Company Registration No. 09067468 (England and Wales)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
LGSS LAW LIMITED
COMPANY INFORMATION
Directors
Mr C Warboys
Mr T Kelly
Mrs D Carter-Hughes
Professor S Mayson
(Appointed 8 April 2019)
Mr J Smith
(Appointed 22 July 2019)
Company number
09067468
Registered office and
Floor 3, Pathfinder House
Huntingdon office
St. Marys Street
Huntingdon
PE29 3TN
Cambridge office
Shire Hall
Castle Hill
Cambridge
CB3 0AP
Northampton office
One Angel Street
Angel Street
Northampton
NN1 1ED
Shefford office
Priory House
Monks Walk
Chicksands
Shefford
SG17 5TQ
Auditor
Ensors Accountants LLP
Warwick House
Ermine Business Park
Spitfire Close
Huntingdon
Cambs
PE29 6XY
LGSS LAW LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 31
LGSS LAW LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2020
- 1 -
Executive Director foreword to the Annual Report for the year ended 31 March 2020
Business model
LGSS Law Ltd provides expert legal advice tailored to the public and not-for-profit sectors. The company aims to charge lower legal fees than other private sector options and to recruit high-quality lawyers by providing a rewarding work environment (in terms of quality of work, operational efficiencies, working benefits and remuneration). Owned by three local authorities, LGSS Law Ltd aims to provide cost-effectiveness to its clients through increased specialisation, capacity and economies of scale; enabling high productivity and greater employee skills.
The challenge
Local authority budgets have been strained over the last decade, with increasing pressure on authorities to make savings and events which require spend which could not have been foreseen (the Covid-19 pandemic being a recent example of this). As a result authorities are seeking to derive better value for money from their legal spend; better legal services for the same or lower cost and to consider new ways of working. The model developed by LGSS Law Ltd draws on elements of a commercial model in its performance management and business-like culture/processes, but retains key elements of an in-house legal team, such as the client ownership and control. The ability to call on LGSS Law Ltd’s services on an as-needed basis provides comfort to public sector organisations who may sometimes need additional legal capacity but cannot justify further permanent or locum staff.
Management and governance
During the year the Interim Executive Director was appointed into the role on a permanent basis and, following the resignation of the Executive Director (Finance and Operations), that role was removed. New appointments to the Board of Directors have also occurred this financial year.
Principal risks and uncertainties
Revenue and costs: the company produces detailed budgets and reviews results against budget on a regular basis.
Operational risks: the company maintains and regularly reviews a risk register.
Compliance with regulation and standards: the company reviews compliance with regulations on a regular basis investigating and taking corrective action as needed. The company is regulated by the Solicitors Regulation Authority and holds the Law Society Lexel accreditation.
Client and supplier management: the company has procedures in place to manage relationships with key clients and suppliers.
People management: the company has extensive people management procedures, covering recruitment, retention and development.
Liquidity risk: The company reviews cash balances on a daily basis and produces regular cash flow analyses.
Growth
The firm took a step back in 2019/20 to enable it to review its practices and processes, to consider improvements that needed to be made and to identify the direction the company wants to travel in. Therefore, any growth in the 2019/20 financial year was achieved organically, through “regular” clients or word of mouth. There was no active marketing of the firm to achieve growth. This time has allowed the firm to develop its Strategy 2020/21 as well as a new vision, mission and set of values.
LGSS LAW LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 2 -
Financial results
2019/20 has seen revenue increase from £7,825,722 to £8,475,001 and report a profit of £349,612 from the previous year loss of £1,209,276. The firm hopes to build on the changes that it has made and see further growth in 2020/21.
Mrs D Carter-Hughes
Director
23 July 2020
LGSS LAW LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2020
- 3 -
The directors present their annual report and financial statements for the year ended 31 March 2020.
