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REGISTERED NUMBER: 05929851 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

THE COMMERCIAL LAW PRACTICE LIMITED

THE COMMERCIAL LAW PRACTICE LIMITED (REGISTERED NUMBER: 05929851)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024










Page

Balance sheet 1

Notes to the financial statements 3


THE COMMERCIAL LAW PRACTICE LIMITED (REGISTERED NUMBER: 05929851)

BALANCE SHEET
30 SEPTEMBER 2024

2024 2023
Notes £    £    £   
Fixed assets
Tangible assets 4 51,892 69,220

Current assets
Debtors 5 492,629 431,993
Cash at bank 15,638 11,690
508,267 443,683
Creditors
Amounts falling due within one year 6 325,498 320,686
Net current assets 182,769 122,997
Total assets less current liabilities 234,661 192,217

Creditors
Amounts falling due after more than one year 7 (217,409 ) (170,499 )

Provisions for liabilities 10 (10,069 ) (15,633 )
Net assets 7,183 6,085

Capital and reserves
Called up share capital 11 2 2
Capital redemption reserve 2 2
Retained earnings 7,179 6,081
Shareholders' funds 7,183 6,085

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

THE COMMERCIAL LAW PRACTICE LIMITED (REGISTERED NUMBER: 05929851)

BALANCE SHEET - continued
30 SEPTEMBER 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of comprehensive income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 June 2025 and were signed on its behalf by:





Ms V Wilkins - Director


THE COMMERCIAL LAW PRACTICE LIMITED (REGISTERED NUMBER: 05929851)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024


1. Statutory information

The Commercial Law Practice Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 05929851. The registered office and business address is Pullman Court, Copper Street, Dorchester, DT1 1GA.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Fee income represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.
Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.
Fee income that is contingent on events outside the control of the firm is recognised when the contingent event occurs.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - Straight line over 10 years
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 20% on cost

Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

THE COMMERCIAL LAW PRACTICE LIMITED (REGISTERED NUMBER: 05929851)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


2. Accounting policies - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
Basic financial instruments are initially recognised at transaction price and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities.

At each balance sheet date, financial instruments are measured at amortised cost using the effective interest method. Any losses arising from impairment are recognised in the profit and loss account in the period to which they relate.

3. Employees and directors

The average number of employees during the year was 17 (2023 - 15 ) .

4. Tangible fixed assets
Improvements Fixtures
to and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
Cost
At 1 October 2023 33,422 39,448 92,205 13,641 178,716
Additions - 2,440 - 319 2,759
At 30 September 2024 33,422 41,888 92,205 13,960 181,475
Depreciation
At 1 October 2023 26,738 31,747 40,340 10,671 109,496
Charge for year 3,342 2,536 12,966 1,243 20,087
At 30 September 2024 30,080 34,283 53,306 11,914 129,583
Net book value
At 30 September 2024 3,342 7,605 38,899 2,046 51,892
At 30 September 2023 6,684 7,701 51,865 2,970 69,220

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
Cost
At 1 October 2023
and 30 September 2024 92,205
Depreciation
At 1 October 2023 40,340
Charge for year 12,966
At 30 September 2024 53,306
Net book value
At 30 September 2024 38,899
At 30 September 2023 51,865

THE COMMERCIAL LAW PRACTICE LIMITED (REGISTERED NUMBER: 05929851)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


5. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 62,552 43,219
Amounts recoverable on contract 351,748 302,364
Directors' current accounts 6,926 33,682
Tax 10,947 15,219
Prepayments and accrued income 60,456 37,509
492,629 431,993

6. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loans and overdrafts 60,353 71,790
Other loans 140,183 110,845
Hire purchase contracts (see note 8) 9,966 8,013
Trade creditors 58,272 33,318
Tax 3,374 6,138
Social security and other taxes 6,354 31,674
VAT 33,053 41,693
Other creditors 3,813 5,790
Accruals and deferred income 10,130 11,425
325,498 320,686

7. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Bank loans - 1-2 years 20,000 20,000
Bank loans - 2-5 years 10,000 30,000
Other loans - 1-2 years 37,823 46,637
Other loans - 2-5 years 98,007 12,316
Hire purchase contracts (see note 8) 51,579 61,546
217,409 170,499

8. Leasing agreements

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 9,966 8,013
Between one and five years 51,579 61,546
61,545 69,559

THE COMMERCIAL LAW PRACTICE LIMITED (REGISTERED NUMBER: 05929851)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


8. Leasing agreements - continued

Non-cancellable operating leases
2024 2023
£    £   
Within one year 14,000 14,000
Between one and five years 1,167 15,167
15,167 29,167

9. Secured debts

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft 40,353 -

The Lloyds bank overdraft is secured by an unlimited debenture dated 19/03/21 incorporating a fixed and floating charge over all the assets of the Company.

All amounts owed to Copper Street Investments Ltd are secured by way of a floating charge over all the assets of the company dated 03/08/22.There was an outstanding balance of £76,050 at the year end date.

All hire purchase liabilities are secured upon the assets to which they relate.

10. Provisions for liabilities
2024 2023
£    £   
Deferred tax 10,069 15,633

Deferred
tax
£   
Balance at 1 October 2023 15,633
Credit to Income statement during year (5,564 )
Balance at 30 September 2024 10,069

11. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary A £1 2 2

THE COMMERCIAL LAW PRACTICE LIMITED (REGISTERED NUMBER: 05929851)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


12. Directors' advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 30 September 2024 and 30 September 2023:

2024 2023
£    £   
Ms V Wilkins
Balance outstanding at start of year 33,682 46,101
Amounts advanced 6,792 33,875
Amounts repaid (33,548 ) (46,294 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 6,926 33,682

13. Ultimate controlling party

The director, Miss V L Wilkins, is the sole shareholder and therefore is deemed to have control of the company.