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Registered number: 12570685
Mds Law Holdings Limited
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: 12570685
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 1,798,790 2,023,638
Tangible Assets 5 107,603 112,501
Investments 6 1 1
1,906,394 2,136,140
CURRENT ASSETS
Debtors 7 125,691 152,956
Cash at bank and in hand 881,416 933,782
1,007,107 1,086,738
Creditors: Amounts Falling Due Within One Year 8 (1,671,211 ) (2,073,789 )
NET CURRENT ASSETS (LIABILITIES) (664,104 ) (987,051 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,242,290 1,149,089
NET ASSETS 1,242,290 1,149,089
CAPITAL AND RESERVES
Called up share capital 9 10 10
Profit and Loss Account 1,242,280 1,149,079
SHAREHOLDERS' FUNDS 1,242,290 1,149,089
Page 1
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
Mrs M Duke
Director
26th 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
Mds Law Holdings Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12570685 . The registered office is 11 De Montfort Street, Leicester, LE1 7GE.
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.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
In respect of long-term contracts and contracts for on-going services, turnover represents the value of
work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term
contracts and contracts for on-going services is recognised by reference to the stage of completion.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
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:
Leasehold 10% on cost
Motor Vehicles 10% on cost
Fixtures & Fittings 15% on cost
Computer Equipment 25% on cost
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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.
...CONTINUED
Page 3
Page 4
2.6. Taxation - continued
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.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the Profit and Loss Account as they become payable in accordance with the rules of the scheme.
2.8. Investments in subsidiaries
Investments in subsidiary undertakings are recognised at fair value.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 15 (2023: 15)
15 15
4. Intangible Assets
Goodwill
£
Cost
As at 1 March 2023 2,248,487
As at 29 February 2024 2,248,487
Amortisation
As at 1 March 2023 224,849
Provided during the period 224,848
As at 29 February 2024 449,697
Net Book Value
As at 29 February 2024 1,798,790
As at 1 March 2023 2,023,638
5. Tangible Assets
Land & Property
Leasehold Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 March 2023 20,697 95,640 8,456 18,985 143,778
Additions - - 7,868 7,983 15,851
As at 29 February 2024 20,697 95,640 16,324 26,968 159,629
Depreciation
As at 1 March 2023 4,139 19,128 1,325 6,685 31,277
Provided during the period 2,070 9,564 2,448 6,667 20,749
As at 29 February 2024 6,209 28,692 3,773 13,352 52,026
...CONTINUED
Page 4
Page 5
Net Book Value
As at 29 February 2024 14,488 66,948 12,551 13,616 107,603
As at 1 March 2023 16,558 76,512 7,131 12,300 112,501
6. Investments
Subsidiaries
£
Cost
As at 1 March 2023 1
As at 29 February 2024 1
Provision
As at 1 March 2023 -
As at 29 February 2024 -
Net Book Value
As at 29 February 2024 1
As at 1 March 2023 1
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 54,747 44,919
Other debtors 70,944 108,037
125,691 152,956
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 11,176 36,165
Bank loans and overdrafts 2,035 -
Other creditors 1,500,728 1,763,262
Taxation and social security 157,272 274,362
1,671,211 2,073,789
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 10 10
Page 5