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Registered number: 09220255
IFS Legal Services Limited
Unaudited Financial Statements
For The Year Ended 31 October 2024
Contents
Page
Accountant's Report 1
Balance Sheet 2
Notes to the Financial Statements 3—5
Page 1
Accountant's Report
Report to the directors on the preparation of the unaudited statutory accounts of IFS Legal Services Limited for the year ended 31 October 2024
To assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of IFS Legal Services Limited which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the directors of IFS Legal Services Limited , as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of IFS Legal Services Limited and state those matters that we have agreed to state to the directors of IFS Legal Services Limited , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than IFS Legal Services Limited and its directors as a body for our work or for this report.
It is your duty to ensure that IFS Legal Services Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of IFS Legal Services Limited . You consider that IFS Legal Services Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of IFS Legal Services Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
29 May 2025
Raven Accounting (West Midlands) Limited
Chartered Certified Accountants
9-11 Stratford Road
Shirley
Solihull
B90 3LU
Page 1
Page 2
Balance Sheet
Registered number: 09220255
2024 2023
Notes £ £ £ £
FIXED ASSETS
CURRENT ASSETS
Debtors 5 583 7,492
Cash at bank and in hand 76,927 8,617
77,510 16,109
Creditors: Amounts Falling Due Within One Year 6 (107,209 ) (43,411 )
NET CURRENT ASSETS (LIABILITIES) (29,699 ) (27,302 )
TOTAL ASSETS LESS CURRENT LIABILITIES (29,699 ) (27,302 )
Creditors: Amounts Falling Due After More Than One Year 7 (4,873 ) (8,473 )
NET LIABILITIES (34,572 ) (35,775 )
CAPITAL AND RESERVES
Called up share capital 9 2 2
Profit and Loss Account (34,574 ) (35,777 )
SHAREHOLDERS' FUNDS (34,572) (35,775)
For the year ending 31 October 2024 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
The financial statements were approved by the board of directors on 29 May 2025 and were signed on its behalf by:
Mr B Harrison
Director
Mr S A Higton
Director
29 May 2025
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
IFS Legal Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09220255 . The registered office is 9-11 Stratford Road, Shirley, Solihull, B90 3LU.
The presentation currency of the financial statements is the Pound Sterling (£).
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment 20% on cost
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
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4. Tangible Assets
Computer Equipment
£
Cost
As at 1 November 2023 266
As at 31 October 2024 266
Depreciation
As at 1 November 2023 266
As at 31 October 2024 266
Net Book Value
As at 31 October 2024 -
As at 1 November 2023 -
5. Debtors
2024 2023
£ £
Due within one year
Other debtors 583 7,492
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 3,600 3,600
Amounts owed to participating interests 38,885 -
Other creditors 64,442 35,188
Taxation and social security 282 4,623
107,209 43,411
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 4,873 8,473
8. Provisions for Liabilities
9. Share Capital
2024 2023
Allotted, called up and fully paid £ £
1 Ordinary A shares of £ 1 each 1 1
1 Ordinary B shares of £ 1 each 1 1
2 2
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Page 5
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 November 2023 Amounts advanced Amounts repaid Amounts written off As at 31 October 2024
£ £ £ £ £
Mr Stephen Higton 7,000 - 7,000 - -
The above loan was unsecured, interest free, and repaid in full on 9 November 2023.
11. Related Party Transactions
Included within creditors is a loan amounting to £38,885 due to a company under the control of the directors. This loan is interest-free, unsecured, and repayable on demand.
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