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Company No: 13688298

ILA Law Ltd

Unaudited Financial Statements

Year Ended

31 March 2024

 

ILA Law Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

ILA Law Ltd

Company Information

Directors

L E R Baldwin

A M A Ttofis

Registered office

Arena Business Centre
Holyrood Close
Poole
Dorset
BH17 7FP

Accountants

Brett Pittwood
Suite 8 Bourne Gate
25 Bourne Valley Road
Poole
Dorset
BH12 1DY

 

ILA Law Ltd

(Registration number: 13688298)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

9,940

Tangible assets

5

21,671

12,804

 

21,671

22,744

Current assets

 

Debtors

6

28,757

8,880

Cash at bank and in hand

 

244,914

40,646

 

273,671

49,526

Creditors: Amounts falling due within one year

7

(286,142)

(65,291)

Net current liabilities

 

(12,471)

(15,765)

Total assets less current liabilities

 

9,200

6,979

Provisions for liabilities

(5,418)

(2,433)

Net assets

 

3,782

4,546

Capital and reserves

 

Called up share capital

4

4

Retained earnings

3,778

4,542

Shareholders' funds

 

3,782

4,546

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 July 2024 and signed on its behalf by:
 

L E R Baldwin
Director

 

ILA Law Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Arena Business Centre
Holyrood Close
Poole
Dorset
BH17 7FP
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

 

ILA Law Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office furniture and equipment

20% reducing balance basis

Computer equipment

33% straight line basis

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Domain

over 2 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

ILA Law Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

Classification
Financial assets

Basic financial assets
Basic financial assets, which include trade debtors, 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.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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 trade and other 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 2).

 

ILA Law Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

Additions acquired separately

19,880

19,880

At 31 March 2024

19,880

19,880

Amortisation

At 1 April 2023

9,940

9,940

Amortisation charge

9,940

9,940

At 31 March 2024

19,880

19,880

Carrying amount

At 31 March 2024

-

-

At 31 March 2023

9,940

9,940

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

17,691

17,691

Additions

17,895

17,895

At 31 March 2024

35,586

35,586

Depreciation

At 1 April 2023

4,887

4,887

Charge for the year

9,028

9,028

At 31 March 2024

13,915

13,915

Carrying amount

At 31 March 2024

21,671

21,671

At 31 March 2023

12,804

12,804

 

ILA Law Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024

6

Debtors

2024
£

2023
£

Trade debtors

27,561

8,880

Other debtors

1,196

-

28,757

8,880

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

1,625

5,615

Taxation and social security

62,029

16,004

Accruals and deferred income

999

2,425

Other creditors

221,489

41,247

286,142

65,291