THE WILL ASSOCIATES LTD
Company registration number 07118208 (England and Wales)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
PAGES FOR FILING WITH REGISTRAR
THE WILL ASSOCIATES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
THE WILL ASSOCIATES LTD
BALANCE SHEET
AS AT
31 JANUARY 2025
31 January 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
3
473,833
479,404
Tangible assets
4
127,841
126,586
601,674
605,990
Current assets
Debtors
5
761,572
736,184
Cash at bank and in hand
159,047
491,834
920,619
1,228,018
Creditors: amounts falling due within one year
6
(1,393,496)
(1,658,790)
Net current liabilities
(472,877)
(430,772)
Total assets less current liabilities
128,797
175,218
Creditors: amounts falling due after more than one year
7
(47,497)
(94,863)
Provisions for liabilities
(4,584)
(4,401)
Net assets
76,716
75,954
Capital and reserves
Called up share capital
8
111
111
Share premium account
11,330
11,330
Profit and loss reserves
65,275
64,513
Total equity
76,716
75,954
THE WILL ASSOCIATES LTD
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2025
31 January 2025
- 2 -

For the financial year ended 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 10 July 2025 and are signed on its behalf by:
Mr A J Gardiner
Director
Company registration number 07118208 (England and Wales)
THE WILL ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
- 3 -
1
Accounting policies
Company information

The Will Associates Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Old Magistrates Court, Cheshire Street, Market Drayton, Shropshire, TF9 1PH.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.4
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:

Development costs
20% straight line
1.5
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.

THE WILL ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 4 -

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:

Freehold land and buildings
4% straight line
Fixtures and fittings
33% straight line
Computers
25% straight line
Motor vehicles
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.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

THE WILL ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.12
Retirement benefits

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

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
83
73
3
Intangible fixed assets
Other
£
Cost
At 1 February 2024
732,853
Additions
141,000
At 31 January 2025
873,853
Amortisation and impairment
At 1 February 2024
253,449
Amortisation charged for the year
146,571
At 31 January 2025
400,020
Carrying amount
At 31 January 2025
473,833
At 31 January 2024
479,404
THE WILL ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 6 -
4
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 February 2024
137,956
93,634
51,115
2,948
285,653
Additions
6,152
1,205
11,711
-
0
19,068
At 31 January 2025
144,108
94,839
62,826
2,948
304,721
Depreciation and impairment
At 1 February 2024
28,971
90,075
37,073
2,948
159,067
Depreciation charged in the year
5,631
3,732
8,450
-
0
17,813
At 31 January 2025
34,602
93,807
45,523
2,948
176,880
Carrying amount
At 31 January 2025
109,506
1,032
17,303
-
0
127,841
At 31 January 2024
108,985
3,559
14,042
-
0
126,586
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
199,411
44,224
Other debtors
562,161
691,960
761,572
736,184
6
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
55,935
51,532
Trade creditors
104,313
101,535
Taxation and social security
636,537
919,690
Other creditors
596,711
586,033
1,393,496
1,658,790
7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
47,497
94,863
THE WILL ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
7
Creditors: amounts falling due after more than one year
(Continued)
- 7 -

National Westminster Bank plc hold a fixed charge over the premises owned by the company which are situated at Former Magistrates Court, Cheshire Street, Market Drayton, Shropshire, as security against all amounts owed by the company.

Included in Creditors is a loan of £50,000 (2024: £90,000) subject to a UK Government guarantee. The facility is provided through the Coronavirus Business Interruption Loan Scheme (CBILS), managed by the British Business Bank on behalf of and with the financial backing of the Secretary of State for Business, Energy and industrial Strategy. The CBILS guarantee is provided to the lender.

8
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
11,100
11,100
111
111
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
39,256
79,370
10
Directors' transactions
Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Director's loan
-
15,000
(15,000)
-
15,000
(15,000)
-
11
Parent company

The share capital of The Will Associates Ltd was acquired by Honey Legal Group Limited on 20 January 2025.

2025-01-312024-02-01falsefalsefalse10 July 2025CCH SoftwareCCH Accounts Production 2025.100No description of principal activityMr P J DuboisMr A J GardinerMr S GoldstoneMr S A Wright071182082024-02-012025-01-31071182082025-01-31071182082024-01-3107118208core:IntangibleAssetsOtherThanGoodwill2025-01-3107118208core:IntangibleAssetsOtherThanGoodwill2024-01-3107118208core:LandBuildingscore:OwnedOrFreeholdAssets2025-01-3107118208core:FurnitureFittings2025-01-3107118208core:ComputerEquipment2025-01-3107118208core:MotorVehicles2025-01-3107118208core:LandBuildingscore:OwnedOrFreeholdAssets2024-01-3107118208core:FurnitureFittings2024-01-3107118208core:ComputerEquipment2024-01-3107118208core:MotorVehicles2024-01-3107118208core:CurrentFinancialInstrumentscore:WithinOneYear2025-01-3107118208core:CurrentFinancialInstrumentscore:WithinOneYear2024-01-3107118208core:Non-currentFinancialInstrumentscore:AfterOneYear2025-01-3107118208core:Non-currentFinancialInstrumentscore:AfterOneYear2024-01-3107118208core:CurrentFinancialInstruments2025-01-3107118208core:CurrentFinancialInstruments2024-01-3107118208core:ShareCapital2025-01-3107118208core:ShareCapital2024-01-3107118208core:SharePremium2025-01-3107118208core:SharePremium2024-01-3107118208core:RetainedEarningsAccumulatedLosses2025-01-3107118208core:RetainedEarningsAccumulatedLosses2024-01-3107118208core:ShareCapitalOrdinaryShareClass12025-01-3107118208core:ShareCapitalOrdinaryShareClass12024-01-3107118208bus:Director22024-02-012025-01-3107118208core:IntangibleAssetsOtherThanGoodwill2024-02-012025-01-3107118208core:DevelopmentCostsCapitalisedDevelopmentExpenditure2024-02-012025-01-3107118208core:LandBuildingscore:OwnedOrFreeholdAssets2024-02-012025-01-3107118208core:FurnitureFittings2024-02-012025-01-3107118208core:ComputerEquipment2024-02-012025-01-3107118208core:MotorVehicles2024-02-012025-01-31071182082023-02-012024-01-3107118208core:IntangibleAssetsOtherThanGoodwill2024-01-3107118208core:LandBuildingscore:OwnedOrFreeholdAssets2024-01-3107118208core:FurnitureFittings2024-01-3107118208core:ComputerEquipment2024-01-3107118208core:MotorVehicles2024-01-31071182082024-01-3107118208core:WithinOneYear2025-01-3107118208core:WithinOneYear2024-01-3107118208core:Non-currentFinancialInstruments2025-01-3107118208core:Non-currentFinancialInstruments2024-01-3107118208bus:OrdinaryShareClass12024-02-012025-01-3107118208bus:OrdinaryShareClass12025-01-3107118208bus:OrdinaryShareClass12024-01-3107118208bus:PrivateLimitedCompanyLtd2024-02-012025-01-3107118208bus:FRS1022024-02-012025-01-3107118208bus:AuditExemptWithAccountantsReport2024-02-012025-01-3107118208bus:Director12024-02-012025-01-3107118208bus:Director32024-02-012025-01-3107118208bus:Director42024-02-012025-01-3107118208bus:SmallCompaniesRegimeForAccounts2024-02-012025-01-3107118208bus:FullAccounts2024-02-012025-01-31xbrli:purexbrli:sharesiso4217:GBP