Principal activities
The principal activity of the company is to deliver and supply timely, flexible and effective legal services to the public sector and not for profit clients including its shareholders.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr C Warboys
Mr T Kelly
Mrs D Carter-Hughes
Mr T Lewis
(Resigned 12 July 2019)
Professor S Mayson
(Appointed 8 April 2019)
Mr J Smith
(Appointed 22 July 2019)
Financial instruments
Treasury operations and financial instruments
The company's principal financial instruments include debt and loans from participating interests, the main purpose of which is to raise finance for the company's operations. The company has various other financial assets and liabilities such as trade receivables and trade payables arising directly from its operations.
Liquidity risk
The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.
Credit risk
Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
Future developments
Our overarching objective is to deliver more financial and other benefits to shareholders and clients through exploitation of increased economies of scale and any other mechanism that we find to release benefits for our owners and our clients.
Auditor
The auditor, Ensors Accountants LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
LGSS LAW LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 4 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mrs D Carter-Hughes
Director
23 July 2020
LGSS LAW LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2020
- 5 -
The directors are responsible for preparing the annual report 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). 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.
LGSS LAW LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LGSS LAW LIMITED
- 6 -
Opinion
We have audited the financial statements of LGSS Law Limited (the 'company') for the year ended 31 March 2020 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and 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 FRS 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 31 March 2020 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.
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
Auditor's
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.
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 our audit
:
-
the information given in the strategic report and the directors' r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
LGSS LAW LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LGSS LAW LIMITED
- 7 -
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 identifie
d
material misstatements in the strategic report and the directors'
r
eport
.
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; or
-
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement, 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 is 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.
Auditor's 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 an auditor’s report 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: http://www.frc.org.uk/auditorsresponsibilities
.
This description forms part of our auditor’s 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 an auditor's report 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.
Barry Gostling (Senior Statutory Auditor)
for and on behalf of Ensors Accountants LLP
1 September 2020
Chartered Accountants
Warwick House
Statutory Auditor
Ermine Business Park
Spitfire Close
Huntingdon
Cambs
PE29 6XY
LGSS LAW LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2020
- 8 -
2020
2019
Notes
£
£
Turnover
3
8,475,001
7,825,722
Cost of sales
(5,535,042)
(6,030,748)
Gross profit
2,939,959
1,794,974
Administrative expenses
(2,627,472)
(3,007,711)
Operating profit/(loss)
4
312,487
(1,212,737)
Interest payable and similar expenses
8
(21,121)
(14,456)
Profit/(loss) before taxation
291,366
(1,227,193)
Tax on profit/(loss)
9
58,246
17,917
Profit/(loss) for the financial year
349,612
(1,209,276)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
LGSS LAW LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2020
- 9 -
2020
2019
£
£
Profit/(loss) for the year
349,612
(1,209,276)
Other comprehensive income
-
-
Total comprehensive income for the year
349,612
(1,209,276)
LGSS LAW LIMITED
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 10 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
10
3,964
18,323
Current assets
Debtors falling due after more than one year
11
3,958,000
3,589,000
Debtors falling due within one year
11
2,174,661
2,864,566
Cash at bank and in hand
1,828,290
2,202,564
7,960,951
8,656,130
Creditors: amounts falling due within one year
12
(2,465,711)
(5,093,711)
Net current assets
5,495,240
3,562,419
Total assets less current liabilities
5,499,204
3,580,742
Creditors: amounts falling due after more than one year
13
(1,050,000)
(1,275,000)
Provisions for liabilities
15
(3,958,000)
(3,589,000)
Net assets/(liabilities)
491,204
(1,283,258)
Capital and reserves
Called up share capital
18
1,425,000
150
Profit and loss reserves
(933,796)
(1,283,408)
Total equity
491,204
(1,283,258)
The financial statements were approved by the board of directors and authorised for issue on 5 August 2020 and are signed on its behalf by:
Mrs D Carter-Hughes
Director
Company Registration No. 09067468
LGSS LAW LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2020
