Registered number
08655181
Law Financial Services Ltd
Unaudited Filleted Accounts
For the Year Ended
30 November 2024
Law Financial Services Ltd
Registered number: 08655181
Balance Sheet
as at 30 November 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 993,988 1,063,821
Tangible assets 4 63,232 84,171
1,057,220 1,147,992
Current assets
Debtors 5 22,593 21,358
Cash at bank and in hand 89,497 90,290
112,090 111,648
Creditors: amounts falling due within one year 6 (215,608) (189,956)
Net current liabilities (103,518) (78,308)
Total assets less current liabilities 953,702 1,069,684
Creditors: amounts falling due after more than one year 7 (526,045) (661,603)
Provisions for liabilities (15,808) (15,993)
Net assets 411,849 392,088
Capital and reserves
Called up share capital 2 2
Profit and loss account 411,847 392,086
Shareholders' funds 411,849 392,088
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
J G Law
Director
Approved by the board on 28 July 2025
Law Financial Services Ltd
Notes to the Accounts
for the year ended 30 November 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant & Machinery 10% reducing balance
Computer equipment over 3 years
Motor Vehicles 25% reducing balance
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.
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 3 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 December 2023 1,396,681
At 30 November 2024 1,396,681
Amortisation
At 1 December 2023 332,860
Provided during the year 69,833
At 30 November 2024 402,693
Net book value
At 30 November 2024 993,988
At 30 November 2023 1,063,821
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 December 2023 8,216 105,454 113,670
At 30 November 2024 8,216 105,454 113,670
Depreciation
At 1 December 2023 7,528 21,970 29,498
Charge for the year 69 20,871 20,940
At 30 November 2024 7,597 42,841 50,438
Net book value
At 30 November 2024 619 62,613 63,232
At 30 November 2023 688 83,484 84,172
5 Debtors 2024 2023
£ £
Trade debtors 20,622 17,908
Other debtors 1,971 3,450
22,593 21,358
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 130,094 130,824
Obligations under finance lease and hire purchase contracts 6,195 6,195
Trade creditors 2,970 8,336
Taxation and social security costs 74,437 42,326
Other creditors 1,912 2,275
215,608 189,956
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 456,208 585,571
Obligations under finance lease and hire purchase contracts 69,837 76,032
526,045 661,603
8 Other information
Law Financial Services Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Lynn Garth
Gillinggate
Kendal
Cumbria
LA9 4JB
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