David Rubin & Partners Limited - Limited company accounts 18.2
David Rubin & Partners Limited - Limited company accounts 18.2
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2019 |
FOR |
DAVID RUBIN & PARTNERS LIMITED |
DAVID RUBIN & PARTNERS LIMITED (REGISTERED NUMBER: 08977557) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30 April 2019 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Statement of Comprehensive Income | 8 |
Statement of Financial Position | 9 |
Statement of Changes in Equity | 10 |
Statement of Cash Flows | 11 |
Notes to the Statement of Cash Flows | 12 |
Notes to the Financial Statements | 13 |
DAVID RUBIN & PARTNERS LIMITED |
COMPANY INFORMATION |
for the Year Ended 30 April 2019 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
CHARTERED ACCOUNTANTS |
& STATUTORY AUDITOR |
Suite 2, Fountain House |
1a Elm Park |
Stanmore |
Middlesex |
HA7 4AU |
DAVID RUBIN & PARTNERS LIMITED (REGISTERED NUMBER: 08977557) |
STRATEGIC REPORT |
for the Year Ended 30 April 2019 |
The directors present their Strategic Report on the company for the year ended 30 April 2019 |
REVIEW OF BUSINESS |
The company specialises in business turnaround and rescue, corporate and personal insolvency, forensic accounting, and litigation |
support. |
The restructuring and insolvency market in England and Wales remained challenging throughout the year and trading conditions |
continued to be difficult. The company's performance is not expected to improve materially in this coming year. |
Turnover increased by 2% to £10.3m from £10.1m in 2018 and the gross profit margin on turnover increased to over 58%, (2018 - |
56%), reflecting the company's continuing efforts to improve control over its direct cost overheads. |
The profit for the year before taxation was £2,971,219 (2018 - £2,715,094). |
At 30 April 2019, the shareholders' funds were £4,716,899, (2018 - £3,607,341). |
Total dividends of £1,444,300, (2018 - £2,918,545), were paid during the year. |
The company uses appropriate Key Performance Indicators to assist in monitoring its performance and encouraging efficiencies |
and improvements throughout the company. |
At the balance sheet date, the company retained sufficient resources to maintain its levels of activity. |
The statement of financial position on page 9 of the financial statements shows that the company is in a strong financial position |
having retained sufficient resources to maintain its current level of activity and the directors expect it to continue to perform |
satisfactorily. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Revenue arises principally in the United Kingdom, therefore the company is not exposed to foreign currency fluctuations. |
The management of the company and the nature of its strategy are subject to a number of risks. The directors are of the opinion that |
there are procedures and plans in place to continue to mitigate the effects of such risks. |
The key issues which are subject to ongoing assessment include; |
- keeping and developing key staff. |
- hiring the best staff to ensure the role of the company is maintained. |
- constantly reviewing the services provided to ensure that the needs of the market are met. |
- suitable and appropriate financing to allow the company to achieve its strategy, long term goals and identified |
opportunities. |
FINANCIAL KEY PERFORMANCE INDICATORS |
The directors measure the performance of the business by assessing turnover, the gross profit and the profit on ordinary activities |
before taxation. |
FINANCIAL INSTRUMENTS |
Although they have not changed since the company commenced trading in 2014, the company's bank facilities are regularly |
reviewed by the directors. However, due to the strong generation of cash flow from its operating activities, the facility is rarely |
utilised and the company is not exposed to any major interest rate risk on bank borrowings. |
DAVID RUBIN & PARTNERS LIMITED (REGISTERED NUMBER: 08977557) |
STRATEGIC REPORT |
for the Year Ended 30 April 2019 |
FUTURE DEVELOPMENTS |
In spite of continuing challenging trading conditions, the company endeavours to grow and enhance its market share by way of |
graphical expansion and by providing innovative services and advice to business and individuals in financial difficulties. |
The company continues to undertake significant investment in its staff and infrastructure and it is anticipating growth which will be |
reflected in its financial statements. |
ON BEHALF OF THE BOARD: |
DAVID RUBIN & PARTNERS LIMITED (REGISTERED NUMBER: 08977557) |
REPORT OF THE DIRECTORS |
for the Year Ended 30 April 2019 |
The directors present their report with the financial statements of the company for the year ended 30 April 2019. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of Chartered Accountants and Licensed Insolvency |
Practitioners. |
DIVIDENDS |
Interim dividends per share on the Ordinary 'A' to 'M' £1 shares were paid as follows: |