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2018
150
(74,132)
(73,982)
Year ended 31 March 2019:
Loss and total comprehensive income for the year
-
(1,209,276)
(1,209,276)
Balance at 31 March 2019
150
(1,283,408)
(1,283,258)
Year ended 31 March 2020:
Profit and total comprehensive income for the year
-
349,612
349,612
Issue of share capital
18
1,424,850
-
1,424,850
Balance at 31 March 2020
1,425,000
(933,796)
491,204
LGSS LAW LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2020
- 12 -
2020
2019
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
21
(1,551,582)
651,327
Interest paid
(21,121)
(14,456)
Income taxes refunded
39
17,990
Net cash (outflow)/inflow from operating activities
(1,572,664)
654,861
Investing activities
Purchase of tangible fixed assets
(1,460)
(6,758)
Net cash used in investing activities
(1,460)
(6,758)
Financing activities
Proceeds from issue of shares
1,424,850
-
Proceeds/(repayment) of borrowings
(225,000)
325,000
Net cash generated from financing activities
1,199,850
325,000
Net (decrease)/increase in cash and cash equivalents
(374,274)
973,103
Cash and cash equivalents at beginning of year
2,202,564
1,229,461
Cash and cash equivalents at end of year
1,828,290
2,202,564
LGSS LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 13 -
1
Accounting policies
Company information
LGSS Law Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Floor 3, Pathfinder House, St Marys Street, Huntingdon, PE29 3TN. The company registration number is 09067468.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
At 31 March 2020, the company’s balance sheet showed an overall net assets position for the first time in recent years as well as a return to profitability.
true
The COVID-19 pandemic has introduced a degree of uncertainty for the company and the wider economy as a whole. However, the company’s shareholders have confirmed that they intend to support the company for a period of at least 12 months from the approval of the financial statements and have agreed to subordinate all existing loans, overdrafts and other amounts payable.
In addition, LGSS Law Ltd has continued to trade throughout the pandemic and has actually increased its caseload, with staff and courts working remotely.
This combined with forecasts of continued profitability and an improved position over the next twelve months allows the Directors to have a reasonable expectation that the company will continue in operational existence for the foreseeable future. Thus the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
LGSS LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 14 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
Straight line over 4 years
Computer equipment
Straight line over 4 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
LGSS LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 15 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
participating interests
and preference shares that are classified as debt, 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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
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. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
LGSS LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 16 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Provisions
Provisions are recognised when the
company
has a legal or constructive present obligation as a result of a past event, it is probable that the
company
will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i
s
measured at present value
,
the unwinding of the discount is recognised as a finance cost in profit or loss in the period
in which
it arises.
LGSS LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 17 -
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
The
c
om
pan
y’s employees are members of a
number of
group wide defined benefit pension plan
s
administered by LGSS Pension Services and a part of the Local Government Pension Fund. The net defined benefit cost of the plan is charged to participating entities on the following basis: Actuarial valuation of the liability as at the year end.
Up until 31 March 2014 the pension scheme provided benefits based on final salary and length of service on retirement. Changes came into effect from 1 April 2014 and any benefits accrued from this date are based on career average revalued salary, with various protections in place for those members in the scheme before the changes take effect. The assets of the scheme are held separately from those of the company in an independently administered fund. Pension scheme assets are measured using fair values. Pension scheme liabilities are measured using a projected unit method and discounted at the current rate of return on a high quality corporate bond of equivalent term and currency to the liability. The pension scheme surplus (to the extent that it is recoverable) or deficit is recognised in full.
LGSS Law Ltd will continue to show the deficit on the pension scheme as a liability on the Balance Sheet.
It has been agreed with Cambridgeshire County Council and Northamptonshire County Council that they will provide an indemnity in respect of the pension obligations of the
c
ompany.
The Admission Agreement between the company, the Bedford Pension Fund and Central Bedfordshire Council contains a similar undertaking from Central Bedfordshire Council.
