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REGISTERED NUMBER: SC422266 (Scotland)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

1ST LEGAL LIMITED

1ST LEGAL LIMITED (REGISTERED NUMBER: SC422266)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 April 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


1ST LEGAL LIMITED

COMPANY INFORMATION
for the Year Ended 30 April 2024







DIRECTORS: A D Currie
C E Currie



REGISTERED OFFICE: 6 Miller Road
Ayr
Ayrshire
KA7 2AY



REGISTERED NUMBER: SC422266 (Scotland)



ACCOUNTANTS: K M Stewart & Company
6 Miller Road
Ayr
KA7 2AY



BANKERS: The Royal Bank of Scotland
30 Sandgate
Ayr
Ayrshire
KA7 1BY

1ST LEGAL LIMITED (REGISTERED NUMBER: SC422266)

STATEMENT OF FINANCIAL POSITION
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 32,449 32,815
32,449 32,815

CURRENT ASSETS
Debtors 6 88,162 121,960
Cash at bank and in hand 396,976 232,191
485,138 354,151
CREDITORS
Amounts falling due within one year 7 266,519 144,445
NET CURRENT ASSETS 218,619 209,706
TOTAL ASSETS LESS CURRENT
LIABILITIES

251,068

242,521

CREDITORS
Amounts falling due after more than one
year

8

14,895

24,776
NET ASSETS 236,173 217,745

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 10 236,073 217,645
SHAREHOLDERS' FUNDS 236,173 217,745

1ST LEGAL LIMITED (REGISTERED NUMBER: SC422266)

STATEMENT OF FINANCIAL POSITION - continued
30 April 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 January 2025 and were signed on its behalf by:





A D Currie - Director


1ST LEGAL LIMITED (REGISTERED NUMBER: SC422266)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

1st Legal Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Functional currency
The financial statements are presented in British Pounds Sterling which is the functional currency. Figures are shown to the nearest whole pound.

Significant judgements and estimates
The preparation of financial statements requires the use of certain accounting estimates. It also requires the Directors to exercise judgement in applying the Companies Accounting policies. The areas requiring a higher degree of judgement, or complexity, and areas where assumptions or estimates are most significant to the financial statements, are disclosed below:

Estimation Uncertainty

Useful life of properties, plant and equipment
The Company assesses the useful life of its properties, plant and equipment and estimates the annual charge to be depreciated based on this.

Recoverability of Debtors
The Company assesses the recoverability of Debtors on an individual basis, taking into consideration payment history, and perceived liquidity. Where it is considered that there is a higher than normal risk to the recoverability of these, provision is made against the recoverability of these debts.

Key Judgements made in the application of Accounting Policies
a) Exemptions taken in the transition to FRS 102
The Company has considered and taken advantage of the following exemptions in its application of FRS 102:
i) The Company has not revisited previous accounting estimates.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful
life.
Freehold property - 2% on reducing balance
Plant and machinery - 25% on cost
Computer equipment - 4% on cost

1ST LEGAL LIMITED (REGISTERED NUMBER: SC422266)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Classification
The Company believes all financial instruments are Basic Financial Instruments. Therefore, the Company recognizes these in accordance with Section 11 of the Financial Reporting Standard.

Recognition and measurement
The company's debt instruments are measured at amortised cost using the effective interest rate method.

Impairment
Financial instruments are reviewed annually for impairment.

Debtors
Debtors are recognised at the settlement amount due with appropriate allowances for any irrecoverable amounts when there is objective evidence that the asset is impaired.

Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash on hand and cash at bank with a short term of maturity, being twelve months or less, from the opening of the deposit or similar account.

Creditors
Creditors are recognised where the company has a present obligation resulting from a past event and are recognised at the settlement amount due after allowing for any trade discounts due.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - NIL ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 120,000
AMORTISATION
At 1 May 2023
and 30 April 2024 120,000
NET BOOK VALUE
At 30 April 2024 -
At 30 April 2023 -

1ST LEGAL LIMITED (REGISTERED NUMBER: SC422266)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2024

5. TANGIBLE FIXED ASSETS
Freehold Plant and Computer
property machinery equipment Totals
£    £    £    £   
COST
At 1 May 2023 34,167 8,900 3,231 46,298
Additions - - 496 496
At 30 April 2024 34,167 8,900 3,727 46,794
DEPRECIATION
At 1 May 2023 1,367 8,900 3,216 13,483
Charge for year 683 - 179 862
At 30 April 2024 2,050 8,900 3,395 14,345
NET BOOK VALUE
At 30 April 2024 32,117 - 332 32,449
At 30 April 2023 32,800 - 15 32,815

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 87,537 53,174
Other debtors 625 68,786
88,162 121,960

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 54,052 21,002
Taxation and social security 187,412 104,570
Other creditors 15,055 8,873
266,519 144,445

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 14,895 24,776

The bank loan is repayable in instalments over 6 years. The loan is guaranteed by government and carries an interest rate of 2.5% p.a.

1ST LEGAL LIMITED (REGISTERED NUMBER: SC422266)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2024

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

10. RESERVES
Retained
earnings
£   

At 1 May 2023 217,647
Profit for the year 187,626
Dividends (169,200 )
At 30 April 2024 236,073

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2024 and 30 April 2023:

2024 2023
£    £   
A D Currie
Balance outstanding at start of year 68,110 26,990
Amounts advanced 188,419 194,228
Amounts repaid (256,565 ) (153,108 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (36 ) 68,110