David Rubin & Partners Limited - Limited company accounts 17.3

REGISTERED NUMBER: 08977557 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2017

FOR

DAVID RUBIN & PARTNERS LIMITED

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

DIRECTORS:

D A Rubin

P R Appleton

H Lan

A D Miller

S M Katz

P S Cooper

SECRETARY:

M C Ausano

REGISTERED OFFICE:

26 - 28 Bedford Row

London

WC1R 4HE

REGISTERED NUMBER:

08977557 (England and Wales)

SENIOR STATUTORY AUDITOR:

C J Taylor

AUDITORS:

Donald Jacobs & Partners

CHARTERED ACCOUNTANTS

& STATUTORY AUDITOR

Suite 2, Fountain House

1a Elm Park

Stanmore

Middlesex

HA7 4AU

The directors present their Strategic Report on the company for the year ended 30 April 2017.

REVIEW OF BUSINESS

The company specialises in business turnaround and rescue, corporate and personal insolvency, forensic accounting, and litigation

support.

During the year, the restructuring and insolvency market in England and Wales remained challenging.

In the opinion of the Directors, the company has performed well. However, trading conditions remain difficult and the company is

not likely to perform as well in this coming year.

Turnover increased by 22% to £13m, (2016 - £10.65m), and the gross profit margin on turnover increased to almost 64%, (2016 -

59.21%), reflecting the company's continuing efforts to improve its direct overhead cost controls.

The profit for the year before taxation was £4,784,758, (2016 - £3,213,427).

At 30 April 2017, the shareholders' funds were £4,626,392, (2016 - £3,222,104).

Total dividends of £1,831,500, (2016 - £1,456,166), were paid during the year.

The company continues to develop appropriate key performance indicator measures to assist in monitoring its performance and

encouraging efficiencies and improvements.

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 has no foreign currency exposure.

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 current plans in place to significantly 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, the company's bank facilities are regularly reviewed by the

directors but, due to strong cash flow from its operating activities, the facility is only utilised very infrequently and, at 30 April

2017, the company was not exposed to any interest rate risk on bank borrowings.

FUTURE DEVELOPMENTS

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 continued growth

which is reflected in its financial statements.

ON BEHALF OF THE BOARD:

D A Rubin - Director

16 January 2018

The directors present their report with the financial statements of the company for the year ended 30 April 2017.

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:

£16,166.67

- 31 July 2016

£28,841.67

- 31 October 2016

£37,116.66

- 31 January 2017

£70,500.00

- 30 April 2017

152,625.00

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 2017 will be £ 1,831,500 .

The Ordinary shares of £1 each have full voting and dividend rights whereas the Ordinary 'A' - 'M' shares of £1 each have rights to

dividends only.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 May 2016 to the date of this report.

D A Rubin

P R Appleton

H Lan

A D Miller

S M Katz

P S Cooper

Other changes in directors holding office are as follows:

R C Reeken - resigned 22 December 2016

C G Caton - resigned 30 April 2017

POLITICAL DONATIONS AND EXPENDITURE

During the year ended 30 April 2017, the company made charitable donations totalling £26,615, (2016 - £17,587) and political

donations of £6,000, (2016 - £NIL).

EMPLOYEES AND DISABLED EMPLOYEES

Details of the number of employees and related costs can be found in note 3 to the financial statements on pages 14.

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

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:

D A Rubin - Director

16 January 2018

We have audited the financial statements of David Rubin & Partners Limited for the year ended 30 April 2017 on pages eight to

twenty three. 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), including Financial Reporting Standard 102

'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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.

Respective responsibilities of directors and auditors

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. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.

Scope of the audit of the financial statements

An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable

assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an

assessment of: whether the accounting policies are appropriate to the company's circumstances and have been consistently applied

and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation

of the financial statements. In addition, we read all the financial and non-financial information in the Strategic Report and the

Report of the Directors to identify material inconsistencies with the audited financial statements and to identify any information that

is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of

performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications

for our report.

