of £51,628 (2023: £101,000) was made to Carter House Limited during the year, a company with common directors. £142,628 (2023: £101,000) was outstanding at the year end. The loan is repayable on demand.