LIPS Legal Limited iXBRL

Company Number: 12351027

LIPS Legal Limited

Date of Incorporation

5 December 2019

Abridged Unaudited Financial Statements

for the financial period ended 31 December 2020

LIPS Legal Limited

Company Number: 12351027

ABRIDGED BALANCE SHEET

as at 31 December 2020

			Dec 20
		Notes	£
Current Assets

Debtors			27,762
Cash and cash equivalents			27,286
			─────────
			55,048
			─────────
Creditors: Amounts falling due within one year			(10,459)
			─────────
Net Current Assets			44,589
			─────────
Total Assets less Current Liabilities			44,589
			═════════
Capital and Reserves

Called up share capital			2
Profit and Loss Account			44,587
			─────────
Equity attributable to owners of the company			44,589
			═════════
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).

All of the members have consented to the preparation of abridged accounts in accordance with section 444(2A) of the Companies Act 2006.

The company has taken advantage of the exemption under section 444 not to file the Abridged Profit and Loss Account and Directors' Report.

For the financial period ended 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial period and of its profit and loss for the financial period in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Approved by the Board and authorised for issue on 23 August 2021 and signed on its behalf by

________________________________
Mr N M Rose
Director

LIPS Legal Limited

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
for the financial period ended 31 December 2020

1.	GENERAL INFORMATION
	LIPS Legal Limited is a company limited by shares incorporated and registered in the United Kingdom. The registered number of the company is 12351027. The registered office of the company is Handel House, 95 High Street, Edgware HA8  7DB. The principal activity of the company is the provision of website information and event organisers. The financial statements have been presented in Pound Sterling (£) which is also the functional currency of the company.

2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
	Statement of compliance
	The financial statements of the company for the financial period ended 31 December 2020 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
	Basis of preparation
	The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
	Turnover
	Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
	Trade and other debtors
	Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
	Trade and other creditors
	Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
	Employee benefits
	The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.
	Taxation
	Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial period and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.
	Ordinary share capital
	The ordinary share capital of the company is presented as equity.

3.	PERIOD OF FINANCIAL STATEMENTS
	The financial statements are for the 12 month 27 days period ended 31 December 2020.
	Date company was incorporated:
	5 December 2019

4.	EMPLOYEES
	The average monthly number of employees, including directors, during the financial period was 2