Company registration number 07950137 (England and Wales)
WATSON RAMSBOTTOM LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
WATSON RAMSBOTTOM LIMITED
COMPANY INFORMATION
Directors
Mr E S Ashworth
Mrs R S Horman-Brown
Mr S P Maher
Mr J S Leach
Ms S J Pollitt
Ms A Caswell
Ms S Isa
Ms S Moore
Mrs C L Egerton
(Appointed 4 March 2024)
Company number
07950137
Registered office
25-29 Victoria Street
Blackburn
BB1 6DN
Auditor
MHA Moore and Smalley
Richard House
9 Winckley Square
Preston
PR1 3HP
WATSON RAMSBOTTOM LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Profit and loss account
10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 30
WATSON RAMSBOTTOM LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2023
- 1 -

The directors present the strategic report for the year ended 31 July 2023.

Review of the Business

Strategy

 

Our mission is to embody our vision and values of 'We are Human', while remaining dedicated to delivering exceptional legal services from the heart of the communities we serve. Moving forward, we will continue to build upon our successful legacy, adapting to the ever-changing legal landscape and providing superior service with a welcoming and professional approach. Our focus is on strengthening our Watson Ramsbottom Team, whilst taking advantage of emerging legal technologies and positioning ourselves to embrace growth opportunities and reap their benefits.

 

The strategy of assessing opportunities and grasping them when appropriate continues to bear fruit.

 

Services range and delivery

 

Our company is dedicated to staying ahead of the competition by offering a diverse range of legal products and services through both modern and traditional methods. We constantly reevaluate our services to meet the evolving demands of our clients and maintain our competitive edge. While we embrace digital and electronic channels, we also prioritise tailoring our services to our clients' preferences and needs. We will continue to provide these services from our high-street locations in our local communities, ensuring accessibility and convenience for our clients.

 

The market

 

Despite facing challenges in the legal services industry, our company has recognised the opportunities presented by the changing landscape. The widespread consolidation in certain geographical areas has led to a reduction in competition, creating room for us to expand into new markets. In response, we have invested resources to move into and enhance our position in these areas and embrace this transformation. As a result, we are well positioned to meet the evolving needs of our clients and thrive in this shifting environment.

 

Focusing on clients

 

The company's tagline is 'We’ve Got Your Back' and this brand value is front and centre of the client service strategy.

 

While the legal landscape has transformed, trust and expertise remain irreplaceable, and the company has dedicated resources to fortify its reputation in these domains. Across its departments, the company holds accreditations from the Law Society, showcasing its dedication to outstanding customer service. The expansion of the Watson Ramsbottom Team ensures comprehensive support for clients throughout their legal journey. Continuous client engagement encourages feedback, which is utilised to enhance service provision.

 

The company prioritises enhancing client communication through both traditional and digital channels to adapt to evolving client needs and technological advancements.

 

Substantial investments in time, effort, and finances have been made to develop a client portal, offering an intuitive interface for secure communication and confidential data exchange, thereby saving clients time and enhancing security measures against external threats.

 

Investing in people

 

The business has raised its investment in personnel development. This strategic investment has led to the improvement and augmentation of staff skills, providing clients with access to heightened expertise. A steadfast commitment exists within the company to foster a supportive, respectful, and inclusive workplace atmosphere. Furthermore, the company is dedicated to delivering specialised and tailored training across various facets of its operations. It was no surprise to us when we were named in the Sunday Times Best Places to Work 2023.

WATSON RAMSBOTTOM LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 2 -
Review of the Business (continued)

Investing in marketing technology

 

Investing in marketing technology is a strategic move for our legal services firm, acknowledging the evolving customer journey in today's dynamic landscape. Despite global challenges like pandemics and lockdowns, we recognise that personal relationships remain vital in service industries. Therefore, we continue to prioritise investment in nurturing these relationships while also seizing the opportunities presented by the digital revolution.

 

Our commitment to enhancing our IT and digital capabilities is reflected in our ongoing research and development efforts. We are actively planning to expand our client portal, aiming to provide a seamless and enriched customer experience by offering comprehensive information about our range of services.

 

In terms of marketing, our strategy has yielded tangible results, as evidenced by our improved rankings for key legal search terms and the growth of our social media communities. This growth has translated into an increase in new instructions, indicating the effectiveness of our approach.

 

Furthermore, we are dedicated to reducing our environmental footprint by operating paperless files across much of our business operations. We aim to further expand this initiative by the end of the next financial year, aligning with our broader commitment to sustainability. Additionally, we understand the importance of safeguarding sensitive data in today's digital age, which is why we are continuously investing in robust cyber security measures to ensure the protection of our clients' information.