Accordingly an asset has been recognised on the Balance Sheet to reflect the Councils indemnity. This asset will always be equal and opposite to the pension liability and is presented within other debtors.
The reimbursement asset is treated similarly to a plan asset, interest income is calculated by multiplying the asset at the start of the period with the market yield on high quality corporate bonds and recognised in interest receivable.
The remeasurement gains / losses arising are recognised in
O
ther Comprehensive Income.
The Councils’ indemnity of the pension deficits supports the preparation of the financial statements on a going concern basis.
LGSS LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 18 -
2
Judgements and key sources of estimation uncertainty
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 affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Bad debt provision
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the aging profile of debtors, whether covered by insurance and historical experience.
Depreciation
The company estimates the rates of depreciation used to write down the different classes of assets the company owns. This is based on prior experience of asset lives while taking into account any additional circumstances. Once fully depreciated over its useful life the asset should be stated at its residual value or £nil if there is no residual value.
Revenue and accrued income
Revenue is recognised at the point of billing or for matters that have not yet been billed, where there is a right to consideration. Where there is a right to consideration, income is accrued at the carrying value of time recorded less deductions for recovery rate and bad debt provision.
Final salary pension scheme indemnity
The
company benefits from indemnities against any pension scheme deficits arising from their participation in various local government pension schemes which are of a final salary nature. These indemnities are provided by various local authorities and arise either from the terms of the company’s admission agreement into the pension scheme or from specific indemnities provided by the local authorities to the company.
T
he nature of these arrangements are such that the company is exposed to a credit risk in the event that any particular local authority is unable to honour the indemnity provided. Due to the nature of the guarantors the directors do not consider that this risk is significant.
3
Turnover and other revenue
2020
2019
£
£
Turnover analysed by class of business
Fee Income
8,475,001
7,825,722
All of the company's turnover arises within the United Kingdom.
4
Operating profit/(loss)
2020
2019
Operating profit/(loss) for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
15,819
17,496
LGSS LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 19 -
5
Auditor's remuneration
2020
2019
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
10,000
9,800
For other services
All other non-audit services
18,510
17,950
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Directors
5
4
Administrative
132
126
Total
137
130
Their aggregate remuneration comprised:
2020
2019
£
£
Wages and salaries
5,585,743
6,268,761
Social security costs
462,571
446,171
Pension costs
893,689
841,185
6,942,003
7,556,117
7
Directors' remuneration
2020
2019
£
£
Remuneration for qualifying services
207,977
225,457
Company pension contributions
25,797
43,820
233,774
269,277
LGSS LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
7
Directors' remuneration
(Continued)
- 20 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2020
2019
£
£
Remuneration for qualifying services
127,258
105,526
8
Interest payable and similar expenses
2020
2019
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
21,121
14,456
9
Taxation
2020
2019
£
£
Current tax
Adjustments in respect of prior periods
(39)
(17,917)
Deferred tax
Losses and other deductions
(58,207)
-
Total tax credit
(58,246)
(17,917)
The actual credit for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:
2020
2019
£
£
Profit/(loss) before taxation
291,366
(1,227,193)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 19.00% (2019: 19.00%)
55,360
(233,167)
Tax effect of expenses that are not deductible in determining taxable profit
86
23,679
Adjustments in respect of prior years
(39)
(17,917)
Deferred tax adjustments in respect of prior years
(25,799)
37,618
Deferred tax not recognised
(87,854)
171,870
Taxation credit for the year
(58,246)
(17,917)
LGSS LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 21 -
10