£29,650 | - 31 July 2018 |
£49,650 | - 31 October 2018 |
£32,855 | - 31 January 2019 |
£32,275 | - 30 April 2019 |
£ |
The directors recommend that no final dividend be paid on these shares. |
No interim dividend was paid on the Ordinary £1 shares. The directors recommend that no final dividend be paid on these shares. |
The total distribution of dividends for the year ended 30 April 2019 will be £ |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 May 2018 to the date of this report. |
Other changes in directors holding office are as follows: |
POLITICAL AND CHARITABLE DONATIONS |
During the year ended 30 April 2019, the company made charitable donations totalling £8,833, (2018 - £8,566), and political |
donations to the Conservative Party of £3,000, (2018 - £5,500). |
EMPLOYEES AND DISABLED EMPLOYEES |
Details of the number of employees and related costs can be found in note 3 to the financial statements on page 15. |
The company gives full consideration to applications for employment from disabled persons where the requirements of the job can |
be adequately fulfilled by a handicapped or disabled person and it is the company's policy to provide training, career development |
and promotion wherever appropriate. |
The directors recognise the importance of good communications with the company's employees and informing and consulting with |
them on a regular basis of the performance and objectives of the company. This is mainly through meetings, personal appraisals |
and e-mail communications |
DISCLOSURE IN THE STRATEGIC REPORT |
The company has chosen to set out information in respect of its principal risks and uncertainties, financial instruments and future |
developments in its Strategic Report |
DAVID RUBIN & PARTNERS LIMITED (REGISTERED NUMBER: 08977557) |
REPORT OF THE DIRECTORS |
for the Year Ended 30 April 2019 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in |
accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have |
elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United |
Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting |
Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial |
statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss |
of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's |
transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that |
the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the |
company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of |
which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in |
order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that |
information. |
AUDITORS |
The auditors, Donald Jacobs & Partners, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
DAVID RUBIN & PARTNERS LIMITED |
Opinion |
We have audited the financial statements of David Rubin & Partners Limited (the 'company') for the year ended 30 April 2019 |
which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, |
Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of |
significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and |
United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable |
in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 April 2019 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our |
responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements |
section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit |
of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities |
in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to |
provide a basis for our opinion. |
Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: |
- | the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
- | the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report |
and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in |
our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, |
consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the |
audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material |
misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material |
misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement |
of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have |
not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our |
opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
DAVID RUBIN & PARTNERS LIMITED |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the |
preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the |
directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether |
due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going |
concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the |
directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material |
misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance |
is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a |
material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in |
the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial |
