Absolute Legal Costs Limited 08110440 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is legal costing. Digita Accounts Production Advanced 6.30.9574.0 true 08110440 2023-07-01 2024-06-30 08110440 2024-06-30 08110440 core:CurrentFinancialInstruments 2024-06-30 08110440 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 08110440 core:FurnitureFittings 2024-06-30 08110440 core:OfficeEquipment 2024-06-30 08110440 1 2024-06-30 08110440 bus:SmallEntities 2023-07-01 2024-06-30 08110440 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 08110440 bus:FilletedAccounts 2023-07-01 2024-06-30 08110440 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 08110440 bus:RegisteredOffice 2023-07-01 2024-06-30 08110440 bus:Director1 2023-07-01 2024-06-30 08110440 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 08110440 core:ComputerEquipment 2023-07-01 2024-06-30 08110440 core:FurnitureFittings 2023-07-01 2024-06-30 08110440 core:FurnitureFittingsToolsEquipment 2023-07-01 2024-06-30 08110440 core:OfficeEquipment 2023-07-01 2024-06-30 08110440 countries:UnitedKingdom 2023-07-01 2024-06-30 08110440 1 2023-07-01 2024-06-30 08110440 2023-06-30 08110440 core:FurnitureFittings 2023-06-30 08110440 core:OfficeEquipment 2023-06-30 08110440 1 2023-06-30 08110440 2022-07-01 2023-06-30 08110440 2023-06-30 08110440 core:CurrentFinancialInstruments 2023-06-30 08110440 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 08110440 core:FurnitureFittings 2023-06-30 08110440 core:OfficeEquipment 2023-06-30 08110440 1 2023-06-30 08110440 1 2022-07-01 2023-06-30 08110440 1 2022-06-30 iso4217:GBP xbrli:pure

Registration number: 08110440

Absolute Legal Costs Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Absolute Legal Costs Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 6

 

Absolute Legal Costs Limited

(Registration number: 08110440)
Statement of Financial Position as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

771

1,250

Current assets

 

Debtors

5

99,184

134,607

Cash at bank and in hand

 

50,771

42,638

 

149,955

177,245

Creditors: Amounts falling due within one year

6

(67,342)

(91,639)

Net current assets

 

82,613

85,606

Net assets

 

83,384

86,856

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

83,382

86,854

Shareholders' funds

 

83,384

86,856

For the financial year ending 30 June 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 Statement of Comprehensive Income.

Approved and authorised by the Board on 20 November 2024 and signed on its behalf by:
 


Maria Barker
Director

 

Absolute Legal Costs Limited

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

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
First Floor
51 North Hill
Plymouth
Devon
PL4 8HZ

Principal activity

The principal activity of the company is legal costing.

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 financial statements are prepared in sterling which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.

When the outcome of a transaction involving the rendering of services can be reliably estimated,
revenue from the rendering of services is measured by reference to the stage of completion of the
service transaction at the end of the reporting period.

 

Absolute Legal Costs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

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.

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 stated in the statement of financial position 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 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:

Asset class

Depreciation method and rate

Fittings fixtures and equipment

15% straight line

Computer equipment

20% straight line

Impairment

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.

 

Absolute Legal Costs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company 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.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 7).

 

Absolute Legal Costs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

4

Tangible assets

Fixtures, fittings and equipment
£

Computer equipment
£

Total
£

Cost or valuation

At 1 July 2023

26,016

21,827

47,843

At 30 June 2024

26,016

21,827

47,843

Depreciation

At 1 July 2023

25,561

21,032

46,593

Charge for the year

140

339

479

At 30 June 2024

25,701

21,371

47,072

Carrying amount

At 30 June 2024

315

456

771

At 30 June 2023

455

795

1,250

5

Debtors

2024
£

2023
£

Trade debtors

98,118

131,719

Other debtors

2

2

Prepayments

1,064

2,886

99,184

134,607

 

Absolute Legal Costs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

6

Creditors

2024
£

2023
£

Due within one year

Taxation and social security

47,600

52,647

Accruals and deferred income

5,053

7,080

Other creditors

14,689

31,912

67,342

91,639

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

8

Related party transactions

Transactions with directors

2024

At 1 July 2023
£

Advances to director
£

Repayments by director
£

At 30 June 2024
£

Directors loan account

(27,343)

(36,267)

50,689

(12,921)

         
       

 

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

Directors loan account

(2,531)

(81,419)

56,607

(27,343)