Newfields Law Limited Accounts

NEWFIELDS LAW LIMITED - Company Information






Newfields Law Limited
	Company No. 10288699
		Information for Filing with The Registrar
		31 July 2018

at	31 July 2018
Company No.		10288699	Notes	2018	2017
				£	£
Fixed assets

	Tangible assets		2	412	-


				412	-
Current assets
	Stocks		3	-	4,034
	Debtors		4	217,605	110,683

	Cash at bank and in hand			119,503	108,576
				337,108	223,293
Creditors: Amount falling due within one year			5	(75,054)	(125,265)
Net current assets				262,054	98,028
Total assets less current liabilities				262,466	98,028

Provisions for liabilities
	Deferred taxation		6	(78)	-

Net assets				262,388	98,028

Capital and reserves




	Profit and loss account		7	262,388	98,028

Total equity				262,388	98,028


These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 31 July 2018 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 Companies Act 2006 with respect to accounting records and the preparation of accounts.

As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 31 July 2018
And signed on its behalf by:
G.R. Lloyd
Director

for the year ended 31 July 2018

Accounting policies

Basis of preparation

The accounts have been prepared 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) and the Companies Act 2006 . There were no material departures from that standard.

The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the accounting policies set out below.

Turnover

Turnover represents the fair value of services provided during the year on client assignments. Fair value reflects the amounts expected to be recoverable from clients based on time spent, skills provided and expenses incurred and exclude VAT.

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 profit and loss account 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 temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary 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.

Current or deferred tax for the year is recognised in profit or loss, 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.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Furniture, fittings and equipment

50% Straight Line

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provisions

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.

2	Tangible fixed assets
			Fixtures, fittings and equipment	Total
			£	£
		Cost or revaluation

		Additions	733	733



		At 31 July 2018	733	733
		Depreciation

		Charge for the year	321	321



		At 31 July 2018	321	321
		Net book values
		At 31 July 2018	412	412

3	Stocks
			2018	2017
			£	£

		Work in progress	-	4,034

			-	4,034

4	Debtors
			2018	2017
			£	£
		Trade debtors	216,846	110,315






		Prepayments and accrued income	759	368
			217,605	110,683

5	Creditors:
		amounts falling due within one year
			2018	2017
			£	£






		Corporation tax	41,692	24,073
		Other taxes and social security	26,268	17,241
		Loans from directors	5,993	13,904
		Other creditors	-	68,946
		Accruals and deferred income	1,101	1,101
			75,054	125,265

6	Provisions for liabilities
		Deferred taxation

			Accelerated Capital Allowances, Losses and Other Timing Differences	Total
			£	£

		Charge to the profit and loss account for the period	78	78

		At 31 July 2018	78	78



			2018	2017
			£	£
		Accelerated capital allowances	78	-



			78	-

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.

Related party disclosures

Controlling party

Immediate controlling party

Dr Glyndwr R Lloyd

Additional information

Its registered number is:

10288699

Its registered office is:

35 Park Place

Cardiff

CF10 3RL