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Registration number: 04570471

Global Legal Group Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Global Legal Group Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Global Legal Group Limited

Company Information

Director

A Falach

Registered office

Lawford House
Albert Place
London
N3 1QA

Accountants

Sterlings Ltd
Chartered Accountants
Lawford House
Albert Place
London
N3 1QA

 

Global Legal Group Limited

(Registration number: 04570471)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

137,948

180,890

Current assets

 

Debtors

5

1,453,626

1,636,778

Cash at bank and in hand

 

1,084,858

1,307,608

 

2,538,484

2,944,386

Creditors: Amounts falling due within one year

6

(1,308,711)

(974,910)

Net current assets

 

1,229,773

1,969,476

Total assets less current liabilities

 

1,367,721

2,150,366

Provisions for liabilities

(33,499)

(43,287)

Net assets

 

1,334,222

2,107,079

Capital and reserves

 

Called up share capital

 

100

100

Profit and loss account

1,334,122

2,106,979

Shareholders' funds

 

1,334,222

2,107,079

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.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 November 2024
 

 

Global Legal Group Limited

(Registration number: 04570471)
Balance Sheet as at 31 March 2024

.........................................
A Falach
Director

 

Global Legal Group Limited

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:
Lawford House
Albert Place
London
N3 1QA
United Kingdom

The principal place of business is:
59 Tanner Street
London
SE1 3PL

These financial statements were authorised for issue by the director on 27 November 2024.

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.

The financial statements are presented in Pounds Sterling, which is also the functional currency of the Company. Rounding of amounts shown in the financial statements is to the nearest Pound.

Going concern

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

 

Global Legal Group Limited

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

Judgements

In the application of the Company's accounting policies, which are described above, management is required to make judgements, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on judgement and experience together with any other factors that are considered to be relevant. Actual results may differ from these estimates.

Estimates and any underlying assumptions used are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both the current period and subsequent periods.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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 corporation 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.

Deferred corporation tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred corporation tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

 

Global Legal Group Limited

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

Tangible assets

Tangible assets are stated in the statement of financial position 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

Land and buildings leasehold

20% straight line

Fixtures, fittings and equipment

25% straight line

Office equipment

25% straight line

Computer equipment

33% straight line

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.

Borrowings

 

Global Legal Group Limited

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

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Global Legal Group Limited

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

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.
 Recognition and measurement
A financial instrument is recognised when the Company becomes a party to the contractual provisions of the instrument with initial measurement being at the transaction price.
 Impairment
Financial assets are assessed for indications of impairment at the end of each accounting period. They are considered to be impaired when there is evidence that the estimated future cash flows of the asset have been affected.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 45 (2023 - 46).

 

Global Legal Group Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

8,439

208,643

217,082

Additions

-

5,856

5,856

At 31 March 2024

8,439

214,499

222,938

Depreciation

At 1 April 2023

5,967

30,225

36,192

Charge for the year

2,472

46,326

48,798

At 31 March 2024

8,439

76,551

84,990

Carrying amount

At 31 March 2024

-

137,948

137,948

At 31 March 2023

2,472

178,418

180,890

Included within the net book value of land and buildings above is £Nil (2023 - £2,472) in respect of short leasehold land and buildings.
 

5

Debtors

Note

2024
£

2023
£

Trade debtors

 

1,376,905

1,535,895

Amounts owed by group undertakings and undertakings in which the company has a participating interest

9

-

773

Prepayments

 

44,351

100,104

Other debtors

 

32,370

6

 

1,453,626

1,636,778

 

Global Legal Group Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

30,615

636,566

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

997,664

-

Taxation and social security

 

221,739

148,022

Accruals and deferred income

 

58,693

190,322

 

1,308,711

974,910

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A shares of £1 each

50

50

50

50

Ordinary B shares of £1 each

50

50

50

50

100

100

100

100

The 'A' Ordinary shares and 'B' Ordinary shares rank pari passu except with regard to entitlement to dividends which may vary.

8

Financial commitments, guarantees and contingencies

As at year end, the company had total commitments under non-cancellable operating leases over the life of those leases of £15,327 (2023 - £104,910).

9

Related party transactions

Other related party transactions

 

Global Legal Group Limited

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

The company has had transactions with a company called GLG Media Limited which is incorporated in England and Wales. This company holds 100% of the shares in the company. The company owed £997,664 (2023 - was owed £773). No interest was applicable to this loan account and it was repayable on demand. The amount was included in creditors due within one year (2023 - included in debtors due within one year) within net current assets. Fixed and floating charges which had been granted over the assets of the company as security for a bank loan made to GLG Media Limited were satisfied during the previous year.

During the year the company was charged rent by AM Commercial Holding Ltd which is incorporated in England and Wales. The director has a beneficial interest in the company. The amount of rent payable for the year amounted to £87,000 (2023 - £73,950). The company also owed an amount in respect of this rent as at the balance sheet date of £Nil (2023 - £17,400) which is included within trade creditors.

10

Parent and ultimate parent undertaking

The company's immediate parent company is GLG Media Limited, a company incorporated in England and Wales.

 The ultimate parent company is GLG Media Limited, a company incorporated in England and Wales.