David Rubin & Partners Limited - Limited company accounts 18.2

REGISTERED NUMBER: 08977557 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2018

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 2018.

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 decreased from £13m in 2017 to £10m in 2018.

In spite of the company's efforts to maintain control over its direct cost overheads, the gross profit margin on turnover also

decreased to 56%, (2017 - 64%).

The profit for the year before taxation was £2,715,094, (2017 - £4,784,758).

At 30 April 2018, the shareholders' funds were £3,607,341, (2017 - £4,626,392).

Total dividends of £2,918,545, (2017 - £1,831,500), 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.

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 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 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 but, due to strong generation of cash flow from its operating activities, the facility is only utilised very

infrequently and, at 30 April 2018, the company was not exposed to any major interest rate risk on bank borrowings.

FUTURE DEVELOPMENTS

In spite of difficult 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:

D A Rubin - Director

17 December 2018

The directors present their report with the financial statements of the company for the year ended 30 April 2018.

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 were paid on the 10 Ordinary 'A' - 'M' shares of £1 each of £165,400 per share, £47,625 per share, £45,990 per

share and £32,839.50 per share on 31 July 2017, 31 October 2017, 31 January 2018 and 30 April 2018 respectively.

The directors recommend that no final dividend be paid on these shares or on the Ordinary shares of £1 each.

The total distribution of dividends for the year ended 30 April 2018 will be £2,918,855.

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 2017 to the date of this report.

D A Rubin

P R Appleton

H Lan

A D Miller

S M Katz

P S Cooper

POLITICAL AND CHARITABLE DONATIONS

During the year ended 30 April 2018, the company made charitable donations totalling £8,566, (2017 - £26,615), and political

donations of £5,500 to the Conservative Party, (2017 - £6,000).

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

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

17 December 2018

Opinion

We have audited the financial statements of David Rubin & Partners Limited (the 'company') for the year ended 30 April 2018

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 2018 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.

Opinion 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on pages four and 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.

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

17 December 2018

TURNOVER

10,081,126

13,005,433

Cost of sales

4,415,369

4,688,081

GROSS PROFIT

5,665,757

8,317,352

Administrative expenses

2,775,661

3,321,271

2,890,096

4,996,081

Other operating income

320

-

OPERATING PROFIT

4

2,890,416

4,996,081

Interest receivable and similar income

1,934

139

2,892,350

4,996,220

Interest payable and similar expenses

5

177,256

211,462

PROFIT BEFORE TAXATION

2,715,094

4,784,758

Tax on profit

6

815,600

1,272,970

PROFIT FOR THE FINANCIAL YEAR

1,899,494

3,511,788

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

1,899,494

3,235,870

FIXED ASSETS

Intangible assets

8

7,920,218

9,241,086

Tangible assets

9

64,144

104,815

Investments

10

24

24

7,984,386

9,345,925

CURRENT ASSETS

Work in progress

11

1,416,463

1,493,696

Debtors

12

982,278

1,533,082

Cash at bank and in hand

386,041

3,251,248

2,784,782

6,278,026

CREDITORS

Amounts falling due within one year

13

2,908,412

5,447,738

NET CURRENT (LIABILITIES)/ASSETS

(123,630

)

830,288

TOTAL ASSETS LESS CURRENT LIABILITIES

7,860,756

10,176,213

CREDITORS

Amounts falling due after more than one year

14

(4,251,236

)

(5,541,610

)

PROVISIONS FOR LIABILITIES

18

(2,179

)

(8,211

)

NET ASSETS

3,607,341

4,626,392

CAPITAL AND RESERVES

Called up share capital

19

1,070

1,070

Other reserves

20

662,798

838,805

Retained earnings

20

2,943,473

3,786,517

SHAREHOLDERS' FUNDS

3,607,341

4,626,392

The financial statements were approved by the Board of Directors on 17 December 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 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

Changes in equity

Dividends

-

(2,918,545

)

-

(2,918,545

)

Total comprehensive income

-

2,075,501

(176,007

)

1,899,494

Balance at 30 April 2018

1,070

2,943,473

662,798

3,607,341

Cash flows from operating activities

Cash generated from operations

1

3,365,322

7,470,124

Interest paid

-

(213

)

Interest element of hire purchase payments paid

(1,249

)

(1,005

)

Tax paid

(844,262

)

(952,247

)

Net cash from operating activities

2,519,811

6,516,659

Cash flows from investing activities

Purchase of tangible fixed assets

(3,835

)

(109,874

)

Interest received

1,934

139

Net cash from investing activities

(1,901

)

(109,735

)

Cash flows from financing activities

Loan repayments in year

(2,514,742

)

(1,823,212

)

Amounts due from group undertakings

37,140

(20,170

)

HP finance in year (net)

(15,941

)

64,302

Share buy back out of reserves

-

(276,000

)

Equity dividends paid

(2,918,545

)

(1,831,500

)

Net cash from financing activities

(5,412,088

)

(3,886,580

)

(Decrease)/increase in cash and cash equivalents

(2,894,178

)

2,520,344

Cash and cash equivalents at beginning of year

2

3,251,248

730,904

Cash and cash equivalents at end of year

2

357,070

3,251,248

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

30.4.18

30.4.17

£

£

Profit for the financial year

1,899,494

3,511,788

Depreciation charges

1,365,374

1,373,144

Finance costs

177,256

211,462

Finance income

(1,934

)

(139

)

Taxation

815,600

1,272,970

4,255,790

6,369,225

Decrease in work in progress

77,233

326,108

Decrease/(increase) in trade and other debtors

155,213

(124,799

)

(Decrease)/increase in trade and other creditors

(1,122,914

)

899,590

Cash generated from operations

3,365,322

7,470,124

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 2018

30.4.18

1.5.17

£

£

Cash and cash equivalents

386,041

3,251,248

Bank overdrafts

(28,971

)

-

357,070

3,251,248

Year ended 30 April 2017

30.4.17

1.5.16

£

£

Cash and cash equivalents

3,251,248

730,904

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.

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, 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 2016, the cost of which is being amortised over its

estimated useful life.

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

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.

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.

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

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 £176,007, (2017 - £210,244), 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

30.4.18

30.4.17

£

£

Wages and salaries

3,378,944

3,572,896

Social security costs

381,992

387,820

Other pension costs

86,438

82,400

3,847,374

4,043,116

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

30.4.18

30.4.17

Directors

6

6

Professional & administration staff

58

76

64

82

30.4.18

30.4.17

£

£

Directors' remuneration

664,072

866,183

Directors' pension contributions to money purchase schemes

13,500

18,000

Compensation to director for loss of office

-

60,000

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

Money purchase schemes

5

5

Information regarding the highest paid director is as follows:

30.4.18

30.4.17

£

£

Emoluments etc

134,224

148,835

4.	OPERATING PROFIT

The operating profit is stated after charging:

30.4.18

30.4.17

£

£

Other operating leases

6,787

5,595

Depreciation - owned assets

23,874

31,644

Depreciation - assets on hire purchase contracts

20,632

20,633

Goodwill amortisation

1,320,000

1,320,000

Trade mark amortisation

868

867

Auditors' remuneration

10,000

10,000

Taxation compliance services

1,000

1,000

Other non- audit services

7,403

8,751

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

30.4.18

30.4.17

£

£

Bank interest

-

213

Notional interest

176,007

210,244

Hire purchase

1,249

1,005

177,256

211,462

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 2018, and notional interest of £176,007, (2017 - £210,244), has been

charged to the profit and loss account.