Abbreviated Company Accounts - LAWSON TAYLOR SOLICITORS LTD

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover policy
Fees receivable: Fees receivable represents the fair value of consideration due in respect of services provided to clients at year end, except where the firm's entitlement to consideration is contingent upon a future event or the time cost is not expected to be recoverable in a bill. Fees receivable are shown net of VAT.

Tangible assets depreciation policy
Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:
Fixtures, fittings
and equipment - 25% reducing balance

Intangible assets amortisation policy
Goodwill: Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 5 years.

Other accounting policies
Amount recoverable on contracts: Unbilled fees, where the ability to recover fees on a matter is non-contingent, are recognised on the basis of time spent and are valued at the amount expected to be billed in respect of that time. They are included as part of Current Assets.

Deferred taxation: Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date, where transactions or events that result in an obligation to pay more or a right to pay less tax in the future have occurred by the balance sheet date with certain limited exceptions. Deferred tax is calculated on an undiscounted basis at the tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws enacted at the balance sheet date.