Company registration number 07483041 (England and Wales)
ZHONG LUN LAW FIRM LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
ZHONG LUN LAW FIRM LIMITED
COMPANY INFORMATION
Directors
Ms Peijun Xia-Booth
(Appointed 1 October 2024)
Mr Xiaoxin Liao
(Appointed 22 August 2024)
Mr Yin Zhou
(Appointed 22 August 2024)
Company number
07483041
Registered office
10-11
Austin Friars
London
EC2N 2HG
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
ZHONG LUN LAW FIRM LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 6
ZHONG LUN LAW FIRM LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ZHONG LUN LAW FIRM LIMITED FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Zhong Lun Law Firm Limited for the year ended 31 March 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Zhong Lun Law Firm Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Zhong Lun Law Firm Limited and state those matters that we have agreed to state to the board of directors of Zhong Lun Law Firm Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Zhong Lun Law Firm Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Zhong Lun Law Firm Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Zhong Lun Law Firm Limited. You consider that Zhong Lun Law Firm Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Zhong Lun Law Firm Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
4 February 2025
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
ZHONG LUN LAW FIRM LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
59,475
41,568
Current assets
Debtors
5
1,094,978
964,436
Cash at bank and in hand
610,260
500,432
1,705,238
1,464,868
Creditors: amounts falling due within one year
6
(933,058)
(748,379)
Net current assets
772,180
716,489
Total assets less current liabilities
831,655
758,057
Provisions for liabilities
7
(6,097)
(13,394)
Net assets
825,558
744,663
Capital and reserves
Called up share capital
9
150
150
Profit and loss reserves
825,408
744,513
Total equity
825,558
744,663
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 31 March 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.
The financial statements were approved by the board of directors and authorised for issue on 4 February 2025 and are signed on its behalf by:
Ms Peijun Xia-Booth
Director
Company registration number 07483041 (England and Wales)
ZHONG LUN LAW FIRM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Zhong Lun Law Firm Limited is a private company limited by shares incorporated in England and Wales.
The registered office is 10-11, Austin Friars, London, United Kingdom, EC2N 2HG.
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents the value of services provided to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a service has only been partially completed at the balance sheet date, turnover represents the value of the service provided to date on a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.4
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:
Leasehold improvements
over the lease term
Fixtures and fittings
25% on reducing balance
Computers
25% on reducing balance
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
ZHONG LUN LAW FIRM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
51
57
ZHONG LUN LAW FIRM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
263,486
Amortisation and impairment
At 1 April 2023 and 31 March 2024
263,486
Carrying amount
At 31 March 2024
At 31 March 2023
4
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 April 2023
144,010
47,347
127,830
319,187
Additions
33,241
4,768
38,009
At 31 March 2024
144,010
80,588
132,598
357,196
Depreciation and impairment
At 1 April 2023
144,010
41,772
91,837
277,619
Depreciation charged in the year
9,707
10,395
20,102
At 31 March 2024
144,010
51,479
102,232
297,721
Carrying amount
At 31 March 2024
29,109
30,366
59,475
At 31 March 2023
5,575
35,993
41,568
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
579,801
409,635
Other debtors
515,177
554,801
1,094,978
964,436
ZHONG LUN LAW FIRM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
74,235
Trade creditors
83,830
Taxation and social security
382,323
337,746
Other creditors
466,905
336,398
933,058
748,379
7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
6,097
13,394
8
Secured debts
The following secured debts are included within creditors:
2024
2023
£
£
Bank overdrafts
17
Bank loans
-
74,218
-
74,235
Bank loans are secured by way of a fixed and floating charge over all assets of the company.
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
50
50
50
50
Ordinary B of £1 each
50
50
50
50
Ordinary C of £1 each
25
25
25
25
Ordinary D of £1 each
25
25
25
25
150
150
150
150