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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
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MJP LAW LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
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FOR |
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MJP LAW LIMITED |
MJP LAW LIMITED (REGISTERED NUMBER: 07266539) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
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Balance sheet | 1 |
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Notes to the financial statements | 3 |
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MJP LAW LIMITED (REGISTERED NUMBER: 07266539) |
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BALANCE SHEET |
30 SEPTEMBER 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 4 |
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Tangible assets | 5 |
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Current assets |
Debtors | 6 |
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Cash at bank and in hand |
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Creditors |
Amounts falling due within one year | 7 |
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Net current assets |
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Total assets less current liabilities |
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Creditors |
Amounts falling due after more than one year | 8 | ( |
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Provisions for liabilities | 11 | ( |
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Net assets |
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Capital and reserves |
Called up share capital | 12 |
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Retained earnings |
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Shareholders' funds |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year
and of its profit or loss for each financial year 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. |
MJP LAW LIMITED (REGISTERED NUMBER: 07266539) |
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BALANCE SHEET - continued |
30 SEPTEMBER 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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MJP LAW LIMITED (REGISTERED NUMBER: 07266539) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
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1. | Statutory information |
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MJP Law Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is |
07266539. The registered office and business address is 20 West Borough, Wimborne, Dorset, BH21 1NF. |
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2. | Accounting policies |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents fee income earned under a wide variety of contracts to provide professional services. Revenue is recognised as it is |
earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. |
It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and |
disbursements but excluding value added tax. |
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Goodwill |
Acquired Goodwill is written off in equal annual instalments over its estimated useful life of 10 years. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates |
to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by |
the balance sheet date. |
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Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are |
recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted |
by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered |
against the reversal of deferred tax liabilities or other future taxable profits. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase |
contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated |
useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future |
payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
MJP LAW LIMITED (REGISTERED NUMBER: 07266539) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
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2. | Accounting policies - continued |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged |
to profit or loss in the period to which they relate. |
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Financial instruments |
Basic financial instruments are initially recognised at transaction price and accounted for according to the substance of the contractual |
arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual |
interest in the assets of the company, after deducting all liabilities. |
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At each balance sheet date, financial instruments are measured at amortised cost using the effective interest method. Any losses arising |
from impairment are recognised in the profit and loss account in the period to which they relate. |
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3. | Employees and directors |
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The average number of employees during the year was
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4. | Intangible fixed assets |
Goodwill |
£ |
Cost |
At 1 October 2016 |
and 30 September 2017 |
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Amortisation |
At 1 October 2016 |
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Charge for year |
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At 30 September 2017 |
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Net book value |
At 30 September 2017 |
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At 30 September 2016 |
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MJP LAW LIMITED (REGISTERED NUMBER: 07266539) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
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5. | Tangible fixed assets |
Fixtures |
and |
fittings |
£ |
Cost |
At 1 October 2016 |
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Additions |
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Disposals | ( |
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At 30 September 2017 |
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Depreciation |
At 1 October 2016 |
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Charge for year |
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Eliminated on disposal | ( |
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At 30 September 2017 |
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Net book value |
At 30 September 2017 |
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At 30 September 2016 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Fixtures |
and |
fittings |
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Cost |
Additions |
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At 30 September 2017 |
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Depreciation |
Charge for year |
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At 30 September 2017 |
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Net book value |
At 30 September 2017 |
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6. | Debtors: amounts falling due within one year |
2017 | 2016 |
£ | £ |
Trade debtors |
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Tax |
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Prepayments and accrued income |
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MJP LAW LIMITED (REGISTERED NUMBER: 07266539) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
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7. | Creditors: amounts falling due within one year |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts (see note 9) |
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Trade creditors |
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Tax |
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Social security and other taxes |
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VAT | 46,404 | 54,223 |
Other creditors |
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Directors' current accounts | 741 | 1,307 |
Accruals and deferred income |
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8. | Creditors: amounts falling due after more than one year |
2017 | 2016 |
£ | £ |
Bank loans - 2-5 years |
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Hire purchase contracts (see note 9) |
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9. | Leasing agreements |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
2017 | 2016 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable operating |
leases |
2017 | 2016 |
£ | £ |
Within one year |
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Between one and five years |
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MJP LAW LIMITED (REGISTERED NUMBER: 07266539) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
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10. | Secured debts |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Bank overdrafts |
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Bank loans |
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Hire purchase contracts | 37,638 | - |
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All monies due or to become due to Barclays Bank PLC are secured by way of a legal charge, dated 9 February 2012, over all the assets |
of the company. |
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Amounts owing under hire purchase agreements are secured against the assets to which they relate. |
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11. | Provisions for liabilities |
2017 | 2016 |
£ | £ |
Deferred tax | 741 | 3,157 |
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Deferred |
tax |
£ |
Balance at 1 October 2016 |
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Credit to Statement of comprehensive income during year | ( |
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Balance at 30 September 2017 |
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12. | Called up share capital |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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Ordinary | £1 | 8,001 | 8,001 |
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13. | Ultimate controlling party |
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The company is under the control of the director, Mr M Pate, by virtue of his 100% holding of the share capital of the company. |
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14. | First year adoption |
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These financial statements for the year ended 30 September 2017 are the first financial statements that comply with FRS 102 Section |
1A small entities. The date of transition is 1 October 2015. |
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The transition to FRS102 Section 1A small entities has resulted in a small number of changes in accounting policies to those previously |
used. |
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The nature of these changes and their impact on opening equity and profit, where applicable, is detailed in the notes to these financial |
statements. |