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Financial Statements for the Year Ended 30 November 2018 |
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Restons Solicitors Limited |
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REGISTERED NUMBER:
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Financial Statements for the Year Ended 30 November 2018 |
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for |
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Restons Solicitors Limited |
Restons Solicitors Limited (Registered number: 05584055) |
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Contents of the Financial Statements |
for the Year Ended 30 November 2018 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Restons Solicitors Limited |
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Company Information |
for the Year Ended 30 November 2018 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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Statutory Auditor |
The Copper Room |
Deva Centre |
Trinity Way |
Manchester |
M3 7BG |
Restons Solicitors Limited (Registered number: 05584055) |
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Balance Sheet |
30 November 2018 |
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30.11.18 | 30.11.17 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Retained earnings | 10 |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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Restons Solicitors Limited (Registered number: 05584055) |
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Notes to the Financial Statements |
for the Year Ended 30 November 2018 |
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1. | STATUTORY INFORMATION |
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Restons Solicitors Limited is a
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registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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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 amount 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 |
where the revision affects only that period, or in the period of the revision and future periods where the revision |
affects both current and future periods. |
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The key assumptions concerning the future and other key sources of estimation include uncertainties at the reporting |
date, which may have a risk of causing a material adjustment to the carrying amounts of assets and liabilities within |
the next financial periods, are discussed below. |
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Going concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the company has |
adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to |
adopt the going concern basis of accounting in preparing the financial statements. |
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Revenue recognition |
Fee income represents revenue earned under a wide variety of contracts to provide professional services. Revenue is |
recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for its |
performance under these contracts. It is measured at the fair value of the right to consideration, which represents |
amounts chargeable to clients, excluding value added tax. |
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Fee income that is contingent on events outside the control of the company is recognised when the contingent event |
occurs. |
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Goodwill |
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net |
assets acquired. It is initially recognised as an asset cost and is subsequently measured at cost less accumulated |
amortisation and accumulated impairment loss. |
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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. |
Restons Solicitors Limited (Registered number: 05584055) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 November 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Freehold property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Computer equipment | - |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the |
carrying value of the asset, and is credited or charged to profit or loss. |
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Fixed asset investments |
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently |
measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each |
reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or |
loss. |
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Fixed asset investments which are listed on recognised stock exchanges are stated at year end market value. Fixed |
asset investments which are unlisted are stated at cost less provisions for reductions in value. |
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A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating |
policies of the entity so as to obtain benefits from its activities. |
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Impairment of fixed assets |
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to |
determine whether there is any indication that those assets have suffered an impairment loss. If any such indication |
exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if |
any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the |
recoverable amount of the cash-generating unit to which the asset belongs. |
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Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the |
estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current |
market assessments of the time value of money and the risks specific to the asset for which the estimates of future |
cash flows have been adjusted. |
Restons Solicitors Limited (Registered number: 05584055) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 November 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are |
settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to |
another entity, or if some significant risks and rewards of ownership are retained but control of the asset has |
transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
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Classification of financial liabilities |
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 company after |
deducting all of its liabilities. |
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Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares |
that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing |
transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market |
rate of interest. Financial liabilities classified as payable within one year are not amortised. |
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Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of |
business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or |
less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price |
and subsequently measured at amortised cost using the effective interest method. |
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Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or |
cancelled. |
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Equity instruments |
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends |
payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
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Taxation |
The tax expense represents the sum of the tax currently payable and deferred tax. |
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Current tax |
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in |
the profit and loss account because it excludes items of income and expense that are taxable or deductible in other |
years and it further excludes items that are never taxable or deductible. The company's liability for current tax is |
