Lancashire Law Ltd 31/01/2018 iXBRL

Lancashire Law Ltd 31/01/2018 iXBRL

LANCASHIRE LAW LTD - Company Information

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31/01/2018 2018-01-31 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2017-02-01 Sage Accounts Production 18.30 - FRS xbrli:pure xbrli:shares iso4217:GBP 09136916 2017-02-01 2018-01-31 09136916 2018-01-31 09136916 2017-01-31 09136916 2016-02-01 2017-01-31 09136916 2017-01-31 09136916 2016-01-31 09136916 core:FurnitureFittingsToolsEquipment 2017-02-01 2018-01-31 09136916 bus:RegisteredOffice 2017-02-01 2018-01-31 09136916 bus:LeadAgentIfApplicable 2017-02-01 2018-01-31 09136916 bus:Director1 2017-02-01 2018-01-31 09136916 bus:Director2 2017-02-01 2018-01-31 09136916 bus:Director3 2017-02-01 2018-01-31 09136916 core:FurnitureFittingsToolsEquipment 2017-01-31 09136916 core:FurnitureFittingsToolsEquipment 2018-01-31 09136916 core:WithinOneYear 2018-01-31 09136916 core:WithinOneYear 2017-01-31 09136916 core:ShareCapital 2016-02-01 2017-01-31 09136916 core:RetainedEarningsAccumulatedLosses 2016-02-01 2017-01-31 09136916 core:RetainedEarningsAccumulatedLosses 2017-02-01 2018-01-31 09136916 core:ShareCapital 2018-01-31 09136916 core:ShareCapital 2017-01-31 09136916 core:RetainedEarningsAccumulatedLosses 2018-01-31 09136916 core:RetainedEarningsAccumulatedLosses 2017-01-31 09136916 core:ShareCapital 2016-01-31 09136916 core:RetainedEarningsAccumulatedLosses 2016-01-31 09136916 core:FurnitureFittingsToolsEquipment 2017-01-31 09136916 bus:Director1 2017-01-31 09136916 bus:Director1 2018-01-31 09136916 bus:Director2 2017-01-31 09136916 bus:Director2 2018-01-31 09136916 bus:Director3 2017-01-31 09136916 bus:Director3 2018-01-31 09136916 bus:Director1 2016-01-31 09136916 bus:Director1 2017-01-31 09136916 bus:Director2 2016-01-31 09136916 bus:Director2 2017-01-31 09136916 bus:Director3 2017-01-31 09136916 bus:Director1 2016-02-01 2017-01-31 09136916 bus:Director2 2016-02-01 2017-01-31 09136916 bus:Director3 2016-02-01 2017-01-31 09136916 bus:SmallEntities 2017-02-01 2018-01-31 09136916 bus:AuditExemptWithAccountantsReport 2017-02-01 2018-01-31 09136916 bus:FullAccounts 2017-02-01 2018-01-31 09136916 bus:SmallCompaniesRegimeForAccounts 2017-02-01 2018-01-31 09136916 bus:PrivateLimitedCompanyLtd 2017-02-01 2018-01-31 09136916 core:NetGoodwill 2017-02-01 2018-01-31
Company registration number: 09136916
Lancashire Law Ltd
Unaudited filleted financial statements
31 January 2018
Lancashire Law Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Lancashire Law Ltd
Directors and other information
Directors K J Spencer
B J Thomasson
A J McGuigan
Company number 09136916
Registered office 501 Market Street
Whitworth
Rochdale
Lancashire
OL12 8QN
Business address 501 Market Street
Whitworth
Rochdale
Lancashire
OL12 8QN
Accountants Hargreaves & Woods
Cholmondeley House
Dee Hills Park
Chester
Cheshire
CH3 5AR
Bankers Barclays Bank
Leicester
LE87 2BB
Lancashire Law Ltd
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Lancashire Law Ltd
Year ended 31 January 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lancashire Law Ltd for the year ended 31 January 2018 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/ regulations-standards-and-guidance/.
This report is made solely to the board of directors of Lancashire Law Ltd, as a body, in accordance with the terms of our engagement letter dated 14 March 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Lancashire Law Ltd and state those matters that we have agreed to state to the board of directors of Lancashire Law Ltd as a body, in this report in accordance with the ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lancashire Law Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Lancashire Law Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Lancashire Law Ltd. You consider that Lancashire Law Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Lancashire Law Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Hargreaves & Woods
Cholmondeley House
Dee Hills Park
Chester
Cheshire
