ACCOUNTS - Final Accounts preparation

AS LEGAL CONSULTANTS LIMITED - Company Information

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Registered number: 10554129

AS LEGAL CONSULTANTS LIMITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2019

AS LEGAL CONSULTANTS LIMITED

REGISTERED NUMBER: 10554129

BALANCE SHEET

AS AT 31 JANUARY 2019

		2019		2018
Note		£		£

Fixed assets
Tangible assets	4		956		757
			956		757
Current assets
Debtors: amounts falling due within one year	5	7,586		3,932
Cash at bank and in hand	6	2,106		5,480
		9,692		9,412
Creditors: amounts falling due within one year	7	(10,433)		(9,984)
Net current liabilities			(741)		(572)
Total assets less current liabilities			215		185

Net assets			215		185

Capital and reserves
Called up share capital	1	1
Profit and loss account	214	184
	215	185

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AS LEGAL CONSULTANTS LIMITED

REGISTERED NUMBER: 10554129

BALANCE SHEET (CONTINUED)

AS AT 31 JANUARY 2019

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

A Sehgal

Director

Date: 18 October 2019

The notes on pages 3 to 7 form part of these financial statements.

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AS LEGAL CONSULTANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2019

1.	General information

AS Legal Consultants Limited is a private company, limited by shares.The company is incorporated in England and Wales and the address of the registered office is 20-22 Wenlock Road, London N1 7GU. The company registered number is 10554129.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of income and retained earnings on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 09 January 2017 to continue to be charged over the period to the first market rent review rather than the term of the lease.

2.4

Interest income

Interest income is recognised in the Statement of income and retained earnings using the effective interest method.

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AS LEGAL CONSULTANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2019

2.Accounting policies (continued)

2.5

Taxation

Tax is recognised in the Statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment

25%

reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.

2.7

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.9

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.

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AS LEGAL CONSULTANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2019

2.Accounting policies (continued)

2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the year was 1 (2018 - 1).

4.	Tangible fixed assets

		Office equipment
		£
	Cost or valuation
	At 1 February 2018	1,010
	Additions	452
	At 31 January 2019	1,462
	Depreciation
	At 1 February 2018	252
	Charge for the year on owned assets	254
	At 31 January 2019	506
	Net book value
	At 31 January 2019	956
	At 31 January 2018	757

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AS LEGAL CONSULTANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2019

Debtors

					2019	2018
					£	£


Trade debtors	3,584	2,772
Other debtors	4,002	1,160
	7,586	3,932

6.	Cash and cash equivalents
		2019	2018
		£	£

Cash at bank and in hand	2,106	5,480
	2,106	5,480

7.	Creditors: Amounts falling due within one year
		2019	2018
		£	£

Trade creditors	-	2,837
Corporation tax	8,580	5,347
Other creditors	53	-
Accruals and deferred income	1,800	1,800
	10,433	9,984

8.	Financial instruments
		2019	2018
		£	£

	Financial assets
	Financial assets measured at fair value through profit or loss	2,106	5,480

Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.

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AS LEGAL CONSULTANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2019

9.	Transactions with directors
	Included within other debtors is an amount of £4,004 (2018: £1,160) due from the director A Sehgal. This amount was fully repaid within 9 months of the year end. Interest on this amount has been charged at a rate of 2.5%. During the year the company paid a dividend to the director amounting to £33,000 (2018:19,750).

10.	Controlling party

The company was controlled by the director A Sehgal by virtue of his majority shareholding.

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