Legal & Medical Investments Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 03429678 (England and Wales)

Unaudited Financial Statements

For The Year Ended 31 July 2017

for

Legal & Medical Investments Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M R Woodward

R W Major

M J Spurgeon

R J Passi

SECRETARY:

G Carwithen

REGISTERED OFFICE:

Splatford Barton

Kennford

Exeter

Devon

EX6 7XY

REGISTERED NUMBER:

03429678 (England and Wales)

ACCOUNTANTS:

Bromhead

Harscombe House

1 Darklake View

Plymouth

Devon

PL6 7TL

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

11,092

9,287

11,092

9,287

CURRENT ASSETS

Debtors

6

780,375

661,605

Cash at bank

193,800

121,985

974,175

783,590

CREDITORS

Amounts falling due within one year

7

697,776

569,069

NET CURRENT ASSETS

276,399

214,521

TOTAL ASSETS LESS CURRENT LIABILITIES

287,491

223,808

PROVISIONS FOR LIABILITIES

1,338

869

NET ASSETS

286,153

222,939

CAPITAL AND RESERVES

Called up share capital

1,244

1,244

Share premium

34,898

34,898

Capital redemption reserve

49

49

Retained earnings

249,962

186,748

SHAREHOLDERS' FUNDS

286,153

222,939

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 8 December 2017 and were signed on its behalf by:

M R Woodward - 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 can be found on the Company Information

page.

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.

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 17 (2016 - 16 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 August 2016

and 31 July 2017

7,500

AMORTISATION

At 1 August 2016

and 31 July 2017

7,500

NET BOOK VALUE

At 31 July 2017

-

At 31 July 2016

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 August 2016

120,858

Additions

5,503

At 31 July 2017

126,361

DEPRECIATION

At 1 August 2016

111,571

Charge for year

3,698

At 31 July 2017

115,269

NET BOOK VALUE

At 31 July 2017

11,092

At 31 July 2016

9,287

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.17

31.7.16

£

£

Trade debtors

662,177

551,850

Other debtors

118,198

109,755

780,375

661,605

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.17

31.7.16

£

£

Bank loans and overdrafts

1,051

-

Trade creditors

653,300

537,997

Taxation and social security

27,375

19,190

Other creditors

16,050

11,882

697,776

569,069

8.	LEASING AGREEMENTS

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

31.7.17

31.7.16

£

£

Within one year

27,580

25,310

Between one and five years

79,291

70,317

In more than five years

-

3,283

106,871

98,910

9.	RELATED PARTY DISCLOSURES

At the year end the company was owed £51,568 (2016 - £49,885) by Legal & Medical Property Partnership LLP

in which it has a 51% membership interest. The directors are also members of Legal & Medical Property

Partnership LLP. In addition the company is owed £34,889 (2016 - £30,724) in respect of income derived from

the partnership. The company paid rent to the LLP in the year of £14,400 (2016 - £14,400).