CH3 5AR
31 October 2018
Lancashire Law Ltd
Statement of financial position
31 January 2018
2018 2017
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 4,210 3,543
_______ _______
4,210 3,543
Current assets
Stocks 10,000 10,000
Debtors 7 52,807 10,500
Cash at bank and in hand 213,297 234,043
_______ _______
276,104 254,543
Creditors: amounts falling due
within one year 8 ( 102,898) ( 84,062)
_______ _______
Net current assets 173,206 170,481
_______ _______
Total assets less current liabilities 177,416 174,024
Provisions for liabilities ( 800) ( 708)
_______ _______
Net assets 176,616 173,316
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 176,516 173,216
_______ _______
Shareholders funds 176,616 173,316
_______ _______
For the year ending 31 January 2018 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 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 income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 31 October 2018 , and are signed on behalf of the board by:
K J Spencer
Director
Company registration number: 09136916
Lancashire Law Ltd
Statement of changes in equity
Year ended 31 January 2018
Called up share capital Profit and loss account Total
£ £ £
At 1 February 2016 200 306,633 306,833
Profit/(loss) for the year ( 83,867) ( 83,867)
_______ _______ _______
Total comprehensive income for the year - ( 83,867) ( 83,867)
Dividends paid and payable ( 49,550) ( 49,550)
Cancellation of subscribed capital ( 100) - ( 100)
_______ _______ _______
Total investments by and distributions to owners ( 100) ( 49,550) ( 49,650)
_______ _______ _______
At 31 January 2017 and 1 February 2017 100 173,216 173,316
Profit/(loss) for the year 195,100 195,100
_______ _______ _______
Total comprehensive income for the year - 195,100 195,100
Dividends paid and payable ( 191,800) ( 191,800)
_______ _______ _______
Total investments by and distributions to owners - ( 191,800) ( 191,800)
_______ _______ _______
At 31 January 2018 100 176,516 176,616
_______ _______ _______
Lancashire Law Ltd
Notes to the financial statements
Year ended 31 January 2018
1. General information
The company is a private company limited by shares, registered in UK. The address of the registered office is 501 Market Street, Whitworth, Rochdale, Lancashire, OL12 8QN.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 5 years straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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 - 25 % reducing balance
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 18 (2017: 14 ).
5. Intangible assets
Total
£
Cost
At 1 February 2017 and 31 January 2018 -
_______
Amortisation
At 1 February 2017 and 31 January 2018 -
_______
Carrying amount
At 31 January 2018 -
_______
At 31 January 2017 -
_______
6. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 February 2017 4,820 4,820
Additions 2,071 2,071
_______ _______
At 31 January 2018 6,891 6,891
_______ _______
Depreciation
At 1 February 2017 1,278 1,278
Charge for the year 1,403 1,403
_______ _______
At 31 January 2018 2,681 2,681
_______ _______
Carrying amount
At 31 January 2018 4,210 4,210
_______ _______
At 31 January 2017 3,542 3,542
_______ _______
7. Debtors
2018 2017
£ £
Trade debtors 2,540 10,500
Other debtors 50,267 -
_______ _______
52,807 10,500
_______ _______
8. Creditors: amounts falling due within one year
2018 2017
£ £
Bank loans and overdrafts - 8,658
Trade creditors 3,092 -
Corporation tax 29,532 43,140
Social security and other taxes 63,329 19,374
Other creditors 6,945 12,890
_______ _______
102,898 84,062
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2018
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
K J Spencer ( 148) 97 ( 51)
B J Thomasson ( 425) 385 ( 40)
A J McGuigan ( 44) ( 49) ( 93)
_______ _______ _______
( 617) 433 ( 184)
_______ _______ _______
2017
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
K J Spencer ( 28,889) 28,741 ( 148)
B J Thomasson ( 46,056) 45,631 ( 425)
A J McGuigan - ( 44) ( 44)
_______ _______ _______
( 74,945) 74,328 ( 617)
_______ _______ _______