Company registration number 11815314 (England and Wales)
VCW LAW LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
VCW LAW LIMITED
COMPANY INFORMATION
Directors
Mr B Wildridge
Mr C Marley
Mr P C W Cheng
Company number
11815314
Registered office
33 Silver Street
Stockton on Tees
TS18 1SX
Accountants
Benson Wood Ltd
Unit 21
Belasis Court
Belasis Hall Technology Park
Billingham
TS23 4AZ
VCW LAW LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Balance sheet
3 - 4
Notes to the financial statements
5 - 9
VCW LAW LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
The directors present their annual report and financial statements for the year ended 31 March 2024.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr B Wildridge
Mr C Marley
Mr P C W Cheng
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr B Wildridge
Director
27 December 2024
VCW LAW LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF VCW LAW LIMITED
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of VCW Law Limited for the year ended 31 March 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the board of directors of VCW Law Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of VCW Law Limited and state those matters that we have agreed to state to the board of directors of VCW Law Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than VCW Law Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that VCW Law Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of VCW Law Limited. You consider that VCW Law Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of VCW Law Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Benson Wood Ltd
Chartered Certified Accountants
Unit 21
Belasis Court
Belasis Hall Technology Park
Billingham
TS23 4AZ
27 December 2024
VCW LAW LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 3 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
600,000
720,000
Tangible assets
5
18,345
24,966
618,345
744,966
Current assets
Stocks
226,455
169,903
Debtors
6
102,330
70,565
Cash at bank and in hand
145
164,668
328,930
405,136
Creditors: amounts falling due within one year
7
(494,857)
(632,889)
Net current liabilities
(165,927)
(227,753)
Total assets less current liabilities
452,418
517,213
Creditors: amounts falling due after more than one year
8
(17,083)
(28,333)
Provisions for liabilities
(4,586)
(3,283)
Net assets
430,749
485,597
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
430,649
485,497
Total equity
430,749
485,597
VCW LAW LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 4 -
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 27 December 2024 and are signed on its behalf by:
Mr B Wildridge
Mr C Marley
Director
Director
Company registration number 11815314 (England and Wales)
VCW LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
1
Accounting policies
Company information
VCW Law Limited is a private company limited by shares incorporated in England and Wales. The registered office is 33 Silver Street, Stockton on Tees, TS18 1SX.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts chargeable to clients for professional services provided during the year excluding sales tax and third-party invoiced disbursements. Revenue is recognised on an individual engagement basis when the right to consideration has been obtained from the client in exchange for work performed and where the recoverability of the consideration can be assessed with reasonable certainty. Turnover in respect of contingent fee assignments (over and above any agreed minimum fee) is only recognised when the contingent event occurs and collectability of the fee is assured.
Services provided to clients which have not been billed at the balance sheet date are recognised as turnover. Turnover recognised in this matter is based on an assessment of fair value of the services provided at the balance sheet date as a proportion of the total value of the assignment. Provision is made against unbilled amounts on those engagements where the right to receive payment is contingent on factors outside the practices control.
Costs in respect of contingent fee engagements are written off to the profit and loss account as incurred until the contingent event occurs and recovery of the fee is assured. However, where there is a minimum fee, work in progress is recognised at the lower of cost and the minimum fee
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.4
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:
Fixtures and fittings
25% reducing balance
Computers
25% on cost
VCW LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
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.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Services provided to clients which have not been billed at the balance sheet date are recognised as turnover. Turnover recognised in this matter is based on an assessment of fair value of the services provided at the balance sheet date as a proportion of the total value of the assignment. Provision is made against unbilled amounts on those engagements where the right to receive payment is contingent on factors outside the practices control.
Costs in respect of contingent fee engagements are written off to the profit and loss account as incurred until the contingent event occurs and recovery of the fee is assured. However, where there is a minimum fee, work in progress is recognised at the lower of cost and the minimum fee.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
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.
VCW LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 7 -
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.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
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.
VCW LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
26
24
4
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
1,200,000
Amortisation and impairment
At 1 April 2023
480,000
Amortisation charged for the year
120,000
At 31 March 2024
600,000
Carrying amount
At 31 March 2024
600,000
At 31 March 2023
720,000
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
55,416
Additions
1,241
At 31 March 2024
56,658
Depreciation and impairment
At 1 April 2023
30,451
Depreciation charged in the year
7,861
At 31 March 2024
38,312
Carrying amount
At 31 March 2024
18,345
At 31 March 2023
24,966
VCW LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
102,330
70,565
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
16,930
8,750
Trade creditors
80,382
74,217
Corporation tax
51,692
44,069
Other creditors
345,853
505,853
494,857
632,889
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
17,083
28,333
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
£
£
51,181
60,814
10
Directors' transactions
At the balance sheet date there was a loan balance due to the directors of £345,853 (2023: £505,853). The loan is unsecured, interest free and repayable on demand.