MJP Law Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07266539 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 OCTOBER 2018 TO 31 MARCH 2020

FOR

MJP LAW LIMITED

Page

Balance sheet

1

Notes to the financial statements

3

Fixed assets

Intangible assets

4

91,447

181,416

Tangible assets

5

2,170

20,153

93,617

201,569

Current assets

Debtors

6

381,186

286,259

Cash in hand

1,035

717

382,221

286,976

Creditors

Amounts falling due within one year

7

378,086

322,394

Net current assets/(liabilities)

4,135

(35,418

)

Total assets less current liabilities

97,752

166,151

Creditors

Amounts falling due after more than one year

8

(42,620

)

(109,106

)

Provisions for liabilities

11

(94

)

-

Net assets

55,038

57,045

Capital and reserves

Called up share capital

12

8,001

8,001

Retained earnings

47,037

49,044

Shareholders' funds

55,038

57,045

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2020 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors and authorised for issue on 27 October 2020 and were signed on its behalf by:

Mr M J Pate - Director

1.	Statutory information

MJP Law Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 07266539. The registered office and business address is 28 Old Road, Wimborne, Dorset, BH21 1EJ.

The company extended their accounting period to cover 18 months ending on 31/03/2020. Therefore the comparatives are not entirely comparable.

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 represents fee income earned under a wide variety of contracts to provide professional services. Revenue is recognised as it is earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.

Goodwill

Acquired Goodwill is written off in equal annual instalments over its estimated useful life of 10 years.

Intangible assets

Software licences, held under finance lease agreements are being amortised over the lease term of 5 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures and fittings

-

33% on cost and 15% on cost

Taxation

Taxation for the period 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 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 period 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments

Basic financial instruments are initially recognised at transaction price and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities.

At each balance sheet date, financial instruments are measured at amortised cost using the effective interest method. Any losses arising from impairment are recognised in the profit and loss account in the period to which they relate.

3.	Employees and directors

The average number of employees during the period was 21 (2018 - 31 ) .

4.	Intangible fixed assets

Other

intangible

Goodwill

assets

Totals

£

£

£

Cost

At 1 October 2018

442,500

78,645

521,145

Additions

40,000

-

40,000

Impairments

(40,000

)

-

(40,000

)

At 31 March 2020

442,500

78,645

521,145

Amortisation

At 1 October 2018

324,000

15,729

339,729

Charge for period

66,375

23,594

89,969

At 31 March 2020

390,375

39,323

429,698

Net book value

At 31 March 2020

52,125

39,322

91,447

At 30 September 2018

118,500

62,916

181,416

5.	Tangible fixed assets

Fixtures

and

fittings

£

Cost

At 1 October 2018

102,212

Additions

1,260

Disposals

(2,395

)

At 31 March 2020

101,077

Depreciation

At 1 October 2018

82,059

Charge for period

17,344

Eliminated on disposal

(496

)

At 31 March 2020

98,907

Net book value

At 31 March 2020

2,170

At 30 September 2018

20,153

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows:

Fixtures

and

fittings

£

Cost

At 1 October 2018

and 31 March 2020

43,108

Depreciation

At 1 October 2018

28,739

Charge for period

14,369

At 31 March 2020

43,108

Net book value

At 31 March 2020

-

At 30 September 2018

14,369

6.

Debtors: amounts falling due within one year

2020

2018

£

£

Trade debtors

88,323

51,906

Directors' current accounts

44,902

-

Prepayments and accrued income

247,961

234,353

381,186

286,259

7.

Creditors: amounts falling due within one year

2020

2018

£

£

Bank loans and overdrafts

140,256

123,209

Other loans

73,024

58,794

Hire purchase contracts and finance leases (see note 9)

30,384

28,652

Trade creditors

30,289

58,554

Tax

2,478

-

Social security and other taxes

13,324

9,660

VAT

38,450

32,782

Other creditors

2,651

1,485

Directors' current accounts

-

369

Accruals and deferred income

47,230

8,889

378,086

322,394

8.

Creditors: amounts falling due after more than one year

2020

2018

£

£

Bank loans - 2-5 years

23,890

49,307

Hire purchase contracts and finance leases (see note 9)

18,730

59,799

42,620

109,106

9.	Leasing agreements

Minimum lease payments fall due as follows:

Hire purchase contracts

Finance leases

2020

2018

2020

2018

£

£

£

£

Net obligations repayable:

Within one year

11,038

10,845

19,346

17,807

Between one and five years

-

16,768

18,730

43,031

11,038

27,613

38,076

60,838

Non-cancellable operating

leases

2020

2018

£

£

Within one year

-

8,532

10.	Secured debts

The following secured debts are included within creditors:

2020

2018

£

£

Bank overdrafts

123,549

107,027

Bank loans

40,597

65,489

Hire purchase contracts and finance leases

49,114

88,451

213,260

260,967

All monies due or to become due to Barclays Bank PLC are secured by way of a legal charge, dated 9 February 2012, over all the assets of the company.

Amounts owing under hire purchase and finance lease agreements are secured against the assets to which they relate.

A loan to the company of £35,000 repayable over 24 months has been indemnified by the director, Mr M Pate.

The remaining non-bank loans have also been personally guaranteed by the Director, Mr M Pate.

11.	Provisions for liabilities

2020

2018

£

£

Deferred tax

94

-

Deferred

tax

£

Provided during period

94

Balance at 31 March 2020

94

12.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2018

value:

£

£

8,001

Ordinary

£1

8,001

8,001

13.	Directors' advances, credits and guarantees

The following advances and credits to a director subsisted during the period ended 31 March 2020 and the year ended 30 September 2018:

2020

2018

£

£

Mr M J Pate

Balance outstanding at start of period

(369

)

(741

)

Amounts advanced

181,955

87,872

Amounts repaid

(136,684

)

(87,500

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

44,902

(369

)

The amount outstanding at the end of the period was the maximum outstanding during the period. The amount outstanding has been repaid within 9 months of the year end.

14.	Ultimate controlling party

The company is under the control of the director, Mr M Pate, by virtue of his 100% holding of the share capital of the company.