statements. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's |
website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act |
2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state |
to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume |
responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for |
the opinions we have formed. |
for and on behalf of |
CHARTERED ACCOUNTANTS |
& STATUTORY AUDITOR |
Suite 2, Fountain House |
1a Elm Park |
Stanmore |
Middlesex |
HA7 4AU |
DAVID RUBIN & PARTNERS LIMITED (REGISTERED NUMBER: 08977557) |
STATEMENT OF COMPREHENSIVE INCOME |
for the Year Ended 30 April 2019 |
30.4.19 | 30.4.18 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
3,060,093 | 2,890,096 |
Other operating income | ( |
) |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
3,058,283 | 2,892,350 |
Interest payable and similar expenses | 5 |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
DAVID RUBIN & PARTNERS LIMITED (REGISTERED NUMBER: 08977557) |
STATEMENT OF FINANCIAL POSITION |
30 April 2019 |
30.4.19 | 30.4.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Work in progress | 11 |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 14 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 18 | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Other reserves | 20 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors on |
DAVID RUBIN & PARTNERS LIMITED (REGISTERED NUMBER: 08977557) |
STATEMENT OF CHANGES IN EQUITY |
for the Year Ended 30 April 2019 |
Called up |
share | Retained | Other | Total |
capital | earnings | reserves | equity |
£ | £ | £ | £ |
Balance at 1 May 2017 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | ( |
) |
Balance at 30 April 2018 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | ( |
) |
Balance at 30 April 2019 |
DAVID RUBIN & PARTNERS LIMITED (REGISTERED NUMBER: 08977557) |
STATEMENT OF CASH FLOWS |
for the Year Ended 30 April 2019 |
30.4.19 | 30.4.18 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) |
Interest element of hire purchase payments paid | ( |
) | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of intangible fixed assets | ( |
) |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
Amounts due from group undertakings | 35,466 | 37,140 |
HP finance in year (net) | ( |
) | ( |
) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
357,070 |
3,251,248 |
Cash and cash equivalents at end of year | 2 | 1,301,777 |
DAVID RUBIN & PARTNERS LIMITED (REGISTERED NUMBER: 08977557) |
NOTES TO THE STATEMENT OF CASH FLOWS |
for the Year Ended 30 April 2019 |
1. | RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS |
30.4.19 | 30.4.18 |
£ | £ |
Profit for the financial year |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) |
Finance costs | 87,064 | 177,256 |
Finance income | (971 | ) | (1,934 | ) |
Taxation |
4,468,325 | 4,255,790 |
Decrease in work in progress |
(Increase)/decrease in trade and other debtors | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these |
Statement of Financial Position amounts: |
Year ended 30 April 2019 |
30.4.19 | 1.5.18 |
£ | £ |
Cash and cash equivalents | 1,301,777 | 386,041 |
Bank overdrafts | ( |
) |
1,301,777 | 357,070 |
Year ended 30 April 2018 |
30.4.18 | 1.5.17 |
£ | £ |
Cash and cash equivalents | 386,041 | 3,251,248 |
Bank overdrafts | ( |
) |
357,070 | 3,251,248 |
DAVID RUBIN & PARTNERS LIMITED (REGISTERED NUMBER: 08977557) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30 April 2019 |
1. | STATUTORY INFORMATION |
David Rubin & Partners Limited is a |
registered number and registered office address can be found on the Company Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparation |
The directors have, at the time of approving the financial statements, a reasonable expectation that the company has |
adequate resources to continue in operational existence for the foreseeable future. It therefore continues to adopt the going |
concern basis of accounting in preparing the financial statements. |
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 only affects that period, or in the period of the |
revision and future periods where the revision affects both current and future periods. |
Turnover |
Turnover represents amounts chargeable to clients for professional services rendered throughout the year. Turnover |
excludes Value Added Tax but includes expenses recoverable from clients. |
Turnover is recognised when the right to consideration has been obtained through performance of contractual obligations. |
Income is recorded at the fair value of the right to consideration. |
In all cases where the ability to recover fees on a matter is non-contingent, income is recognised on the basis of the cost of |
time spent. For those cases where the ability to recover fees on a matter is contingent, income will not be recognised until |
the matter is completed. |
