Devon and Somerset Law Society - Period Ending 2019-12-31
Devon and Somerset Law Society - Period Ending 2019-12-31
Registration number:
Devon and Somerset Law Society |
Devon and Somerset Law Society
Company Information
Registered office |
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Bankers |
Handelsbanken Barclays Bank Plc Shawbrook Bank Limited aldermore |
Accountants |
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Page 1 |
Devon and Somerset Law Society
Committee Members' Report for the Year Ended 31 December 2019
The members of the Committee present their report and the financial statements for the year ended 31 December 2019. The members of the Committee are directors for the purposes of company law.
Principal activity
The principal activity of the company is the promotion of the interests of the legal profession.
Directors of the company
The members who held office during the year were as follows:
Page 2 |
Devon and Somerset Law Society
Committee Members' Report for the Year Ended 31 December 2019
Responsibilities of the members of the Committee
The members of the Committee acknowledge their responsibilities for preparing the Committee Members' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the members of the Committee to prepare financial statements for each financial year. Under that law the members of the Committee have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the members of the Committee 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 surplus or deficit of the company for that period. In preparing these financial statements, the members of the Committee are required to:
• |
select suitable accounting policies and 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 members of the Committee 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.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the
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Page 3 |
Chartered Accountants' Report to the Members on the Preparation of the Unaudited Statutory Accounts of Devon and Somerset Law Society for the Year Ended 31 December 2019
We have reviewed the financial statements of Devon and Somerset Law Society for the year ended 31 December 2019, which comprise the Profit and Loss Account, the Balance Sheet and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Members of the Committee's responsibility for the financial statements
As explained more fully in the statement of the responsibilities of the members of the Committee set out on page 3, the members of the Committee are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.
Accountants’ responsibility
Our responsibility is to express a conclusion based on our review of the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), Engagements to review historical financial statements and ICAEW Technical Release TECH 09/13AAF Assurance review engagements on historical financial statements. ISRE 2400 (Revised) requires us to conclude whether anything has come to our attention that causes us to believe that the financial statements, taken as a whole, are not prepared, in all material respects, in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). ISRE 2400 (Revised) also requires us to comply with the ICAEW Code of Ethics.
Scope of the assurance review
A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. These primarily consist of making enquiries of management and others within the company, as appropriate, applying analytical procedures and evaluating the evidence obtained. We have also performed additional procedures to those required under a limited assurance engagement as agreed with the members of the Committee. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK). Accordingly, we do not express an audit opinion on these financial statements.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared:
• so as to give a true and fair view of the state of the company’s affairs as at 31 December 2019, and of its deficit for the year then ended;
• in accordance with United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities; and
• in accordance with the requirements of the Companies Act 2006.
Page 4 |
Chartered Accountants' Report to the Members on the Preparation of the Unaudited Statutory Accounts of Devon and Somerset Law Society for the Year Ended 31 December 2019
Use of our report
This report is made solely to the company's members of the Committee, as a body, in accordance with the terms of our engagement letter. Our review has been undertaken so that we may state to the members of the Committee those matters we have agreed with them in our engagement letter 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 members of the Committee as a body for our work, for this report or the conclusions we have formed.