Opinion on financial statements

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 30 April 2017 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our 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 has been prepared in accordance with applicable legal requirements. In the light of the knowledge and

understanding of the company and its environment, we have not identified any material misstatements in the Strategic Report or the

Report of the Directors.

Matters on which we are required to report by exception

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.

C J Taylor (Senior Statutory Auditor)

for and on behalf of Donald Jacobs & Partners

CHARTERED ACCOUNTANTS

& STATUTORY AUDITOR

Suite 2, Fountain House

1a Elm Park

Stanmore

Middlesex

HA7 4AU

16 January 2018

TURNOVER

13,005,433

10,647,780

Cost of sales

4,688,081

4,343,692

GROSS PROFIT

8,317,352

6,304,088

Administrative expenses

3,321,271

2,818,174

OPERATING PROFIT

4

4,996,081

3,485,914

Interest receivable and similar income

139

8,464

4,996,220

3,494,378

Interest payable and similar expenses

5

211,462

280,951

PROFIT BEFORE TAXATION

4,784,758

3,213,427

Tax on profit

6

1,272,970

979,483

PROFIT FOR THE FINANCIAL YEAR

3,511,788

2,233,944

OTHER COMPREHENSIVE LOSS

Purchase of own shares (gross)

(344,898

)

-

Income tax relating to other comprehensive loss

68,980

-

OTHER COMPREHENSIVE LOSS FOR THE YEAR, NET OF INCOME TAX

(275,918

)

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

3,235,870

2,233,944

FIXED ASSETS

Intangible assets

8

9,241,086

10,561,953

Tangible assets

9

104,815

47,218

Investments

10

24

24

9,345,925

10,609,195

CURRENT ASSETS

Work in progress

11

1,493,696

1,819,804

Debtors

12

1,533,082

1,000,705

Cash at bank and in hand

3,251,248

730,904

6,278,026

3,551,413

CREDITORS

Amounts falling due within one year

13

5,447,738

3,584,373

NET CURRENT ASSETS/(LIABILITIES)

830,288

(32,960

)

TOTAL ASSETS LESS CURRENT LIABILITIES

10,176,213

10,576,235

CREDITORS

Amounts falling due after more than one year

14

(5,541,610

)

(7,354,131

)

PROVISIONS FOR LIABILITIES

18

(8,211

)

-

NET ASSETS

4,626,392

3,222,104

CAPITAL AND RESERVES

Called up share capital

19

1,070

1,152

Other reserves

20

838,805

1,049,049

Retained earnings

20

3,786,517

2,171,903

SHAREHOLDERS' FUNDS

4,626,392

3,222,104

The financial statements were approved by the Board of Directors on 16 January 2018 and were signed on its behalf by:

D A Rubin - Director

H Lan - Director

Called up

share

Retained

Other

Total

capital

earnings

reserves

equity

£

£

£

£

Balance at 1 May 2015

1,152

1,113,449

1,329,725

2,444,326

Changes in equity

Dividends

-

(1,456,166

)

-

(1,456,166

)

Total comprehensive income

-

2,514,620

(280,676

)

2,233,944

Balance at 30 April 2016

1,152

2,171,903

1,049,049

3,222,104

Changes in equity

Issue of share capital

(82

)

-

-

(82

)

Dividends

-

(1,831,500

)

-

(1,831,500

)

Total comprehensive income

-

3,446,114

(210,244

)

3,235,870

Balance at 30 April 2017

1,070

3,786,517

838,805

4,626,392

Cash flows from operating activities

Cash generated from operations

1

7,470,124

4,959,801

Interest paid

244

-

Interest element of hire purchase payments paid

(1,005

)

(275

)

Tax paid

(952,247

)

(1,389,448

)

Net cash from operating activities

6,517,116

3,570,078

Cash flows from investing activities

Purchase of intangible fixed assets

-

(2,170

)

Purchase of tangible fixed assets

(109,874

)

(25,325

)

Sale of fixed asset investments

-

87

Interest received

139

8,464

Net cash from investing activities

(109,735

)

(18,944

)

Cash flows from financing activities

Loan repayments in year

(1,843,839

)

(3,087,093

)

HP finance in year (net)

