ACCOUNTS - Final Accounts preparation

Company registration number: 05303473

	UNAUDITED FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 JULY 2024

	PRODDOW MACKAY LEGAL LIMITED


PRODDOW MACKAY LEGAL LIMITED

CONTENTS

	Page
Company information	1
Statement of financial position	2 - 3
Notes to the financial statements	4 - 6


PRODDOW MACKAY LEGAL LIMITED

COMPANY INFORMATION

Director	D J Mackay


Company secretary	J H Bostock


Registered number	05303473


Registered office	Pm House
	Shepcote Lane
	Sheffield
	S9 1TP


Accountants	Menzies LLP
	Chartered Accountants
	2nd Floor, Midas House
	62 Goldsworth Road
	Woking
	Surrey
	GU21 6LQ

Page 1


PRODDOW MACKAY LEGAL LIMITED REGISTERED NUMBER:05303473

STATEMENT OF FINANCIAL POSITION

AS AT 31 JULY 2024

		2024		2023
Note		£		£

Fixed assets
Investments	4		100,005		100,005
			100,005		100,005
Current assets
Debtors: amounts falling due within one year	5	317,409		322,998
Cash at bank and in hand		2		2
		317,411		323,000
Creditors: amounts falling due within one year	6	(416,334)		(362,796)
Net current liabilities			(98,923)		(39,796)
Total assets less current liabilities			1,082		60,209

Net assets			1,082		60,209

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PRODDOW MACKAY LEGAL LIMITED REGISTERED NUMBER:05303473

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 JULY 2024

		2024		2023
Note		£		£

Capital and reserves
Called up share capital	2	2
Profit and loss account	1,080	60,207
	1,082	60,209

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

D J Mackay

Director

Date: 5 October 2025

The notes on pages 4 to 6 form part of these financial statements.

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PRODDOW MACKAY LEGAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

1.	General information

Proddow Mackay Legal Limited is a private company limited by shares incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office and principal place of business is disclosed on the company information page.
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 £.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.4

Finance costs

Finance costs are charged to profit or loss 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.

2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

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PRODDOW MACKAY LEGAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.8

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

4.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 August 2023	100,005
	At 31 July 2024	100,005

Page 5


PRODDOW MACKAY LEGAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

Debtors

					2024	2023
					£	£


Other debtors	317,409	322,998
	317,409	322,998

6.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Corporation tax	111,653	91,932
Other creditors	299,246	267,064
Accruals and deferred income	5,435	3,800
	416,334	362,796

7.	Contingent liabilities

The company is part of a VAT group in which all members are jointly and severally liable for any VAT the group owes to HMRC. At 31 October 2024 the overall liability held by the associated company Proddow Mackay Solicitors LLP totals £1,435,017 (2023 - £1,086,681).

Description of nature of transactions and balances with related parties

At the year end date, Proddow Mackay Legal Limited ("The company") had the following transactions:
A loan receivable from Linkfield Claims Services Limited totalling £17,350 (2023: £17,350) remains outstanding at the year end, is interest free and repayable on demand. Proddow Mackay Legal Limited owns 25% of the shares in Linkfield Claims Services Limited.
The company owed £228,774 to Proddow Mackay Solicitors LLP (2023 - £126,682). The loan is interest free and is repayable on demand. The entity is under common control.
The company was owed £292,063 by PM Law Limited in relation to Autonet LLP (2023 - £297,652). The loan is interest free and is repayable on demand. The entity is under common control.
The company was owed £17,209 by WB Pennine Solicitors LLP (previously OC Law LLP) (2023 - £17,209). The loan is interest free and is repayable on demand. The entity is under common control.
The company was owed £123,173 by Butterworths Solicitors LLP (previously OJM Law LLP) (2023 - £123,173). The loan is interest free and is repayable on demand. The entity is under common control.
An inter-company guarantee exists between PM Law Limited, Proddow Mackay Limited and Proddow Mackay (Conveyancing) Limited in favour of Yorkshire Bank Plc.

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