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

REGISTERED NUMBER: 09644748 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 MARCH 2021

FOR

CORE LAW LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M V Athey

S J F Judd

L E O'Flynn

REGISTERED OFFICE:

4-6 Dudley Road

Tunbridge Wells

United Kingdom

Kent

TN1 1LF

REGISTERED NUMBER:

09644748 (England and Wales)

ACCOUNTANTS:

Synergee Limited

1 The Old Stables

Eridge Park

Tunbridge Wells

Kent

TN3 9JT

FIXED ASSETS

Intangible assets

4

78,900

91,038

Tangible assets

5

8,170

8,400

87,070

99,438

CURRENT ASSETS

Debtors

6

159,362

152,474

Cash at bank and in hand

170,336

44,160

329,698

196,634

CREDITORS

Amounts falling due within one year

7

(276,099

)

(229,741

)

NET CURRENT ASSETS/(LIABILITIES)

53,599

(33,107

)

TOTAL ASSETS LESS CURRENT LIABILITIES

140,669

66,331

CREDITORS

Amounts falling due after more than one year

8

(42,888

)

(45,938

)

NET ASSETS

97,781

20,393

CAPITAL AND RESERVES

Called up share capital

258

258

Capital redemption reserve

100

100

Retained earnings

97,423

20,035

97,781

20,393

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 March 2021 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 Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2021 and were signed on its behalf by:

S J F Judd - Director

L E O'Flynn - Director

1.	STATUTORY INFORMATION

Core Law 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is recognised to the extent it is probable that economic benefit will flow to the company, and that it can be reliably measured. Turnover is measured at the fair value of consideration received or receivable, net of discounts, rebates, VAT and other sales taxes.

Turnover from the provision of services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when the following conditions are satisfied:

- the amount of turnover can be measured reliably;

- it is probable that consideration due will be received;

- the stage of completion of the contract at the reporting date can be measured reliably, and

- the costs incurred, or to be incurred, can be measured reliably.

Turnover is not recognised where the right to receive payment is contingent on events outside the control of the entity.

Where services have been provided but not yet invoiced, the relevant turnover up to the reporting date is shown within debtors as accrued income .Any sales invoices issued or cash received in respect of such a project are deducted from accrued income to the extent that they are not recognised as revenue. If the amount billed or received exceeds the value of the related work in progress, this excess is included within creditors as deferred income .

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Plant and machinery etc

-

33% on cost and 25% on reducing balance

Government grants

Government grants are recognised according to the accrual model.

Government grants are classified either as relating to revenue or relating to assets.

Grants relating to revenue are recognised in income on a systematic basis over the periods in which the related costs, for which the grant is intended to compensate, are recognised. Grants that become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support with no future related costs, are recognised in income in the period in which they become receivable.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred it is recognised as deferred income and not deducted from the carrying amount of the asset.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments

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

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors; loans from banks and other third parties; loans to related parties and investments in non-puttable ordinary shares.

Debt instruments, other than those wholly payable or receivable within one year, including loans and other accounts receivable and payable are initially measured at the present value of future cash flows, and subsequently measured at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured at the undiscounted amount of consideration expected to be paid or received. If the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not at a market rate, the financial asset or liability is initially measured at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument, and subsequently measured at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment, and such impairments is recognised in total comprehensive income.

Cash and cash equivalents

Cash is represented by cash in hand and bank current and short term deposit accounts.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2020 - 11 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 31 March 2020

and 30 March 2021

121,385

AMORTISATION

At 31 March 2020

30,347

Charge for year

12,138

At 30 March 2021

42,485

NET BOOK VALUE

At 30 March 2021

78,900

At 30 March 2020

91,038

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 31 March 2020

16,788

Additions

2,624

At 30 March 2021

19,412

DEPRECIATION

At 31 March 2020

8,388

Charge for year

2,854

At 30 March 2021

11,242

NET BOOK VALUE

At 30 March 2021

8,170

At 30 March 2020

8,400

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

102,614

77,012

Other debtors

56,748

75,462

159,362

152,474

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

96,318

115,777

Trade creditors

6,929

11,095

Taxation and social security

118,316

57,219

Other creditors

54,536

45,650

276,099

229,741

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

42,888

45,938

Amounts falling due in more than five years:

Repayable by instalments

Bounce back loan

2,649

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

89,206

161,715

10.	PENSION COMMITMENTS

There were £759 (2020: £475) of contributions to money purchase pension schemes due and not paid at the reporting date.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 March 2021 and 30 March 2020:

2021

2020

£

£

S J F Judd

Balance outstanding at start of year

-

-

Amounts advanced

100

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

100

-

Amounts advanced to directors are unsecured, interest free, and repayable on demand