Preiskelegal Limited
Unaudited Financial Statements
For the period ended 31 March 2024
Pages for Filing with Registrar
Company Registration No. 04368847 (England and Wales)
Preiskelegal Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 4
Preiskelegal Limited
Balance Sheet
As at 31 March 2024
Page 1
2024
2023
Notes
£
£
£
£
Current assets
Debtors
4
1,291,146
1,286,050
Cash at bank and in hand
973
960
1,292,119
1,287,010
Creditors: amounts falling due within one year
5
(47,497)
(45,374)
Net current assets
1,244,622
1,241,636
Capital and reserves
Called up share capital
6
2
2
Profit and loss reserves
1,244,620
1,241,634
Total equity
1,244,622
1,241,636
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period 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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The director has not required the company to obtain an audit of its financial statements for the period 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 and signed by the director and authorised for issue on 14 February 2025
R Preiskel
Director
Company Registration No. 04368847
Preiskelegal Limited
Notes to the Financial Statements
For the period ended 31 March 2024
Page 2
1
Accounting policies
Company information
Preiskelegal Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4 King's Bench Walk, Temple, London, EC4Y 7DL.
1.1
Reporting period
These financial statements are drawn up for a period of 9 months. The comparative amounts presented in the financial statements are therefore not entirely comparable.
1.2
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 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.
1.3
Turnover
Turnover represents amounts receivable for services net of VAT and is recognised in line with the performance of these services.
1.4
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 five 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.
1.5
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.
1.6
Financial instruments
Basic financial instruments are measured at cost. The company has no other financial instruments or
basic financial instruments measured at fair value.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Preiskelegal Limited
Notes to the Financial Statements (Continued)
For the period ended 31 March 2024
1
Accounting policies
(Continued)
Page 3
1.8
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 period. 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.
1.9
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 period was:
2024
2023
Number
Number
Total
3
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2023 and 31 March 2024
344,256
Amortisation and impairment
At 1 July 2023 and 31 March 2024
344,256
Carrying amount
At 31 March 2024
At 30 June 2023
Preiskelegal Limited
Notes to the Financial Statements (Continued)
For the period ended 31 March 2024
Page 4
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
1,291,146
1,286,050
5
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
5,734
6,676
Other creditors
34,863
34,863
Accruals and deferred income
6,900
3,835
47,497
45,374
6
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
2
2
7
Controlling party
No one party controls the company.
8
Related party transactions
During the period, the company received turnover of £9,000 (2023: £12,000) and a profit share of £nil (2023: £nil) from Preiskel & Co. LLP, a Limited Liability Partnership in which the company is a corporate member . At the balance sheet date, the LLP owed the company £1,291,146 (2023: £1,286,052) which is included in other debtors.
At the balance sheet date the company owed R Preiskel, the company director £25,577 (2023: £25,577) which is included within other creditors.
At the balance sheet date the company owed D Preiskel, the company secretary, £6,808 (2023: £6,808) which is included within other creditors.