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Prolegal Limited
04806652
2014-12-31
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Basis of accounting
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
Turnover
The turnover shown in the profit and loss account represents amounts receivable for goods and services provided during the year in the normal course of business, net of trade discounts, VAT and other sales and related taxes.
Income is recognised based on management estimates on average case settlement amounts and periods. A proportion of the average case settlement is deferred until settlement occurs. The remaining amount is recognised over the estimated average settlement period at a rate reflecting the level of estimated work performed on the case during the period. Income accrued over the estimated settlement period is carried in the balance sheet as a current asset. On settlement the accrued income is compared to the actual settlement received and revenue is recognised or reduced accordingly.
Management perform reviews of the company's case book periodically. Accrued income arising on cases no longer active is written off to the profit and loss account. Provision is made against accrued income that is not deemed recoverable.
Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
Pension costs
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not
reversed at the balance sheet date where transactions or events have occurred at that date that
will result in an obligation to pay more, or a right to pay less or to receive more tax, with
the following exceptions:
Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments)
of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement
assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose
of the assets concerned. However, no provision is made where, on the basis of all available
evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled
over into replacement assets and charged to tax only where the replacement assets are sold.
Deferred tax assets are recognised only to the extent that the directors consider that it is more
likely than not that there will be suitable taxable profits from which the future reversal of the
underlying timing differences can be deducted.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected
to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or
substantively enacted at the balance sheet date.
Fixed Assets
All fixed assets are initially recorded at cost.
Financial Instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Going concern
Going concern
The company has continued diversification into other areas of law which complement the range of services offered by the Personal Injury team. The business is growing the number of retained clients it services so as to expand the profile of clients and to improve longer term projections.
The directors have prepared the financial statements on the going concern basis of accounting, which assumes that the company will continue to trade for the foreseeable futures.
The company meets its day to day working capital requirements through its bank current account and has a term facility to provide medium term funding. The company has benefitted from a long standing relationship with the providers of the funding, who have demonstrated their support for the business in the past. The directors are confident the funders would continue to be supportive should the need arise in the foreseeable future.
The directors have prepared profit and loss cash flow forecasts for a period of three years, although cash flow is closely monitored and forecast on a rolling basis each month. These forecasts and projections, take into account possible changes in the market place and performance. They show that the company can continue to operate. The company has the ongoing support of its director to enable the company to meet its liabilities for a period of no less than 12 months following the approval of the financial statements. On this basis the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore, they continue to adopt the going concern basis of accounting in preparing the financial statements.
Equipment
3 - 4 years
0.0000
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248479
248479
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248479
248479
248479
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Ordinary
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1
100
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Ordinary
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2015-12-23
S Edwards
true
true
true
true
xbrli:shares
iso4217:GBP
xbrli:pure
Prolegal Limited
2014-01-01
2014-12-31
Prolegal Limited
2013-01-01
2013-12-31
Prolegal Limited
2012-12-31
Prolegal Limited
2013-12-31
Prolegal Limited
2013-12-31
Prolegal Limited
2014-12-31
2015-12-23