Company No: 08344772 (England and Wales)

Contents

• Company Information
• Accountant's Report
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	R Thompson
	K Turnbull
REGISTERED OFFICE	Cobalt 3.1
	Silver Fox Way
	Newcastle Upon Tyne
	NE27 0QJ
	United Kingdom
COMPANY NUMBER	08344772(England and Wales)
ACCOUNTANT	Deloitte LLP
	One Trinity Gardens
	Broad Chare
	Newcastle upon Tyne
	NE1 2HF
	United Kingdom

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of TT Law Limited for the financial year ended 31 July 2019 which comprises the Balance Sheet and the related notes 1 to 9 from the Company’s accounting records and from information and explanations you have given us.

We are subject to the ethical and other professional requirements of the Institute of Chartered Accountants in England and Wales (ICAEW) which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.

It is your duty to ensure that TT Law Limited 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 TT Law Limited. You consider that TT Law Limited is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of TT Law Limited. 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.

This report is made solely to the Board of Directors of TT Law Limited, as a body, in accordance with the terms of our engagement letter dated 27 March 2018. Our work has been undertaken solely to prepare for your approval the financial statements of TT Law Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than TT Law Limited and its Board of Directors as a body for our work or for this report.

Deloitte LLP
Accountant

One Trinity Gardens
Broad Chare
Newcastle upon Tyne
NE1 2HF
United Kingdom

28 July 2020

		2019		2018
	Note	£		£
Fixed assets
Tangible assets	3	22,508		25,872
		22,508		25,872
Current assets
Debtors	4	55,195		64,986
Cash at bank and in hand		75,807		82,064
		131,002		147,050
Creditors
Amounts falling due within one year	5	( 123,816)		( 103,616)
Net current assets		7,186		43,434
Total assets less current liabilities		29,694		69,306
Provisions for liabilities		( 3,440)		( 3,631)
Net assets		26,254		65,675
Capital and reserves
Called-up share capital		100		100
Profit and loss account		26,154		65,575
Total shareholders' funds		26,254		65,675

For the financial year ending 31 July 2019 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 financial year 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; and
• these financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of TT Law Limited (registered number: 08344772) were approved and authorised for issue by the Board of Directors on 28 July 2020. They were signed on its behalf by:

K Turnbull Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.

General information and basis of accounting

TT Law Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Cobalt 3.1, Silver Fox Way, Newcastle Upon Tyne, NE27 0QJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.

The functional currency of TT Law Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. This is based on the level of cash reserves held in the Company, and its continued profitability and cash generation.

Since the period under review, the rapid spreading of COVID-19 has become a significant emerging risk to the global economy. The directors continue to monitor the impact of the virus on the business as more information about the pandemic emerges. At the time of signing the directors do not consider COVID-19 to impact the Company’s ability to continue as a going concern. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.

Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Fixtures, fittings & equipment — 33% Reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Financial assets
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

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.

.

2. Employees

	2019	2018
	Number	Number
Average number of persons employed by the Company during the year, including directors	8	8

3. Tangible assets

	Leasehold improvements	Office equipment	Total
	£	£	£
Cost/Valuation
At 01 August 2018	13,186	29,886	43,072
Additions	0	5,963	5,963
At 31 July 2019	13,186	35,849	49,035
Accumulated depreciation
At 01 August 2018	3,446	13,754	17,200
Charge for the financial year	3,214	6,113	9,327
At 31 July 2019	6,660	19,867	26,527
Net book value
At 31 July 2019	6,526	15,982	22,508
At 31 July 2018	9,740	16,132	25,872

4. Debtors

	2019	2018
	£	£
Trade debtors	41,551	55,069
Other debtors	13,644	9,917
	55,195	64,986

5. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	15,542	7,255
Other creditors	62,139	66,359
Other taxation and social security	46,135	30,002
	123,816	103,616

6. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2019	2018
	£	£
- within one year	4,463	8,925
- between one and five years	0	4,463
	4,463	13,388

7. Related party transactions

Remuneration was paid to the directors of £45,000 (2018: £35,961). The directors are the only key management personnel of this company.

Included in creditors is a loan of £377 (2018: £11,869) owed to N Takiar, a director of the Company during the year. The loan is unsecured, interest-free and repayable on demand.

Included in creditors is a loan of £845 (2018: £3,487) owed to K Turnbull, a director of the Company. The loan is unsecured, interest free and repayable on demand.

Included in creditors is a loan of £Nil (2018: £7) owed to M-M Takiar, a director of the Company during the year. The loan is unsecured, interest free and repayable on demand.

Included in creditors is a loan of £129 (2018:£nil) owed to R Thompson, a director of the Company. The loan is unsecured, interest free and repayable on demand.

8. Post Balance Sheet events

Since the period under review, the rapid spreading of COVID-19 has become a significant emerging risk to the global economy. Management continue to monitor the impact of the virus on the business as more information about the pandemic emerges. The director notes that this is a non-adjusting post balance sheet event.

9. Ultimate controlling party

In the opinion of the directors there is no ultimate controlling party.