Company registration number 09208926 (England and Wales)
LAW 365 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
LAW 365 LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
LAW 365 LIMITED (REGISTERED NUMBER: 09208926)
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
1,570
6,475
Tangible assets
5
12,845
48,930
14,415
55,405
Current assets
Debtors
6
326,569
284,952
Cash at bank and in hand
126,588
132,730
453,157
417,682
Creditors: amounts falling due within one year
7
(1,049,181)
(206,559)
Net current (liabilities)/assets
(596,024)
211,123
Total assets less current liabilities
(581,609)
266,528
Creditors: amounts falling due after more than one year
8
(868,667)
Net liabilities
(581,609)
(602,139)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(581,709)
(602,239)
Total equity
(581,609)
(602,139)
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 year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her 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.
LAW 365 LIMITED (REGISTERED NUMBER: 09208926)
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
31 December 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 4 April 2025
Ms K A Simmonds
Director
LAW 365 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
Law 365 Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Lodge On The Common, London Road, Tunbridge Wells, Kent, TN2 5BF.
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 £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors and the shareholders have confirmed their intention to continue to provide the company with the necessary financial support to continue for the foreseeable future. Consequently, the financial statements have been prepared on a Going Concern basis.true
1.3
Turnover
Turnover represents invoiced sales for legal services provided and is shown net of VAT and trade discounts.
Turnover from a contract to provide services is recognised in the period in which the services are provided.
1.4
Research and development expenditure
Expenditure on research costs are written off to the profit and loss account as incurred. Expenditure on development costs are either written off to the profit and loss account as incurred or carried forward as an intangible asset if certain criteria are met. The criteria are tested at least annually.
1.5
Intangible fixed assets other than goodwill
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 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:
Branding
20% straight line
LAW 365 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.6
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.
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
20% straight line
Office Equipment
33% straight line
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.
1.7
Retirement benefits
Contributions to the company's defined contribution pension scheme are charged to the profit and loss account in the year in which they become payable. The assets of the scheme are held separately from those of the company in an independently administered fund.
1.8
Government grants
Grants are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
15
21
LAW 365 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
4
Intangible fixed assets
Branding
£
Cost
At 1 January 2024 and 31 December 2024
22,975
Amortisation and impairment
At 1 January 2024
16,500
Amortisation charged for the year
4,905
At 31 December 2024
21,405
Carrying amount
At 31 December 2024
1,570
At 31 December 2023
6,475
5
Tangible fixed assets
Fixtures and fittings
Office Equipment
Total
£
£
£
Cost
At 1 January 2024
129,537
121,958
251,495
Additions
124
124
Disposals
(125)
(125)
At 31 December 2024
129,537
121,957
251,494
Depreciation and impairment
At 1 January 2024
99,248
103,317
202,565
Depreciation charged in the year
20,762
15,447
36,209
Eliminated in respect of disposals
(125)
(125)
At 31 December 2024
120,010
118,639
238,649
Carrying amount
At 31 December 2024
9,527
3,318
12,845
At 31 December 2023
30,289
18,641
48,930
LAW 365 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
164,948
124,818
Corporation tax recoverable
30,611
121,822
Other debtors
131,010
38,312
326,569
284,952
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
56,837
18,398
Taxation and social security
130,930
141,348
Other creditors
861,414
46,813
1,049,181
206,559
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
868,667
9
Related party transactions
Included within other creditors is a loan from the director of the company totalling £829,947 (2023 - £895,991). This loan is interest free and repayable on demand.