calculated using tax rates that have been enacted or substantively enacted by the reporting end date. |
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Deferred tax |
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the |
initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting |
profit. |
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Restons Solicitors Limited (Registered number: 05584055) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 November 2018 |
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2. | ACCOUNTING POLICIES - continued |
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is |
no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. |
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the |
asset is realised. Deferred tax is charged or credited in the profit or loss account, except when it relates to items |
charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets |
and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities |
and the deferred tax assets and liabilities relate to taxes levied by the same tax authority. |
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Foreign currencies |
Transactions in foreign currency are translated at exchange rates approximating to the rate ruling at the date of the |
transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated |
at the foreign exchange rate ruling at that date. Foreign exchange differences are recognised in the profit and loss |
account. |
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Employee benefits |
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are |
required to be recognised as part of the cost of stock or fixed assets. |
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The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. |
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Termination benefits are recognised immediately as an expense when the company is demonstrably committed to |
terminate the employment of an employee or to provide termination benefits. |
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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. |
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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. |
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Provisions |
A provision is recognised in the balance sheet when the company has a constructive or legal obligation as a result of |
a past event and it is probable that an outflow of economic benefit will be required to settle the obligation. Provisions |
are recognised at their discounted net present value. |
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Liability limitation agreement |
The company has entered into a liability limitation agreement with Royce Peeling Green Limited, the statutory |
auditor for the year ended 30 November 2018. The proportionate liability agreement follows the |
standard terms in Appendix B to the Financial Reporting Council's June 2008 Guidance on Auditor Liability |
Agreements, and has been approved by the shareholders. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2017 - 147 ). |
Restons Solicitors Limited (Registered number: 05584055) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 November 2018 |
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 December 2017 |
and 30 November 2018 |
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AMORTISATION |
At 1 December 2017 |
and 30 November 2018 |
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NET BOOK VALUE |
At 30 November 2018 |
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At 30 November 2017 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Computer |
property | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 December 2017 |
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Additions |
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At 30 November 2018 |
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DEPRECIATION |
At 1 December 2017 |
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Charge for year |
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At 30 November 2018 |
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NET BOOK VALUE |
At 30 November 2018 |
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At 30 November 2017 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.18 | 30.11.17 |
£ | £ |
Trade debtors |
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Prepayments and accrued income |
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Restons Solicitors Limited (Registered number: 05584055) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 November 2018 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.18 | 30.11.17 |
£ | £ |
Trade creditors |
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Tax |
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Social security and other taxes |
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Other creditors |
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Directors' current accounts | 23,097 | 571,393 |
Accrued expenses |
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8. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
30.11.18 | 30.11.17 |
£ | £ |
Within one year |
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Between one and five years |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.11.18 | 30.11.17 |
value: | £ | £ |
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'A' Ordinary | £1 | 55 | 55 |
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'B' Ordinary | £1 | 45 | 45 |
100 | 100 |
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10. | RESERVES |
Retained |
earnings |
£ |
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At 1 December 2017 |
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Profit for the year |
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Dividends | ( |
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At 30 November 2018 |
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Restons Solicitors Limited (Registered number: 05584055) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 November 2018 |
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11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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As the income statement has been omitted from the filing copy of the financial statements the following information |
is provided in accordance with S444 (5B) of the Companies Act 2006 in relation to the audit report on the statutory |
financial statements. |
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The report of the Auditors was unqualified. |
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Martin Chatten (Senior Statutory Auditor) |
for and on behalf of Royce Peeling Green Limited |
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12. | RELATED PARTY DISCLOSURES |
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C J Reston |
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Mr C J Reston is a director and controlling shareholder of Restons Solicitors Limited. |
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During the year dividends of £1,100,000 were paid (2017: £nil). |
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Loans have been provided by C J Reston to the company with nil interest charged and is repayable on demand. The |
balance at the year end was £23,097 (2017: £571,393). |
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Mrs S C Reston |
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Mrs S C Reston is a director and shareholder of Restons Solicitors Limited. |
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During the year dividends of £900,000 were paid (2017: £nil). |
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13. | ULTIMATE CONTROLLING PARTY |
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The controlling party is C J Reston and Mrs S C Reston.. |