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Registered number: 07655999









BRIFFA LEGAL LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2024

 
BRIFFA LEGAL LIMITED
REGISTERED NUMBER: 07655999

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
32,620
40,938

  
32,620
40,938

Current assets
  

Debtors: amounts falling due within one year
 6 
834,883
871,488

Cash at bank and in hand
 7 
693,070
521,499

  
1,527,953
1,392,987

Creditors: amounts falling due within one year
 8 
(841,505)
(683,216)

Net current assets
  
 
 
686,448
 
 
709,771

Total assets less current liabilities
  
719,068
750,709

Provisions for liabilities
  

Deferred tax
  
(7,557)
(9,509)

  
 
 
(7,557)
 
 
(9,509)

Net assets
  
711,511
741,200


Capital and reserves
  

Called up share capital 
 9 
1
1

Share premium account
  
25,000
25,000

Profit and loss account
  
686,510
716,199

  
711,511
741,200

Page 1

 
BRIFFA LEGAL LIMITED
REGISTERED NUMBER: 07655999
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




W T Miles
E P Chawke
Director
Director


Date: 15 January 2025

The notes on pages 3 to 10 form part of these financial statements.
Page 2

 
BRIFFA LEGAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

Briffa Legal Limited is a private company limited by shares and incorporated in England and Wales. The registered office is Business Design Centre, 52 Upper Street, Islington, London, N1 0QH.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
BRIFFA LEGAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its 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 profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
BRIFFA LEGAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

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

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 5

 
BRIFFA LEGAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
 Over the life of the lease
Fixtures and fittings
-
 15% Straight line
Office equipment
-
 20% Straight line
Computer equipment
-
 25% Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6

 
BRIFFA LEGAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 24 (2023 - 24).


4.


Intangible assets




Goodwill

£



Cost


At 1 August 2023
852,850



At 31 July 2024

852,850



Amortisation


At 1 August 2023
852,850



At 31 July 2024

852,850



Net book value



At 31 July 2024
-



At 31 July 2023
-



Page 7

 
BRIFFA LEGAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

5.


Tangible fixed assets





Short-term leasehold property
Office equipment
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 August 2023
7,250
65,998
11,475
84,723


Additions
-
5,290
-
5,290



At 31 July 2024

7,250
71,288
11,475
90,013



Depreciation


At 1 August 2023
7,250
27,420
9,115
43,785


Charge for the year on owned assets
-
13,059
549
13,608



At 31 July 2024

7,250
40,479
9,664
57,393



Net book value



At 31 July 2024
-
30,809
1,811
32,620



At 31 July 2023
-
38,578
2,359
40,937

Page 8

 
BRIFFA LEGAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

6.


Debtors

2024
2023
£
£


Trade debtors
711,975
778,375

Other debtors
25,256
25,256

Prepayments and accrued income
97,652
67,857

834,883
871,488



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
693,070
521,499

693,070
521,499



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
160,155
175,499

Amounts owed to group undertakings
346,872
47,372

Corporation tax
141,474
213,482

Other taxation and social security
157,429
178,901

Other creditors
7,796
2,055

Accruals and deferred income
27,779
65,907

841,505
683,216


Page 9

 
BRIFFA LEGAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000 (2023 - 1,000) A Ordinary shares of £0.001 each
1
1
333 (2022 - 333) B Ordinary shares of £0.001 each
-
-

1

1



10.


Controlling party

WE 52 Limited is the immediate and ultimate controlling parent company. Its registered address is Business Design Centre, 52 Upper Street, London, N1 0QH.
 
Page 10