Grant Smith Law Practice Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC145875 (Scotland)

Unaudited Financial Statements for the Year Ended 31 July 2019

for

Grant Smith Law Practice Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Report of the Accountants

10

DIRECTORS:

H A B Macandrew

A Duthie

S G N Beveridge

M J M Nash

REGISTERED OFFICE:

Amicable House

252 Union Street

ABERDEEN

AB10 1TN

REGISTERED NUMBER:

SC145875 (Scotland)

ACCOUNTANTS:

Atholl Scott

Victoria House

13 Victoria Street

ABERDEEN

AB10 1XB

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

317,906

327,893

Investment property

6

120,000

120,000

437,906

447,893

CURRENT ASSETS

Debtors

7

394,035

456,810

Cash at bank and in hand

71,136

26,367

465,171

483,177

CREDITORS

Amounts falling due within one year

8

(473,116

)

(456,828

)

NET CURRENT (LIABILITIES)/ASSETS

(7,945

)

26,349

TOTAL ASSETS LESS CURRENT LIABILITIES

429,961

474,242

CREDITORS

Amounts falling due after more than one year

9

(200,867

)

(224,600

)

PROVISIONS FOR LIABILITIES

(6,214

)

(6,777

)

NET ASSETS

222,880

242,865

CAPITAL AND RESERVES

Called up share capital

408

408

Revaluation reserve

12

108,639

108,639

Retained earnings

113,833

133,818

SHAREHOLDERS' FUNDS

222,880

242,865

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2019 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 applicable to companies subject to the small companies regime.

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 24 March 2020 and were signed on its behalf by:

A Duthie - Director

S G N Beveridge - Director

H A B Macandrew - Director

M J M Nash - Director

1.	STATUTORY INFORMATION

Grant Smith Law Practice 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.

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 as modified by the revaluation of certain assets.

Turnover

Turnover represents amounts receivable for services rendered during the

year, exclusive of value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of five years.

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 each asset over its estimated useful life.

Freehold property

-

2% on cost

Improvements to property

-

15% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate

surplus or deficit arising from changes in fair value is recognised in

profit or loss.

Investment properties are not depreciated and are valued at open-market

value. This represents a departure from the Companies Act 2006 necessary

to give a true and fair view.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have

originated but not reversed at the balance sheet 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 52 (2018 - 53 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 August 2018

and 31 July 2019

130,000

AMORTISATION

At 1 August 2018

and 31 July 2019

130,000

NET BOOK VALUE

At 31 July 2019

-

At 31 July 2018

-

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

Freehold

to

and

Computer

property

property

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 August 2018

366,618

50

29,795

102,145

498,608

Additions

-

-

-

668

668

At 31 July 2019

366,618

50

29,795

102,813

499,276

DEPRECIATION

At 1 August 2018

47,539

34

22,632

100,510

170,715

Charge for year

7,335

2

1,794

1,524

10,655

At 31 July 2019

54,874

36

24,426

102,034

181,370

NET BOOK VALUE

At 31 July 2019

311,744

14

5,369

779

317,906

At 31 July 2018

319,079

16

7,163

1,635

327,893

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 August 2018

and 31 July 2019

120,000

NET BOOK VALUE

At 31 July 2019

120,000

At 31 July 2018

120,000

Fair value at 31 July 2019 is represented by:

£

Valuation in 2007

77,392

Valuation in 2017

(20,000

)

Valuation in 2018

(10,000

)

Cost

72,608

120,000

If the investment property had not been revalued it would have been

included at the following historical cost:

31.7.19

31.7.18

£

£

Cost

72,608

72,608

Aggregate depreciation

(39,206

)

(37,754

)

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.19

31.7.18

£

£

Trade debtors

138,000

223,100

Client ledger debit balances

99,092

96,203

Other debtors

-

5,199

Directors' loan accounts

98,492

72,075

Tax recoverable

32,010

23,424

Prepayments & accrued income

26,441

36,809

394,035

456,810

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.19

31.7.18

£

£

Bank loans and overdrafts

166,829

180,750

K Ritchie loan

-

16,000

Tax

57,582

50,350

PAYE

16,105

14,800

VAT

78,721

64,666

Other creditors

6,885

6,266

S Ritchie loan

30,351

40,261

D Macandrew loan

26,494

-

Directors' loan accounts

22,183

37,784

Accrued exps & deferred income

67,966

45,951

473,116

456,828

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.7.19

31.7.18

£

£

Bank loans - 2-5 years

142,562

149,594

Bank loans more 5 yr by instal

58,305

75,006

200,867

224,600

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

58,305

75,006

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as

follows:

31.7.19

31.7.18

£

£

Within one year

192,637

190,687

Between one and five years

389,535

501,237

In more than five years

6,000

14,000

588,172

705,924

11.	SECURED DEBTS

The following secured debts are included within creditors:

31.7.19

31.7.18

£

£

Bank overdrafts

71,545

82,195

Bank loans

296,151

323,155

367,696

405,350

The Bank of Scotland plc holds 5 standard securities (created on 19

September 2011) and a floating charge over the company's assets (created 15

September 2011) at 31 July 2015.

12.

RESERVES

Revaluation

reserve

£

At 1 August 2018

and 31 July 2019

108,639

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years

ended 31 July 2019 and 31 July 2018:

31.7.19

31.7.18

£

£

H A B Macandrew

Balance outstanding at start of year

42,256

27,623

Amounts advanced

68,443

52,518

Amounts repaid

(78,462

)

(37,885

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

32,237

42,256

S G N Beveridge

Balance outstanding at start of year

1,071

-

Amounts advanced

69,134

41,650

Amounts repaid

(50,826

)

(40,579

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

19,379

1,071

M J M Nash

Balance outstanding at start of year

28,746

23,623

Amounts advanced

68,017

44,127

Amounts repaid

(49,888

)

(39,004

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

46,875

28,746

Advances and repayments during the year have been summarised. The above

loans are unsecured, interest free and repayable on demand.

14.	RELATED PARTY DISCLOSURES

During the year, total dividends of £136,000 (2018 - £136,000) were paid to

the directors .

The following reproduces the text of the report prepared for the directors in

respect of the company's annual unaudited financial statements. In accordance

with the Companies Act 2006, the company is only required to file a Balance

Sheet. Readers are cautioned that the Income Statement and certain other primary

statements and the Report of the Directors are not required to be filed with the

Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 July 2019 set out on pages three to twelve and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

This report is made solely to the Board of Directors of the company, as a body,

in accordance with the terms of our engagement. Our work has been undertaken

solely to prepare for your approval the financial statements of the company and

state those matters that we have agreed to state to the Board of Directors of

the company, as a body, in this report in accordance with the requirements of

the Institute of Financial Accountants. To the fullest extent permitted by law,

we do not accept or assume responsibility to anyone other than the company and

its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that the company has kept adequate accounting records

and to prepare statutory accounts that give a true and fair view of the assets,

liabilities and financial position of the company. You consider that the company

is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial

statements of the company. For this reason, we have not verified the accuracy or

completeness of the accounting records or information and explanations you have

given to us and we do not, therefore, express any opinion on the statutory

financial statements.

Atholl Scott

Victoria House

13 Victoria Street

ABERDEEN

AB10 1XB

9 June 2020