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
Cost
At 1 April 2019
18,737
46,755
65,492
Additions
869
591
1,460
At 31 March 2020
19,606
47,346
66,952
Depreciation and impairment
At 1 April 2019
12,619
34,550
47,169
Depreciation charged in the year
4,901
10,918
15,819
At 31 March 2020
17,520
45,468
62,988
Carrying amount
At 31 March 2020
2,086
1,878
3,964
At 31 March 2019
6,118
12,205
18,323
11
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
60,548
179,443
Amounts owed by participating interests
577,534
1,868,634
Other debtors
1,276
-
Prepayments and accrued income
1,477,096
816,489
2,116,454
2,864,566
Deferred tax asset (note 16)
58,207
-
2,174,661
2,864,566
2020
2019
Amounts falling due after more than one year:
£
£
Other debtors
3,958,000
3,589,000
Total debtors
6,132,661
6,453,566
LGSS LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 22 -
12
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
298,127
387,681
Amounts owed to participating interests
1,445,586
4,119,031
Taxation and social security
447,824
342,801
Other creditors
104,400
91,924
Accruals and deferred income
169,774
152,274
2,465,711
5,093,711
13
Creditors: amounts falling due after more than one year
2020
2019
Notes
£
£
Other borrowings
14
1,050,000
1,275,000
14
Loans and overdrafts
2020
2019
£
£
Loans from participating interests
1,050,000
1,275,000
Payable after one year
1,050,000
1,275,000
The company has benefitted from loan facilities with Northamptonshire County Council, Cambridgeshire County Council and Central Bedfordshire Council at 3.75% pa.
The total available facility is £1,050,000, the full amount of which has been drawn down.
15
Provisions for liabilities
2020
2019
£
£
Defined benefit pension fund
3,958,000
3,589,000
LGSS LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
15
Provisions for liabilities
(Continued)
- 23 -
Movements on provisions:
Defined benefit pension fund
£
At 1 April 2019
3,589,000
Movement in the year
369,000
At 31 March 2020
3,958,000
The provisions for liabilities relate to the pension fund liability of £3,958,000 (2019: £3,589,000).
16
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Assets
Assets
2020
2019
Balances:
£
£
Tax losses
58,207
-
2020
Movements in the year:
£
Liability at 1 April 2019
-
Credit to profit or loss
(58,207)
Asset at 31 March 2020
(58,207)
The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits.
17
Retirement benefit schemes
2020
2019
£
£
Charge to profit or loss in respect of retirement benefit schemes
893,689
841,185
LGSS LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 24 -
18
Share capital
2020
2019
£
£
Ordinary share capital
Authorised
1,425,000 (2019: 150) Ordinary shares of £1 each
1,425,000
150
Issued and fully paid
1,425,000 (2019: 150) Ordinary shares of £1 each
1,425,000
150
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company.
During the year 1,424,850 new ordinary shares were issued at par to each of the three existing shareholders in equal proportions
.
19
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2020
2019
£
£
Aggregate compensation
233,774
269,277
Other information
The related parties involved include three councils who jointly operate LGSS Law Limited; Cambridgeshire County Council, Northamptonshire County Council and Central Bedfordshire Council. The transactions were as follows:
During the year, the total sales amounted to £7,823,739 (2019: £7,349,630) At the year end, the total debtors amounted to £577,534 (2019: £1,868,634).
During the year, the total purchases amounted to £521,164 (2019: £613,024) which included rent of £232,589 (2019: £265,029). At the year end, total creditors amounted to £1,445,586 (2019: £4,119,031).
During the year, the company incurred recharges from its shareholders totalling £246,558 (2019: £275,139). The recharges from the individual shareholders amounted to £123,279 from Cambridgeshire County Council and £123,279 from Northamptonshire County Council.
During the year Cambridgeshire County Council provided the Company with an unsecured loan facility of £325,000. Northamptonshire County Council reduced its previous loan facility of £950,000 to £475,000 with most of the remaining £475,000 being converted into ordinary share capital. Central Bedfordshire Council provided the Company with an unsecured loan facility of £250,000.
LGSS LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 25 -
20
Retirement Benefits
Retirement Benefit Schemes
LGSS Law Limited staff are entitled to join the Local Government Pension Scheme (LGPS) which is a defined benefit plan.
