Registered number
13442799
Hallett Legal Limited
Filleted Accounts
30 September 2024
Hallett Legal Limited
Registered number: 13442799
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Current assets
Debtors 3 25,610 28,600
Cash at bank and in hand 1,436 5,552
27,046 34,152
Creditors: amounts falling due within one year 4 (10,827) (15,277)
Net current assets 16,219 18,875
Total assets less current liabilities 16,219 18,875
Creditors: amounts falling due after more than one year 5 (15,913) (18,000)
Net assets 306 875
Capital and reserves
Called up share capital 1 1
Profit and loss account 305 874
Shareholder's funds 306 875
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr J J Hallett
Director
Approved by the board on 22 January 2025
Hallett Legal Limited
Notes to the Accounts
for the period from 1 July 2023 to 30 September 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Debtors 2024 2023
£ £
Trade debtors - 6,761
Other debtors 25,610 21,839
25,610 28,600
4 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors - 2,142
Taxation and social security costs 10,177 12,485
Other creditors 650 650
10,827 15,277
5 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 15,913 18,000
6 Events after the reporting date
There have been no known events since the balance sheet date which require disclosure or which would materially affect the amounts in the accounts, other than those already disclosed or included in the accounts.
7 Pension commitments
There are no known pension commitments which require disclosure or which would materially affect the amounts in the accounts, other than those already disclosed or included in the accounts.
8 Contingent liabilities
There are no known contingent liabilities which require disclosure or which would materially affect the amounts in the accounts, other than those already disclosed or included in the accounts.
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr J J Hallett
Directors loan account 21,839 94,652 (90,881) 25,610
21,839 94,652 (90,881) 25,610
10 Related party transactions
Total dividends of £35,000 were paid during the period to Mr J J Hallett, shareholder of the company. As at the year end Mr Hallett owed £25,610 to the Company. The loan is interest free with no fixed date for repayment.
11 Controlling party
The company is under the control of Mr J J Hallett being the director and shareholder of the company.
12 Other information
Hallett Legal Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Old Dairy Farm
Main Street
Upper Stowe
Northants
NN7 4SH
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