National Law Partners Limited - Accounts to registrar (filleted) - small 18.2
National Law Partners Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Financial Statements for the Year Ended 30 April 2021 |
for |
National Law Partners Limited |
National Law Partners Limited (Registered number: 08312439) |
Contents of the Financial Statements |
for the Year Ended 30 April 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
National Law Partners Limited |
Company Information |
for the Year Ended 30 April 2021 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
116 Duke Street |
Liverpool |
Merseyside |
L1 5JW |
National Law Partners Limited (Registered number: 08312439) |
Balance Sheet |
30 April 2021 |
30.4.21 | 30.4.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
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. |
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 |
National Law Partners Limited (Registered number: 08312439) |
Notes to the Financial Statements |
for the Year Ended 30 April 2021 |
1. | STATUTORY INFORMATION |
National Law Partners Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The directors have considered the consequences of COVID-19 and other events and conditions, and they have determined that they do not create a material uncertainty that casts significant doubt upon the entity’s ability to continue as a going concern. |
Significant judgements and estimates |
There are no judgements (apart from those involving estimates) that have had a significant effect on amounts recognised in the financial statements. |
National Law Partners Limited (Registered number: 08312439) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2021 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Revenue is measured as the fair value of consideration received or receivable for satisfying performance obligations contained in contracts with clients, including expenses and disbursements but excluding discounts and Value Added Tax. |
Variable consideration is included in the transaction price only to the extent that it is highly probable that a significant reversal will not be required when the uncertainties determining the level of variable consideration are subsequently resolved. Revenue is recognised when or as the company satisfies performance obligations by transferring control of services to clients. This occurs as follows for the company's various contract types: |
Time-and-materials contracts are recognised over time as services are provided at the fee rate agreed with the client where there is an enforceable right to payment for performance completed to date. |
Fixed-fee contracts are recognised over time based on the actual service provided to the end of the reporting period as a proportion of the total services to be provided where there is an enforceable right to payment for performance completed to date. This is determined based on the actual inputs of time and expenses relative to total expected inputs. |
Performance-fee contracts are recognised when the right to consideration arises on having met the relevant performance related elements. |
Contingent-fee contracts, over and above any agreed minimum fee, are recognised at the point in time that the contingent event occurs and the company has become entitled to the revenue. |
Where contracts include multiple performance obligations, the transaction price is allocated to each performance obligation based on its stand-alone selling price. Where these are not directly observable, they are estimated based on expected cost plus margin. Adjustments are made to allocate discounts proportionately relative to the stand-alone selling price of each performance obligation. |
Estimates of revenues, costs or extent of progress toward completion are revised if circumstances change. Any resulting increases or decreases in estimated revenues or costs are reflected in the income statement in the period in which the circumstances that give rise to the revision become known. |
For time-and-materials, fixed-fee and licence-fee contracts, fees are usually billed on account based on a payment schedule. |
For performance-fee and contingent-fee contracts, fees are usually billed and paid when entitlement to the revenue has been established. If the revenue recognised by the company exceeds the amounts billed, a contract asset is recognised. If the amounts billed exceed the revenue recognised, a contract liability is recognised. Contract assets are reclassified as receivables when billed and the consideration has become unconditional because only the passage of time is required before payment is due. |
The company's standard payment terms require settlement of invoices within 30 days of receipt. |
Goodwill |
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 |
Plant and machinery etc | - |
National Law Partners Limited (Registered number: 08312439) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2021 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Other loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method. |
Directors loans and intercompany loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. |
Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss. |
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. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
National Law Partners Limited (Registered number: 08312439) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2021 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 May 2020 |
and 30 April 2021 |
AMORTISATION |
At 1 May 2020 |
Charge for year |
At 30 April 2021 |
NET BOOK VALUE |
At 30 April 2021 |
At 30 April 2020 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 May 2020 |
Additions |
Disposals | ( |
) |
At 30 April 2021 |
DEPRECIATION |
At 1 May 2020 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 April 2021 |
NET BOOK VALUE |
At 30 April 2021 |
At 30 April 2020 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.21 | 30.4.20 |
£ | £ |
Trade debtors |
Amounts recoverable on contract |
Other debtors |
National Law Partners Limited (Registered number: 08312439) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2021 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.21 | 30.4.20 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
30.4.21 | 30.4.20 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
G Abrams, a director operates a current account to which transactions of a private nature are charged. Included in debtors at 30th April 2021 is £22,000 owed to the company. The loan is repayable on demand and includes interest at 2.25%. |
O Joseph, a director operates a current account to which transactions of a private nature are charged. Included in debtors at 30th April 2021 is £37,923 owed to the company. The loan is repayable on demand and includes interest at 2.25%. |
J Abrams, a director operates a current account to which transactions of a private nature are charged. Included in debtors at 30th April 2021 is £24,136 owed to the company. The loan is repayable on demand and includes interest at 2.25%. |