Jobling Gowler Law Ltd - Period Ending 2018-10-31

Registration number: 10873469

Prepared for the registrar

Jobling Gowler Law Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2018

Jobling Gowler Law Ltd

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 8

Jobling Gowler Law Ltd

Company Information

Directors

S D L Gowler D F Mercer G Peate E L Raw K R Richards T E Whiskard

Registered office

250 Park Lane Macclesfield Cheshire SK11 8AD

Bankers

Lloyds Bank Plc 64-66 Mill Street Macclesfield Cheshire SK11 6NH

Accountants

Hazlewoods LLP Windsor House Bayshill Road Cheltenham GL50 3AT

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Jobling Gowler Law Ltd

(Registration number: 10873469)
Balance Sheet as at 31 October 2018

	Note	31 October 2018  £	31 October 2017  £
Fixed assets
Intangible assets	4	86,400	-
Tangible assets	5	22,238	-
		108,638	-
Current assets
Debtors	6	455,850	120
Cash at bank and in hand		293,540	-
		749,390	120
Creditors: Amounts falling due within one year	7	(759,397)	-
Net current (liabilities)/assets		(10,007)	120
Net assets		98,631	120
Capital and reserves
Called up share capital		112	112
Capital redemption reserve		8	8
Profit and loss account		98,511	-
Total equity		98,631	120

For the financial year ending 31 October 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 16 April 2019 and signed on its behalf by:
 

.........................................

S D L Gowler
Director

The notes on pages 3 to 8 form an integral part of these financial statements.
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Jobling Gowler Law Ltd

Notes to the Financial Statements for the Year Ended 31 October 2018

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
250 Park Lane
Macclesfield
Cheshire
SK11 8AD

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, for services provided.

Corporation tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Cash and cash equivalents

Cash and cash equivalents comprise of cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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Jobling Gowler Law Ltd

Notes to the Financial Statements for the Year Ended 31 October 2018

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	25% reducing balance
Computer equipment	33% of cost per annum

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	10% of cost per annum

Trade debtors

Trade debtors are amounts due from services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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Jobling Gowler Law Ltd

Notes to the Financial Statements for the Year Ended 31 October 2018

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

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Jobling Gowler Law Ltd

Notes to the Financial Statements for the Year Ended 31 October 2018

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was as follows:

	Year ended 31 October 2018  No.	19 July 2017 to 31 October 2017  No.
Average number of employees	18	-

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Jobling Gowler Law Ltd

Notes to the Financial Statements for the Year Ended 31 October 2018

4

Intangible assets

	Goodwill  £
Cost
Additions acquired separately	96,000
At 31 October 2018	96,000
Amortisation
Amortisation charge	9,600
At 31 October 2018	9,600
Carrying amount
At 31 October 2018	86,400

5

Tangible assets

	Computer equipment £	Fixtures & Fittings £	Total £
Cost
Additions	17,196	10,952	28,148
At 31 October 2018	17,196	10,952	28,148
Depreciation
Charge for the year	3,264	2,646	5,910
At 31 October 2018	3,264	2,646	5,910
Carrying amount
At 31 October 2018	13,932	8,306	22,238

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Jobling Gowler Law Ltd

Notes to the Financial Statements for the Year Ended 31 October 2018

6

Debtors

	31 October 2018  £	31 October 2017  £
Trade debtors	128,281	-
Amounts recoverable on contracts	294,849	-
Other debtors	-	120
Prepayments	32,720	-
	455,850	120

7

Creditors

Creditors: amounts falling due within one year

	Note	31 October 2018  £	31 October 2017  £
Due within one year
Loans and borrowings	8	450,389	-
Trade creditors		9,490	-
Social security and other taxes		58,920	-
Other creditors		99,479	-
Accrued expenses		60,607	-
Corporation tax liability		80,512	-
		759,397	-

8

Loans and borrowings

	2018 £	2017 £
Current loans and borrowings
Other borrowings	450,389	-

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £102,375 (2017 - £Nil).

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