Company registration number 09528027 (England and Wales)
LAW TRAINING CENTRE (KENT) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
LAW TRAINING CENTRE (KENT) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
5 - 8
LAW TRAINING CENTRE (KENT) LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
277,134
286,477
Tangible assets
4
11,024
11,012
288,158
297,489
Current assets
Debtors
462,755
448,819
Cash at bank and in hand
32,107
28,058
494,862
476,877
Creditors: amounts falling due within one year
(415,119)
(292,625)
Net current assets
79,743
184,252
Total assets less current liabilities
367,901
481,741
Creditors: amounts falling due after more than one year
(347,606)
(303,339)
Provisions for liabilities
(2,095)
(2,006)
Net assets
18,200
176,396
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
18,100
176,296
Total equity
18,200
176,396
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
LAW TRAINING CENTRE (KENT) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 9 January 2025 and are signed on its behalf by:
Mrs E Dullabh
Director
Company registration number 09528027 (England and Wales)
LAW TRAINING CENTRE (KENT) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
Share capital
Equity reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2022
100
7,195
163,839
171,134
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
-
115,457
115,457
Dividends
-
-
(103,000)
(103,000)
Issue of convertible loan
-
(7,195)
-
(7,195)
Balance at 30 April 2023
100
176,296
176,396
Year ended 30 April 2024:
Loss and total comprehensive income for the year
-
-
(88,196)
(88,196)
Dividends
-
-
(70,000)
(70,000)
Balance at 30 April 2024
100
18,100
18,200
LAW TRAINING CENTRE (KENT) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
152,079
157,534
Interest paid
(91,670)
(21,854)
Income taxes refunded
1
Net cash inflow from operating activities
60,409
135,681
Investing activities
Purchase of intangible assets
(39,545)
(59,133)
Purchase of tangible fixed assets
(3,687)
(811)
Repayment of loans
(85,974)
(135,052)
Interest received
178
28
Net cash used in investing activities
(129,028)
(194,968)
Financing activities
Issue of convertible loans
(7,195)
Repayment of bank loans
125,686
188,770
Dividends paid
(70,000)
(103,000)
Net cash generated from financing activities
55,686
78,575
Net (decrease)/increase in cash and cash equivalents
(12,933)
19,288
Cash and cash equivalents at beginning of year
28,058
8,770
Cash and cash equivalents at end of year
15,125
28,058
Relating to:
Cash at bank and in hand
32,107
28,058
Bank overdrafts included in creditors payable within one year
(16,982)
LAW TRAINING CENTRE (KENT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
1
Accounting policies
Company information
Law Training Centre (Kent) Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Panorama, Park Street, Ashford, Kent, England, TN24 8DF.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Development costs
10% on cost
LAW TRAINING CENTRE (KENT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 6 -
1.5
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%
Computers
25%
1.6
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.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, 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.
Basic financial liabilities
Basic financial liabilities, including 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Compound instruments
The component parts of compound instruments issued by the company are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. This amount is recorded as a liability on an amortised cost basis using the effective interest method until extinguished upon conversion or at the instrument's maturity date. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised and included in equity net of income tax effects and is not subsequently remeasured.
LAW TRAINING CENTRE (KENT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 7 -
1.10
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 13 (2023 - 13).
2024
2023
Number
Number
Total
13
13
3
Intangible fixed assets
Development costs
£
Cost
At 1 May 2023
449,335
Additions - internally developed
39,545
At 30 April 2024
488,880
Amortisation and impairment
At 1 May 2023
162,858
Amortisation charged for the year
48,888
At 30 April 2024
211,746
Carrying amount
At 30 April 2024
277,134
At 30 April 2023
286,477
LAW TRAINING CENTRE (KENT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 May 2023
15,969
18,974
34,943
Additions
3,687
3,687
At 30 April 2024
15,969
22,661
38,630
Depreciation and impairment
At 1 May 2023
12,106
11,825
23,931
Depreciation charged in the year
966
2,709
3,675
At 30 April 2024
13,072
14,534
27,606
Carrying amount
At 30 April 2024
2,897
8,127
11,024
At 30 April 2023
3,863
7,149
11,012
5
Loans and overdrafts
2024
2023
£
£
Bank loans
488,940
363,254
Bank overdrafts
16,982
505,922
363,254
Payable within one year
158,316
59,915
Payable after one year
347,606
303,339
2024-04-302023-05-01falsefalsefalse09 January 2025CCH SoftwareCCH Accounts Production 2024.310No description of principal activityMrs Evangelia DullabhMr Dieviyesh Dullabh095280272023-05-012024-04-30095280272024-04-30095280272023-04-3009528027core:DevelopmentCostsCapitalisedDevelopmentExpenditure2024-04-3009528027core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-04-3009528027core:FurnitureFittings2024-04-3009528027core:ComputerEquipment2024-04-3009528027core:FurnitureFittings2023-04-3009528027core:ComputerEquipment2023-04-3009528027core:CurrentFinancialInstrumentscore:WithinOneYear2024-04-3009528027core:CurrentFinancialInstrumentscore:WithinOneYear2023-04-3009528027core:Non-currentFinancialInstrumentscore:AfterOneYear2024-04-3009528027core:Non-currentFinancialInstrumentscore:AfterOneYear2023-04-3009528027core:ShareCapital2024-04-3009528027core:ShareCapital2023-04-3009528027core:RetainedEarningsAccumulatedLosses2024-04-3009528027core:RetainedEarningsAccumulatedLosses2023-04-3009528027core:ShareCapital2022-04-3009528027core:OtherReservesSubtotal2022-04-3009528027core:RetainedEarningsAccumulatedLosses2022-04-30095280272022-04-3009528027core:OtherReservesSubtotal2023-04-3009528027core:OtherReservesSubtotal2024-04-3009528027bus:Director12023-05-012024-04-3009528027core:RetainedEarningsAccumulatedLosses2022-05-012023-04-30095280272022-05-012023-04-3009528027core:RetainedEarningsAccumulatedLosses2023-05-012024-04-3009528027core:OtherReservesSubtotal2022-05-012023-04-300952802712023-05-012024-04-300952802712022-05-012023-04-300952802722023-05-012024-04-300952802722022-05-012023-04-30095280272023-04-3009528027core:WithinOneYear2024-04-3009528027core:WithinOneYear2023-04-3009528027core:IntangibleAssetsOtherThanGoodwill2023-05-012024-04-3009528027core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-05-012024-04-3009528027core:FurnitureFittings2023-05-012024-04-3009528027core:ComputerEquipment2023-05-012024-04-3009528027core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-04-3009528027core:DevelopmentCostsCapitalisedDevelopmentExpenditurecore:InternallyGeneratedIntangibleAssets2023-05-012024-04-3009528027core:FurnitureFittings2023-04-3009528027core:ComputerEquipment2023-04-3009528027core:CurrentFinancialInstruments2024-04-3009528027core:CurrentFinancialInstruments2023-04-3009528027core:Non-currentFinancialInstruments2024-04-3009528027core:Non-currentFinancialInstruments2023-04-3009528027bus:PrivateLimitedCompanyLtd2023-05-012024-04-3009528027bus:SmallCompaniesRegimeForAccounts2023-05-012024-04-3009528027bus:FRS1022023-05-012024-04-3009528027bus:AuditExemptWithAccountantsReport2023-05-012024-04-3009528027bus:Director22023-05-012024-04-3009528027bus:FullAccounts2023-05-012024-04-30xbrli:purexbrli:sharesiso4217:GBP