MLP Law Limited 30/04/2019 iXBRL

MLP Law Limited 30/04/2019 iXBRL

MLP LAW LIMITED - Company Information

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30/04/2019 2019-04-30 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2018-05-01 Sage Accounts Production 19.0 - FRS102_2014 xbrli:pure xbrli:shares iso4217:GBP 10471822 2018-05-01 2019-04-30 10471822 2019-04-30 10471822 2018-04-30 10471822 2017-05-01 2018-04-30 10471822 2018-04-30 10471822 core:NetGoodwill 2018-05-01 2019-04-30 10471822 core:PlantMachinery 2018-05-01 2019-04-30 10471822 bus:Director1 2018-05-01 2019-04-30 10471822 core:NetGoodwill 2018-04-30 10471822 core:NetGoodwill 2019-04-30 10471822 core:PlantMachinery 2018-04-30 10471822 core:PlantMachinery 2019-04-30 10471822 core:WithinOneYear 2019-04-30 10471822 core:WithinOneYear 2018-04-30 10471822 core:AfterOneYear 2019-04-30 10471822 core:AfterOneYear 2018-04-30 10471822 core:ShareCapital 2019-04-30 10471822 core:ShareCapital 2018-04-30 10471822 core:RetainedEarningsAccumulatedLosses 2019-04-30 10471822 core:RetainedEarningsAccumulatedLosses 2018-04-30 10471822 core:BetweenOneFiveYears 2019-04-30 10471822 core:BetweenOneFiveYears 2018-04-30 10471822 core:NetGoodwill 2018-04-30 10471822 core:PlantMachinery 2018-04-30 10471822 bus:SmallEntities 2018-05-01 2019-04-30 10471822 bus:AuditExempt-NoAccountantsReport 2018-05-01 2019-04-30 10471822 bus:FullAccounts 2018-05-01 2019-04-30 10471822 bus:SmallCompaniesRegimeForAccounts 2018-05-01 2019-04-30 10471822 bus:PrivateLimitedCompanyLtd 2018-05-01 2019-04-30
Company registration number: 10471822
MLP Law Limited
Unaudited filleted financial statements
30 April 2019
MLP Law Limited
Contents
Statement of financial position
Notes to the financial statements
MLP Law Limited
Statement of financial position
30 April 2019
30/04/19 30/04/18
Note £ £ £ £
Fixed assets
Intangible assets 5 637,701 720,200
Tangible assets 6 80,135 111,546
_______ _______
717,836 831,746
Current assets
Stocks 7 188,443 375,595
Debtors 8 304,343 358,062
Cash at bank and in hand 36,222 5,133
_______ _______
529,008 738,790
Creditors: amounts falling due
within one year 9 ( 1,033,818) ( 850,390)
_______ _______
Net current liabilities ( 504,810) ( 111,600)
_______ _______
Total assets less current liabilities 213,026 720,146
Creditors: amounts falling due
after more than one year 10 ( 398,052) ( 636,940)
Provisions for liabilities ( 13,623) ( 18,963)
_______ _______
Net (liabilities)/assets ( 198,649) 64,243
_______ _______
Capital and reserves
Called up share capital 100,205 205
Profit and loss account ( 298,854) 64,038
_______ _______
Shareholders (deficit)/funds ( 198,649) 64,243
_______ _______
For the year ending 30 April 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 income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 31 January 2020 , and are signed on behalf of the board by:
Mr Stephen John Attree
Director
Company registration number: 10471822
MLP Law Limited
Notes to the financial statements
Year ended 30 April 2019
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 7 Market Street,, Altrincham, England, WA14 1QE.
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.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 and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue is recognised when the service is provided to the customer.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
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:
Plant and machinery - 33.33 % straight line
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.
Stocks
Stocks represent the retail value of work in progress at the period end.
Hire purchase and finance leases
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 34 (2018: 33 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 May 2018 and 30 April 2019 824,991 824,991
_______ _______
Amortisation
At 1 May 2018 104,791 104,791
Charge for the year 82,499 82,499
_______ _______
At 30 April 2019 187,290 187,290
_______ _______
Carrying amount
At 30 April 2019 637,701 637,701
_______ _______
At 30 April 2018 720,200 720,200
_______ _______
6. Tangible assets
Plant and machinery Total
£ £
Cost
At 1 May 2018 and 30 April 2019 138,870 138,870
_______ _______
Depreciation
At 1 May 2018 27,324 27,324
Charge for the year 31,411 31,411
_______ _______
At 30 April 2019 58,735 58,735
_______ _______
Carrying amount
At 30 April 2019 80,135 80,135
_______ _______
At 30 April 2018 111,546 111,546
_______ _______
7. Stocks
30/04/19 30/04/18
£ £
Work in progress 188,443 375,595
_______ _______
8. Debtors
30/04/19 30/04/18
£ £
Trade debtors 253,998 316,441
Other debtors 50,345 41,621
_______ _______
304,343 358,062
_______ _______
9. Creditors: amounts falling due within one year
30/04/19 30/04/18
£ £
Bank loans and overdrafts 551,276 467,455
Trade creditors 48,944 59,124
Corporation tax - 107,456
Social security and other taxes 350,721 104,071
Other creditors 82,877 112,284
_______ _______
1,033,818 850,390
_______ _______
Finance lease liabilities are secured against the assets which they financed.
10. Creditors: amounts falling due after more than one year
30/04/19 30/04/18
£ £
Bank loans and overdrafts 20,360 41,943
Other creditors 377,692 594,997
_______ _______
398,052 636,940
_______ _______
Finance lease liabilities are secured against the assets which they financed.
11. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 55,375 87,016
Later than 1 year and not later than 5 years 20,113 39,194
_______ _______
75,488 126,210
_______ _______