NESS GALLAGHER SOLICITORS LIMITED Filleted accounts for Companies House (small and micro)

NESS GALLAGHER SOLICITORS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC377612

NESS GALLAGHER SOLICITORS LIMITED

Filleted Unaudited Abridged Financial Statements

For the year ended

30 April 2019

NESS GALLAGHER SOLICITORS LIMITED

Abridged Financial Statements

Year ended 30 April 2019

Contents	Page

Abridged statement of financial position	1

Notes to the abridged financial statements	3

NESS GALLAGHER SOLICITORS LIMITED

Abridged Statement of Financial Position

30 April 2019

	2019		2018
Note	£	£	£

Fixed assets

Intangible assets	5	525,000	562,500
Tangible assets	6	6,886	7,594
		---------	---------
		531,886	570,094

Current assets

Debtors	153,741	158,526
Cash at bank and in hand	2,942,128	3,084,829
	------------	------------
	3,095,869	3,243,355

Creditors: amounts falling due within one year	3,182,958		3,313,395
	------------		------------
Net current liabilities		87,089	70,040
		---------	---------
Total assets less current liabilities		444,797	500,054

Creditors: amounts falling due after more than one year	44,763	54,490
	---------	---------
Net assets	400,034	445,564
	---------	---------

NESS GALLAGHER SOLICITORS LIMITED

Abridged Statement of Financial Position (continued)

30 April 2019

	2019		2018
Note	£	£	£

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	399,034	444,564
	---------	---------
Shareholders funds	400,034	445,564
	---------	---------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.

For the year ending 30 April 2019 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 abridged financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 30 April 2019 in accordance with Section 444(2A) of the Companies Act 2006.

These abridged financial statements were approved by the board of directors and authorised for issue on 27 January 2020 , and are signed on behalf of the board by:

Mr K McCarron	Mr E J McCarron
Director	Director

Mr G D Keys
Director

Company registration number: SC377612

NESS GALLAGHER SOLICITORS LIMITED

Notes to the Abridged Financial Statements

Year ended 30 April 2019

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 95 Stewarton Street, Wishaw, Lanarkshire, ML2 8AG.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Taxation

The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures and fittings	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised

Defined contribution pension plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 19 (2018: 20 ).

5. Intangible assets

	£
Cost
At 1 May 2018 and 30 April 2019	750,000
	---------
Amortisation
At 1 May 2018	187,500
Charge for the year	37,500
	---------
At 30 April 2019	225,000
	---------
Carrying amount
At 30 April 2019	525,000
	---------
At 30 April 2018	562,500
	---------

The goodwill was acquired from the firm of Ness Gallagher Solicitors on 19th November 2011. Goodwill will be amortised over a twenty year period. No goodwill will be amortised in the period it was acquired.

6. Tangible assets

	£
Cost
At 1 May 2018	31,116
Additions	1,335
	--------
At 30 April 2019	32,451
	--------
Depreciation
At 1 May 2018	23,522
Charge for the year	2,043
	--------
At 30 April 2019	25,565
	--------
Carrying amount
At 30 April 2019	6,886
	--------
At 30 April 2018	7,594
	--------

7. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2019	2018
	£	£
Not later than 1 year	7,500	7,000
	-------	-------

8. Charges on assets

Creditors include bank loans and overdrafts which are secured of £144,783 (2018 - £142,594).

9. Contingencies

The directors were not aware of any at the date of signing the accounts.

10. Directors' advances, credits and guarantees

The three directors are also shareholders of the company and together control the majority of the issued share capital. There is no majority shareholder. The directors operate a loan account with the company. At the balance sheet date the company owed the directors £2,265 (2018 - £1,231). There are no set repayment or interest terms applicable to the loan account.

11. Related party transactions

Dividends of £301,000 (2018 - £336,000) were paid to the directors. No other transactions with related parties were undertaken such as are required to be disclosed under FRS 102.