To the extent that revenue is recognised on matters for which an invoice has not yet been raised, it is included on the |
balance sheet as Work in Progress. |
Goodwill |
Goodwill purchased in connection with the acquisition of a business in 2014 is currently being amortised evenly over its |
estimated useful life of 10 years. However, additional goodwill, purchased in connection with the acquisition of a business |
in October 2018, is being amortised over its estimated useful life of 5 years. |
Registered trade mark |
The company acquired the trade mark "David Rubin & Partners" in 2016, the cost of which has been fully amortised |
during the current year. |
Tangible fixed assets |
Office furniture, fixtures & fittings | - |
Motor vehicles | - |
Computers & office equipment | - |
Investments in subsidiaries |
Fixed asset investments are stated at cost unless, in the opinion of the directors, there has been a permanent change in value |
in which case, an appropriate adjustment is made. |
DAVID RUBIN & PARTNERS LIMITED (REGISTERED NUMBER: 08977557) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 April 2019 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the |
extent 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 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 statement of |
financial position 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. |
At 30 April 2019, the excess of the tax written down value of the company's fixed assets over their net book value |
multiplied by the relevant rate of corporation tax produced a potential deferred tax asset which has been recognised. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts are capitalised in the balance sheet and depreciated over their estimated |
useful lives. The interest element of these obligations is charged to the profit and loss account over the relevant period. The |
capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to the profit and loss account as incurred. |
Pension costs and other post-retirement benefits |
The company makes contributions to a money purchase pension scheme operated by Scottish Widows. Contributions |
payable to the scheme are charged to the profit and loss account in the period to which they relate. The assets of that |
scheme are held separately from those of the company in independently administered funds. |
Deferred income |
During the year ended 30 April 2016, the company received a reverse premium to enter into a new replacement property |
lease for a 10 year period commencing on 29 September 2015. The reverse premium is being amortised annually over the |
unexpired period of the lease with the balance being carried forward on the balance sheet each year and included under |
creditors as deferred income. |
Long term loans from directors and shareholders |
Under the provisions of Financial Reporting Standard 102, notional interest of £85,686, (2018 - £176,007), payable on the |
net present value of the long term loans from directors and shareholders, has been charged to the profit and loss account. |
Group financial statements |
Neither the investment in David Rubin & Partners (C I) Limited nor in Buchler Phillips Limited has been consolidated into |
group financial statements because, in the opinion of the directors, in the context of the group as a whole, the investment in |
each company is not considered to be material. |
3. | EMPLOYEES AND DIRECTORS |
30.4.19 | 30.4.18 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
DAVID RUBIN & PARTNERS LIMITED (REGISTERED NUMBER: 08977557) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 April 2019 |
3. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
30.4.19 | 30.4.18 |
Directors | 6 | 6 |
Professional & administration staff | 62 | 58 |
30.4.19 | 30.4.18 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
30.4.19 | 30.4.18 |
£ | £ |
Emoluments etc |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
30.4.19 | 30.4.18 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Profit on disposal of fixed assets | ( |
) |
Goodwill amortisation |
Trade mark amortisation |
Auditors' remuneration |
Taxation compliance services |
Other non- audit services |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30.4.19 | 30.4.18 |
£ | £ |
Bank interest |
Notional interest charged |
Hire purchase |
Under the provisions of Financial Reporting Standard 102, the long term loans from the directors and shareholders have |
been restated to their net present value at 30 April 2019, and notional interest of £85,686, (2018 - £176,007), has been |
charged to the profit and loss account. |
DAVID RUBIN & PARTNERS LIMITED (REGISTERED NUMBER: 08977557) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 April 2019 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
30.4.19 | 30.4.18 |
£ | £ |
Current tax: |
UK corporation tax |
Interest supplement received | (3,593 | ) | - |
Taxation reserve reallocated |
from earlier year | (431,022 | ) | - |
Total current tax |