Former employees of Northamptonshire County Council are members of the Northamptonshire County Council LGPS. Former employees of the Central Bedfordshire Council are members of the Bedfordshire County Council LGPS. All of the employees who join the scheme are members of the Cambridgeshire County Council LGPS.
The Net Pension Liability is guaranteed by the respective Local Authorities and not the company.
Details of the funds and their treatments in these financial statements are as follows:
Cambridgeshire Pension Fund
The major assumptions used by the actuary to calculate scheme liabilities under FRS 102 Section 28 “Employee Benefits” are best estimates chosen from a range of possible actuarial assumptions which, due to the timescales covered, may not necessarily be borne out in practice. The key assumptions (expressed as weighted averages) at the year end were as follows:
The last full actuarial valuation was performed on 31 March 2020.
In valuing the liabilities of the pension fund at 31 March 2020, mortality assumptions have been made as indicated below.
The assumptions relating to longevity underlying the pension liabilities at the balance sheet date are based on standard actuarial mortality tables and include an allowance for future improvements in longevity. The assumptions are equivalent to expecting a 65 year old to live for a number of years as follows:
-
Current pensioner aged 65: 22.0 years (male), 24.0 years (female)
-
Future retiree upon reaching 65: 22.7 years (male), 25.5 years (female)
Amounts recognised in the profit and loss account
|
|
|
|
|
|
Net interest on defined benefit liability
|
|
|
Net interest on local authority guarantee
|
|
|
|
|
|
LGSS LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 26 -
Amounts taken to other comprehensive income
|
|
|
Return on scheme assets excluding interest income
|
|
|
Actuarial changes related to pension scheme
|
|
|
Actuarial changes related to local authority guarantee
|
|
|
|
|
|
The amounts included in the balance sheet arising from the company’s obligations in respect of this defined benefit pension plan are as follows:
|
|
|
Present value of defined benefit obligations
|
|
|
Fair value of plan assets
|
|
|
Fair value of local authority guarantee
|
|
|
|
|
|
Movement in the present value of defined benefit obligations
|
|
|
|
|
|
|
|
|
|
|
|
Changes in financial assumptions
|
|
|
|
|
|
|
|
|
|
|
|
The defined benefit obligations arise from plans which are wholly or partly funded.
Movement in the fair value of plan assets
|
|
|
Fair value of assets at 1 April
|
|
|
|
|
|
Return on plan assets (excluding amounts included in net interest)
|
|
|
Contributions by employer
|
|
|
|
|
|
|
|
|
|
|
|
LGSS LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 27 -
Northamptonshire Pension Fund
The major assumptions used by the actuary to calculate scheme liabilities under FRS 102 Section 28 “Employee Benefits” are best estimates chosen from a range of possible actuarial assumptions which, due to the timescales covered, may not necessarily be borne out in practice. The key assumptions (expressed as weighted averages) at the year end were as follows:
The last full actuarial valuation was performed on 31 March 2020.
In valuing the liabilities of the pension fund at 31 March 2020, mortality assumptions have been made as indicated below.
The assumptions relating to longevity underlying the pension liabilities at the balance sheet date are based on standard actuarial mortality tables and include an allowance for future improvements in longevity. The assumptions are equivalent to expecting a 65 year old to live for a number of years as follows:
-
Current pensioner aged 65: 21.5 years (male), 23.7 years (female)
-
Future retiree upon reaching 65: 22.3 years (male), 25.1 years (female)
Amounts recognised in the profit and loss account
|
|
|
|
|
|
Net interest on defined benefit liability
|
|
|
Net interest on local authority guarantee
|
|
|
|
|
|
Amounts taken to other comprehensive income
|
|
|
Return on scheme assets excluding interest income
|
|
|
Actuarial changes related to pension scheme
|
|
|
Actuarial changes related to local authority guarantee
|
|
|
|
|
|
LGSS LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 28 -
The amounts included in the balance sheet arising from the company’s obligations in respect of this defined benefit pension plan are as follows:
|
|
|
Present value of defined benefit obligations
|
|
|
Fair value of plan assets
|
|
|
Fair value of local authority guarantee
|
|
|
|
|
|
Movement in the present value of defined benefit obligations
|
|
|
|
|
|
|
|
|
|
|
|
Changes in financial assumptions
|
|
|
|
|
|
|
|
|
|
|
|
The defined benefit obligations arise from plans which are wholly or partly funded.