64,302

(5,085

)

Share buy back out of reserves

(276,000

)

-

Equity dividends paid

(1,831,500

)

(1,456,166

)

Net cash from financing activities

(3,887,037

)

(4,548,344

)

Increase/(decrease) in cash and cash equivalents

2,520,344

(997,210

)

Cash and cash equivalents at beginning of year

2

730,904

1,728,114

Cash and cash equivalents at end of year

2

3,251,248

730,904

1.	RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS

30.4.17

30.4.16

£

£

Profit for the financial year

3,511,788

2,233,944

Depreciation charges

1,373,144

1,384,494

Finance costs

211,462

280,951

Finance income

(139

)

(8,464

)

Taxation

1,272,970

979,483

6,369,225

4,870,408

Decrease/(increase) in work in progress

326,108

(118,855

)

Increase in trade and other debtors

(124,799

)

(28,385

)

Increase in trade and other creditors

899,590

236,633

Cash generated from operations

7,470,124

4,959,801

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 2017

30.4.17

1.5.16

£

£

Cash and cash equivalents

3,251,248

730,904

Year ended 30 April 2016

30.4.16

1.5.15

£

£

Cash and cash equivalents

730,904

1,728,114

1.	STATUTORY INFORMATION

David Rubin & Partners Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparation

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

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, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of ten years.

Registered trade mark

The company acquired the trade mark "David Rubin & Partners" in the previous year, the cost of which is being amortised

over 10 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Office furniture, fixtures & fittings

-

25% on cost

Motor vehicles

-

25% on reducing balance

Computers & office equipment

-

25% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Deferred taxation

Full provision is made for deferred taxation resulting from all timing differences between the recognition of gains and

losses in the financial statements and their recognition for tax purposes. Deferred tax is calculated at tax rates which are

expected to be effective at the time the timing differences are expected to reverse.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts are capitalized 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 operates a money purchase pension scheme. Contributions payable to the company's pension scheme are

charged to the profit and loss account in the period to which they relate. The assets of all of those schemes are held

separately from those of the company in independently administered funds.

Contributions payable for the year are charged in the profit and loss account.

Deferred income

In the previous year, 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

Notional interest of £210,244, (2016 - 280,676), 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

30.4.17

30.4.16

£

£

Wages and salaries

3,572,896

3,343,420

Social security costs

387,820

369,904

Other pension costs

82,400

75,870

4,043,116

3,789,194

The average monthly number of employees during the year was as follows:

30.4.17

30.4.16

Directors

6

8

Professional & administration staff

76

65

82

73

30.4.17

30.4.16

£

£

Directors' remuneration

866,183

905,120

Directors' pension contributions to money purchase schemes

18,000

17,100

Compensation to directors for loss of office

60,000

-

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

5

7

Information regarding the highest paid director is as follows:

30.4.17

30.4.16

£

£

Emoluments etc

148,835

146,333

4.	OPERATING PROFIT

The operating profit is stated after charging:

30.4.17

30.4.16

£

£

Other operating leases

5,595

5,595

Depreciation - owned assets

31,644

62,170

Depreciation - assets on hire purchase contracts

20,633

2,107

Goodwill amortisation

1,320,000

1,320,000

Trade mark amortisation

867

217

Auditors' remuneration

10,000

9,000

Taxation compliance services

1,000

800

Other non- audit services

8,751

7,641

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

30.4.17

30.4.16

£

£

Bank interest

213

-

Interest payable

210,244

280,676

Hire purchase

1,005

275

211,462

280,951

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 2017 and notional interest of £210,244, (2016 - £280,676), has been

charged to the profit and loss account.

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

30.4.17

30.4.16

£

£

Current tax:

UK corporation tax

1,258,015

984,736

Interest on overdue taxation

1,737

-

Total current tax

1,259,752

984,736

Deferred tax:

Deferred tax

13,218

-

Deferred tax adjustment

-

(5,253

)

Total deferred tax

13,218

(5,253

)

Tax on profit

1,272,970

979,483

UK corporation tax has been charged at 20% (2016 - 20%).