 

In the community

 

With local offices in multiple town centres in Lancashire & West Yorkshire, maintaining close relationships with local communities is extremely important to the business. This is a key part of our ‘We are Human’ vision & values. As a result, the business invests time in supporting projects such as the Darwen Youth Zone as well as partnering with multiple charities in the geographical locations of our offices. The business sponsors local sports teams and supports community events, and our staff and directors regularly donate their time and expertise to local community organisations to give something meaningful back to local communities.

 

Awards

 

In addition to the company's Law Society accreditations, the company has yet again received external recognition from various professional bodies including The Legal 500 and The Sunday Times Best Places to Work.

 

Future outlook

 

The future remains increasingly competitive for the company and a flexible and innovative approach to business operations will be required. However we remain confident that we will continue to maintain and improve our current level of performance in the future.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WATSON RAMSBOTTOM LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 3 -
Description of Principal Risks and Uncertainties

The management of the business and the execution of the company strategy are faced with a variety of potential risks. These risks undergo a thorough review by the board, which then implements measures to monitor and minimise their impact. The board has identified the following as the primary risks that may affect the company's operations:

 

Financial management risks

A law firm, like any other business, can face financial risks due to insufficient liquidity. To manage this risk, the firm has taken proactive steps towards maintaining a significant amount of liquidity at all times.

 

We have an established, robust, financial risk management program involving regular monitoring of the firm's financial position, including its cash flow, bank balances, and debt levels. Regular financial reporting helps us to identify potential liquidity issues before they become serious problems.

 

We have improved our cash flow management through the use of detailed cash flow projections to plan for future expenses and to identify periods where the firm might otherwise face a cash shortfall. By doing so, we are able to make arrangements to ensure we have sufficient funds to meet our financial obligations.

 

Given the size of our company, the responsibility of monitoring financial risk management has been allocated to a dedicated team within the firm, including the Practice Manager, the Financial Manager as well as the Compliance Officer for Finance & Administration. This ensures that there is always someone keeping an eye on the firm's financial health and taking necessary action to mitigate any potential risks.

 

Economy

The Board remains cognisant of the potential risks posed by the current economic climate, particularly with regards to the upcoming general election and the volatile housing market. As such, we will closely monitor the situation and regularly reassess any potential impacts on our operations.

 

The Business has managed to continue to grow though throughout the significant slow-down in the economy and continues to do throughout the peaks and troughs of the housing market remaining quite unaffected which bucks the trend of many competitors.

 

Competition

Following the UK economy the primary concern for the law firm is the risk of competition, often from non-traditional law firms. This poses a significant threat to the success of the business and must continue to be carefully monitored.

 

Innovation service and relationships are key in order to stay ahead of competitors.

 

Additionally, the firm must actively implement targeted marketing strategies to effectively promote its products and services. Failure to do so could result in losing clients to rival firms. Moreover, with the ever-evolving legal landscape, it is crucial for the firm to stay updated and adapt to changing market trends to maintain its competitive edge.

 

Employee Risks

 

The company recognises the crucial role that employees play in the success of the business and places great emphasis on retaining them. To ensure the longevity of their service, we prioritise providing comprehensive training and support to our employees There has been significant reinvestment in key staff both in the form of additional salary and bonus structures to make the salaries paid to our team extremely competitive. We acknowledge you get what you pay for.

 

 

WATSON RAMSBOTTOM LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 4 -
Description of Principal Risks and Uncertainties (continued)

We understand that the dedication and skills of our staff are vital to our continued growth and prosperity, and we are committed to fostering a positive and supportive work environment for them evidenced by our recent awards. Our aim is to cultivate a strong and loyal team that will contribute to the long-term success of the company and see this as their home.

Analysis based on Key Performance Indicators

Management continue to monitor and report on top line turnover and EBITDA. EBITDA is defined as profits before interest payable, interest receivable, taxation, depreciation and amortisation.

 

The management are very pleased with the turnover and EBITDA figures for the current and previous 4 years which continue to be consistently high.

 

Turnover - fees billed

2023 - £12,952,443 (25.5% increase on previous year)

2022 - £10,323,475 (26.6% increase on previous year)

2021 - £ 8,157,413 (69.0% increase on previous year)

2020 - £ 4,827,599 (4.8% increase on previous year)

 

EBITDA

2023 - £1,940,346

2022 - £1,800,340

2021 - £1,791,814

2020 - £ 997,314

Analysis of Development and Performance

A number of projects started during the year that have continued post year end with the aim to streamline operations and improve internal efficiencies.

