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Company No: 09636509 (England and Wales)

LMP LAW LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

LMP LAW LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

LMP LAW LIMITED

BALANCE SHEET

As at 30 June 2024
LMP LAW LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 5,840 5,772
5,840 5,772
Current assets
Debtors 4 129,295 149,661
Cash at bank and in hand 29,544 52,207
158,839 201,868
Creditors: amounts falling due within one year 5 ( 178,108) ( 118,308)
Net current (liabilities)/assets (19,269) 83,560
Total assets less current liabilities (13,429) 89,332
Creditors: amounts falling due after more than one year 6 0 ( 1,955)
Provision for liabilities ( 2,038) ( 2,038)
Net (liabilities)/assets ( 15,467) 85,339
Capital and reserves
Called-up share capital 7 300 300
Profit and loss account ( 15,767 ) 85,039
Total shareholders' (deficit)/funds ( 15,467) 85,339

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of LMP Law Limited (registered number: 09636509) were approved and authorised for issue by the Board of Directors on 26 June 2025. They were signed on its behalf by:

Mr P W Cornell
Director
LMP LAW LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
LMP LAW LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

LMP Law Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Third Floor, 18-20 The Ropewalk, Nottingham, NG1 5DT, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents the value of services rendered during the year (excluding VAT, rebates and discounts) and comprises both completed work (gross fees billed) and incomplete unbilled work (accrued income).

Gross fees billed represent the amounts (excluding VAT) derived from the provision of completed work for clients during the year. In addition, accrued income is recognised in accordance with the principles of FRS102. The movement in accrued income has been shown as turnover for the year.

Employee benefits

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

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 25 % reducing balance
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 15 12

3. Tangible assets

Fixtures and fittings Computer equipment Total
£ £ £
Cost
At 01 July 2023 3,556 8,896 12,452
Additions 859 2,942 3,801
At 30 June 2024 4,415 11,838 16,253
Accumulated depreciation
At 01 July 2023 1,855 4,825 6,680
Charge for the financial year 643 3,090 3,733
At 30 June 2024 2,498 7,915 10,413
Net book value
At 30 June 2024 1,917 3,923 5,840
At 30 June 2023 1,701 4,071 5,772

4. Debtors

2024 2023
£ £
Trade debtors 68,019 77,470
Prepayments and accrued income 61,276 72,191
129,295 149,661

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 31,241 0
Amounts owed to directors 1,525 1,525
Other loans 2,485 11,729
Accruals 9,520 8,600
Taxation and social security 132,784 95,902
Other creditors 553 552
178,108 118,308

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other creditors 0 1,955

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
300 Class 1 ordinary shares of £ 1.00 each 300 300

8. Financial commitments

Other financial commitments

The total amount of financial commitments not included in the balance sheet is £21,977 (2023- £34,332).