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Registered number: 14237464
Owen Paulo Legal Limited
Unaudited Financial Statements
For The Year Ended 31 March 2025
Beresfords
Chartered Certified Accountants
1-2 Rhodium Point
Spindle Close
Hawkinge, Folkestone
Kent
CT18 7TQ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 14237464
2025 2024
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 24,000 27,000
Tangible Assets 5 6,758 4,575
30,758 31,575
CURRENT ASSETS
Stocks 6 302,170 323,457
Debtors 7 102,740 9,553
Cash at bank and in hand 570,743 299,318
975,653 632,328
Creditors: Amounts Falling Due Within One Year 8 (582,858 ) (372,887 )
NET CURRENT ASSETS (LIABILITIES) 392,795 259,441
TOTAL ASSETS LESS CURRENT LIABILITIES 423,553 291,016
Creditors: Amounts Falling Due After More Than One Year 9 (55,873 ) (78,890 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (796 ) (54 )
NET ASSETS 366,884 212,072
CAPITAL AND RESERVES
Called up share capital 11 300 300
Profit and Loss Account 366,584 211,772
SHAREHOLDERS' FUNDS 366,884 212,072
Page 1
Page 2
For the year ending 31 March 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 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.
On behalf of the board
Mr T Love
Director
Mrs L Owen
Director
Mr S Paulo
Director
24/09/2025
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Owen Paulo Legal Limited is a private company, limited by shares, incorporated in England & Wales, registered number 14237464 . The registered office is First Floor, Brook House, Reeves Way, Whitstable , Kent , CT5 3SS.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.
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. Significant judgements and estimations
No judgements have been made in the process of applying the accounting policies that have had a significant effect on the amounts recognised in the financial statements.
No key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year have been made.
2.4. 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 rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
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.
2.5. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.6. 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:
Fixtures & Fittings 25% on cost
Computer Equipment 25% on cost
2.7. Leasing and Hire Purchase Contracts
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term
2.8. Stocks and Work in Progress
Work in progress is valued at the lower of cost and net realisable value after making due allowance for unbillable work in progress. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.9. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
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2.10. Interest Receivable
Interest income is recognised in the profit and loss account using the effective interest method.
2.11. Interest Payable
Finance costs are charged to the profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
2.12. 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.
2.13. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.14. Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.
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Page 5
3. Average Number of Employees
Average number of employees, including directors, during the year was: 32 (2024: 37)
32 37
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2024 30,000
As at 31 March 2025 30,000
Amortisation
As at 1 April 2024 3,000
Provided during the period 3,000
As at 31 March 2025 6,000
Net Book Value
As at 31 March 2025 24,000
As at 1 April 2024 27,000
5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 April 2024 - 6,100 6,100
Additions 2,934 2,011 4,945
As at 31 March 2025 2,934 8,111 11,045
Depreciation
As at 1 April 2024 - 1,525 1,525
Provided during the period 734 2,028 2,762
As at 31 March 2025 734 3,553 4,287
Net Book Value
As at 31 March 2025 2,200 4,558 6,758
As at 1 April 2024 - 4,575 4,575
6. Stocks
2025 2024
£ £
Work in progress 302,170 323,457
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7. Debtors
2025 2024
£ £
Due within one year
Trade debtors 16,938 8,928
Prepayments and accrued income 78,302 625
Other debtors 7,500 -
102,740 9,553
8. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Trade creditors 210 210
Other loans 86,017 19,613
Corporation tax 61,459 39,975
Other taxes and social security 77,130 21,115
VAT 113,024 63,751
Other creditors 215,386 214,277
Pension contributions payable 2,837 3,385
Accruals and deferred income 18,535 4,160
Directors' loan accounts 8,260 6,401
582,858 372,887
9. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Other loans 55,873 78,890
10. Loans
An analysis of the maturity of loans is given below:
2025 2024
£ £
Amounts falling due within one year or on demand:
Other loans 86,017 19,613
2025 2024
£ £
Amounts falling due between one and five years:
Other loans 55,873 78,890
11. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 300 300
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12. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases not included in the balance shee are as following:
2025 2024
£ £
Not later than one year 23,249 53,500
Later than one year and not later than five years - 7,750
23,249 61,250
13. Pension Commitments
At the balance sheet date unpaid contributions of £2,836 (2024 £3,385) were due to the fund. They are included in Other Creditors.
14. Related Party Disclosures
Direction Home (Law) LLP
A Limited Liability Partnership of which Mrs L Owen is a partner.
During the year the Company charged the LLP £nil (2024 - £588,563) for legal services support, whilst the LLP charged the company £534,300 (2024 - £283,155) in respect of consultancy services.
At the year end the balance owed by the company to the LLP was £196,220 (2024 - £196,220)
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