Company registration number 08833329 (England and Wales)
LCF LAW LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
LCF LAW LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
141,820
159,055
Investments
5
52
52
141,872
159,107
Current assets
Debtors
6
3,950,489
3,713,435
Cash at bank and in hand
645,838
90,829
4,596,327
3,804,264
Creditors: amounts falling due within one year
7
(3,392,268)
(2,576,666)
Net current assets
1,204,059
1,227,598
Total assets less current liabilities
1,345,931
1,386,705
Creditors: amounts falling due after more than one year
8
(226,667)
(407,798)
Net assets
1,119,264
978,907
Capital and reserves
Called up share capital
1,600
1,600
Capital redemption reserve
400
400
Profit and loss reserves
1,117,264
976,907
Total equity
1,119,264
978,907

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 31 March 2024 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.

LCF LAW LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 19 November 2024 and are signed on its behalf by:
R E Montgomery
Director
Company registration number 08833329 (England and Wales)
LCF LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

LCF Law Limited is a private company limited by shares incorporated in England and Wales. The registered office is One St James Business Park, New Augustus Street, Bradford, BD1 5LL.

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
Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

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.

1.3
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 on the following bases:

Freehold land and buildings
20% straight line
Fixtures and fittings
33% straight line
Equipment
33% straight line
Motor vehicles
25% 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.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

LCF LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

 

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

 

Investments in associates

 

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

 

Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.

 

Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

 

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Retirement benefits

The company operates a defined contribution plan for it's 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 the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

LCF LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.7
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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:

2024
2023
Number
Number
Total
109
100
LCF LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
4
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
484,390
353,050
458,675
14,500
1,310,615
Additions
-
0
66,491
16,140
-
0
82,631
Disposals
-
0
(138,222)
(149,752)
-
0
(287,974)
At 31 March 2024
484,390
281,319
325,063
14,500
1,105,272
Depreciation and impairment
At 1 April 2023
393,177
302,064
441,819
14,500
1,151,560
Depreciation charged in the year
49,104
38,061
12,701
-
0
99,866
Eliminated in respect of disposals
-
0
(138,222)
(149,752)
-
0
(287,974)
At 31 March 2024
442,281
201,903
304,768
14,500
963,452
Carrying amount
At 31 March 2024
42,109
79,416
20,295
-
0
141,820
At 31 March 2023
91,213
50,986
16,856
-
0
159,055
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
52
52
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,657,060
1,271,491
Amounts owed by group undertakings
52,000
52,000
Other debtors
2,241,429
2,389,944
3,950,489
3,713,435
LCF LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
452,176
322,620
Trade creditors
249,958
162,984
Corporation tax
267,000
150,000
Other taxation and social security
718,926
638,936
Other creditors
1,704,208
1,302,126
3,392,268
2,576,666

Bank loans are secured by a fixed and floating charge over the assets of the Company

8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
226,667
407,798

Bank loans are secured by a fixed and floating charge over the assets of the Company

9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
510,640
186,778
2024-03-312023-04-01falsefalsefalse19 November 2024CCH SoftwareCCH Accounts Production 2024.310No description of principal activityJ SarjantsonR E MontgomeryN J ShawR S RobbC T F AbrahamA E ChristianJ BarnesS E ClarkS R B StellH E ThorntonA CaseyC E CookT G EdwardsH K RaitS R SilverW M ParkerD E MattocksA ZamanM H QayumR RaperJ A AustinN NattressR C RidleyL J O'NeillE B Foster088333292023-04-012024-03-31088333292024-03-31088333292023-03-3108833329core:LandBuildingscore:OwnedOrFreeholdAssets2024-03-3108833329core:FurnitureFittings2024-03-3108833329core:ComputerEquipment2024-03-3108833329core:MotorVehicles2024-03-3108833329core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-3108833329core:FurnitureFittings2023-03-3108833329core:ComputerEquipment2023-03-3108833329core:MotorVehicles2023-03-3108833329core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3108833329core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3108833329core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-3108833329core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3108833329core:CurrentFinancialInstruments2024-03-3108833329core:CurrentFinancialInstruments2023-03-3108833329core:ShareCapital2024-03-3108833329core:ShareCapital2023-03-3108833329core:CapitalRedemptionReserve2024-03-3108833329core:CapitalRedemptionReserve2023-03-3108833329core:RetainedEarningsAccumulatedLosses2024-03-3108833329core:RetainedEarningsAccumulatedLosses2023-03-3108833329bus:Director22023-04-012024-03-3108833329core:LandBuildingscore:OwnedOrFreeholdAssets2023-04-012024-03-3108833329core:FurnitureFittings2023-04-012024-03-3108833329core:ComputerEquipment2023-04-012024-03-3108833329core:MotorVehicles2023-04-012024-03-31088333292022-04-012023-03-3108833329core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-3108833329core:FurnitureFittings2023-03-3108833329core:ComputerEquipment2023-03-3108833329core:MotorVehicles2023-03-31088333292023-03-3108833329core:WithinOneYear2024-03-3108833329core:WithinOneYear2023-03-3108833329core:Non-currentFinancialInstruments2024-03-3108833329core:Non-currentFinancialInstruments2023-03-3108833329bus:PrivateLimitedCompanyLtd2023-04-012024-03-3108833329bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3108833329bus:FRS1022023-04-012024-03-3108833329bus:AuditExemptWithAccountantsReport2023-04-012024-03-3108833329bus:Director12023-04-012024-03-3108833329bus:Director32023-04-012024-03-3108833329bus:Director42023-04-012024-03-3108833329bus:Director52023-04-012024-03-3108833329bus:Director62023-04-012024-03-3108833329bus:Director72023-04-012024-03-3108833329bus:Director82023-04-012024-03-3108833329bus:Director92023-04-012024-03-3108833329bus:Director102023-04-012024-03-3108833329bus:Director112023-04-012024-03-3108833329bus:Director122023-04-012024-03-3108833329bus:Director132023-04-012024-03-3108833329bus:Director142023-04-012024-03-3108833329bus:Director152023-04-012024-03-3108833329bus:Director162023-04-012024-03-3108833329bus:Director172023-04-012024-03-3108833329bus:Director182023-04-012024-03-3108833329bus:Director192023-04-012024-03-3108833329bus:Director202023-04-012024-03-3108833329bus:Director212023-04-012024-03-3108833329bus:Director222023-04-012024-03-3108833329bus:Director232023-04-012024-03-3108833329bus:Director242023-04-012024-03-3108833329bus:Director252023-04-012024-03-3108833329bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP