Caseware UK (AP4) 2023.0.135 2023.0.135 2023-10-312023-10-31false2022-11-01No description of principal activity3124falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 05455941 2022-10-31 05455941 2022-11-01 2023-10-31 05455941 2023-10-31 05455941 2021-10-31 2022-10-30 05455941 2022-10-30 05455941 c:Director1 2022-11-01 2023-10-31 05455941 c:Director2 2022-11-01 2023-10-31 05455941 c:Director3 2022-11-01 2023-10-31 05455941 c:Director4 2022-11-01 2023-10-31 05455941 c:Director5 2022-11-01 2023-10-31 05455941 c:RegisteredOffice 2022-11-01 2023-10-31 05455941 d:CurrentFinancialInstruments 2023-10-31 05455941 d:CurrentFinancialInstruments 2022-10-30 05455941 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 05455941 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-30 05455941 d:ShareCapital 2023-10-31 05455941 d:ShareCapital 2022-10-30 05455941 d:RetainedEarningsAccumulatedLosses 2023-10-31 05455941 d:RetainedEarningsAccumulatedLosses 2022-10-30 05455941 c:FRS102 2022-11-01 2023-10-31 05455941 c:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 05455941 c:FullAccounts 2022-11-01 2023-10-31 05455941 c:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 05455941 2 2022-11-01 2023-10-31 05455941 e:PoundSterling 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure
Company registration number: 05455941







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 OCTOBER 2023


PM LAW LIMITED






































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PM LAW LIMITED
 


 
COMPANY INFORMATION


Directors
T R Halksworth 
R J Helsby 
S R Kaushal 
D J Mackay 
S B Osborne 




Registered number
05455941



Registered office
Pm House
250 Shepcote Lane

Sheffield

South Yorkshire

S9 1TP




Accountants
Menzies LLP
Chartered Accountants

1st Floor

Midas House

62 Goldsworth Road

Woking

Surrey

GU21 6LQ




Page 1

 


PM LAW LIMITED
REGISTERED NUMBER:05455941



STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
5,125,307
3,191,338

Cash at bank and in hand
  
7,986
-

  
5,133,293
3,191,338

Creditors: amounts falling due within one year
 5 
(2,419,151)
(1,108,002)

Net current assets
  
 
 
2,714,142
 
 
2,083,336

Total assets less current liabilities
  
2,714,142
2,083,336

  

Net assets
  
2,714,142
2,083,336


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
2,713,142
2,082,336

  
2,714,142
2,083,336


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
D J Mackay
Director

Date: 29 November 2024

The notes on pages 3 to 5 form part of these financial statements.

Page 2

 


PM LAW LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

PM Law Limited is a private company limited by shares incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's principal place of business is the same as the registered office and is disclosed on the company information page.
The company's functional and presentational currency is GBP.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of 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.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 


PM LAW LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 31 (2022 - 24).


4.


Debtors

2023
2022
£
£


Trade debtors
2,913,634
2,530,619

Other debtors
1,351,698
1,000

Amounts recoverable on contracts
859,975
659,719

5,125,307
3,191,338


Page 4

 


PM LAW LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
6,771

Bank loans
93,400
93,400

Corporation tax
897,127
509,150

Other taxation and social security
23,255
-

Other creditors
1,405,369
498,681

2,419,151
1,108,002


Bank borrowings are secured by a fixed and floating charge over all of the current and future property and assets, including debts and fixed assets.


6.


Contingent liabilities

The company is part of a VAT group in which all members are jointly and severally liable for any VAT the group owes to HMRC. At 31 October 2023 the overall liability held by the associated company Proddow Mackay Solicitors LLP totals £1,086,681 (2022 - £785,481).


7.


Description of nature of transactions and balances with related parties

Motor vehicle operating leases in the name of PM Law Limited are paid for and used by Proddow Mackay Solicitors LLP (an associated company under common control) and are included as an expense in that entity’s income statement to represent the economic substance of and the benefit received of the transactions.
Consequently, the commitment under operating leases totalling £194,012 is shown in the financial statements for Proddow Mackay Solicitors LLP.

A bank loan with Clydesdale Bank PLC in the name of PM Law Limited was received into and loan instalments repaid by Proddow Mackay Solicitors LLP (an associated company under common control) to represent the economic substance of the transaction, in respect of which the directors have obtained legal opinion.
Consequently, the bank loan creditor at the year ended 31 October 2023 totalling £3,404,050 is shown as a creditor in the financial statements for Proddow Mackay Solicitors LLP.

An inter-company guarantee exists between PM Law Limited, Proddow Mackay Limited and Proddow Mackay (Conveyancing) Limited in favour of Yorkshire Bank Plc.

 
Page 5