Catherine Higgins Law Limited Company Accounts

CATHERINE HIGGINS LAW LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08484440

CATHERINE HIGGINS LAW LIMITED

UNAUDITED FINANCIAL STATEMENTS

31 March 2017

CATHERINE HIGGINS LAW LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2017

Contents	Pages

Officers and professional advisers	1

Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3 to 4

Notes to the financial statements	5 to 11

CATHERINE HIGGINS LAW LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors	Mrs CA Higgins
	Mr GC Davies (Retired 28 July 2016)
	Mrs EJ Forrester (Appointed 15 August 2016)

Registered office	45 Allerton Road
	Woolton
	Liverpool
	Merseyside
	L25 7RE

Accountants	ERC Accountants & Business Advisers Limited
	Chartered accountant
	Hanover Buildings
	11-13 Hanover Street
	Liverpool
	L1 3DN

Bankers	Royal Bank of Scotland
	Stephenson Way
	Wavertree
	Liverpool
	L13 1NW

CATHERINE HIGGINS LAW LIMITED

CHARTERED ACCOUNTANT'S REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CATHERINE HIGGINS LAW LIMITED

YEAR ENDED 31 MARCH 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Catherine Higgins Law Limited for the year ended 31 March 2017, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Catherine Higgins Law Limited, as a body, in accordance with the terms of our engagement letter dated 27 February 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Catherine Higgins Law Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Catherine Higgins Law Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Catherine Higgins Law Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Catherine Higgins Law Limited. You consider that Catherine Higgins Law Limited 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 Catherine Higgins Law Limited. 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.

ERC Accountants & Business Advisers Limited Chartered accountant

Hanover Buildings 11-13 Hanover Street Liverpool L1 3DN

14 December 2017

CATHERINE HIGGINS LAW LIMITED

STATEMENT OF FINANCIAL POSITION

31 March 2017

	2017		2016
Note	£	£	£

FIXED ASSETS

Intangible assets	5	32,000	48,000
Tangible assets	6	3,060	4,074
		---------	---------
		35,060	52,074

CURRENT ASSETS

Stocks		174,960	65,876
Debtors	7	95,446	75,533
Cash at bank and in hand		7,407	24,072
		----------	----------
		277,813	165,481

CREDITORS: Amounts falling due within one year	8	281,275		170,235
		----------		----------
NET CURRENT LIABILITIES			3,462	4,754
			---------	---------
TOTAL ASSETS LESS CURRENT LIABILITIES			31,598	47,320

CREDITORS: Amounts falling due after more than one year	9		33,527	45,977

PROVISIONS

Taxation including deferred tax	581	774
	---------	---------
NET (LIABILITIES)/ASSETS	( 2,510)	569
	---------	---------

CAPITAL AND RESERVES

Called up share capital	1	1
Profit and loss account	( 2,511)	568
	-------	----
SHAREHOLDERS (DEFICIT)/FUNDS	( 2,510)	569
	-------	----

These 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 statement of income and retained earnings has not been delivered.

CATHERINE HIGGINS LAW LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 March 2017

For the year ending 31 March 2017 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 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 financial statements .

These financial statements were approved by the board of directors and authorised for issue on 14 December 2017 , and are signed on behalf of the board by:

Mrs CA Higgins

Director

Company registration number: 08484440

CATHERINE HIGGINS LAW LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2017

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 45 Allerton Road, Woolton, Liverpool, Merseyside, L25 7RE.

2. STATEMENT OF COMPLIANCE

These 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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 13.

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.

Corporation tax

The taxation expense represents the aggregate amount of current and deferred 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. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

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 five years.

Amortisation

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

Aquired goodwill was written off in full in the year of acquisition.

	Historical Goodwill (other than acquired)	-	20% 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. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Plant and machinery	-	33% reducing balance
Equipment	-	15% straight line

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 13 (2016: 16 ).

5. INTANGIBLE ASSETS

	Goodwill
	£
Cost
At 1 April 2016 and 31 March 2017	103,839
	----------
Amortisation
At 1 April 2016	55,839
Charge for the year	16,000
	----------
At 31 March 2017	71,839
	----------
Carrying amount
At 31 March 2017	32,000
	----------
At 31 March 2016	48,000
	----------

6. TANGIBLE ASSETS

	Plant and machinery	Equipment	Total
	£	£	£
Cost
At 1 April 2016 and 31 March 2017	27,006	5,450	32,456
	---------	-------	---------
Depreciation
At 1 April 2016	25,856	2,526	28,382
Charge for the year	576	438	1,014
	---------	-------	---------
At 31 March 2017	26,432	2,964	29,396
	---------	-------	---------
Carrying amount
At 31 March 2017	574	2,486	3,060
	---------	-------	---------
At 31 March 2016	1,150	2,924	4,074
	---------	-------	---------

7. DEBTORS

	2017	2016
	£	£
Trade debtors	91,948	62,596
Other debtors	3,498	12,937
	---------	---------
	95,446	75,533
	---------	---------

8. CREDITORS: Amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	183,760	78,349
Corporation tax	426	8,588
Social security and other taxes	15,480	30,662
Other creditors	12,751	–
Other creditors	68,858	52,636
	----------	----------
	281,275	170,235
	----------	----------

9. CREDITORS: Amounts falling due after more than one year

	2017	2016
	£	£
Bank loans and overdrafts	33,527	45,977
	---------	---------

There is a security on the bank loan by way of a personal guarantee to the value of £150,000, by the director Mrs CA Higgins .

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

No directors' received advances, credits or guarantees during the current or previous accounting periods.

11. RELATED PARTY TRANSACTIONS

The following related party transactions were undertaken during the year: Dividends were paid to the directors in respect of their shareholders totalling £5,000 (2016: £Nil). The aggregate remuneration paid to key management personnel for the year was £8,160 (2016: £8,160). During the year director and sole shareholder Mrs CA Higgins advanced to the company £16,880 and withdrew from the company £2,018. At the balance sheet date the amount owed to Mrs CA Higgins was £63,498. (2016 : £48,636). No further transactions with related parties were undertaken such as are required to be disclosed in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

12. GOING CONCERN

The directors believe that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

13. TRANSITION TO FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

Reconciliation of equity

	1 April 2015			31 March 2016
	As previously stated	Effect of transition	FRS 102 (as restated)	As previously stated	Effect of transition	FRS 102 (as restated)
	£	£	£	£	£	£
Fixed assets	67,247	–	67,247	52,074	–	52,074
Current assets	160,891	–	160,891	165,481	–	165,481
Creditors: amounts falling due within one year	( 219,106)	–	( 219,106)	( 170,235)	–	( 170,235)
	----------	----	----------	----------	----	----------
Net current liabilities	( 58,215)	–	( 58,215)	( 4,754)	–	( 4,754)
	----------	----	----------	----------	----	----------
Total assets less current liabilities	9,032	–	9,032	47,320	–	47,320

Creditors: amounts falling due after more than one year	( 7,500)	–	( 7,500)	( 45,977)	–	( 45,977)
Provisions	–	( 617)	( 617)	–	( 774)	( 774)
	----------	----	----------	----------	----	----------
Net (liabilities)/assets	1,532	( 617)	915	1,343	( 774)	569
	----------	----	----------	----------	----	----------

	----------	----	----------	----------	----	----------
Capital and reserves	1,532	( 617)	915	1,343	( 774)	569
	----------	----	----------	----------	----	----------

Deferred tax FRS 102 requires deferred tax to be recognised on all timing differences.