Donald Race & Newton Solicitors Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08552863 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST OCTOBER 2019

FOR

DONALD RACE & NEWTON SOLICITORS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D M Lawson

S M Anderson

M Finley

H A Ingham

REGISTERED OFFICE:

5-7 Hargreaves Street

Burnley

Lancashire

BB11 1EA

REGISTERED NUMBER:

08552863 (England and Wales)

FIXED ASSETS

Intangible assets

4

651,206

697,721

Tangible assets

5

71,040

61,466

722,246

759,187

CURRENT ASSETS

Debtors

6

841,391

985,656

Cash at bank and in hand

147,157

178,045

988,548

1,163,701

CREDITORS

Amounts falling due within one year

7

959,301

1,138,226

NET CURRENT ASSETS

29,247

25,475

TOTAL ASSETS LESS CURRENT LIABILITIES

751,493

784,662

CREDITORS

Amounts falling due after more than one year

8

(6,669

)

(31,608

)

PROVISIONS FOR LIABILITIES

(12,206

)

(10,103

)

NET ASSETS

732,618

742,951

CAPITAL AND RESERVES

Called up share capital

500

500

Retained earnings

732,118

742,451

SHAREHOLDERS' FUNDS

732,618

742,951

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 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 and authorised for issue on 21st July 2020 and were signed on its behalf by:

D M Lawson - Director

S M Anderson - Director

M Finley - Director

H A Ingham - Director

1.	STATUTORY INFORMATION

Donald Race & Newton 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, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of twenty 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.

Fixtures and fittings

-

15% 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.

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.

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 51 (2018 - 53 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st November 2018

and 31st October 2019

930,296

AMORTISATION

At 1st November 2018

232,575

Amortisation for year

46,515

At 31st October 2019

279,090

NET BOOK VALUE

At 31st October 2019

651,206

At 31st October 2018

697,721

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1st November 2018

108,572

Additions

22,111

At 31st October 2019

130,683

DEPRECIATION

At 1st November 2018

47,106

Charge for year

12,537

At 31st October 2019

59,643

NET BOOK VALUE

At 31st October 2019

71,040

At 31st October 2018

61,466

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.19

31.10.18

£

£

Trade debtors

813,746

949,977

Other debtors

27,645

35,679

841,391

985,656

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.19

31.10.18

£

£

Bank loans and overdrafts

82,344

5,749

Trade creditors

36,366

77,729

Taxation and social security

144,737

157,430

Other creditors

695,854

897,318

959,301

1,138,226

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.19

31.10.18

£

£

Other creditors

6,669

31,608

9.	ULTIMATE CONTROLLING PARTY

The company is controlled by its directors, who are also the majority shareholders of the company.