Beacon Legal Limited - Period Ending 2017-08-31

Beacon Legal Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 August 2017

Registration number: 07584806

Beacon Legal Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 9

Beacon Legal Limited

Company Information

Director

Mr R N Gilbert

Registered office

No 1 The Old Cattle Market Porthleven Road Helston Cornwall TR13 0SR

Bankers

National Westminister Bank plc 29 Meneage Street Helston Cornwall TR13 8AZ

Accountants

Francis Clark LLP Lowin House Tregolls Road Truro Cornwall TR1 2NA

Page 1

Beacon Legal Limited

Balance Sheet

31 August 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	5,127	6,138
Current assets
Stocks		84,196	98,616
Debtors	5	26,585	28,429
Cash at bank and in hand		34,343	39,569
		145,124	166,614
Creditors: Amounts falling due within one year	6	(27,050)	(37,270)
Net current assets		118,074	129,344
Total assets less current liabilities		123,201	135,482
Provisions for liabilities		(653)	(890)
Net assets		122,548	134,592
Capital and reserves
Called up share capital		1	1
Profit and loss account		122,547	134,591
Total equity		122,548	134,592

The notes on pages 4 to 9 form an integral part of these financial statements.

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Beacon Legal Limited

Balance Sheet

31 August 2017

For the financial year ending 31 August 2017 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 13 April 2018
 

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

Company Registration Number: 07584806

The notes on pages 4 to 9 form an integral part of these financial statements.

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Beacon Legal Limited

Notes to the Financial Statements

Year Ended 31 August 2017

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 13 April 2018.

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.

Change in basis of accounting

The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 1 September 2015. There is no material impact on the reported financial position and financial performance.

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.

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Beacon Legal Limited

Notes to the Financial Statements

Year Ended 31 August 2017

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 statement of financial position 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.

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Beacon Legal Limited

Notes to the Financial Statements

Year Ended 31 August 2017

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 (2016 - 2).

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Beacon Legal Limited

Notes to the Financial Statements

Year Ended 31 August 2017

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 September 2016	1,690	11,606	13,296
Additions	-	846	846
Disposals	-	(482)	(482)
At 31 August 2017	1,690	11,970	13,660
Depreciation
At 1 September 2016	-	7,158	7,158
Charge for the year	-	1,857	1,857
Eliminated on disposal	-	(482)	(482)
At 31 August 2017	-	8,533	8,533
Carrying amount
At 31 August 2017	1,690	3,437	5,127
At 31 August 2016	1,690	4,448	6,138

Included within the net book value of land and buildings above is £1,690 (2016 - £1,690) in respect of short leasehold land and buildings.
 

5

Debtors

	2017  £	2016  £
Trade debtors	20,208	18,139
Other debtors	1,790	5,993
Prepayments	4,587	4,297
	26,585	28,429

Page 7

Beacon Legal Limited

Notes to the Financial Statements

Year Ended 31 August 2017

6

Creditors

Creditors: amounts falling due within one year

	Note	2017  £	2016  £
Due within one year
Trade creditors		2,341	3,315
Corporation tax		8,289	18,728
Social security and other taxes		11,802	10,514
Other creditors		2,668	2,713
Accrued expenses		1,950	2,000
		27,050	37,270

7	Share capital

Allotted, called up and fully paid shares

	2017		2016
	No.	£	No.	£
1 Ordinary share of £1 each	1	1	1	1

8	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 £3,091 (2016 - £6,614).

9	Related party transactions

Transactions with directors

Mr R N Gilbert
(Director)

During the year the director incurred expenses on behalf of the company of £1,288 and was repaid £2,000. At the balance sheet date the amount due to Mr R N Gilbert was £2,001 (2016 £2,713).

Page 8

Beacon Legal Limited

Notes to the Financial Statements

Year Ended 31 August 2017

10	Transition to FRS 102

This is the first year that Beacon Legal Limited has presented its results in accordance with FRS102. The last financial statements prepared under the previous GAAP were for the year ended 31 August 2016, and the date of transition was 1 September 2015.

There have been no adjustments made to the previously stated equity of the company as at 1 September 2015 or 31 August 2016, or to the profit for the year ended 31 August 2016 as a result of the transition to FRS102.

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