Company registration number 07077844 (England and Wales)
MARINE LAW SOLICITORS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
MARINE LAW SOLICITORS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
MARINE LAW SOLICITORS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,783
2,984
Current assets
Debtors
5
363,132
293,108
Cash at bank and in hand
217,897
237,794
581,029
530,902
Creditors: amounts falling due within one year
6
(134,558)
(145,432)
Net current assets
446,471
385,470
Total assets less current liabilities
449,254
388,454
Provisions for liabilities
(528)
(566)
Net assets
448,726
387,888
Capital and reserves
Called up share capital
302
302
Profit and loss reserves
448,424
387,586
Total equity
448,726
387,888
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 30 December 2022 and are signed on its behalf by:
Mr B Young
Director
Company Registration No. 07077844
MARINE LAW SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 2 -
1
Accounting policies
Company information
Marine Law Solicitors Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
3rd Floor, The Old Casino, 1-4 Forth Lane, Newcastle Upon Tyne, Tyne And Wear, United Kingdom, NE1 5HX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for services net of VAT
.
1.3
Tangible fixed assets
Tangible fixed assets
are measured at cost, net of depreciation.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
20% reducing balance
Motor vehicles
25% straight line
1.4
Contracts
Amounts recoverable on contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account.
1.5
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
MARINE LAW SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 3 -
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.9
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
2
3
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2021 and 31 March 2022
511,000
Amortisation and impairment
At 1 April 2021 and 31 March 2022
511,000
Carrying amount
At 31 March 2022
At 31 March 2021
MARINE LAW SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 4 -
4
Tangible fixed assets
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
Cost
At 1 April 2021
11,207
66,479
77,686
Additions
424
424
Disposals
(66,479)
(66,479)
At 31 March 2022
11,631
11,631
Depreciation and impairment
At 1 April 2021
8,223
66,479
74,702
Depreciation charged in the year
625
625
Eliminated in respect of disposals
(66,479)
(66,479)
At 31 March 2022
8,848
8,848
Carrying amount
At 31 March 2022
2,783
2,783
At 31 March 2021
2,984
2,984
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
145,613
112,536
Amounts recoverable on contracts
195,000
165,000
Corporation tax recoverable
628
628
Other debtors
3,093
Prepayments and accrued income
18,798
14,944
363,132
293,108
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
1,667
6,505
Corporation tax
93,016
82,237
Other taxation and social security
654
10,491
Other creditors
33,278
40,544
Accruals and deferred income
5,943
5,655
134,558
145,432
MARINE LAW SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 5 -
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
1,433
1,413