Company Registration No. 09965631 (England and Wales)
AI Law Limited
Unaudited accounts
for the year ended 31 January 2022
AI Law Limited
Unaudited accounts
Contents
AI Law Limited
Company Information
for the year ended 31 January 2022
Company Number
09965631 (England and Wales)
Registered Office
The Old Grammar School
18 Maryport Street
Usk
Gwent
NP15 1AE
Accountants
Orchard Davies Ltd
2 Naseby Close
Pontprennau
Cardiff
South Glamorgan
CF23 8LS
AI Law Limited
Statement of financial position
as at
31 January 2022
Tangible assets
3,521
1,156
Cash at bank and in hand
221,187
297,467
Creditors: amounts falling due within one year
(133,273)
(139,968)
Net current assets
95,110
160,634
Net assets
98,631
161,790
Called up share capital
111
111
Profit and loss account
98,520
161,679
Shareholders' funds
98,631
161,790
For the year ending 31 January 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 31 October 2022 and were signed on its behalf by
Ms Alison Ivin
Director
Company Registration No. 09965631
AI Law Limited
Notes to the Accounts
for the year ended 31 January 2022
AI Law Limited is a private company, limited by shares, registered in England and Wales, registration number 09965631. The registered office is The Old Grammar School, 18 Maryport Street, Usk, Gwent, NP15 1AE.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
14.4% - 20% Straight Line
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
AI Law Limited
Notes to the Accounts
for the year ended 31 January 2022
4
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 February 2021
-
4,007
4,007
Additions
154
3,523
3,677
At 31 January 2022
154
7,530
7,684
At 1 February 2021
-
2,851
2,851
Charge for the year
-
1,312
1,312
At 31 January 2022
-
4,163
4,163
At 31 January 2022
154
3,367
3,521
At 31 January 2021
-
1,156
1,156
Amounts falling due within one year
6
Creditors: amounts falling due within one year
2022
2021
Trade creditors
1,341
1,341
Taxes and social security
-
33,187
Other creditors
4,135
3,035
Loans from directors
123,244
83,640
7
Average number of employees
During the year the average number of employees was 2 (2021: 2).