 

We plan expansion into two, new, geographical areas within 2023-24 to support those local communities, whilst expanding our reach and market share in our existing geographical regions.

 

We continue to invest significantly in our IT infrastructure and bespoke development of our practice and client management systems to increase integration and the speed of delivery of services and will ensure we continue to grow at a risk-averse and manageable rate within the scope of our strategic business plan cycle.

On behalf of the board

Mr E S Ashworth
Director
28 March 2024
WATSON RAMSBOTTOM LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2023
- 5 -

The directors present their annual report and financial statements for the year ended 31 July 2023.

Principal activities

The principal activity of the company continued to be that of the provision of legal services.

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £2,658,651. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr E S Ashworth
Mrs R S Horman-Brown
Mr S P Maher
Mr J S Leach
Ms S J Pollitt
Ms A Caswell
Mr G Quinn
(Resigned 31 December 2022)
Ms S Isa
Ms S Moore
Mrs C L Egerton
(Appointed 4 March 2024)
Auditor

MHA Moore and Smalley were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of the business, principle risk and uncertainties and development and performance.

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.

On behalf of the board
Mr E S Ashworth
Director
28 March 2024
WATSON RAMSBOTTOM LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JULY 2023
- 6 -

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:

 

 

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.

WATSON RAMSBOTTOM LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WATSON RAMSBOTTOM LIMITED
- 7 -
Opinion

We have audited the financial statements of Watson Ramsbottom Limited (the 'company') for the year ended 31 July 2023 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 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:

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 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

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

WATSON RAMSBOTTOM LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WATSON RAMSBOTTOM LIMITED
- 8 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

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 directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, are detailed below:

 

WATSON RAMSBOTTOM LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WATSON RAMSBOTTOM LIMITED
- 9 -

Because of the field in which the client operates, we identified the following areas as those most likely to have an impact on the financial statements: SRA compliance, employment law and compliance with the UK Companies Act and financial reporting requirements.

Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 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.

Karen Hain
Senior Statutory Auditor
For and on behalf of MHA Moore and Smalley
Chartered Accountants
Statutory Auditor
Richard House
9 Winckley Square
Preston
PR1 3HP
28 March 2024
WATSON RAMSBOTTOM LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JULY 2023
- 10 -
2023
2022
Notes
£
£
Turnover
3
12,952,443
10,323,475
Cost of sales
(4,177,459)
(3,095,013)
Gross profit
8,774,984
7,228,462
Administrative expenses
(6,947,113)
(5,584,492)
Other operating income
7,300
6,356
Operating profit
4
1,835,171
1,650,326
Interest receivable and similar income
7
319,536
9,393
Interest payable and similar expenses
8
(76,907)
(22,820)
Profit before taxation
2,077,800
1,636,899
Tax on profit
9
(460,015)
(325,471)
Profit for the financial year
1,617,785
1,311,428

The profit and loss account has been prepared on the basis that all operations are continuing operations.

WATSON RAMSBOTTOM LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2023
- 11 -
2023
2022
£
£
Profit for the year
1,617,785
1,311,428
Other comprehensive income
-
-
Total comprehensive income for the year
1,617,785
1,311,428
WATSON RAMSBOTTOM LIMITED
BALANCE SHEET
AS AT
31 JULY 2023
31 July 2023
- 12 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
11
57,955
79,054
Tangible assets
12
1,394,016
1,284,525
1,451,971
1,363,579
Current assets
Debtors
13
3,990,978
2,866,269
Cash at bank and in hand
867,547
729,180
4,858,525
3,595,449
Creditors: amounts falling due within one year
14
(4,870,431)
(2,269,235)
Net current (liabilities)/assets
(11,906)
1,326,214
Total assets less current liabilities
1,440,065
2,689,793
Creditors: amounts falling due after more than one year
15
(168,035)
(298,148)
Provisions for liabilities
Claims provision
18
38,645
125,145
Deferred tax liability
19
55,512
47,761
(94,157)
(172,906)
Net assets
1,177,873
2,218,739
Capital and reserves
Called up share capital
21
211
211
Capital redemption reserve
189
189
Profit and loss reserves
1,177,473
2,218,339
Total equity
1,177,873
2,218,739
The financial statements were approved by the board of directors and authorised for issue on 28 March 2024 and are signed on its behalf by:
Mr E S Ashworth
Director
Company Registration No. 07950137
WATSON RAMSBOTTOM LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023
- 13 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 August 2021
211
189
1,675,739
1,676,139
Year ended 31 July 2022:
Profit and total comprehensive income for the year
-
-
1,311,428
1,311,428
Dividends
10
-
-
(768,828)
(768,828)
Balance at 31 July 2022
211
189
2,218,339
2,218,739
Year ended 31 July 2023:
Profit and total comprehensive income for the year
-
-
1,617,785
1,617,785
Dividends
10
-
-
(2,658,651)
(2,658,651)
Balance at 31 July 2023
211
189
1,177,473
1,177,873
WATSON RAMSBOTTOM LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
1,244,706
969,201
Interest paid
(76,907)
(22,820)
Income taxes paid
(322,936)
(157,531)
Net cash inflow from operating activities
844,863
788,850
Investing activities
Purchase of tangible fixed assets
(159,577)
(308,872)
Interest received
319,536
9,393
Net cash generated from/(used in) investing activities
159,959
(299,479)
Financing activities
Movement on directors loan accounts
1,779,820
(162,404)
Proceeds from borrowings
476,000
420,000
Repayment of borrowings
(438,667)
(140,000)
Repayment of bank loans
(155,461)
(283,513)
Payment of finance leases obligations
(4,749)
-
0
Dividends paid
(2,658,651)
(768,828)
Net cash used in financing activities
(1,001,708)
(934,745)
Net increase/(decrease) in cash and cash equivalents
3,114
(445,374)
Cash and cash equivalents at beginning of year
667,724
1,113,098
Cash and cash equivalents at end of year
670,838
667,724
Relating to:
Cash at bank and in hand
867,547
729,180
Bank overdrafts included in creditors payable within one year
(196,709)
(61,456)
WATSON RAMSBOTTOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 15 -
1
Accounting policies
Company information

