The Institute of Legal Finance & Management Filleted accounts for Companies House (small and micro)

The Institute of Legal Finance & Management Filleted accounts for Companies House (small and micro)

THE INSTITUTE OF LEGAL FINANCE & MANAGEMENT - Company Information

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8 14 December 2022 false false false false false false false false false true false false false false false false No description of principal activity 2021-07-01 Sage Accounts Production Advanced 2021 - FRS102_2021 36,259 15,804 52,063 25,805 6,436 32,241 19,822 10,454 xbrli:pure xbrli:shares iso4217:GBP 10245337 2021-07-01 2022-06-30 10245337 2022-06-30 10245337 2021-06-30 10245337 2020-07-01 2021-06-30 10245337 2021-06-30 10245337 bus:Director7 2021-07-01 2022-06-30 10245337 core:WithinOneYear 2022-06-30 10245337 core:WithinOneYear 2021-06-30 10245337 core:RetainedEarningsAccumulatedLosses 2022-06-30 10245337 core:RetainedEarningsAccumulatedLosses 2021-06-30 10245337 core:BetweenOneFiveYears 2022-06-30 10245337 core:BetweenOneFiveYears 2021-06-30 10245337 core:MoreThanFiveYears 2022-06-30 10245337 core:MoreThanFiveYears 2021-06-30 10245337 bus:SmallEntities 2021-07-01 2022-06-30 10245337 bus:Audited 2021-07-01 2022-06-30 10245337 bus:FullAccounts 2021-07-01 2022-06-30 10245337 bus:SmallCompaniesRegimeForAccounts 2021-07-01 2022-06-30 10245337 bus:CompanyLimitedByGuarantee 2021-07-01 2022-06-30 10245337 core:OfficeEquipment 2021-07-01 2022-06-30 10245337 core:OfficeEquipment 2021-06-30 10245337 core:OfficeEquipment 2022-06-30
COMPANY REGISTRATION NUMBER: 10245337
The Institute of Legal Finance & Management
Company Limited by Guarantee
Filleted Financial Statements
30 June 2022
The Institute of Legal Finance & Management
Company Limited by Guarantee
Financial Statements
Year ended 30 June 2022
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
The Institute of Legal Finance & Management
Company Limited by Guarantee
Statement of Financial Position
30 June 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
6
19,822
10,454
Current assets
Debtors
7
49,230
42,020
Cash at bank and in hand
270,225
262,346
---------
---------
319,455
304,366
Creditors: amounts falling due within one year
8
101,197
89,146
---------
---------
Net current assets
218,258
215,220
---------
---------
Total assets less current liabilities
238,080
225,674
---------
---------
Net assets
238,080
225,674
---------
---------
Capital and reserves
Profit and loss account
238,080
225,674
---------
---------
Reserves
238,080
225,674
---------
---------
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 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.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 13 December 2022 , and are signed on behalf of the board by:
I R Johnson
Director
Company registration number: 10245337
The Institute of Legal Finance & Management
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 30 June 2022
1. General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is River House, Suites 1 & 2, First Floor, 1 Maidstone Road, Sidcup, DA14 5RH, England.
2. Statement of compliance
These 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 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances .
Revenue recognition
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 from member subscriptions is recognised in the year that they are received with an adjustment made at the end of each reporting date to accrue income into the correct period. Revenue received in relation to courses, seminars and advertising are all recognised when the courses and exams take place.
Income tax
Current tax is recognised on the bank interest received by the company in the current period. 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.
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.
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:
Equipment
-
33% straight line
Depreciation on the assets is charged over a 3 year straight line basis, however there is one item of equipment within fixed assets (office chairs) which is depreciated over 10 years.
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
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. Company limited by guarantee
The company is a company limited by guarantee. The members of the company are persons whose name is entered in the Register of Members of the Institute and Membership shall be construed accordingly. The liability in respect of the guarantee is limited to £1 for each member.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2021: 8 ).
The Directors acting as officers of the Company are not paid and are excluded from the employee numbers above.
6. Tangible assets
Equipment
Total
£
£
Cost
At 1 July 2021
36,259
36,259
Additions
15,804
15,804
--------
--------
At 30 June 2022
52,063
52,063
--------
--------
Depreciation
At 1 July 2021
25,805
25,805
Charge for the year
6,436
6,436
--------
--------
At 30 June 2022
32,241
32,241
--------
--------
Carrying amount
At 30 June 2022
19,822
19,822
--------
--------
At 30 June 2021
10,454
10,454
--------
--------
7. Debtors
2022
2021
£
£
Trade debtors
29,760
22,372
Other debtors
19,470
19,648
--------
--------
49,230
42,020
--------
--------
8. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
8,762
6,658
Corporation tax
134
330
Social security and other taxes
5,787
3,724
Other creditors
86,514
78,434
---------
--------
101,197
89,146
---------
--------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2022
2021
£
£
Not later than 1 year
14,300
14,300
Later than 1 year and not later than 5 years
57,200
57,200
Later than 5 years
35,750
50,050
---------
---------
107,250
121,550
---------
---------
10. Summary audit opinion
The auditor's report for the year dated 14 December 2022 was unqualified .
The senior statutory auditor was Colin Reid FCA , for and on behalf of Burgess Hodgson LLP .