Craig Wood Solicitors Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC483355

CRAIG WOOD SOLICITORS LTD

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2018

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTORS:

J M MacColl

S Latif

R H M Gowans

REGISTERED OFFICE:

Craig Wood Solicitors Ltd

23 Academy Street

Inverness

IV1 1JN

REGISTERED NUMBER:

SC483355

ACCOUNTANTS:

MacKenzie Kerr Limited

Chartered Accountants

Redwood

19 Culduthel Road

Inverness

IV2 4AA

FIXED ASSETS

Tangible assets

3

26,892

22,581

CURRENT ASSETS

Debtors

4

328,460

241,796

Prepayments and accrued income

10,637

10,511

Cash at bank and in hand

161,844

240,464

500,941

492,771

CREDITORS

Amounts falling due within one year

5

193,887

219,542

NET CURRENT ASSETS

307,054

273,229

TOTAL ASSETS LESS CURRENT LIABILITIES

333,946

295,810

PROVISIONS FOR LIABILITIES

6

4,398

3,422

NET ASSETS

329,548

292,388

CAPITAL AND RESERVES

Allotted, called up and fully

paid share capital

301

301

Profit and loss account -

distributable

329,247

292,087

SHAREHOLDERS' FUNDS

329,548

292,388

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2018 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 28 May 2019 and were signed on its behalf by:

J M MacColl - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover represents revenue earned under a wide variety of assignments to provide legal and

professional services and advice to third parties, excluding value added tax. Sales of services are

recognised in the accounting period in which services are rendered, by reference to completion of the

specific transaction assessed on the basis of the actual service provided as a proportion of the total

services to be provided.

For incomplete services, an assessment is made of the extent to which revenue has been earned.

This assessment takes into account the nature of the assignment, its stage of completion and the

relevant contract terms.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business by Messrs Craig

Wood several years ago and which was never amortised, was written off in the period ended 31

October 2015 as it was considered to be of no value.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured

at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Improvements to property

-

10% on reducing balance

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Fixed assets are stated at cost, being purchase price, less accumulated depreciation.

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss)

for the current or past reporting periods. It is measured at the amount expected to be paid or recovered

using the tax rates and laws that have been enacted or substantively enacted by the balance sheet

date.

Deferred tax represents the future tax consequences of transactions and events recognised in the

financial statements of current and previous periods. It is recognised in respect of all timing

differences, with certain exceptions. Timing differences are differences between taxable profits and

total comprehensive income as stated in the financial statements that arise from the inclusion of

income and expenses in tax assessments in periods different from those in which they are recognised

in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively

enacted by the balance sheet date that are expected to apply to the reversal of timing differences.

Deferred tax on revalued, non-depreciable tangible fixed assets and investment properties is

measured using the rates and allowances that apply to the sale of the asset.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

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.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in

other administrative expenses.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2017 - 9 ) .

3.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

Totals

£

£

£

£

COST

At 1 November 2017

5,418

21,088

8,196

34,702

Additions

-

1,652

8,028

9,680

At 31 October 2018

5,418

22,740

16,224

44,382

DEPRECIATION

At 1 November 2017

-

8,935

3,186

12,121

Charge for year

-

2,761

2,608

5,369

At 31 October 2018

-

11,696

5,794

17,490

NET BOOK VALUE

At 31 October 2018

5,418

11,044

10,430

26,892

At 31 October 2017

5,418

12,153

5,010

22,581

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

153,015

106,579

Amounts recoverable on contract

52,098

40,217

Other debtors

123,347

95,000

328,460

241,796

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

97,464

98,511

Taxation and social security

85,002

80,634

Other creditors

11,421

40,397

193,887

219,542

6.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

4,398

3,422

Deferred

tax

£

Balance at 1 November 2017

3,422

Provided during year

976

Balance at 31 October 2018

4,398

The deferred tax provision consists of accelerated capital allowances.

7.	OPERATING LEASE COMMITMENTS

The annual commitment under operating leases which expire within 2 - 5 years is £1,593 (2017 -

£4,387).