GHG Solicitors Limited Small abridged accounts

GHG SOLICITORS LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of GHG Solicitors Limited have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: NI606482

GHG Solicitors Limited

Unaudited Abridged Financial Statements

31 March 2017

GHG Solicitors Limited

Abridged Financial Statements

Year ended 31 March 2017

Contents	Page

Directors' report	1

Report to the board of directors on the preparation of the unaudited statutory abridged financial statements	2

Abridged statement of comprehensive income	3

Abridged statement of financial position	4

Statement of changes in equity	6

Notes to the abridged financial statements	7

The following pages do not form part of the abridged financial statements

Detailed abridged income statement	13

Notes to the detailed abridged income statement	14

GHG Solicitors Limited

Directors' Report

Year ended 31 March 2017

The directors present their report and the unaudited abridged financial statements of the company for the year ended 31 March 2017 .

Directors

The directors who served the company during the year were as follows:

Mr C R G Clarke
Mr S Carey
Mr S Wright

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 21 December 2017 and signed on behalf of the board by:

Mr C R G Clarke

Director

Registered office:

27 High Street

Ballymoney

County Antrim

Northern Ireland

BT53 6AJ

GHG Solicitors Limited

Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of GHG Solicitors Limited

Year ended 31 March 2017

As described on the abridged statement of financial position, the directors of the company are responsible for the preparation of the abridged financial statements for the year ended 31 March 2017, which comprise the abridged statement of comprehensive income, abridged statement of financial position, statement of changes in equity and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these abridged financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

DNTCA LTD Chartered accountant

21 December 2017

GHG Solicitors Limited

Abridged Statement of Comprehensive Income

Year ended 31 March 2017

	2017	2016
Note	£	£
Gross profit	678,548	766,427

Administrative expenses	375,561	392,793
	---------	---------
Operating profit	302,987	373,634

Other interest receivable and similar income		4,185	7,130
		---------	---------
Profit before taxation	5	307,172	380,764

Tax on profit	67,865	84,750
	---------	---------
Profit for the financial year and total comprehensive income	239,307	296,014
	---------	---------

All the activities of the company are from continuing operations.

The company has no other recognised items of income and expenses other than the results for the year as set out above.

GHG Solicitors Limited

Abridged Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Intangible assets	6	567,000	607,500
Tangible assets	7	36,579	37,673
		---------	---------
		603,579	645,173

Current assets

Stocks		21,831	34,857
Debtors		167,807	227,165
Investments	8	2,500	2,500
Cash at bank and in hand		5,107,493	5,662,022
		------------	------------
		5,299,631	5,926,544

Creditors: amounts falling due within one year	4,899,215		5,717,029
	------------		------------
Net current assets		400,416	209,515
		------------	---------
Total assets less current liabilities		1,003,995	854,688
		------------	---------
Net assets		1,003,995	854,688
		------------	---------

Capital and reserves

Called up share capital	3	3
Profit and loss account	1,003,992	854,685
	------------	---------
Shareholders funds	1,003,995	854,688
	------------	---------

These abridged financial statements have been prepared 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'.

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 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 .

GHG Solicitors Limited

Abridged Statement of Financial Position (continued)

31 March 2017

These abridged financial statements were approved by the board of directors and authorised for issue on 21 December 2017 , and are signed on behalf of the board by:

Mr C R G Clarke

Director

Company registration number: NI606482

GHG Solicitors Limited

Statement of Changes in Equity

Year ended 31 March 2017

	Called up share capital	Profit and loss account	Total
	£	£	£
At 1 April 2015	4	704,940	704,944

Profit for the year		296,014	296,014
	----	---------	---------
Total comprehensive income for the year	–	296,014	296,014

Dividends paid and payable	–	( 116,269)	( 116,269)
Cancellation of subscribed capital	( 1)	( 30,000)	( 30,001)
	----	---------	---------
Total investments by and distributions to owners	( 1)	( 146,269)	( 146,270)

At 31 March 2016	3	854,685	854,688

Profit for the year		239,307	239,307
	----	---------	---------
Total comprehensive income for the year	–	239,307	239,307

Dividends paid and payable	–	( 90,000)	( 90,000)
	----	--------	--------
Total investments by and distributions to owners	–	( 90,000)	( 90,000)

	----	------------	------------
At 31 March 2017	3	1,003,992	1,003,995
	----	------------	------------

GHG Solicitors Limited

Notes to the Abridged Financial Statements

Year ended 31 March 2017

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 27 High Street, Ballymoney, County Antrim, BT53 6AJ, Northern Ireland.

