Company registration number 08276948 (England and Wales)
RIGHT LEGAL GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
PAGES FOR FILING WITH REGISTRAR
RIGHT LEGAL GROUP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
RIGHT LEGAL GROUP LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2022
30 November 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
4
449,115
466,079
Tangible assets
5
7,859
14,792
456,974
480,871
Current assets
Debtors
6
3,574,269
2,752,760
Cash at bank and in hand
2,331
262
3,576,600
2,753,022
Creditors: amounts falling due within one year
7
(1,654,124)
(1,432,322)
Net current assets
1,922,476
1,320,700
Total assets less current liabilities
2,379,450
1,801,571
Creditors: amounts falling due after more than one year
8
(641,629)
(204,000)
Net assets
1,737,821
1,597,571
Capital and reserves
Called up share capital
1,444
1,444
Share premium account
29,400
29,400
Capital redemption reserve
159
159
Profit and loss reserves
1,706,818
1,566,568
Total equity
1,737,821
1,597,571
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 30 November 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.
The 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.
RIGHT LEGAL GROUP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2022
30 November 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 September 2023 and are signed on its behalf by:
Miss C Caladine
Director
Company Registration No. 08276948
RIGHT LEGAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
- 3 -
1
Accounting policies
Company information
Right Legal Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is 16 Stanier Way, Wyvern Business Park, Derby, DE21 6BF. The company registration number is 08276948.
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 amounts 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 is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Turnover is recognised when services are provided and contracts are signed.
1.3
Intangible fixed assets - goodwill
Goodwill, being the amount paid in connection with the acquisition of willbanks is being amortised evenly over their useful lives of five years,
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Software
5 years
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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:
Land and buildings Freehold
45% on cost
Fixtures, fittings & equipment
20% on cost
RIGHT LEGAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
1
Accounting policies
(Continued)
- 4 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are recognised at transaction price.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
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 leases asset are consumed.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
RIGHT LEGAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
- 5 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
137
123
4
Intangible fixed assets
Goodwill
Software
Total
£
£
£
Cost
At 1 December 2021
434,028
432,013
866,041
Additions
52,382
67,908
120,290
At 30 November 2022
486,410
499,921
986,331
Amortisation and impairment
At 1 December 2021
291,306
108,656
399,962
Amortisation charged for the year
50,851
86,403
137,254
At 30 November 2022
342,157
195,059
537,216
Carrying amount
At 30 November 2022
144,253
304,862
449,115
At 30 November 2021
142,722
323,357
466,079
RIGHT LEGAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
- 6 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 December 2021
2,770
68,860
71,630
Additions
1,788
1,788
At 30 November 2022
2,770
70,648
73,418
Depreciation and impairment
At 1 December 2021
2,770
54,068
56,838
Depreciation charged in the year
8,721
8,721
At 30 November 2022
2,770
62,789
65,559
Carrying amount
At 30 November 2022
7,859
7,859
At 30 November 2021
14,792
14,792
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
2,916,846
2,196,818
Other debtors
657,423
555,942
3,574,269
2,752,760
7
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
457,091
303,011
Trade creditors
405,676
340,644
Corporation tax
3,350
27,722
Other taxation and social security
274,206
305,656
Other creditors
513,801
455,289
1,654,124
1,432,322
8
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
641,629
204,000