Law Finance Services Ltd 31/03/2019 iXBRL

Law Finance Services Ltd 31/03/2019 iXBRL

LAW FINANCE SERVICES LIMITED - Company Information

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Company registration number: 08950417
Law Finance Services Ltd
Unaudited filleted financial statements
31 March 2019
Law Finance Services Ltd
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Law Finance Services Ltd
Directors and other information
Directors Mr Matthew Reach
Mrs Claire Reach
Company number 08950417
Registered office 83-85 Derby Road
Ipswich
Suffolk
IP3 8DL
Business address 18 Epsilon House
1-5 West Road
Ipswich
Suffolk
IP3 9FJ
Accountant Mark Talman
Deeks and King
83-85 Derby Road
Ipswich
Suffolk
IP3 8DL
Bankers Barclays
Law Finance Services Ltd
Statement of financial position
31 March 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 5 17,846 17,063
_______ _______
17,846 17,063
Current assets
Debtors 6 356,962 497,996
Cash at bank and in hand 114,736 24,134
_______ _______
471,698 522,130
Creditors: amounts falling due
within one year 7 ( 53,433) ( 112,043)
_______ _______
Net current assets 418,265 410,087
_______ _______
Total assets less current liabilities 436,111 427,150
_______ _______
Net assets 436,111 427,150
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 436,109 427,148
_______ _______
Shareholders funds 436,111 427,150
_______ _______
For the year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 19 December 2019 , and are signed on behalf of the board by:
Mr Matthew Reach
Director
Company registration number: 08950417
Law Finance Services Ltd
Statement of changes in equity
Year ended 31 March 2019
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2017 2 249,420 249,422
Profit for the year 201,728 201,728
_______ _______ _______
Total comprehensive income for the year - 201,728 201,728
Dividends paid and payable ( 24,000) ( 24,000)
_______ _______ _______
Total investments by and distributions to owners - ( 24,000) ( 24,000)
_______ _______ _______
At 31 March 2018 and 1 April 2018 2 427,148 427,150
Profit for the year 28,961 28,961
_______ _______ _______
Total comprehensive income for the year - 28,961 28,961
Dividends paid and payable ( 20,000) ( 20,000)
_______ _______ _______
Total investments by and distributions to owners - ( 20,000) ( 20,000)
_______ _______ _______
At 31 March 2019 2 436,109 436,111
_______ _______ _______
Law Finance Services Ltd
Notes to the financial statements
Year ended 31 March 2019
1. General information
The company is a private company limited by shares, registered in Great Britain. The address of the registered office is 83-85 Derby Road, Ipswich, Suffolk, IP3 8DL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2018: Nil).
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 April 2018 5,000 21,500 26,500
Additions 1,845 21,010 22,855
Disposals - ( 16,125) ( 16,125)
_______ _______ _______
At 31 March 2019 6,845 26,385 33,230
_______ _______ _______
Depreciation
At 1 April 2018 4,062 5,375 9,437
Charge for the year 695 5,252 5,947
_______ _______ _______
At 31 March 2019 4,757 10,627 15,384
_______ _______ _______
Carrying amount
At 31 March 2019 2,088 15,758 17,846
_______ _______ _______
At 31 March 2018 938 16,125 17,063
_______ _______ _______
6. Debtors
2019 2018
£ £
Trade debtors 89,839 216,275
Other debtors 267,123 281,721
_______ _______
356,962 497,996
_______ _______
7. Creditors: amounts falling due within one year
2019 2018
£ £
Corporation tax 6,732 61,245
Social security and other taxes 45,201 49,598
Other creditors 1,500 1,200
_______ _______
53,433 112,043
_______ _______
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2019
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Matthew Reach 148,632 149,318 ( 72,683) 225,267
_______ _______ _______ _______
2018
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Matthew Reach - 148,632 - 148,632
_______ _______ _______ _______