Company Registration No. 06767502 (England and Wales)
Your Lawyers Limited
Unaudited financial statements
for the year ended 30 March 2024
Pages for filing with the registrar
Your Lawyers Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 9
Your Lawyers Limited
Statement of financial position
As at 30 March 2024
1
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
33,597
48,598
Current assets
Debtors
4
21,070,093
19,468,419
Cash at bank and in hand
208,699
230,212
21,278,792
19,698,631
Creditors: amounts falling due within one year
5
(138,894)
(244,164)
Net current assets
21,139,898
19,454,467
Total assets less current liabilities
21,173,495
19,503,065
Provisions for liabilities
(6,996)
(18,250)
Net assets
21,166,499
19,484,815
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
21,166,399
19,484,715
Total equity
21,166,499
19,484,815

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 30 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.

Your Lawyers Limited
Statement of financial position (continued)
As at 30 March 2024
2
The financial statements were approved by the board of directors and authorised for issue on 27 March 2025 and are signed on its behalf by:
Amandip Singh Johal
Director
Company Registration No. 06767502
Your Lawyers Limited
Notes to the financial statements
For the year ended 30 March 2024
3
1
Accounting policies
Company information

Your Lawyers Limited is a private company limited by shares incorporated in England and Wales. The registered office is Trinity, 16 John Dalton Street, Manchester, M2 6HY.

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 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.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

 

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the fair value of the consideration over the fair value of the identifiable assets and liabilities 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.

Your Lawyers Limited
Notes to the financial statements (continued)
For the year ended 30 March 2024
1
Accounting policies (continued)
4

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:

Fixtures and fittings
25% reducing balance
Motor vehicles
33% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Your Lawyers Limited
Notes to the financial statements (continued)
For the year ended 30 March 2024
1
Accounting policies (continued)
5
Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
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.

1.9
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 year. Taxable profit differs from net profit as reported in the income statement 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.

Your Lawyers Limited
Notes to the financial statements (continued)
For the year ended 30 March 2024
1
Accounting policies (continued)
6
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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. 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.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
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
27
29
Your Lawyers Limited
Notes to the financial statements (continued)
For the year ended 30 March 2024
7
3
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 31 March 2023 and 30 March 2024
101,268
118,440
219,708
Depreciation and impairment
At 31 March 2023
88,293
82,817
171,110
Depreciation charged in the year
3,245
11,756
15,001
At 30 March 2024
91,538
94,573
186,111
Carrying amount
At 30 March 2024
9,730
23,867
33,597
At 30 March 2023
12,975
35,623
48,598
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,066,641
1,986,118
Corporation tax recoverable
737,137
757,336
Amounts owed by group undertakings
17,988,561
16,199,426
Other debtors
277,754
525,539
21,070,093
19,468,419
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
-
0
1,551
Trade creditors
11,983
17,383
Taxation and social security
119,118
217,561
Other creditors
7,793
7,669
138,894
244,164

The company is subject to a fixed and floating charge over the assets of the company in respect of loan notes issued by its immediate parent.

Your Lawyers Limited
Notes to the financial statements (continued)
For the year ended 30 March 2024
8
6
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
-
0
9,910
7
Related party transactions
2024
2023
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
10,913,144
10,009,009
Website lead generation
7,075,417
6,190,417
Other related parties
10,281
9,241
8
Parent company

The company is 100% owned by YLH Limited, a company registered in England and Wales, company number 09745836.

9
Prior period adjustment
Reconciliation of changes in equity
31 March
30 March
2022
2023
£
£
Adjustments to prior year
Expected effect on equity
-
(162,979)
Equity as previously reported
21,605,386
19,647,794
Equity as adjusted
21,605,386
19,484,815
Analysis of the effect upon equity
Profit and loss reserves
-
(162,979)
Your Lawyers Limited
Notes to the financial statements (continued)
For the year ended 30 March 2024
9
Prior period adjustment (continued)
9
Reconciliation of changes in loss for the previous financial period
2023
£
Adjustments to prior year
Expected profit effect
(162,979)
Loss as previously reported
(1,944,303)
Loss as adjusted
(2,107,282)
Notes to reconciliation

During the year, it was identified that a total of £162,979 in respect of marketing and business development costs were not recharged from the parent company to Your Lawyers Limited in the prior year. As such, the accounts have been restated to reflect this change.

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