| Lloyds Law Ltd |
| Registered number: |
07530926 |
| Balance Sheet |
| as at 31 March 2017 |
|
| Notes |
|
|
2017 |
|
|
2016 |
| £ |
£ |
| Fixed assets |
| Intangible assets |
2 |
|
|
- |
|
|
75,000 |
| Tangible assets |
3 |
|
|
- |
|
|
10,269 |
|
|
|
|
- |
|
|
85,269 |
|
| Current assets |
| Stocks |
|
|
- |
|
|
15,068 |
| Debtors |
4 |
|
17,308 |
|
|
74,321 |
| Cash at bank and in hand |
|
|
27,754 |
|
|
572,933 |
|
|
|
45,062 |
|
|
662,322 |
|
| Creditors: amounts falling due within one year |
5 |
|
(41,320) |
|
|
(696,359) |
|
| Net current assets/(liabilities) |
|
|
|
3,742 |
|
|
(34,037) |
|
| Total assets less current liabilities |
|
|
|
3,742 |
|
|
51,232 |
|
|
| Provisions for liabilities |
|
|
|
- |
|
|
(1,427) |
|
|
| Net assets |
|
|
|
3,742 |
|
|
49,805 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
100 |
|
|
100 |
| Profit and loss account |
|
|
|
3,642 |
|
|
49,705 |
|
| Shareholders' funds |
|
|
|
3,742 |
|
|
49,805 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| Chaudhary Ilyas Ahmed Gondal |
| Director |
| Approved by the board on 25 October 2017 |
|
| Lloyds Law Ltd |
| Notes to the Accounts |
| for the year ended 31 March 2017 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of legal services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Intangible fixed assets |
|
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
|
|
Plant and machinery |
over 5 years |
|
Fixtures, fittings, tools and equipment |
over 5 years |
|
|
|
Stocks and work-in-progress |
|
Work-in-progress is measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
|
|
|
|
|
|
|
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
| 2 |
Intangible fixed assets |
£ |
|
Goodwill: |
|
|
Cost |
|
At 1 April 2016 |
375,000 |
|
At 31 March 2017 |
375,000 |
|
|
|
|
|
|
|
|
|
|
Amortisation |
|
At 1 April 2016 |
300,000 |
|
Provided during the year |
75,000 |
|
At 31 March 2017 |
375,000 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2017 |
- |
|
At 31 March 2016 |
75,000 |
|
|
|
|
|
|
|
|
|
|
Goodwill represents the purchased value of previous partnership business called "Lloyds Solicitors" and is carried in the accounts at its historic value on 30 June 2011. Goodwill is being written off in equal instalements over its estimated economic life of 5 years. |
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
Plant and machinery etc |
|
Fixtures & fittings |
|
Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 April 2016 |
44,763 |
|
9,617 |
|
54,380 |
|
Disposals |
(44,763) |
|
(9,617) |
|
(54,380) |
|
At 31 March 2017 |
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2016 |
37,160 |
|
6,951 |
|
44,111 |
|
On disposals |
(37,160) |
|
(6,951) |
|
(44,111) |
|
At 31 March 2017 |
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2017 |
- |
|
- |
|
- |
|
At 31 March 2016 |
7,603 |
|
2,666 |
|
10,269 |
|
|
| 4 |
Debtors |
2017 |
|
2016 |
| £ |
£ |
|
|
Trade debtors |
- |
|
52,684 |
|
Prepayments and accrued income |
|
|
|
|
7,798 |
|
17,644 |
|
Other debtors |
9,510 |
|
3,993 |
|
|
|
|
|
|
17,308 |
|
74,321 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2017 |
|
2016 |
| £ |
£ |
|
|
Trade creditors |
- |
|
203,843 |
|
Corporation tax |
- |
|
1,937 |
|
Directors's accounts |
- |
|
102,011 |
|
Accruals and deferred income |
16,264 |
|
4,500 |
|
Other creditors |
25,056 |
|
384,068 |
|
|
|
|
|
|
41,320 |
|
696,359 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Trading name |
|
|
The company has traded throughout the current and previous period under the trading name of " Lloyds Solicitors". |
|
|
|
|
| 7 |
Cessation of trade |
|
|
The company has ceased its trading on 31 March 2017. |
|
|
| 8 |
Ultimate Controlling party |
|
|
The company was jointly contolled throughout the current and previous period by its directors, with no individual director having an overall control. |
|
|
| 9 |
Other information |
|
|
Lloyds Law Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
|
715 Stockport Road |
|
Manchester |
|
M19 3AG |
