Absolute Legal Costs Limited 30/06/2022 iXBRL

Absolute Legal Costs Limited 30/06/2022 iXBRL

ABSOLUTE LEGAL COSTS LIMITED - Company Information

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8 30/06/2022 2022-06-30 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2021-07-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 08110440 2021-07-01 2022-06-30 08110440 2022-06-30 08110440 2021-06-30 08110440 2020-07-01 2021-06-30 08110440 2021-06-30 08110440 core:FurnitureFittingsToolsEquipment 2021-07-01 2022-06-30 08110440 core:OnerousContractsExcludingVacantProperties 2021-07-01 2022-06-30 08110440 bus:Director1 2021-07-01 2022-06-30 08110440 core:WithinOneYear 2022-06-30 08110440 core:WithinOneYear 2021-06-30 08110440 core:FurnitureFittingsToolsEquipment 2021-06-30 08110440 core:FurnitureFittingsToolsEquipment 2022-06-30 08110440 core:ShareCapital 2022-06-30 08110440 core:ShareCapital 2021-06-30 08110440 core:RetainedEarningsAccumulatedLosses 2022-06-30 08110440 core:RetainedEarningsAccumulatedLosses 2021-06-30 08110440 core:FurnitureFittingsToolsEquipment 2021-06-30 08110440 bus:Director1 2021-06-30 08110440 bus:Director1 2022-06-30 08110440 bus:Director1 2020-06-30 08110440 bus:Director1 2021-06-30 08110440 bus:Director1 2020-07-01 2021-06-30 08110440 bus:SmallEntities 2021-07-01 2022-06-30 08110440 bus:AuditExemptWithAccountantsReport 2021-07-01 2022-06-30 08110440 bus:FullAccounts 2021-07-01 2022-06-30 08110440 bus:SmallCompaniesRegimeForAccounts 2021-07-01 2022-06-30 08110440 bus:PrivateLimitedCompanyLtd 2021-07-01 2022-06-30 08110440 core:ComputerEquipment 2021-07-01 2022-06-30 08110440 core:ComputerEquipment 2021-06-30 08110440 core:ComputerEquipment 2022-06-30
Company registration number: 08110440
Absolute Legal Costs Limited
Unaudited filleted financial statements
30 June 2022
ABSOLUTE LEGAL COSTS LIMITED
STATEMENT OF FINANCIAL POSITION
30 JUNE 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 1,516 1,322
_______ _______
1,516 1,322
Current assets
Debtors 6 110,365 137,565
Cash at bank and in hand 83,294 118,844
_______ _______
193,659 256,409
Creditors: amounts falling due
within one year 7 ( 70,687) ( 93,255)
_______ _______
Net current assets 122,972 163,154
_______ _______
Total assets less current liabilities 124,488 164,476
_______ _______
Net assets 124,488 164,476
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 8 124,486 164,474
_______ _______
Shareholders funds 124,488 164,476
_______ _______
For the year ending 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 02 March 2023 , and are signed on behalf of the board by:
M Barker
Director
Company registration number: 08110440
ABSOLUTE LEGAL COSTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 55 - 57 Exeter Street, Plymouth, Devon, England, PL4 0AH.
Principal activity
The principal activity of the company is that of legal costing.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
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.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fittings fixtures and equipment - 15 % straight line
Computer equipment - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term, highly-liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2021: 8 ).
5. Tangible assets
Fixtures, fittings and equipment Computer equipment Total
£ £ £
Cost
At 1 July 2021 25,664 21,146 46,810
Additions 210 527 737
_______ _______ _______
At 30 June 2022 25,874 21,673 47,547
_______ _______ _______
Depreciation
At 1 July 2021 25,100 20,388 45,488
Charge for the year 234 309 543
_______ _______ _______
At 30 June 2022 25,334 20,697 46,031
_______ _______ _______
Carrying amount
At 30 June 2022 540 976 1,516
_______ _______ _______
At 30 June 2021 564 758 1,322
_______ _______ _______
6. Debtors
2022 2021
£ £
Trade debtors 94,533 128,080
Other debtors 15,832 9,485
_______ _______
110,365 137,565
_______ _______
7. Creditors: amounts falling due within one year
2022 2021
£ £
Accruals and deferred income 5,378 7,080
Social security and other taxes 48,193 74,606
Other creditors 17,116 11,569
_______ _______
70,687 93,255
_______ _______
8. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
9. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
_______ _______
12,800 32,000
_______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Directors ( 7,250) ( 49,529) 54,248 ( 2,531)
_______ _______ _______ _______
2021
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Directors ( 20,724) 13,474 - ( 7,250)
_______ _______ _______ _______