Austin Lafferty Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC277684 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

AUSTIN LAFFERTY LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Austin Lafferty

John Roberts

REGISTERED OFFICE:

4d Auchingramont Road

Hamilton

ML3 6JT

BUSINESS ADDRESS:

213 Fenwick Road

Giffnock

Glasgow

G46 6JD

REGISTERED NUMBER:

SC277684 (Scotland)

ACCOUNTANTS:

William Duncan (UK) Limited

Chartered Accountants

4d Auchingramont Road

Hamilton

ML3 6JT

FIXED ASSETS

Tangible assets

4

192,782

172,345

CURRENT ASSETS

Stocks

141,592

121,169

Debtors

5

241,684

243,327

Cash at bank and in hand

7,482,599

5,027,576

7,865,875

5,392,072

CREDITORS

Amounts falling due within one year

6

7,033,205

4,746,823

NET CURRENT ASSETS

832,670

645,249

TOTAL ASSETS LESS CURRENT LIABILITIES

1,025,452

817,594

PROVISIONS FOR LIABILITIES

8,828

8,300

NET ASSETS

1,016,624

809,294

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,016,524

809,194

SHAREHOLDERS' FUNDS

1,016,624

809,294

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 18 April 2019 and were signed on its behalf by:

Austin Lafferty - Director

1.	STATUTORY INFORMATION

Austin Lafferty Limited is a private company, limited by shares , registered in Scotland. The company's

registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Fees receivable

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Rendering of services

Turnover from the rendering of services, namely the provision of a legal practice, is recognised by reference to

the stage of completion of the service at the statement of financial position date.

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.

Freehold property

-

2% on cost

Office equipment

-

10% on reducing balance

Fixtures and fittings

-

10% on reducing balance

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets

have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any

affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the

carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised

immediately in the income statement.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate

of its recoverable amount, but not in excess of the amount that would have been determined had no impairment

loss been recognised for the asset in prior years. A reversal of impairment loss is recognised immediately in the

income statement.

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to sell. In respect of work in progress

and finished goods, cost includes a relevant proportion of overheads according to the stage of completion.

Financial instruments

Basic financial instruments are recognised as follows:

(i) Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured

initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective

interest method less any impairment.

(ii) Cash and cash equivalents

Cash and cash equivalents include cash at bank and in hand.

Cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in

liabilities on the statement of financial position.

(iii) Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans,

are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost

using the effective interest method.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position date.

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.

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.

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 the income statement in the period to which they relate.

Provisions for liabilities

The company recognises a provision for annual leave accrued by employees as a result of services rendered in

the current period, and which employees are entitled to carry forward and use within the next 12 months. The

provision is measured at the salary cost payable for the period of absence.

3.	AVERAGE NUMBER OF EMPLOYEES

The average number of employees during the year was 26 (2017 - 31 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Office

and

property

equipment

fittings

Totals

£

£

£

£

COST

At 1 January 2018

153,122

63,777

30,025

246,924

Additions

15,450

12,080

-

27,530

At 31 December 2018

168,572

75,857

30,025

274,454

DEPRECIATION

At 1 January 2018

5,913

46,637

22,029

74,579

Charge for year

3,371

2,922

800

7,093

At 31 December 2018

9,284

49,559

22,829

81,672

NET BOOK VALUE

At 31 December 2018

159,288

26,298

7,196

192,782

At 31 December 2017

147,209

17,140

7,996

172,345

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade debtors

10,698

12,629

Other debtors

-

5,500

Directors' loans

226,351

216,491

Prepaid charges

4,635

8,707

241,684

243,327

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade creditors

2,103

2,503

Corporation tax

81,544

52,250

PAYE and NIC

16,602

15,164

VAT

86,103

77,056

Balances due to clients

6,843,217

4,587,167

Accrued charges

3,636

12,683

7,033,205

4,746,823

Cash at bank includes clients funds amounting to £6,843,217.

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2018 and

31 December 2017:

31.12.18

31.12.17

£

£

Austin Lafferty

Balance outstanding at start of year

171,614

169,516

Amounts advanced

1,375

2,098

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

172,989

171,614

John Roberts

Balance outstanding at start of year

44,877

15,556

Amounts advanced

8,485

29,321

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

53,362

44,877

The above balances, which are due from the directors, are interest free, unsecured and have no fixed repayment

terms.