Tuckers Legal & Financial Services Ltd

Contents

Statement of Financial Position	1
Notes to the Unaudited Financial Statements	2 to 7

Tuckers Legal & Financial Services Ltd

(Registration number: 10442352)
Statement of Financial Position as at 31 August 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	5,957	10,638
Current assets
Stocks		11,564	44,650
Debtors	5	44,222	1,006
Cash at bank and in hand		220,248	126,506
		276,034	172,162
Creditors: Amounts falling due within one year	6	(80,420)	(64,312)
Net current assets		195,614	107,850
Total assets less current liabilities		201,571	118,488
Creditors: Amounts falling due after more than one year	6	(8,333)	(18,333)
Provisions for liabilities		(1,489)	(2,660)
Net assets		191,749	97,495
Capital and reserves
Called up share capital		37,002	37,002
Profit and loss account		154,747	60,493
Shareholders' funds		191,749	97,495

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.

Director's 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 director acknowledges his 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 and 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 director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 2 April 2025
 

Mr James Tucker Director

Tuckers Legal & Financial Services Ltd

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.

The address of its registered office is:
4 Lee Road
Lynton
Devon
EX35 6HW

Principal activity

The principal activity of the company is provision of financial planning and legal services.

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 entity.

Going concern

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

Tuckers Legal & Financial Services Ltd

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

2	Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

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.

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 statement of financial position 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
Computer Equipment	33.33% straight line
Fixtures, fittings and office equipment	15% straight line

Tuckers Legal & Financial Services Ltd

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

2	Accounting policies (continued)

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

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 statement of comprehensive income 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.

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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Tuckers Legal & Financial Services Ltd

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

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 11 (2023 - 9).

4	Tangible assets

	Fixtures and fittings £	Plant and machinery £	Office equipment £	Total £
Cost or valuation
At 1 September 2023	7,012	11,209	26,975	45,196
Additions	-	-	379	379
Disposals	-	-	(99)	(99)
At 31 August 2024	7,012	11,209	27,255	45,476
Depreciation
At 1 September 2023	5,209	5,440	23,909	34,558
Charge for the year	1,052	1,681	2,228	4,961
At 31 August 2024	6,261	7,121	26,137	39,519
Carrying amount
At 31 August 2024	751	4,088	1,118	5,957
At 31 August 2023	1,803	5,769	3,066	10,638

Tuckers Legal & Financial Services Ltd

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

5

Debtors

	Note	2024 £	2023 £
Amounts owed by related parties	8	42,939	-
Other debtors		2	2
Prepayments		1,281	1,004
		44,222	1,006

6

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings		10,000	10,000
Trade creditors		9,861	2,906
Amounts owed to group undertakings and undertakings in which the company has a participating interest	8	-	5,146
Taxation and social security		39,094	7,916
Accruals and deferred income		18,392	12,827
Other creditors		3,073	25,517
		80,420	64,312

Creditors: amounts falling due after more than one year

	2024 £	2023 £
Due after one year
Loans and borrowings	8,333	18,333

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

Tuckers Legal & Financial Services Ltd

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

8	Related party transactions

Summary of transactions with all entities with joint control or significant interest

During the year the company entered into transactions with related parties. The value of transactions entered into with related parties was £48,085 (2023: £4,000). The balance owed by the connected company as at 31 August 2024 was £42,939 (2023: £5,146 owed to the connected company).

This loan is interest free and repayable on demand.

9	Controlling party

The ultimate controlling party is Tuckers Holdings Limited.