Newfields Law Limited Accounts

NEWFIELDS LAW LIMITED - Company Information






Newfields Law Limited

	Company No. 10288699
		Information for Filing with The Registrar
		31 July 2019

at	31 July 2019
Company No.		10288699	Notes	2019	2018
				£	£
Fixed assets

	Tangible assets		3	16,331	412


				16,331	412
Current assets

	Debtors		4	277,367	217,605

	Cash at bank and in hand			178,299	119,503
				455,666	337,108
Creditors: Amount falling due within one year			5	(83,369)	(75,054)
Net current assets				372,297	262,054
Total assets less current liabilities				388,628	262,466

Provisions for liabilities
	Deferred taxation		6	(653)	(78)

Net assets				387,975	262,388

Capital and reserves
	Called up share capital			1	-



	Profit and loss account		7	387,974	262,388

Total equity				387,975	262,388


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 2019 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 21 April 2020
And signed on its behalf by:
G.R. Lloyd
Director

for the year ended 31 July 2019

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.

The accounts are presented in Sterling, which is the functional currency of the company.

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 and exclude VAT.

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

33% Straight Line

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.

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.

Leased assets

Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above).

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

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	Employees
			2019	2018
			Number	Number
		The average number of persons employed during the year :	3	1

3	Tangible fixed assets
			Motor vehicles	Fixtures, fittings and equipment	Total
			£	£	£
		Cost or revaluation
		At 1 August 2018	-	733	733
		Additions	12,891	8,200	21,091



		At 31 July 2019	12,891	8,933	21,824
		Depreciation
		At 1 August 2018	-	321	321
		Charge for the year	3,581	1,591	5,172



		At 31 July 2019	3,581	1,912	5,493
		Net book values
		At 31 July 2019	9,310	7,021	16,331
		At 31 July 2018	-	412	412

4	Debtors
			2019	2018
			£	£
		Trade debtors	277,367	216,846






		Prepayments and accrued income	-	759
			277,367	217,605

5	Creditors:
		amounts falling due within one year
			2019	2018
			£	£

		Bank loans and overdrafts	3,430	-




		Corporation tax	32,567	41,692
		Other taxes and social security	32,917	26,268
		Loans from directors	318	5,993
		Other creditors	12,125	-
		Accruals and deferred income	2,012	1,101
			83,369	75,054

6	Provisions for liabilities
		Deferred taxation

			Accelerated Capital Allowances, Losses and Other Timing Differences	Total
			£	£
		At 1 August 2018	78	78
		Charge to the profit and loss account for the period	575	575

		At 31 July 2019	653	653



			2019	2018
			£	£
		Accelerated capital allowances	653	78



			653	78

Reserves

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

8	Dividends
			2019	2018
			£	£
		Dividends for the period:
		Dividends paid in the period	14,500	10,000

			14,500	10,000

		Dividends by type:

		Equity dividends	14,500	10,000
			14,500	10,000

Additional information

Its registered number is:

10288699

35 Park Place

Cardiff

CF10 3RL