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 abridged 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 abridged 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 11.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income 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. 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.

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.

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. 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:

Property Renovations	-	10% straight line
Office Equipment & Fittings	-	15% 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. 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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

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 12 (2016: 13 ).

5. Profit before taxation

Profit before taxation is stated after charging:

	2017	2016
	£	£
Amortisation of intangible assets	40,500	40,500
Depreciation of tangible assets	7,663	7,131
	--------	--------

6. Intangible assets

	£
Cost
At 1 April 2016 and 31 March 2017	810,000
	---------
Amortisation
At 1 April 2016	202,500
Charge for the year	40,500
	---------
At 31 March 2017	243,000
	---------
Carrying amount
At 31 March 2017	567,000
	---------
At 31 March 2016	607,500
	---------

7. Tangible assets

	£
Cost
At 1 April 2016	77,051
Additions	6,569
	--------
At 31 March 2017	83,620
	--------
Depreciation
At 1 April 2016	39,378
Charge for the year	7,663
	--------
At 31 March 2017	47,041
	--------
Carrying amount
At 31 March 2017	36,579
	--------
At 31 March 2016	37,673
	--------

8. Investments

	2017	2016
	£	£
Other investments	2,500	2,500
	-------	-------

9. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2017
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr C R G Clarke	20,380	25,406	45,786
Mr S Carey	( 133,854)	51,875	( 81,979)
Mr S Wright	( 91,060)	60,497	( 30,563)
	---------	---------	--------
	( 204,534)	137,778	( 66,756)
	---------	---------	--------

	2016
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr C R G Clarke	–	20,380	20,380
Mr S Carey	–	( 133,854)	( 133,854)
Mr S Wright	–	( 91,060)	( 91,060)
	----	---------	---------
	–	( 204,534)	( 204,534)
	----	---------	---------

10. Related party transactions

The company was under the control of the board of directors throughout the current and previous year. The board of directors are the managing directors and majority shareholders. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.

11. Transition to FRS 102

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

No transitional adjustments were required in equity or profit or loss for the year.

GHG Solicitors Limited

Management Information

Year ended 31 March 2017

The following pages do not form part of the abridged financial statements.

GHG Solicitors Limited

Detailed Abridged Income Statement

Year ended 31 March 2017

	2017	2016
	£	£
Turnover	691,574	769,238

Cost of sales

Opening stock - work in progress	34,857	37,668

Closing stock - Work in Progress	21,831	34,857
	--------	--------
	13,026	2,811
	--------	--------

	---------	---------
Gross profit	678,548	766,427

Overheads

Administrative expenses	375,561	392,793

	---------	---------
Operating profit	302,987	373,634

Other interest receivable and similar income	4,185	7,130

	---------	---------
Profit before taxation	307,172	380,764
	---------	---------

GHG Solicitors Limited

Notes to the Detailed Abridged Income Statement

Year ended 31 March 2017

	2017	2016
	£	£

Administrative expenses

Directors salaries	24,180	24,180
Wages and salaries	173,336	169,338
Staff Pension	3,724	2,433
Rent	3,600	4,100
Rent rates and water	9,826	7,708
Light and heat	3,624	1,929
Insurance	36,994	60,313
Repairs and maintenance	964	1,563
Motor expenses	18,334	20,888
Telephone	4,447	3,586
Printing postage and stationery	22,432	19,119
Sundry expenses	3,306	2,679
Advertising	459	125
Legal and professional fees (allowable)	11,922	17,274
Donations	562	719
Accountancy fees	6,000	4,400
Amortisation of intangible assets	40,500	40,500
Depreciation of tangible assets	7,663	7,131
Bank charges	3,688	4,808
	---------	---------
	375,561	392,793
	---------	---------

Other interest receivable and similar income

Interest on cash and cash equivalents	4,185	7,130
	-------	-------