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Registration number: 09243508

Law and Company Solicitors Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Law and Company Solicitors Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Law and Company Solicitors Limited

Company Information

Directors

Mr Mohsin Raza Malik

Mrs Nisa Firdaus

Registered office

Fox Court
Grays Inn Road
London
WC1X 8HN

Accountants

Paul Winston Limited
Chartered Accountants
Silver Rose, Unit 21
East Lodge Village
East Lodge Lane
Enfield
EN2 8AS

 

Law and Company Solicitors Limited

(Registration number: 09243508)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

fixed assets

 

tangible assets

4

36,924

41,555

Current assets

 

Debtors

5

1,867

11,291

Cash at bank and in hand

 

80,273

112,703

 

82,140

123,994

Creditors: Amounts falling due within one year

6

(88,262)

(130,539)

Net current liabilities

 

(6,122)

(6,545)

Total assets less current liabilities

 

30,802

35,010

Creditors: Amounts falling due after more than one year

6

(24,000)

(24,000)

Net assets

 

6,802

11,010

capital and reserves

 

Called up share capital

7

100

100

Profit and loss account

6,702

10,910

Shareholders' funds

 

6,802

11,010

For the financial year ending 31 December 2023 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 7 October 2024 and signed on its behalf by:
 

.........................................
Mr Mohsin Raza Malik
Director

 

Law and Company Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
Fox Court
Grays Inn Road
London
WC1X 8HN

The principal place of business is:
Fox Court
Grays Inn Road
London
WC1X 8HN

These financial statements were authorised for issue by the Board on 7 October 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.

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 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.

 

Law and Company Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

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 equipment

25% net book value

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

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.

 

Law and Company Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 3).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

46,073

896

46,969

At 31 December 2023

46,073

896

46,969

Depreciation

At 1 January 2023

4,608

806

5,414

Charge for the year

4,608

23

4,631

At 31 December 2023

9,216

829

10,045

Carrying amount

At 31 December 2023

36,857

67

36,924

At 31 December 2022

41,465

90

41,555

Included within the net book value of land and buildings above is £36,857 (2022 - £41,465) in respect of short leasehold land and buildings.
 

5

Debtors

Current

2023
£

2022
£

Trade debtors

-

11,291

Other debtors

1,867

-

 

1,867

11,291

 

Law and Company Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

8

11,151

11,151

trade creditors

 

5,100

-

Taxation and social security

 

1,673

3,213

Other creditors

 

58,302

113,947

Directors' loan accounts

 

12,036

2,228

 

88,262

130,539

Due after one year

 

Loans and borrowings

8

24,000

24,000

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

24,000

24,000

 

Law and Company Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary M of £1 each

99

99

99

99

Ordinary N of £1 each

1

1

1

1

100

100

100

100

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Other borrowings

24,000

24,000

Current loans and borrowings

2023
£

2022
£

Bank borrowings

11,151

11,151

9

Dividends

Interim dividends paid

2023
£

2022
£

Interim dividend of £183.838 (2022 - £131.31) per each Ordinary M

18,200

13,000

Interim dividend of £1,000.00 (2022 - £2,000.00) per each Ordinary N

1,000

2,000

19,200

15,000

10

Related party transactions

 

Law and Company Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

20,863

22,302