Nowell Meller Solicitors Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05536577 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2018

FOR

NOWELL MELLER SOLICITORS LIMITED

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

8

DIRECTORS:

Mrs D F Hackney

S P Kirwan

Mrs J A Matthewman

REGISTERED OFFICE:

7-8 St. Mary's Grove

Stafford

Staffordshire

ST16 2AT

REGISTERED NUMBER:

05536577 (England and Wales)

ACCOUNTANTS:

Poole Waterfield Limited

Priory House

2 Priory Road

Dudley

West Midlands

DY1 1HH

BANKERS:

Lloyds Bank PLC

Fountain Square

Hanley

Stoke-on-Trent

ST1 1LE

FIXED ASSETS

Intangible assets

4

120,432

137,636

Tangible assets

5

24,023

30,159

144,455

167,795

CURRENT ASSETS

Debtors

6

946,620

629,674

Cash at bank and in hand

67,848

308

1,014,468

629,982

CREDITORS

Amounts falling due within one year

7

603,441

475,197

NET CURRENT ASSETS

411,027

154,785

TOTAL ASSETS LESS CURRENT LIABILITIES

555,482

322,580

CREDITORS

Amounts falling due after more than one year

8

(412,141

)

(530,762

)

PROVISIONS FOR LIABILITIES

(2,269

)

(2,931

)

NET ASSETS/(LIABILITIES)

141,072

(211,113

)

CAPITAL AND RESERVES

Called up share capital

11

6

6

Retained earnings

141,066

(211,119

)

SHAREHOLDERS' FUNDS

141,072

(211,113

)

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 5 April 2019 and were signed on its behalf by:

S P Kirwan - Director

Mrs J A Matthewman - Director

Mrs D F Hackney - Director

1.	STATUTORY INFORMATION

Nowell Meller Solicitors Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

2.	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.

Turnover

Turnover represents net invoiced sales of services and movements in work in progress, excluding

Value Added Tax.

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.

Computer equipment

-

25% on reducing balance

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.

Current or deferred taxation assets and liabilities are not discounted.

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.

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.

Intangible assets - goodwill

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.

Goodwill, being the amount paid in connection with the acquisition of the business of Nowell Meller

Solicitors on 1 November 2005, is being amortised evenly over its estimated life of twenty years.

Goodwill in relation to the acquisition of Arthur Boulton & Son Solicitors on 1 November 2007 is

being amortised evenly over its estimated useful life of eighteen years. The directors are satisfied that

the period over which goodwill is being amortised reflects a reasonable estimate of its useful life.

Work in progress

Work in progress is recognised in respect of unbilled time on cases based on the estimated proportion

of work done at the Balance Sheet date and the amount of fees which are considered recoverable. In

respect of fixed fee work which is unbilled at the Balance Sheet date the full value of the fixed fee is

recognised, subject to it being considered recoverable. Work in progress is shown as "Amounts

recoverable on contracts" in debtors.

Going concern

The financial statements of the company have been prepared on a going concern basis. The validity

of this basis depends upon the continued financial support of its bankers and principal creditors.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 37 (2017 - 34 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 November 2017

and 31 October 2018

305,000

AMORTISATION

At 1 November 2017

167,364

Charge for year

17,204

At 31 October 2018

184,568

NET BOOK VALUE

At 31 October 2018

120,432

At 31 October 2017

137,636

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 November 2017

265,005

Additions

1,871

At 31 October 2018

266,876

DEPRECIATION

At 1 November 2017

234,846

Charge for year

8,007

At 31 October 2018

242,853

NET BOOK VALUE

At 31 October 2018

24,023

At 31 October 2017

30,159

6.

DEBTORS

31.10.18

31.10.17

£

£

Amounts falling due within one year:

Trade debtors

118,754

91,619

Amounts recoverable on

contracts

415,131

319,955

Prepayments

17,238

5,906

551,123

417,480

Amounts falling due after more than one year:

Other debtors

102,962

-

Directors' loan accounts

223,500

164,124

S.455 taxation over 1 year

69,035

48,070

395,497

212,194

Aggregate amounts

946,620

629,674

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.18

31.10.17

£

£

Bank loans and overdrafts

182,366

202,303

Trade creditors

77,314

78,574

Taxation and social security

159,793

119,053

Other creditors

183,968

75,267

603,441

475,197

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.18

31.10.17

£

£

Bank loans

212,638

249,259

Other creditors

199,503

281,503

412,141

530,762

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Loan - 5 years

38,806

115,129

Repayable by instalments

Bank loans - over 5 years

51,576

96,319

9.	LEASING AGREEMENTS

The following operating lease payments are committed to be paid within one year:

31.10.18

31.10.17

£

£

Expiring:

Within one year

63,789

30,404

Between 2 - 5 years

87,413

38,500

151,202

68,904

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.10.18

31.10.17

£

£

Bank overdrafts

146,968

168,785

Bank loans

248,036

282,777

Loan

140,706

150,664

535,710

602,226

The company's bank borrowing facilities are secured by an unlimited debenture incorporating a fixed

charge and are guaranteed by two members of the board of directors and a former director. The loan

of £140,706 is secured by way of debenture.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.10.18

31.10.17

value:

£

£

6

Ordinary

£1

6

6

12.	RELATED PARTY TRANSACTIONS

Two members of the Board of the Directors have balances with the company totalling £223,500

(2017 - £164,124). This total is reflected in debtors.

The balances are unsecured and interest free.

An amount of £102,962 that is included in debtors is in respect of a shareholder.

The balance is unsecured and interest free.

13.	ULTIMATE CONTROLLING PARTY

Throughout the year the company has been controlled by J Matthewman, S Kirwan and A J Hall by

virtue of each holding 33.3% of the issued share capital.