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Registration number: 08099171

TQ Law Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

TQ Law Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

TQ Law Limited

(Registration number: 08099171)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

1,665

9,246

Current assets

 

Stocks

6

270,000

170,000

Debtors

7

127,095

150,547

Cash at bank and in hand

 

58,552

31,050

 

455,647

351,597

Creditors: Amounts falling due within one year

8

(297,557)

(215,235)

Net current assets

 

158,090

136,362

Total assets less current liabilities

 

159,755

145,608

Creditors: Amounts falling due after more than one year

8

(8,357)

(18,242)

Provisions for liabilities

(174)

(2,311)

Net assets

 

151,224

125,055

Capital and reserves

 

Called up share capital

10

10

Retained earnings

151,214

125,045

Shareholders' funds

 

151,224

125,055

 

TQ Law Limited

(Registration number: 08099171)
Balance Sheet as at 31 August 2024

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 January 2025 and signed on its behalf by:
 

.........................................
Mr IR Tenquist
Director

 

TQ Law Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
54 Church Street
Leigh
WN7 1AZ
England

These financial statements were authorised for issue by the Board on 27 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

 

TQ Law Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

TQ Law Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 44 (2023 - 48).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

8,224

12,193

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2023

42,222

42,222

Additions

642

642

At 31 August 2024

42,864

42,864

Depreciation

At 1 September 2023

32,976

32,976

Charge for the year

8,223

8,223

At 31 August 2024

41,199

41,199

Carrying amount

At 31 August 2024

1,665

1,665

At 31 August 2023

9,246

9,246

 

TQ Law Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

6

Stocks

2024
£

2023
£

Work in progress

270,000

170,000

7

Debtors

Current

2024
£

2023
£

Trade debtors

127,095

150,547

 

127,095

150,547

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

10,644

10,644

Trade creditors

 

20,158

18,671

Taxation and social security

 

225,585

118,910

Accruals and deferred income

 

4,850

4,700

Other creditors

 

36,320

62,310

 

297,557

215,235

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £10,644 (2023 - £10,644).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

8,357

18,242

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £8,357 (2023 - £18,242).

 

TQ Law Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

8,357

18,242

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,644

10,644