Deferred tax adjustment | (9,617 | ) | (6,032 | ) |
Tax on profit |
UK corporation tax has been charged at 19% . |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained |
below: |
30.4.19 | 30.4.18 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances |
Amortisation of goodwill | 261,883 | 250,800 |
Notional interest charged not deductible for tax purposes | 16,280 | 33,441 |
Reallocation of corporation tax from earlier year | (431,022 | ) | - |
Interest received on reallocated corporation tax | (3,593 | ) | - |
Deferred tax adjustment | (9,617 | ) | (6,032 | ) |
Total tax charge | 417,361 | 815,600 |
7. | DIVIDENDS |
30.4.19 | 30.4.18 |
£ | £ |
Ordinary 'A' to 'M' shares of £1 each |
Dividends paid in year |
DAVID RUBIN & PARTNERS LIMITED (REGISTERED NUMBER: 08977557) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 April 2019 |
8. | INTANGIBLE FIXED ASSETS |
Trade |
Goodwill | mark | Totals |
£ | £ | £ |
COST |
At 1 May 2018 |
Additions |
At 30 April 2019 |
AMORTISATION |
At 1 May 2018 |
Amortisation for year |
At 30 April 2019 |
NET BOOK VALUE |
At 30 April 2019 |
At 30 April 2018 |
9. | TANGIBLE FIXED ASSETS |
Office |
furniture, | Computers |
fixtures | Motor | & office |
& fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 May 2018 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 30 April 2019 |
DEPRECIATION |
At 1 May 2018 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 30 April 2019 |
NET BOOK VALUE |
At 30 April 2019 |
At 30 April 2018 |
DAVID RUBIN & PARTNERS LIMITED (REGISTERED NUMBER: 08977557) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 April 2019 |
9. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 May 2018 |
and 30 April 2019 |
DEPRECIATION |
At 1 May 2018 |
Charge for year |
At 30 April 2019 |
NET BOOK VALUE |
At 30 April 2019 |
At 30 April 2018 |
10. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 May 2018 |
and 30 April 2019 |
NET BOOK VALUE |
At 30 April 2019 |
At 30 April 2018 |
The company's investments at the Statement of Financial Position date in the share capital of companies include the |
following: |
Registered office: Elizabeth House, Les Ruettes Braye, St Peter Port, Guernsey, GY1 1EW |
Nature of business: |
% |
Class of shares: | holding |
30.4.19 | 30.4.18 |
£ | £ |
Aggregate capital and reserves |
Loss for the year | ( |
) | ( |
) |
The company holds the whole of the 'A' Ordinary share capital of David Rubin & Partners (C I) Limited, which represents |
90% of the total issued share capital. |
DAVID RUBIN & PARTNERS LIMITED (REGISTERED NUMBER: 08977557) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 April 2019 |
10. | FIXED ASSET INVESTMENTS - continued |
Registered office: Suite 2, Fountain House, 1a Elm Park, Stanmore, Middlesex HA7 4AU |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Profit/(loss) for the year | ( |
) |
The company holds 23 Ordinary shares of £1 each in Buchler Phillips Limited, which represents 10.22% of the issued |
share capital. |
11. | WORK IN PROGRESS |
30.4.19 | 30.4.18 |
£ | £ |
At 30 April 2019 |
12. | DEBTORS |
30.4.19 | 30.4.18 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Staff loans | 24,390 | 19,992 |
Sundry debtors & prepayments |
Amounts falling due after more than one year: |
Deferred tax asset | 1,406 | - |
Aggregate amounts |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.19 | 30.4.18 |
£ | £ |
Bank loans and overdrafts (see note 15) |
Other loans (see note 15) |
Hire purchase contracts (see note 16) |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax |
Social security and other taxes |
VAT | 475,632 | 155,067 |
Sundry creditors & accruals | 107,554 | 61,581 |
Deferred income |
DAVID RUBIN & PARTNERS LIMITED (REGISTERED NUMBER: 08977557) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 April 2019 |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.4.19 | 30.4.18 |
£ | £ |
Other loans (see note 15) |
Hire purchase contracts (see note 16) |
Deferred income |
15. | LOANS |
An analysis of the maturity of loans is given below: |
30.4.19 | 30.4.18 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Directors' loan accounts |
repayable within 12 months |
Amounts falling due between one and two years: |
Directors loan accounts |
repayable within 1-2 years | 301,062 |
Amounts falling due between two and five years: |
Directors loan accounts |
repayable within 2-5 years |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Minimum working capital |
loan accounts | 2,204,713 | 2,413,986 |
2,204,713 | 2,413,986 |
The short term loans from the directors and shareholders are unsecured, interest free and repayable within 12 months. The |
long term loans from the directors and shareholders are unsecured, interest free and currently repayable within 5 years from |
the date of incorporation of the company. |
In addition, the directors and shareholders have provided minimum working capital loan accounts which are also |