Watson Ramsbottom Limited is a private company limited by shares incorporated in England and Wales. The registered office is 25-29 Victoria Street, Blackburn, BB1 6DN.

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 amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to 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 for services represents the fair value of legal services provided during the year on client assignments. Fair value reflects the amount expected to be recoverable from clients and is based on time spent, expertise and skills provided, and expenses incurred. Fee income is stated net of Value Added Tax,the consideration and the nominal amount interest received is recognised as interest income.

 

Legal services provided to clients during the year which, at the balance sheet date, have not been invoiced to clients, have been recognised as fee income in accordance with Section 23 Revenue of Financial Reporting Standard 102. When the outcome of a transaction can be reliably estimated, fees are recognised by reference to the stage of completion and anticipated recovery at the balance sheet date.

 

Unbilled fee income is included as stated at fair value where the right to consideration has been obtained. Provision is made against unbilled amounts on those engagements where the right to receive payments is contingent on other factors outside the control of the company.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which the directors believe to be 10 years.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

WATSON RAMSBOTTOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 16 -

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Land and buildings
1% straight line
Fixtures, fittings & equipment
15% reducing balance
Computer equipment
25% reducing balance/straight line
Motor vehicles
25% straight line

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.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.

1.7
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.

1.8
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.

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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

WATSON RAMSBOTTOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 17 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 trade creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. 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. Amounts 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

WATSON RAMSBOTTOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 18 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
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.

1.10
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.

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.

1.11
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 is 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.

WATSON RAMSBOTTOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 19 -
1.12
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.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.15
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

WATSON RAMSBOTTOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 20 -
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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Unbilled revenue

The value of unbilled revenue is derived on the basis of estimates and assumptions regarding the fair value of unbilled time recorded to matters at the year end. The valuation of unbilled revenue involves significant judgement and affects the amount of revenue recognised. The valuation is based on an estimate of the amount expected to be recoverable from clients on unbilled items based on such factors as time spent multiplied by average recovery rates. The finance department review historical trends to ensure that the method for accounting for the amounts recoverable on contracts is the most accurate for each matter.

Provision of doubtful debts

The application of the bad debt provision to unpaid bills involves an element of judgement in assessing the amount of the provision and the age of the debt to apply to this. This is considered to be a critical accounting judgement due to the value of unpaid bills on the balance sheet. At each balance sheet date, management undertake an assessment of the recoverability of trade debtors based upon their knowledge of the customers, ageing of the balances outstanding and previous write off history. Where necessary, an impairment is recorded as a doubtful debt. The actual level of debt collected may differ from the estimated level of recovery.

Claims provision

At each balance sheet date, management undertake an assessment of any ongoing litigations or claims based upon the significance of client complaints and breaches. The firm will assess the nature of the claims and how likely they are to result in a liability to the firm. Where it is deemed likely, a claims provision will be included based on an estimate of the liability.