Movement in the fair value of plan assets
|
|
|
Fair value of assets at 1 April
|
|
|
|
|
|
Return on plan assets (excluding amounts included in net interest)
|
|
|
Contributions by employer
|
|
|
|
|
|
|
|
|
|
|
|
LGSS LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 29 -
Central Bedfordshire Pension Fund
The major assumptions used by the actuary to calculate scheme liabilities under FRS 102 Section 28 “Employee Benefits” are best estimates chosen from a range of possible actuarial assumptions which, due to the timescales covered, may not necessarily be borne out in practice. The key assumptions (expressed as weighted averages) at the year end were as follows:
The last full actuarial valuation was performed on 31 March 2020.
In valuing the liabilities of the pension fund at 31 March 2020, mortality assumptions have been made as indicated below.
The assumptions relating to longevity underlying the pension liabilities at the balance sheet date are based on standard actuarial mortality tables and include an allowance for future improvements in longevity. The assumptions are equivalent to expecting a 65 year old to live for a number of years as follows:
-
Current pensioner aged 65: 22.2 years (male), 24.3 years (female)
-
Future retiree upon reaching 65: 23.4 years (male), 26.1 years (female)
Amounts recognised in the profit and loss account
|
|
|
|
|
|
Net interest on defined benefit liability
|
|
|
Net interest on local authority guarantee
|
|
|
|
|
|
Amounts taken to other comprehensive income
|
|
|
Return on scheme assets excluding interest income
|
|
|
Actuarial changes related to pension scheme
|
|
|
Actuarial changes related to local authority guarantee
|
|
|
|
|
|
LGSS LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 30 -
The amounts included in the balance sheet arising from the company’s obligations in respect of this defined benefit pension plan are as follows:
|
|
|
Present value of defined benefit obligations
|
|
|
Fair value of plan assets
|
|
|
Fair value of local authority guarantee
|
|
|
|
|
|
Movement in the present value of defined benefit obligations
|
|
|
|
|
|
|
|
|
|
|
|
Changes in financial assumptions
|
|
|
|
|
|
|
|
|
|
|
|
The defined benefit obligations arise from plans which are wholly or partly funded.
Movement in the fair value of plan assets
|
|
|
Fair value of assets at 1 April
|
|
|
|
|
|
Return on plan assets (excluding amounts included in net interest)
|
|
|
|
|
|
Contributions by employer
|
|
|
|
|
|
|
|
|
|
|
|
LGSS LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 31 -
21
Cash generated from operations
2020
2019
£
£
Profit/(loss) for the year after tax
349,612
(1,209,276)
Adjustments for:
Taxation credited
(58,246)
(17,917)
Finance costs
21,121
14,456
Depreciation and impairment of tangible fixed assets
15,819
17,496
Increase in provisions
369,000
1,471,000
Movements in working capital:
Decrease/(increase) in debtors
379,112
(196,866)
(Decrease)/increase in creditors
(2,628,000)
572,508
(Decrease) in income tax position
-
(74)
Cash (absorbed by)/generated from operations
(1,551,582)
651,327
2020-03-31
2019-04-01
false
CCH Software
CCH Accounts Production 2020.200
Mr C Warboys
Mr C Warboys
Mrs D Carter-Hughes
Mr T Lewis
Professor S Mayson
Mr T Kelly
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2020-03-31
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