Gordons Solicitors Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 08468270 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2017

for

Gordons Solicitors Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Ms S M Brown

Mr K W Gordon

Mr C A Gordon

Mr G Skivington

Mr M E Turpie

Mr M R Santa-Olalla

Mr K S Bhatti

Mrs R L Smith

Mr S R Taylor

REGISTERED OFFICE:

Winter Hill House

Station Approach

Marlow

Buckinghamshire

SL7 1NT

REGISTERED NUMBER:

08468270 (England and Wales)

ACCOUNTANTS:

Wilson Partners Limited

Chartered Accountants

5a Frascati Way

Maidenhead

Berkshire

SL6 4UY

FIXED ASSETS

Intangible assets

4

2,541,660

2,884,360

3,227,080

Tangible assets

5

29,511

2,199

2,008

2,571,171

2,886,559

3,229,088

CURRENT ASSETS

Debtors

6

591,836

804,289

771,590

Cash at bank and in hand

167,444

148,125

188,172

759,280

952,414

959,762

CREDITORS

Amounts falling due within one year

7

(2,550,504

)

(3,369,542

)

(3,893,668

)

NET CURRENT LIABILITIES

(1,791,224

)

(2,417,128

)

(2,933,906

)

TOTAL ASSETS LESS CURRENT LIABILITIES

779,947

469,431

295,182

CREDITORS

Amounts falling due after more than one year

8

(14,292

)

-

(205,237

)

PROVISIONS FOR LIABILITIES

(5,902

)

-

-

NET ASSETS

759,753

469,431

89,945

CAPITAL AND RESERVES

Called up share capital

100

100

100

Retained earnings

759,653

469,331

89,845

SHAREHOLDERS' FUNDS

759,753

469,431

89,945

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 23 October 2017 and were signed on its behalf by:

Mr K W Gordon - Director

1.	STATUTORY INFORMATION

Gordons 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.

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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

In the application of the company's accounting policies the directors are required to make

judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are

not readily apparent from other sources. The estimates and associated assumptions are based on

historical experience and other factors that are considered to be relevant. Actual results may differ

from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting

estimates are recognised in the period in which the estimate is revised if the revision affects only that

period, or in the period of the revision and future periods if the revision affects both current and

future periods.

The company does not make significant estimates and assumptions concerning the future.

Changes in accounting policies

These accounts reflect the first year that the company has adopted FRS 102. The prior year financial

statements were restated for adoption of FRS 102 in the current year. There were no material

adjustments arising.

Turnover

Turnover represents the fair value of services provided during the period on client assignments.

Turnover is recognised as legal services are undertaken and the right to consideration is earned. Fair

value reflects the amount expected to be recoverable from clients and is based on the time spent,

skills and expertise provided and expenses incurred. Turnover excludes Value Added Tax.

Turnover in respect of contingent fee assignments (over and above any agreed minimum fee) is

recognised in the period when the contingent event occurs and the collectability of the fee is

assured. Unbilled turnover on individual client assignments is included as work in progress.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of ten 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 the cost less estimated residual value of each asset over its estimated useful life.

Fixtures and fittings

-

50% on cost

Computer equipment

-

50% on cost

Financial instruments

Basic financial instruments are recognised at amortised cost using the effective interest method,

except for investments in non-convertible preference and non-puttable preference and ordinary

shares, which are measured at fair value, with changes recognised in profit or loss. Derivative

financial instruments are initially recorded at cost and therefore at fair value, with changes

recognised in profit and loss.

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.

Claims

Provision is made on a case by case basis in respect of the cost of defending claims and where

appropriate the estimated cost to the firm of settling claims, net of expected insurance recoveries.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2016

and 31 March 2017

3,427,000

AMORTISATION

At 1 April 2016

542,640

Charge for year

342,700

At 31 March 2017

885,340

NET BOOK VALUE

At 31 March 2017

2,541,660

At 31 March 2016

2,884,360

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2016

4,408

Additions

32,025

At 31 March 2017

36,433

DEPRECIATION

At 1 April 2016

2,209

Charge for year

4,713

At 31 March 2017

6,922

NET BOOK VALUE

At 31 March 2017

29,511

At 31 March 2016

2,199

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

as

restated

£

£

Trade debtors

238,663

498,210

Other debtors

353,173

306,079

591,836

804,289

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

as

restated

£

£

Bank loans and overdrafts

8,092

-

Trade creditors

31,328

34,697

Taxation and social security

284,309

319,731

Other creditors

2,226,775

3,015,114

2,550,504

3,369,542

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.17

31.3.16

as

restated

£

£

Bank loans

14,292

-

9.	LEASING AGREEMENTS

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

31.3.17

31.3.16

as

restated

£

£

Within one year

165,918

177,870

Between one and five years

158,999

324,917

324,917

502,787

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.17

31.3.16

as

restated

£

£

Bank loans

22,384

-

The bank loan is secured by a fixed and floating charge over all of the undertaking of the company.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Mr K W Gordon

Director and shareholder

As at the period end Mr K W Gordon was owed £530,551 (2016: £691,800) from the company.

Mr M R Santa-Olalla

Director and shareholder

As at the period end Mr M R Santa-Olalla was owed £517,442 (2016: £712,278) from the company.

Ms S M Brown

Director and shareholder

As at the period end Ms S M Brown was owed £557,785 (2016: £695,495) from the company.

Mr G Skivington

Director and shareholder

As at the period end Mr G Skivington was owed £551,917 (2016: £686,454) from the company.

Mr M E Turpie

Director and shareholder

As at the period end Mr M E Turpie was owed £13,971 (2016: £13,971) from the company.

12.	ULTIMATE CONTROLLING PARTY

In the opinion of the directors there is no ultimate controlling party.