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Registration number: 07233036

City Law Firm Ltd

trading as St John Legal

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

City Law Firm Ltd

trading as St John Legal

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

City Law Firm Ltd

trading as St John Legal

Company Information

Directors

Mr Keith Lobo

Mr James Pearson

Mr Steven Barry Lewis

Registered office

Winchester House
19 Bedford Row
London
WC1R 4EB

Accountants

Inman & Co,
Chartered Accountants
71-75 Uxbridge Road
London
W5 5SL

 

City Law Firm Ltd

trading as St John Legal

(Registration number: 07233036)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Current assets

 

Stocks

6

30,000

30,000

Debtors

7

353,931

351,095

Cash at bank and in hand

 

135,529

173,881

 

519,460

554,976

Creditors: Amounts falling due within one year

8

(143,196)

(149,104)

Total assets less current liabilities

 

376,264

405,872

Creditors: Amounts falling due after more than one year

8

(25,000)

(50,000)

Net assets

 

351,264

355,872

Capital and reserves

 

Called up share capital

9

1

1

Retained earnings

351,263

355,871

Shareholders' funds

 

351,264

355,872

For the financial year ending 31 July 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 16 January 2025 and signed on its behalf by:
 

 

City Law Firm Ltd

trading as St John Legal

(Registration number: 07233036)
Balance Sheet as at 31 July 2024

.........................................
Mr Keith Lobo
Director

 

City Law Firm Ltd

trading as St John Legal

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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:
Winchester House
19 Bedford Row
London
WC1R 4EB

These financial statements were authorised for issue by the Board on 16 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.

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 £.

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.

 

City Law Firm Ltd

trading as St John Legal

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

Tax

The tax expense for the period comprises current 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.

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.

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.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings & equipment

33% straight line per annum on cost

Computer equipment

33% straight line per annum on cost

Intangible assets

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Computer software

33% straight line per annum on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

City Law Firm Ltd

trading as St John Legal

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

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

City Law Firm Ltd

trading as St John Legal

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

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 8 (2023 - 8).

 

City Law Firm Ltd

trading as St John Legal

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

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 August 2023

4,148

4,148

At 31 July 2024

4,148

4,148

Amortisation

At 1 August 2023

4,148

4,148

At 31 July 2024

4,148

4,148

Carrying amount

At 31 July 2024

-

-

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 August 2023

4,917

46,522

51,439

At 31 July 2024

4,917

46,522

51,439

Depreciation

At 1 August 2023

4,917

46,522

51,439

At 31 July 2024

4,917

46,522

51,439

Carrying amount

At 31 July 2024

-

-

-

6

Stocks

2024
£

2023
£

Work in progress

30,000

30,000

 

City Law Firm Ltd

trading as St John Legal

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

7

Debtors

Current

2024
£

2023
£

Trade debtors

327,186

327,013

Other debtors

26,745

24,082

 

353,931

351,095

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

25,000

25,000

Taxation and social security

 

98,496

108,323

Other creditors

 

19,700

15,781

 

143,196

149,104

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

25,000

50,000

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary share class 1 of £1 each

1

1

1

1

         
 

City Law Firm Ltd

trading as St John Legal

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

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

25,000

50,000

2024
£

2023
£

Current loans and borrowings

Bank borrowings

25,000

25,000

Bank borrowings

Barclays Coronavirus Business Interruption Loan is denominated in £ with a nominal interest rate of 2.99%, and the final instalment is due on 2 July 2026. The carrying amount at year end is £50,000 (2023 - £75,000).

The UK Government backed loan is to be repaid in monthly instalments over 6 years, the first 12 months interest payments were covered by the business interruption payment offered by the UK Government.

11

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

12,707

50,830

Later than one year and not later than five years

-

12,707

12,707

63,537

The amount of non-cancellable operating lease payments recognised as an expense during the year was £50,830 (2023 - £50,830).