Managed Legal Solutions Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07670454 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30th September 2018

for

Managed Legal Solutions Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

H Elias

D S Jenkins

REGISTERED OFFICE:

Ansty House

Henfield Road

Small Dole

Henfield

West Sussex

BN5 9XH

REGISTERED NUMBER:

07670454 (England and Wales)

ACCOUNTANTS:

Sigma Partners

Gloucester House

Church Walk

Burgess Hill

West Sussex

RH15 9AS

FIXED ASSETS

Tangible assets

4

635

988

CURRENT ASSETS

Stocks

2,027,137

1,294,424

Debtors

5

2,953,588

1,204,189

Cash at bank

4,759

2,278

4,985,484

2,500,891

CREDITORS

Amounts falling due within one year

6

6,652,800

3,439,021

NET CURRENT LIABILITIES

(1,667,316

)

(938,130

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,666,681

)

(937,142

)

CAPITAL AND RESERVES

Called up share capital

86

86

Retained earnings

(1,666,767

)

(937,228

)

SHAREHOLDERS' FUNDS

(1,666,681

)

(937,142

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 30th April 2019 and were signed on its behalf by:

D S Jenkins - Director

1.	STATUTORY INFORMATION

Managed Legal Solutions Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

25% on cost

Work in progress

Work in progress represents legal fees and insurance premium costs in respect of ongoing litigation

funding cases.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

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.

Going concern

Although the company's liabilities exceed it's assets by £1,666,681 the accounts have been drawn up

on a going concern basis. The company it dependent on support from an associated company in the

form of a working capital loan. The lender has indicated that it will continue to support the company

and will not seek repayment until all creditors claims have been met in full.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2017 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st October 2017

and 30th September 2018

12,222

DEPRECIATION

At 1st October 2017

11,234

Charge for year

353

At 30th September 2018

11,587

NET BOOK VALUE

At 30th September 2018

635

At 30th September 2017

988

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

1,200,000

1,200,000

Other debtors

1,753,588

4,189

2,953,588

1,204,189

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

236,844

153,751

Taxation and social security

2,792

5,248

Other creditors

6,413,164

3,280,022

6,652,800

3,439,021

7.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Litigation funding loan

6,410,105

3,274,955

The borrowing shown above is part of a £7 million funding facility provided by Corporate

Administration Management Ltd and is repayable on the success of each case or at the discretion of

the directors.

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Corporate Administration Management Limited is the funding facilitator and one of it's directors D S

Jenkins is also a director of this company. The loan facility carries an annual interest charge of 10%

and at the balance sheet date balance outstanding was £6,410,105 (2017-£3,274,955)