Beacon Legal Limited - Period Ending 2021-08-31

Beacon Legal Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 7

Beacon Legal Limited

Balance Sheet

31 August 2021

	Note	2021 £	2020 £
Fixed assets
Tangible assets	4	3,375	3,044
Current assets
Stocks		72,028	46,237
Debtors	5	7,113	14,952
Cash at bank and in hand		27,960	48,408
		107,101	109,597
Creditors: Amounts falling due within one year	6	(25,249)	(18,810)
Net current assets		81,852	90,787
Total assets less current liabilities		85,227	93,831
Provisions for liabilities		(320)	(257)
Net assets		84,907	93,574
Capital and reserves
Called up share capital		1	1
Profit and loss account		84,906	93,573
Shareholders' funds		84,907	93,574

Beacon Legal Limited

Balance Sheet

31 August 2021

For the financial year ending 31 August 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 6 February 2022
 

......................................... Mr R N Gilbert Director

Company Registration Number: 07584806

Beacon Legal Limited

Notes to the Unaudited Financial Statements

Year Ended 31 August 2021

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
No 1 The Old Cattle Market
Porthleven Road
Helston
Cornwall
TR13 0SR

These financial statements were authorised for issue by the director on 6 February 2022.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover represents amounts billed, net of value added tax, in respect of services provided to clients. Fee income includes accrued income valued on the basis of contractual terms relating to different income streams as adjusted for expected ultimate recoverability in accordance with Financial Reporting Standards.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Beacon Legal Limited

Notes to the Unaudited Financial Statements

Year Ended 31 August 2021

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	20% on reducing balance
Computer equipment	25% on cost

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Beacon Legal Limited

Notes to the Unaudited Financial Statements

Year Ended 31 August 2021

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2020 - 2).

Beacon Legal Limited

Notes to the Unaudited Financial Statements

Year Ended 31 August 2021

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 September 2020	1,690	7,568	9,258
Additions	-	820	820
Disposals	-	(323)	(323)
At 31 August 2021	1,690	8,065	9,755
Depreciation
At 1 September 2020	-	6,214	6,214
Charge for the year	-	489	489
Eliminated on disposal	-	(323)	(323)
At 31 August 2021	-	6,380	6,380
Carrying amount
At 31 August 2021	1,690	1,685	3,375
At 31 August 2020	1,690	1,354	3,044

Included within the net book value of land and buildings above is £1,690 (2020 - £1,690) in respect of short leasehold land and buildings.
 

5

Debtors

	2021 £	2020 £
Trade debtors	664	9,631
Prepayments	4,005	4,058
Other debtors	2,444	1,263
	7,113	14,952

Beacon Legal Limited

Notes to the Unaudited Financial Statements

Year Ended 31 August 2021

6

Creditors

Creditors: amounts falling due within one year

	2021 £	2020 £
Due within one year
Trade creditors	2,058	2,380
Corporation tax	8,577	4,279
Taxation and social security	10,126	9,071
Other creditors	1,228	635
Accruals and deferred income	3,260	2,445
	25,249	18,810

7	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £31,250 (2020 - £6,250). This relates to the premises from which the company operates.