Company registration number 08276948 (England and Wales)
RIGHT LEGAL GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
RIGHT LEGAL GROUP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
RIGHT LEGAL GROUP LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
4
611,701
449,115
Tangible assets
5
8,400
7,859
620,101
456,974
Current assets
Debtors
6
1,391,208
1,507,280
Cash at bank and in hand
2,929
2,331
1,394,137
1,509,611
Creditors: amounts falling due within one year
7
(2,746,514)
(1,654,124)
Net current liabilities
(1,352,377)
(144,513)
Total assets less current liabilities
(732,276)
312,461
Creditors: amounts falling due after more than one year
8
(472,183)
(641,629)
Net liabilities
(1,204,459)
(329,168)
Capital and reserves
Called up share capital
1,444
1,444
Share premium account
29,400
29,400
Capital redemption reserve
159
159
Profit and loss reserves
(1,235,462)
(360,171)
Total equity
(1,204,459)
(329,168)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

RIGHT LEGAL GROUP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2023
30 November 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 November 2024 and are signed on its behalf by:
Miss C Caladine
Director
Company registration number 08276948 (England and Wales)
RIGHT LEGAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
1
Accounting policies
Company information

Right Legal Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is 16 Stanier Way, Wyvern Business Park, Derby, DE21 6BF. The company registration number is 08276948.

1.1
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.

1.2
Change in accounting estimate

The useful life of Intangible Assets - Goodwill has been increased from 5 years to 20 years. This is a reliable estimate of the directors' based on Intangible Assets - Goodwill generating revenue in excess of 20 years.

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.

 

Turnover is recognised when services are provided, and invoices are raised.

1.4
Intangible fixed assets - goodwill

Goodwill, being the amount paid in connection with the acquisition of customer relationships is being amortised evenly over their useful lives of twenty years.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
5 years
1.6
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.

RIGHT LEGAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings freehold
45% on cost
Fixtures, fittings & equipment
20% on cost

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.

1.7
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
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are recognised at transaction price.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
145
137
RIGHT LEGAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
4
Intangible fixed assets
Goodwill
Software
Total
£
£
£
Cost
At 1 December 2022
486,410
499,921
986,331
Additions
237,414
67,120
304,534
At 30 November 2023
723,824
567,041
1,290,865
Amortisation and impairment
At 1 December 2022
342,157
195,059
537,216
Amortisation charged for the year
28,540
113,408
141,948
At 30 November 2023
370,697
308,467
679,164
Carrying amount
At 30 November 2023
353,127
258,574
611,701
At 30 November 2022
144,253
304,862
449,115
5
Tangible fixed assets
Land and buildings freehold
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 December 2022
2,770
70,648
73,418
Additions
-
0
4,960
4,960
At 30 November 2023
2,770
75,608
78,378
Depreciation and impairment
At 1 December 2022
2,770
62,789
65,559
Depreciation charged in the year
-
0
4,419
4,419
At 30 November 2023
2,770
67,208
69,978
Carrying amount
At 30 November 2023
-
0
8,400
8,400
At 30 November 2022
-
0
7,859
7,859
RIGHT LEGAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
500,191
849,857
Corporation tax recoverable
7,423
-
0
Other debtors
883,594
657,423
1,391,208
1,507,280
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
605,214
457,091
Trade creditors
780,151
405,676
Corporation tax
7,792
3,350
Other taxation and social security
331,551
274,206
Other creditors
1,021,806
513,801
2,746,514
1,654,124
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
472,183
641,629
9
Events after the reporting date

Post year end Right Legal Group Limited was acquired by Legatum Capital Limited. Legatum Capital Limited is a holding company that was funded by shareholders of Right Legal Group Limited and Vespa Capital.

