Newfields Law Limited Accounts

NEWFIELDS LAW LIMITED - Company Information






Newfields Law Limited
	Company No. 10288699
		Information for Filing with The Registrar
		31 July 2017

The Director presents his report and the accounts for the year ended 31 July 2017.

Principal activities
The principal activity of the company during the year under review was Law Firm.




Director

The Director who served at any time during the year was as follows:

G.R. Lloyd



































































The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.

Signed on behalf of the board

G.R. Lloyd
Director
16 April 2018

at	31 July 2017

Company No.		10288699	Notes	2017
				£






Current assets
	Stocks		2	4,034
	Debtors		3	110,683

	Cash at bank and in hand			108,576
				223,293
Creditors: Amount falling due within one year			4	(125,265)
Net current assets				98,028
Total assets less current liabilities				98,028




Net assets				98,028

Capital and reserves




	Profit and loss account		5	98,028

Total equity				98,028


These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 31 July 2017 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
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.

As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 16 April 2018

And signed on its behalf by:

G.R. Lloyd
Director

for the year ended 31 July 2017

Accounting policies

Basis of preparation

The accounts have been prepared 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) and the Companies Act 2006 . There were no material departures from that standard.

The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the accounting policies set out below.

Turnover

Turnover represents the fair value of services provided during the year on client assignments. Fair value reflects the amounts expected to be recoverable from clients based on time spent, skills provided and expenses incurred and exclude VAT.

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Work In Progress

Work In Progress relates to unbilled income on individual client assignments as included as amounts recoverable on contracts within current assets.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2	Work In Progress
			2017
			£

		Work in progress	4,034

			4,034

3	Debtors
			2017
			£
		Trade debtors	110,315






		Prepayments and accrued income	368
			110,683

4	Creditors:
		amounts falling due within one year
			2017
			£





		Client control account	1,651
		Corporation tax	24,073
		Other taxes and social security	17,241
		Loans from directors	13,904
		Disbursements billed and not yet paid	67,295
		Accruals and deferred income	1,101
			125,265

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.

Related party disclosures

Controlling party

Immediate controlling party

Dr Glyndwr R Lloyd

Additional information

Its registered number is:

10288699

Its registered office is:

35 Park Place

Cardiff

CF10 3RL