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Registered number: 13185687
Courmacs Legal Ltd
Unaudited Financial Statements
For The Year Ended 29 February 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 13185687
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 - 3,955,668
Tangible Assets 5 5,751 2,726
5,751 3,958,394
CURRENT ASSETS
Stocks 6 15,472,001 -
Debtors 7 2,329,101 945,202
Cash at bank and in hand 17,334 78,777
17,818,436 1,023,979
Creditors: Amounts Falling Due Within One Year 8 (6,625,115 ) (1,195,398 )
NET CURRENT ASSETS (LIABILITIES) 11,193,321 (171,419 )
TOTAL ASSETS LESS CURRENT LIABILITIES 11,199,072 3,786,975
Creditors: Amounts Falling Due After More Than One Year 9 (11,096,043 ) (3,742,968 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,254 ) -
NET ASSETS 101,775 44,007
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 101,675 43,907
SHAREHOLDERS' FUNDS 101,775 44,007
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Page 2
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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
J G Donaldson
Director
5 November 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Courmacs Legal Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13185687 . The registered office is Alexander House, Beehive Trading Park, Haslingden Road, Blackburn, BB1 2EE.
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.The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. 
2.2. Turnover
Fee income represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients excluding value added tax.
Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.
Fee income that is contingent on events outside the control of the firm is recognised when the contingent event occurs. If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the company), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the balance sheet date are carried forward as work in progress.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are made up of assets purchased in relation to live cases. The asset purchased will provide a future economic benefit to the company in excess of the purchase price of the asset when a successful case is executed and there is an economic cash inflow to the business. In the event of an unsuccessful claim the third party the asset was purchased from is liable to replace the asset with an asset of equal value.
Intangible assets are initially valued at cost and are reviewed for impairment annually.
2.4. 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 5 years straight line
Fixtures & Fittings 5 years straight line
Computer Equipment 5 years straight line
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. 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 years 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 assets reflect 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 14 (2023: 5)
14 5
4. Intangible Assets
Other
£
Cost
As at 1 March 2023 3,955,668
Disposals (3,955,668 )
As at 29 February 2024 -
Net Book Value
As at 29 February 2024 -
As at 1 March 2023 3,955,668
5. Tangible Assets
Computer Equipment
£
Cost
As at 1 March 2023 3,130
Additions 3,757
As at 29 February 2024 6,887
Depreciation
As at 1 March 2023 404
Provided during the period 732
As at 29 February 2024 1,136
...CONTINUED
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Page 5
Net Book Value
As at 29 February 2024 5,751
As at 1 March 2023 2,726
6. Stocks
2024 2023
£ £
Work in progress 15,472,001 -
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 17,479 30,720
Prepayments and accrued income 235,750 233,300
Other debtors 977,951 424,501
Deferred tax current asset - 77
VAT 1,097,921 256,504
Called up share capital not paid - 100
2,329,101 945,202
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,189,026 69,372
Bank loans and overdrafts 966,000 -
Other loans 16,876 986,055
Corporation tax 16,022 9,642
Other taxes and social security 6,020 4,491
Other creditors 4,431,039 524
Accruals and deferred income - 125,314
Directors' loan accounts 132 -
6,625,115 1,195,398
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other loans 11,096,043 3,742,968
10. Share Capital
2024 2023
£ £
Called Up Share Capital not Paid - 100
Called Up Share Capital has been paid up 100 -
Amount of Allotted, Called Up Share Capital 100 100
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