Registered number: 07240298
YORKSHIRE'S INJURY LAWYERS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2024
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YORKSHIRE'S INJURY LAWYERS LIMITED
REGISTERED NUMBER: 07240298
BALANCE SHEET
AS AT 31 MARCH 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
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 income and retained earnings 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 19 December 2024.
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YORKSHIRE'S INJURY LAWYERS LIMITED
REGISTERED NUMBER: 07240298
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
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Director
Company registration number: 07240298
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YORKSHIRE'S INJURY LAWYERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
The principal activity of the company is the provision of professional legal services. The company is a private limited company, which is incorporated in England and Wales (no 07240298). The address of the registered office is 8-16 Dock Street, Leeds, LS10 1LX.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of disbursements, Value Added Tax and trade discounts.
Turnover is recognised when the company has a right to consideration in exchange for the performance of duties. The right to consideration is determined by the terms and conditions of business which form the contract under which services are provided. Where services are performed gradually over time, revenue is recognised to reflect the accrual of the right to consideration as the contract progresses by reference to the valuation of work performed. Incomplete work of this type is included within amounts recoverable on contracts. Appropriate provisions are made when the time costs are not fully recoverable.
The Directors have prepared cash flow forecasts for the period of 12 months from the approval date which take account of the current cost and operational structure of the company. These forecasts together with the continued support from the bank demonstrate that the company has sufficient funds available to operate within its current banking facilities for a period of at least 12 months from the date of approval of these financial statements.
Accordingly, the going concern basis has been adopted in preparing these financial statements.
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Interest income is recognised in profit or loss using the effective interest method.
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YORKSHIRE'S INJURY LAWYERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
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 balance sheet date in the countries where the Company operates and generates income.
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.
A financial asset or a financial liabilty is recognised only when the entity becomes a party to the
contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement
constitutes a financing transaction, where it is recognised at the present value of the future payments
discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of
impairment at the end of each reporting date. If there is objective evidence of impairment, an
impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually
significant, these are assessed individually for impairment. Other financial assets are either assessed
individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the
reversal does not result in a carrying amount of the financial asset that exceeds what the carrying
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YORKSHIRE'S INJURY LAWYERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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Financial instruments (continued)
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amount would have been had the impairment not previously been recognised.
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The average monthly number of employees, including the directors, during the year was as follows:
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YORKSHIRE'S INJURY LAWYERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Cost or valuation (restated)
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Amounts owed by group undertakings
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Amounts recoverable on long-term contracts
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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YORKSHIRE'S INJURY LAWYERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Related party transactions
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During the year the company paid a management charge of £30,000 (2023 - £30,000) to an LLP in which the directors are members. At the balance sheet date the company was owed £299,110 from the LLP (2023 - Yorkshire's Injury Lawyers Limited owed the LLP £646,638). On 31 March 2024 the trade and assets of Yorkshire's Injury Lawyers Limited was sold to the same LLP for fair value.
During the year the directors noted that £388,266 included in debtors in the accounts for the year ending 31 March 2023 relating to amounts recoverable on contract should not have been recognised as the balance was not recoverable. The directors consider this to be material to the financial statements and have accordingly made a prior period adjustment. The impact of the adjustment is to reduce amounts recoverable on contracts held in debtors at 31 March 2023 from £1,078,864 as previously disclosed to £690,598 as restated, with a corresponding reduction in turnover and profit before tax of £388,266. The provision for corporation tax at 31 March 2023 has also been reduced by £65,010 as a result of this adjustment with a reduction in corporation tax payable to £nil and recognition of corporation tax recoverable of £37,010. Net assets at 31 March 2023 have been restated by £323,256, from £645,324 to £349,110.
In addition, a balance of £49,997 has been reallocated from other debtors to investments to reflect the correct nature of this balance, being an investment in an unlisted company, this adjustment had no impact on net assets nor profit.
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