unsecured and interest free but, are not repayable until either the retirement, death or ceasing to be employed by the |
company. |
DAVID RUBIN & PARTNERS LIMITED (REGISTERED NUMBER: 08977557) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 April 2019 |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
30.4.19 | 30.4.18 |
£ | £ |
Gross obligations repayable: |
Within one year |
Between one and five years |
Finance charges repayable: |
Within one year |
Between one and five years |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating |
leases |
30.4.19 | 30.4.18 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
17. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.4.19 | 30.4.18 |
£ | £ |
Bank overdraft |
Hire purchase contracts | 34,539 | 50,479 |
The company's banking facilities are secured by a mortgage debenture incorporating a fixed and floating charge over all |
present and future assets of the company and its undertaking. |
The hire purchase contract is secured on the asset for which finance is provided. |
DAVID RUBIN & PARTNERS LIMITED (REGISTERED NUMBER: 08977557) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 April 2019 |
18. | PROVISIONS FOR LIABILITIES |
30.4.19 | 30.4.18 |
£ | £ |
Deferred tax | - | 2,179 |
Deferred |
tax |
£ |
Balance at 1 May 2018 |
Release of provision | (2,179 | ) |
Balance at 30 April 2019 |
The recognition of the deferred tax asset at 30 April 2019 has resulted in a release of the deferred tax provision standing at |
1 May 2018. |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.4.19 | 30.4.18 |
value: | £ | £ |
Ordinary | £1 | 1,060 | 1,060 |
Ordinary 'A' to 'M' | £1 | 10 | 10 |
1,070 | 1,070 |
The Ordinary shares of £1 each have full voting and dividend rights whereas the remaining Ordinary 'A' to 'M' shares of £1 |
each have rights to dividends only. |
20. | RESERVES |
Retained | Other |
earnings | reserves | Totals |
£ | £ | £ |
At 1 May 2018 | 3,606,271 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Interest transfer | 85,686 | (85,686 | ) | - |
At 30 April 2019 | 4,715,829 |
The long terms loans from the directors and shareholders plus the minimum working capital loan accounts provided by the |
holders of the Ordinary shares of £1 each have been restated in accordance with the provisions of Financial Reporting |
Standard 102. |
Note 14 shows total loans from the directors and shareholders repayable after 12 months, amounting to £2,696,731, (2018 |
- £4,173,440). Had the provisions of FRS 102 not been applied, those loans would have been stated at their actual value of |
4,768,174, (2018 - £5,267,715). |
For the year ended 30 April 2019, notional interest on the net present value of the loans amounting to £85,686, (2018 - |
£176,007), has been charged to the profit and loss account. |
DAVID RUBIN & PARTNERS LIMITED (REGISTERED NUMBER: 08977557) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 April 2019 |
21. | CAPITAL COMMITMENTS |
30.4.19 | 30.4.18 |
£ | £ |
Contracted but not provided for in the |
financial statements |
22. | AMOUNTS DUE TO DIRECTORS |
At 30 April 2019, the total amount due to the directors was £203,758, (2018 - £672,197). |
The short term loans from the directors are unsecured, interest free and repayable within 12 Months. |
The long term loans from the directors are unsecured, interest free and currently repayable within 5 years from the date of |
incorporation of the company. |
The minimum working capital accounts provided by the directors and shareholders are also unsecured and interest free but |
are not repayable until either retirement, death or ceasing to be employed by the company. |
23. | RELATED PARTY DISCLOSURES |
The company is related to David Rubin & Partners (C I ) Limited, incorporated in the Channel Islands, through its |
controlling interest in the company and to Buchler Phillips Limited, incorporated in England and Wales, through its |
minority interest in the company. |
During the year, there were various transactions between the companies in the normal course of business and at market |
value. Advantage has been taken of the exemption allowed by Section 33, Financial Reporting Standard 102, not to |
disclose these transactions. |
The company is also related to several companies, each through the controlling interest of certain directors. Each of those |
companies, which has an interest in the Ordinary share capital of David Rubin & Partners Limited, is incorporated in |
England and Wales. At 30 April 2019, the total amount due to those companies was £4,564,416, (2018 - £5,906,466). |
The total amount due comprises loan accounts which are unsecured, interest free and currently repayable within at least 5 |
years from the date of incorporation of the company together with working capital accounts which are also unsecured and |
interest free but not repayable until the controlling shareholder ceases to be employed by David Rubin & Partners Limited. |
24. | ULTIMATE CONTROLLING PARTY |