Managed Legal Solutions Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07670454 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30th September 2020

for

Managed Legal Solutions Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

H Elias

D S Jenkins

REGISTERED OFFICE:

Ansty House

Henfield Road

Small Dole

Henfield

West Sussex

BN5 9XH

REGISTERED NUMBER:

07670454 (England and Wales)

ACCOUNTANTS:

Sigma Partners

Gloucester House

Church Walk

Burgess Hill

West Sussex

RH15 9AS

FIXED ASSETS

Tangible assets

4

-

317

CURRENT ASSETS

Stocks

1,656,232

3,346,515

Debtors

5

546,852

3,341,808

Cash at bank

2,024

2,607

2,205,108

6,690,930

CREDITORS

Amounts falling due within one year

6

8,762,342

8,997,613

NET CURRENT LIABILITIES

(6,557,234

)

(2,306,683

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(6,557,234

)

(2,306,366

)

CAPITAL AND RESERVES

Called up share capital

86

86

Retained earnings

(6,557,320

)

(2,306,452

)

SHAREHOLDERS' FUNDS

(6,557,234

)

(2,306,366

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21st June 2021 and were signed on its behalf by:

D S Jenkins - Director

1.	STATUTORY INFORMATION

Managed Legal Solutions Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

25% on cost

Work in progress

Work in progress represents legal fees and insurance premium costs in respect of ongoing litigation funding cases.

Taxation

Taxation for the year 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

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 year 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.

Going concern

Although the company's liabilities exceed its assets by £6,557,234 the accounts have been drawn up on a going concern basis. The company is dependent on support from an associated company in the form of a working capital loan. The lender has indicated that it will continue to support the company and will not seek repayment until all creditors claims have been met in full.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st October 2019

and 30th September 2020

12,222

DEPRECIATION

At 1st October 2019

11,905

Charge for year

317

At 30th September 2020

12,222

NET BOOK VALUE

At 30th September 2020

-

At 30th September 2019

317

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

546,852

841,700

Other debtors

-

2,500,108

546,852

3,341,808

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

107,307

148,328

Taxation and social security

2,630

2,747

Other creditors

8,652,405

8,846,538

8,762,342

8,997,613

7.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Litigation funding loan

8,644,605

8,843,762

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Corporate Administration Management Limited is the funding facilitator and one of its directors D S Jenkins is also a director of this company. The loan facility carries an annual interest charge of 4.25% (01/10/19-10.03.20), 3.75% (11.03.20-18.03.20), 3.6% (19.03.20-30.09.20) and at the balance sheet date balance outstanding was £8,644,605 (2019 £8,843,763).

Following a review of its lending operations, the lender agreed to write off an amount of £2,414,285 from the loan amount.