Company registration number 05945344 (England and Wales)
WINROW'S LAW LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
WINROW'S LAW LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
4 - 8
WINROW'S LAW LIMITED
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 1 -
29 February 2024
31 March 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
32
Current assets
Stocks
-
13,810
Debtors
4
27,048
56,473
Cash at bank and in hand
80
53,959
27,128
124,242
Creditors: amounts falling due within one year
5
(54,915)
(186,567)
Net current liabilities
(27,787)
(62,325)
Total assets less current liabilities
(27,787)
(62,293)
Creditors: amounts falling due after more than one year
6
(31,250)
Net liabilities
(27,787)
(93,543)
Capital and reserves
Called up share capital
80
80
Share premium account
49,980
Capital redemption reserve
20
Profit and loss reserves
(27,867)
(143,623)
Total equity
(27,787)
(93,543)
WINROW'S LAW LIMITED
BALANCE SHEET (CONTINUED)
AS AT
29 FEBRUARY 2024
29 February 2024
- 2 -
For the financial period ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 28 November 2024 and are signed on its behalf by:
G M Harradence
Director
Company registration number 05945344 (England and Wales)
WINROW'S LAW LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 29 FEBRUARY 2024
- 3 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2022
80
49,980
20
44,416
94,496
Year ended 31 March 2023:
Loss and total comprehensive income
-
-
-
(188,039)
(188,039)
Balance at 31 March 2023
80
49,980
20
(143,623)
(93,543)
Period ended 29 February 2024:
Profit and total comprehensive income
-
-
-
115,756
115,756
Redemption of shares
(49,980)
-
(49,980)
Other movements
-
-
(20)
-
(20)
Balance at 29 February 2024
80
(27,867)
(27,787)
WINROW'S LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024
- 4 -
1
Accounting policies
Company information
Winrow's Law Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5-7 Boston Street, Holyhead, Anglesey, LL65 1BS.
1.1
Reporting period
These financial statements represent the period from 1 April 2023 to 29 February 2024. The comparatives are for the year ended 31 March 2023.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives. The rates have been updated to in line with group policy, with the resultant changes not considered to be significant to require a prior year adjustment, on the following bases:
Fixtures and fittings
20% straight line
Computers
33.3% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
WINROW'S LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct labour costs and disbursements.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
WINROW'S LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 6 -
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 April 2023
3,842
12,731
16,573
Disposals
(3,842)
(12,731)
(16,573)
At 29 February 2024
Depreciation and impairment
At 1 April 2023
3,842
12,699
16,541
Depreciation charged in the period
32
32
Eliminated in respect of disposals
(3,842)
(12,731)
(16,573)
At 29 February 2024
Carrying amount
At 29 February 2024
At 31 March 2023
32
32
WINROW'S LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 FEBRUARY 2024
- 7 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
19,811
Corporation tax recoverable
307
Amounts owed by group undertakings
10,707
Other debtors
1,876
Prepayments and accrued income
24,865
25,955
27,048
56,473
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
54,491
8,750
Other borrowings
29,859
Trade creditors
4,689
Amounts owed to group undertakings
129,920
Corporation tax
304
Other taxation and social security
6,225
Other creditors
185
Accruals and deferred income
239
6,820
54,915
186,567
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
31,250
7
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Total
863
8
Related party transactions
The company has taken advantage of the exemptions under FRS102 which permits subsidiaries not to disclose transactions with other group companies which are wholly owned by the group.
WINROW'S LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 FEBRUARY 2024
- 8 -
9
Parent company
Until 29 February 2024, the company was a wholly owned subsidiary of GW Law Holdings Limited, a company registered in England and Wales, with a registered office at Suite 26, Century Building, Tower Street, Brunswick Park, Liverpool, L3 4BJ.
Until 29 February 2024 ultimate controlling party of GW Law Holdings Limited is Mrs DA Walker.