Registered number
03826853
Legal and Financial Planning Ltd
Report and Accounts
31 December 2024
Accountancy 4 Success Limited
Accountants and Business Advisors
33 Wolverhampton Road
Cannock
Staffordshire
WS11 1AP
Legal and Financial Planning Ltd
Registered number: 03826853
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 17,792 20,961
Current assets
Debtors 4 28,481 5,557
Cash at bank and in hand 1,931 68,528
30,412 74,085
Creditors: amounts falling due within one year 5 (13,958) (37,945)
Net current assets 16,454 36,140
Net assets 34,246 57,101
Capital and reserves
Called up share capital 71,000 1,000
Profit and loss account (36,754) 56,101
Shareholders' funds 34,246 57,101
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
LNR Millward
Director
Approved by the board on 21 February 2025
Legal and Financial Planning Ltd
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Office equipment 33% straight line
Motor vehicles 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 3
3 Tangible fixed assets
Office equipment Motor vehicles Total
£ £ £
Cost
At 1 January 2024 19,297 27,599 46,896
Additions 3,401 - 3,401
At 31 December 2024 22,698 27,599 50,297
Depreciation
At 1 January 2024 19,035 6,900 25,935
Charge for the year 1,396 5,174 6,570
At 31 December 2024 20,431 12,074 32,505
Net book value
At 31 December 2024 2,267 15,525 17,792
At 31 December 2023 262 20,699 20,961
4 Debtors 2024 2023
£ £
Other debtors 28,481 5,557
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 15 -
Corporation tax - 20,902
Other taxes and social security costs 1,608 1,712
Other creditors 12,335 15,331
13,958 37,945
6 Related party transactions
There are no related party transactions.
7 Controlling party
The company is controlled by its director who is the shareholder.
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