10
Prior period adjustment

Based on a review of revenue, it was identified that revenue had been recognised wholly at the start of each case, rather than being accounted for when the work was complete. Therefore the previous accounts overstated revenue and did not reflect the value of work in progress. The prior year figures have been adjusted for in respect of this and restatements have been made in the accounts. This has been summarised below:

Changes to the balance sheet
As previously reported
Adjustment
As restated at 30 Nov 2022
£
£
£
Current assets
Debtors due within one year
3,574,269
(2,066,989)
1,507,280
RIGHT LEGAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
10
Prior period adjustment
As previously reported
Adjustment
As restated at 30 Nov 2022
£
£
£
(Continued)
- 7 -
Capital and reserves
Profit and loss reserves
1,706,818
(2,066,989)
(360,171)
Reconciliation of changes in equity
1 December
30 November
2021
2022
£
£
Adjustments to prior year
-
(2,066,989)
Equity as previously reported
1,597,571
1,737,821
Equity as adjusted
1,597,571
(329,168)
Analysis of the effect upon equity
Profit and loss reserves
-
(2,066,989)
2023-11-302022-12-01false29 November 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityMr M S SimpsonMiss C CaladineMr K DearlingMs S DalyMs D WilkesRight Financial Management LtdMr L R Mantlefalsefalse082769482022-12-012023-11-30082769482023-11-30082769482022-11-3008276948core:NetGoodwill2023-11-3008276948core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-11-3008276948core:NetGoodwill2022-11-3008276948core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-11-3008276948core:LandBuildingscore:OwnedOrFreeholdAssets2023-11-3008276948core:FurnitureFittings2023-11-3008276948core:LandBuildingscore:OwnedOrFreeholdAssets2022-11-3008276948core:FurnitureFittings2022-11-3008276948core:CurrentFinancialInstrumentscore:WithinOneYear2023-11-3008276948core:CurrentFinancialInstrumentscore:WithinOneYear2022-11-3008276948core:Non-currentFinancialInstrumentscore:AfterOneYear2023-11-3008276948core:Non-currentFinancialInstrumentscore:AfterOneYear2022-11-3008276948core:CurrentFinancialInstruments2023-11-3008276948core:CurrentFinancialInstruments2022-11-3008276948core:ShareCapital2023-11-3008276948core:ShareCapital2022-11-3008276948core:SharePremium2023-11-3008276948core:SharePremium2022-11-3008276948core:CapitalRedemptionReserve2023-11-3008276948core:CapitalRedemptionReserve2022-11-3008276948core:RetainedEarningsAccumulatedLosses2023-11-3008276948core:RetainedEarningsAccumulatedLosses2022-11-3008276948bus:Director22022-12-012023-11-3008276948core:Goodwill2022-12-012023-11-3008276948core:IntangibleAssetsOtherThanGoodwill2022-12-012023-11-3008276948core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-12-012023-11-3008276948core:LandBuildingscore:OwnedOrFreeholdAssets2022-12-012023-11-3008276948core:FurnitureFittings2022-12-012023-11-30082769482021-12-012022-11-3008276948core:NetGoodwill2022-11-3008276948core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-11-30082769482022-11-3008276948core:NetGoodwill2022-12-012023-11-3008276948core:LandBuildingscore:OwnedOrFreeholdAssets2022-11-3008276948core:FurnitureFittings2022-11-3008276948core:WithinOneYear2023-11-3008276948core:WithinOneYear2022-11-3008276948core:Non-currentFinancialInstruments2023-11-3008276948core:Non-currentFinancialInstruments2022-11-3008276948bus:PrivateLimitedCompanyLtd2022-12-012023-11-3008276948bus:SmallCompaniesRegimeForAccounts2022-12-012023-11-3008276948bus:FRS1022022-12-012023-11-3008276948bus:AuditExemptWithAccountantsReport2022-12-012023-11-3008276948bus:Director12022-12-012023-11-3008276948bus:Director32022-12-012023-11-3008276948bus:Director42022-12-012023-11-3008276948bus:Director52022-12-012023-11-3008276948bus:Director62022-12-012023-11-3008276948bus:Director72022-12-012023-11-3008276948bus:FullAccounts2022-12-012023-11-30xbrli:purexbrli:sharesiso4217:GBP