Legal & Medical Investments Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03429678 (England and Wales)

Unaudited Financial Statements

For The Year Ended 31 July 2021

for

Legal & Medical Investments Limited

Page

Balance Sheet

1

Notes to the Financial Statements

2

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

16,606

15,551

16,606

15,551

CURRENT ASSETS

Debtors

6

1,196,232

1,154,264

Cash at bank

483,773

192,213

1,680,005

1,346,477

CREDITORS

Amounts falling due within one year

7

1,162,807

941,633

NET CURRENT ASSETS

517,198

404,844

TOTAL ASSETS LESS CURRENT LIABILITIES

533,804

420,395

PROVISIONS FOR LIABILITIES

3,636

2,531

NET ASSETS

530,168

417,864

CAPITAL AND RESERVES

Called up share capital

1,244

1,244

Share premium

34,898

34,898

Capital redemption reserve

49

49

Retained earnings

493,977

381,673

SHAREHOLDERS' FUNDS

530,168

417,864

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 April 2022 and were signed on its behalf by:

R W Major - Director

1.	STATUTORY INFORMATION

Legal & Medical Investments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

03429678

Registered office:

Splatford Barton

Kennford

Exeter

Devon

EX6 7XY

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

Whilst the Coronavirus pandemic and the measures instituted by the government have continued to impact upon the company's trading during the year, for example with a number of staff being furloughed at various points with 80% of their pay being claimed from the government, the directors are confident that the company is still a going concern and has sufficient reserves to meet its requirements.

Revenue recognition

Revenue comprises commission received in respect of mortgage, insurance and pension related products sold in the course of acting as an independent financial advisor. Commission due in respect of policies is recognised from the date that the policy is put 'on risk'. Commission due in respect of policies completed but not yet put 'on risk' are accrued in the year to which they relate, provided they can be determined with reasonable accuracy. Renewal commissions are recognised as received.

In the event of the cancellation of a policy, there may be claw back of commissions previously paid after the end of the year in which they were received. No provision has been made within the accounts as in the director's opinion, such claw backs are not material and are recognised only when claimed by the insurance companies.

Commission received is the amount derived from ordinary activities, and stated after discounts, other sales taxes and net of VAT.

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

-

25% on reducing balance

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2020 - 15 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 August 2020

and 31 July 2021

7,500

AMORTISATION

At 1 August 2020

and 31 July 2021

7,500

NET BOOK VALUE

At 31 July 2021

-

At 31 July 2020

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 August 2020

146,388

Additions

6,592

At 31 July 2021

152,980

DEPRECIATION

At 1 August 2020

130,837

Charge for year

5,537

At 31 July 2021

136,374

NET BOOK VALUE

At 31 July 2021

16,606

At 31 July 2020

15,551

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.21

31.7.20

£

£

Trade debtors

1,146,140

987,410

Other debtors

50,092

166,854

1,196,232

1,154,264

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.21

31.7.20

£

£

Bank loans and overdrafts

4,943

2,653

Trade creditors

1,068,619

866,441

Taxation and social security

51,450

43,954

Other creditors

37,795

28,585

1,162,807

941,633

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.7.21

31.7.20

£

£

Within one year

24,155

30,722

Between one and five years

41,082

65,237

65,237

95,959