MLP Law Limited 30/04/2020 iXBRL

MLP Law Limited 30/04/2020 iXBRL

MLP LAW LIMITED - Company Information

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30/04/2020 2020-04-30 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 2019-05-01 Sage Accounts Production 19.0 - FRS102_2014 xbrli:pure xbrli:shares iso4217:GBP 10471822 2019-05-01 2020-04-30 10471822 2020-04-30 10471822 2019-04-30 10471822 2018-05-01 2019-04-30 10471822 2019-04-30 10471822 core:NetGoodwill 2019-05-01 2020-04-30 10471822 core:PlantMachinery 2019-05-01 2020-04-30 10471822 bus:Director1 2019-05-01 2020-04-30 10471822 core:NetGoodwill 2019-04-30 10471822 core:NetGoodwill 2020-04-30 10471822 core:PlantMachinery 2019-04-30 10471822 core:PlantMachinery 2020-04-30 10471822 core:FurnitureFittingsToolsEquipment 2020-04-30 10471822 core:WithinOneYear 2020-04-30 10471822 core:WithinOneYear 2019-04-30 10471822 core:AfterOneYear 2020-04-30 10471822 core:AfterOneYear 2019-04-30 10471822 core:ShareCapital 2020-04-30 10471822 core:ShareCapital 2019-04-30 10471822 core:SharePremium 2020-04-30 10471822 core:RetainedEarningsAccumulatedLosses 2020-04-30 10471822 core:RetainedEarningsAccumulatedLosses 2019-04-30 10471822 core:BetweenOneFiveYears 2020-04-30 10471822 core:BetweenOneFiveYears 2019-04-30 10471822 core:FurnitureFittingsToolsEquipment 2019-05-01 2020-04-30 10471822 core:NetGoodwill 2019-04-30 10471822 core:PlantMachinery 2019-04-30 10471822 bus:SmallEntities 2019-05-01 2020-04-30 10471822 bus:AuditExempt-NoAccountantsReport 2019-05-01 2020-04-30 10471822 bus:FullAccounts 2019-05-01 2020-04-30 10471822 bus:SmallCompaniesRegimeForAccounts 2019-05-01 2020-04-30 10471822 bus:PrivateLimitedCompanyLtd 2019-05-01 2020-04-30
Company registration number: 10471822
MLP Law Limited
Unaudited filleted financial statements
30 April 2020
MLP Law Limited
Contents
Statement of financial position
Notes to the financial statements
MLP Law Limited
Statement of financial position
30 April 2020
2020 2019
Note £ £ £ £
Fixed assets
Intangible assets 5 601,762 637,701
Tangible assets 6 54,320 80,135
_______ _______
656,082 717,836
Current assets
Stocks 7 246,369 188,443
Debtors 8 357,274 304,343
Cash at bank and in hand 10,268 36,222
_______ _______
613,911 529,008
Creditors: amounts falling due
within one year 9 ( 983,461) ( 1,033,818)
_______ _______
Net current liabilities ( 369,550) ( 504,810)
_______ _______
Total assets less current liabilities 286,532 213,026
Creditors: amounts falling due
after more than one year 10 ( 189,698) ( 398,052)
Provisions for liabilities ( 9,405) ( 13,623)
_______ _______
Net assets/(liabilities) 87,429 ( 198,649)
_______ _______
Capital and reserves
Called up share capital 100,305 100,205
Share premium account 249,900 -
Profit and loss account ( 262,776) ( 298,854)
_______ _______
Shareholders funds/(deficit) 87,429 ( 198,649)
_______ _______
For the year ending 30 April 2020 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 02 June 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 2020
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.
Changes in accounting estimates
During the year the amortisation period was amended from 10 years straight line to 20 years straight line. The effect of the change will mean that the amortisation life will take longer which is in line with directors expectations.
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 - 20 % 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 26 (2019: 34 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 May 2019 and 30 April 2020 824,991 824,991
_______ _______
Amortisation
At 1 May 2019 187,290 187,290
Charge for the year 35,939 35,939
_______ _______
At 30 April 2020 223,229 223,229
_______ _______
Carrying amount
At 30 April 2020 601,762 601,762
_______ _______
At 30 April 2019 637,701 637,701
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 May 2019 138,870 - 138,870
Additions - 7,206 7,206
_______ _______ _______
At 30 April 2020 138,870 7,206 146,076
_______ _______ _______
Depreciation
At 1 May 2019 58,735 - 58,735
Charge for the year 30,634 2,387 33,021
_______ _______ _______
At 30 April 2020 89,369 2,387 91,756
_______ _______ _______
Carrying amount
At 30 April 2020 49,501 4,819 54,320
_______ _______ _______
At 30 April 2019 80,135 - 80,135
_______ _______ _______
7. Stocks
2020 2019
£ £
Work in progress 246,369 188,443
_______ _______
8. Debtors
2020 2019
£ £
Trade debtors 223,769 253,998
Other debtors 133,505 50,345
_______ _______
357,274 304,343
_______ _______
9. Creditors: amounts falling due within one year
2020 2019
£ £
Bank loans and overdrafts 424,923 551,276
Trade creditors 88,526 48,944
Corporation tax 17,422 -
Social security and other taxes 420,951 350,721
Other creditors 31,639 82,877
_______ _______
983,461 1,033,818
_______ _______
Finance lease liabilities are secured against the assets which they financed.
10. Creditors: amounts falling due after more than one year
2020 2019
£ £
Bank loans and overdrafts 18,122 20,360
Social security and other taxes 104,468 -
Other creditors 67,108 377,692
_______ _______
189,698 398,052
_______ _______
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 63,217 55,375
Later than 1 year and not later than 5 years 155,565 20,113
_______ _______
218,782 75,488
_______ _______
12. Shares Issued
On the 30 April 2020 100 ordinary shares were issued at £2,500 per share.