Chartered Accountants
BARNSTAPLE
Devon
EX32 7DD
Page 5 |
Devon and Somerset Law Society
Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 December 2019
Note |
2019 |
2018 |
|
Turnover |
( |
|
|
Cost of sales |
|
( |
|
Gross (deficit)/surplus |
( |
|
|
Administrative expenses |
( |
( |
|
Operating (deficit)/surplus |
( |
|
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar charges |
|
- |
|
1,163 |
3,089 |
||
(Deficit)/surplus before tax |
( |
|
|
(Deficit)/surplus for the financial year |
( |
|
|
Profit and loss reserves brought forward |
- |
448,301 |
|
Profit and loss reserves carried forward |
(3,370) |
454,276 |
Page 6 |
Devon and Somerset Law Society
(Registration number: 00213866)
Balance Sheet as at 31 December 2019
Note |
2019 |
2018 |
|
Fixed assets |
|||
Tangible assets |
( |
|
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Current assets |
|||
Stocks |
( |
|
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Debtors |
( |
|
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Cash at bank and in hand |
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|
|
|
|
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
|
|
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Net (liabilities)/assets |
( |
|
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Capital and reserves |
|||
Profit and loss account |
( |
|
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Profit and loss reserves |
( |
|
For the financial year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Responsibilities of the members of the Committee:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised for issue by the
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Page 7 |
Devon and Somerset Law Society
Notes to the Financial Statements for the Year Ended 31 December 2019
General information |
The company is a company limited by guarantee, incorporated in the United Kingdom, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in £'s.
Going concern
The financial statements have been prepared on a going concern basis.
Judgements
There are no judgements which management have made in the process of applying the accounting policies. |
Key sources of estimation uncertainty
There are no key sources of estimation uncertainty that have a significant risk of causing a material adjustment to assets and liabilities to be disclosed.
Page 8
Devon and Somerset Law Society
Notes to the Financial Statements for the Year Ended 31 December 2019
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises seminar and sponsorship revenue at the time of the event, employment register income on successful placement, and subscription income at the time of renewal of the membership, which is coterminous with the year end.
Tax
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amounts of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
10% reducing balance |
Computer equipment |
33% reducing balance |
Land and buildings |
50 years straight line |
Page 9
Devon and Somerset Law Society
Notes to the Financial Statements for the Year Ended 31 December 2019
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Page 10
Devon and Somerset Law Society
Notes to the Financial Statements for the Year Ended 31 December 2019
Financial instruments
Classification
Recognition and measurement
Basic financial liabilities 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 payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Other creditors are classified as current liabilities if payment is due within one year or less and are recognised initially at transaction price and subsequently measured at the undiscounted amount of the cash expected to be paid. If not, they are presented as non-current liabilities and are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Trade creditors and leases are referred to above.
Impairment
If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Staff numbers |
The average number of persons employed by the company (including officers receiving honorarium) during the year was
Deficit/surplus before tax |
Arrived at after charging
2019 |
2018 |
|
Depreciation expense |
|
|
Loss on disposal of tangible fixed assets |
42 |
- |
Page 11
Devon and Somerset Law Society
Notes to the Financial Statements for the Year Ended 31 December 2019
Tangible assets |
Long leasehold land and buildings |
President's Jewels |
Office equipment |
Total |
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Cost or valuation |
||||
At 1 January 2019 |
|
- |
- |
|
Additions |
- |
- |
|
|
Disposals |
- |
- |
( |
( |
At 31 December 2019 |
|
- |
|
|
Depreciation |
||||
At 1 January 2019 |
|
- |
- |
|
Charge for the year |
|
- |
|
|
Eliminated on disposal |
- |
- |
( |
( |
At 31 December 2019 |
|
- |
|
|
Carrying amount |
||||
At 31 December 2019 |
( |
- |
|
( |
At 31 December 2018 |
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|
|
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The President's jewels include both the Devon and also Somerset jewels.
Stocks |
2019 |
2018 |
|
Stock of regalia |
( |
|
Debtors |
2019 |
2018 |
|
Trade debtors |
( |
|
Other debtors |
|
- |
Prepayments |
( |
|
(41) |
1,471 |
|
Total current trade and other debtors |
( |
|
Page 12
Devon and Somerset Law Society
Notes to the Financial Statements for the Year Ended 31 December 2019
Creditors |
Creditors: amounts falling due within one year
2019 |
2018 |
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Due within one year |
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Trade creditors |
- |
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Taxation and social security |
|
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Other creditors |
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|
|
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Related party transactions |
Officers' remuneration
The total officers' honorarium for the year was as follows:
2019 |
2018 |
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Honorarium payments |
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Summary of transactions with related parties
Page 13