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The Association of Law Costs Draftsmen Limited
Unaudited Financial Statements
For The Year Ended 31 December 2024
The Laurel Partnership Ltd
16 Broad Street
Eye
Suffolk
IP23 7AF
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 01330762
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 17,063 14,435
Investments 5 140,098 129,803
157,161 144,238
CURRENT ASSETS
Debtors 6 65,191 47,211
Cash at bank and in hand 124,317 132,018
189,508 179,229
Creditors: Amounts Falling Due Within One Year 7 (174,324 ) (164,296 )
NET CURRENT ASSETS (LIABILITIES) 15,184 14,933
TOTAL ASSETS LESS CURRENT LIABILITIES 172,345 159,171
PROVISIONS FOR LIABILITIES
Deferred Taxation (17,107 ) (14,651 )
NET ASSETS 155,238 144,520
Income and Expenditure Account 155,238 144,520
MEMBERS' FUNDS 155,238 144,520
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Page 2
For the year ending 31 December 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 Income and Expenditure Account.
On behalf of the board
Mr D Bailey-Vella
Director
16/07/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
The Association of Law Costs Draftsmen Limited is a private company, limited by guarantee, incorporated in England & Wales, registered number 01330762 . The registered office is 16 Broad Street, Eye, Suffolk, IP23 7AF.
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. 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 membership subscriptions and from the rendering of services. Turnover is reduced for estimated customer rebates and other similar allowances.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. 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:
Fixtures & Fittings 25% reducing balance
Computer Equipment 33% straight line
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable surplus for the year. Taxable surplus differs from surplus 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 surplus. 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 surplus 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 surplus 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 asset reflects 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 or deferred tax for the year is recognised in surplus or deficit, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also 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
Page 3
Page 4
4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 January 2024 286 19,863 20,149
Additions - 6,006 6,006
Disposals - (4,595 ) (4,595 )
As at 31 December 2024 286 21,274 21,560
Depreciation
As at 1 January 2024 179 5,535 5,714
Provided during the period 27 3,351 3,378
Disposals - (4,595 ) (4,595 )
As at 31 December 2024 206 4,291 4,497
Net Book Value
As at 31 December 2024 80 16,983 17,063
As at 1 January 2024 107 14,328 14,435
5. Investments
Listed Unlisted Total
£ £ £
Cost
As at 1 January 2024 114,803 15,000 129,803
Revaluations 10,295 - 10,295
As at 31 December 2024 125,098 15,000 140,098
Provision
As at 1 January 2024 - - -
As at 31 December 2024 - - -
Net Book Value
As at 31 December 2024 125,098 15,000 140,098
As at 1 January 2024 114,803 15,000 129,803
Listed investments are shown at their stock market valuation at year-end.
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 18,825 20,259
Prepayments and accrued income 2,999 2,894
Other debtors 625 650
VAT 60 1,250
Amounts owed by associates 42,682 22,158
65,191 47,211
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 901 1,022
Corporation tax 3,217 3,171
Other taxes and social security 552 1,089
Other creditors 225 519
Accruals and deferred income 169,429 158,495
174,324 164,296
8. Related Party Transactions
The company is related to ALCD (Training) Limited and to Costs Lawyer Standard Boards Limited. Unsecured loans between these are shown in the balance sheet notes
9. Company limited by guarantee
The company is limited by guarantee and has no share capital.
Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £5.
Page 5