Nexa Law Limited
Nexa Law Limited
Registered number: 10209198
Unaudited Financial Statements
For The Year Ended
29 February 2020
Nexa Law Limited
Unaudited Financial Statements
For The Year Ended
29 February 2020
Unaudited Financial Statements
Contents | |
Page | |
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Balance Sheet | 1—2 |
Notes to the Financial Statements | 3—7 |
Nexa Law Limited
Balance Sheet
As at
29 February 2020
Balance Sheet
Registered number:
10209198
For the year ending 29 February 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
2020 | 2019 | ||||
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Intangible Assets | 3 |
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Tangible Assets | 4 |
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Investments | 5 |
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CURRENT ASSETS | |||||
Debtors | 6 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 7 |
( |
( |
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NET CURRENT ASSETS (LIABILITIES) |
( |
( |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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( |
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Creditors: Amounts Falling Due After More Than One Year | 8 |
( |
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NET LIABILITIES |
( |
( |
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CAPITAL AND RESERVES | |||||
Called up share capital | 9 |
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Profit and Loss Account |
( |
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SHAREHOLDERS' FUNDS | (46,413) | (235,057) | |||
Page 1
Nexa Law Limited
Balance Sheet (continued)
As at
29 February 2020
Directors' responsibilities:
-
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 Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Director
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The notes on pages 3 to 7 form part of these financial statements.
Page 2
Nexa Law Limited
Notes to the Financial Statements
For The Year Ended
29 February 2020
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 398 of the Companies Act 2006 not to prepare group accounts.
1.2.
Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern. The company has continued to trade successfully despite the impact of COVID-19.
1.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Turnover is recognised as the company becomes entitled to the consideration received, therefore turnover includes an element of work completed but not yet invoiced.
1.4.
Intangible Fixed Assets and Amortisation - Other Intangible
Intangible assets are amortised to profit and loss account over the estimated economic life of 10 years.
1.5.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings |
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Computer Equipment |
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1.6.
Leasing and Hire Purchase Contracts
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
Page 3
Nexa Law Limited
Notes to the Financial Statements (continued)
For The Year Ended
29 February 2020
1.7.
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 statement of comprehensive income because of items of income or expense that are taxable or deductible in other year 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 timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing 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. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related 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.
1.8.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
1.9.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2020 | 2019 | ||
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Office and administration |
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Sales, marketing and distribution |
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Page 4
Nexa Law Limited
Notes to the Financial Statements (continued)
For The Year Ended
29 February 2020
3.
Intangible Assets
Other | |||
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£ | |||
Cost | |||
As at
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As at
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Amortisation | |||
As at
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Provided during the period |
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As at
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Net Book Value | |||
As at
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As at
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4.
Tangible Assets
Fixtures & Fittings | Computer Equipment | Total | |
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£ | £ | £ | |
Cost | |||
As at
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Additions |
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As at
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Depreciation | |||
As at
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Provided during the period |
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As at
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Net Book Value | |||
As at
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As at
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Page 5
Nexa Law Limited
Notes to the Financial Statements (continued)
For The Year Ended
29 February 2020
5.
Investments
Unlisted | |
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£ | |
Cost | |
As at
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- |
Additions | 712,726 |
As at
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712,726 |
Provision | |
As at
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- |
As at
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- |
Net Book Value | |
As at
|
712,726 |
As at
|
- |
Investments comprise shares held in Peregrine Law Limited, a 100% subsidiary company incorporated in England & Wales.
6.
Debtors
2020 | 2019 | ||
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£ | £ | ||
Due within one year | |||
Trade debtors |
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Prepayments and accrued income |
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Other debtors |
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Directors' loan accounts | - |
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7.
Creditors: Amounts Falling Due Within One Year
2020 | 2019 | ||
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£ | £ | ||
Trade creditors |
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Bank loans and overdrafts |
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Other taxes and social security |
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VAT |
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Other creditors |
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Accruals and deferred income |
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Directors' loan accounts |
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The bank overdraft facility is secured by way of a fixed and floating charge over the company's assets.
Page 6
Nexa Law Limited
Notes to the Financial Statements (continued)
For The Year Ended
29 February 2020
8.
Creditors: Amounts Falling Due After More Than One Year
2020 | 2019 | ||
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£ | £ | ||
Other creditors |
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10.
Pension Commitments
The company operates a defined contribution pension scheme for its employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Included within Other Creditors at the balance sheet date are unpaid contributions of £200 (2019: £35) due to the fund.
11.
Related Party Transactions
Included within Other Creditors is a balance of £511,671 (2019: £136,277) owed to shareholders of the company. Of this amount, £425,500 (2019: £nil) is included as >1 year and due for repayment by 2027. Shareholders are able to claim earlier repayment in the case of sale, liquidation or certain performance based measures.
No interest has been charged on loans from related parties and there were no other conditions attached.
12.
Transition to FRS 102
The company adopted FRS 102 (Section 1A) during the period. The transition has had no effect on the company's reported performance or financial position.
13.
General Information
Nexa Law Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
10209198
. The registered office is Office 1, The Church Offices , Salop Road , Oswestry, England, SY11 2NR.
Page 7