AMD Legal Services Limited Filleted accounts for Companies House (small and micro)

AMD LEGAL SERVICES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04847836

AMD Legal Services Limited

Filleted Unaudited Abridged Financial Statements

31 August 2020

AMD Legal Services Limited

Abridged Statement of Financial Position

31 August 2020

	2020	2019
Note	£	£

Fixed assets

Tangible assets	4	1,102,340	641,285

Current assets

Debtors	1,626	656
Cash at bank and in hand	7,561	12,626
	-------	--------
	9,187	13,282

Creditors: amounts falling due within one year	30,507	28,900
	--------	--------
Net current liabilities	21,320	15,618
	------------	---------
Total assets less current liabilities	1,081,020	625,667

Creditors: amounts falling due after more than one year	181,171	192,874

Provisions

Taxation including deferred tax	39,294	–
	------------	---------
Net assets	860,555	432,793
	------------	---------

Capital and reserves

Called up share capital	800	800
Profit and loss account	859,755	431,993
	---------	---------
Shareholders funds	860,555	432,793
	---------	---------

These abridged 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 Section 1A of 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 income and retained earnings has not been delivered.

For the year ending 31 August 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 abridged 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 abridged financial statements .

All of the members have consented to the preparation of the abridged statement of financial position for the year ending 31 August 2020 in accordance with Section 444(2A) of the Companies Act 2006.

AMD Legal Services Limited

Abridged Statement of Financial Position (continued)

31 August 2020

These abridged financial statements were approved by the board of directors and authorised for issue on 29 January 2021 , and are signed on behalf of the board by:

Mrs M K Davies

Director

Company registration number: 04847836

AMD Legal Services Limited

Notes to the Abridged Financial Statements

Year ended 31 August 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is First Floor Flat, 55 Canynge Road, Clifton, Bristol, BS8 3LH.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Investment properties

Investment Properties

Investment properties are shown at their open market value which is considered to be the fair value of the properties. The surplus or deficit arising from the annual revaluation is recognised in the statement of comprehensive income for the year.

Depreciation is not charged on the property as required by the Companies Acts and FRS102.

Revenue recognition

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.

Income tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions: Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Tangible assets

Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:

Fixtures & fittings	-	10% reducing balance
Equipment	-	10% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

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

4. Tangible assets

	£
Cost or valuation
At 1 September 2019	643,426
Additions	1,138
Revaluations	460,178
	------------
At 31 August 2020	1,104,742
	------------
Depreciation
At 1 September 2019	2,141
Charge for the year	261
	------------
At 31 August 2020	2,402
	------------
Carrying amount
At 31 August 2020	1,102,340
	------------
At 31 August 2019	641,285
	------------

Tangible assets held at valuation

The freehold properties that are owned by the company are held as investments. The directors, Mrs M. K. Davies and Mr A. N. Moore consider that the open market value of the properties at 31 August 2020 were £1.1M.

5. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2020
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr A N Moore	( 14)	( 18,284)	16,035	( 2,263)
Mrs M K Davies	( 13)	( 18,285)	16,035	( 2,263)
	----	--------	--------	-------
	( 27)	( 36,569)	32,070	( 4,526)
	----	--------	--------	-------

	2019
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr A N Moore	( 2,995)	( 15,010)	17,991	( 14)
Mrs M K Davies	( 2,994)	( 15,010)	17,991	( 13)
	-------	--------	--------	----
	( 5,989)	( 30,020)	35,982	( 27)
	-------	--------	--------	----

All loans are interest free and repayable on demand.