 

The actual level of claim monies paid may differ from the estimated provision.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Fee income
12,952,443
10,323,475
WATSON RAMSBOTTOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
3
Turnover and other revenue
(Continued)
- 21 -
2023
2022
£
£
Other revenue
Interest income
319,536
9,393
Grants received
-
2,525
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
-
(2,525)
Fees payable to the company's auditor for the audit of the company's financial statements
20,200
-
0
Depreciation of owned tangible fixed assets
84,076
62,915
Amortisation of intangible assets
21,099
87,099
Operating lease charges
233,319
113,547
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Directors
8
8
Fee earners
74
58
Support staff
146
122
Total
228
188

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
7,067,470
5,512,867
Pension costs
287,384
331,853
7,354,854
5,844,720
WATSON RAMSBOTTOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 22 -
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
359,424
287,208
Company pension contributions to defined contribution schemes
167,220
221,984
Pensions to former directors
-
0
16,764
526,644
525,956
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
85,150
30,562
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
311,859
2,414
Other interest income
7,677
6,979
Total income
319,536
9,393
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
311,859
2,414
8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
25,042
18,623
Other interest on financial liabilities
49,207
4,197
74,249
22,820
Other finance costs:
Interest on finance leases and hire purchase contracts
2,658
-
76,907
22,820
WATSON RAMSBOTTOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 23 -
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
452,264
305,347
Adjustments in respect of prior periods
-
0
(2,469)
Total current tax
452,264
302,878
Deferred tax
Origination and reversal of timing differences
7,751
22,593
Total tax charge
460,015
325,471

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
2,077,800
1,636,899
Expected tax charge based on the standard rate of corporation tax in the UK of 21.01% (2022: 19.00%)
436,546
311,011
Tax effect of expenses that are not deductible in determining taxable profit
21,032
19,665
Effect of change in corporation tax rate
1,225
2,953
Depreciation on assets not qualifying for tax allowances
2,145
3,730
Superdeduction expenditure
(933)
(11,888)
Taxation charge for the year
460,015
325,471
10
Dividends
2023
2022
£
£
Final paid
2,658,651
768,828
WATSON RAMSBOTTOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 24 -
11
Intangible fixed assets
Goodwill
£
Cost
At 1 August 2022 and 31 July 2023
870,994
Amortisation and impairment
At 1 August 2022
791,940
Amortisation charged for the year
21,099
At 31 July 2023
813,039
Carrying amount
At 31 July 2023
57,955
At 31 July 2022
79,054
12
Tangible fixed assets
Land and buildings
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 August 2022
1,056,801
160,988
345,381
-
0
1,563,170
Additions
114,020
4,599
40,958
33,990
193,567
At 31 July 2023
1,170,821
165,587
386,339
33,990
1,756,737
Depreciation and impairment
At 1 August 2022
54,736
40,816
183,093
-
0
278,645
Depreciation charged in the year
11,085
18,199
48,419
6,373
84,076
At 31 July 2023
65,821
59,015
231,512
6,373
362,721
Carrying amount
At 31 July 2023
1,105,000
106,572
154,827
27,617
1,394,016
At 31 July 2022
1,002,065
120,172
162,288
-
0
1,284,525
WATSON RAMSBOTTOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 25 -
13
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
854,549
799,014
Gross amounts owed by contract customers
998,129
572,381
Other debtors
1,405,408
985,593
Prepayments and accrued income
732,892
509,281
3,990,978
2,866,269
14
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans and overdrafts
16
352,314
217,012
Obligations under finance leases
17
3,844
-
0
Other borrowings
16
317,333
280,000
Trade creditors
369,791
365,514
Corporation tax
274,675
145,347
Other taxation and social security
660,560
594,154
Other creditors
1,685,057
-
0
Accruals and deferred income
1,206,857
667,208
4,870,431
2,269,235

Obligations under finance leases are secured by a fixed charge over the assets to which they relate.

15
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
16
142,638
298,148
Obligations under finance leases
17
25,397
-
0
168,035
298,148

Obligations under finance leases are secured by a fixed charge over the assets to which they relate.

WATSON RAMSBOTTOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 26 -
16
Loans and overdrafts
2023
2022
£
£
Bank loans
298,243
453,704
Bank overdrafts
196,709
61,456
Other loans
317,333
280,000
812,285
795,160
Payable within one year
669,647
497,012
Payable after one year
142,638
298,148

Bank loans and overdrafts are secured by a first legal charge over the following properties; 31 and 31A Victoria Street, Blackburn and 33-39 Railway Road, Darwen.

 

There is a cross guarantee in place in favour of Barclays Bank UK Plc, Barclays Bank Plc and Barclays Mercantile Business Finance Limited and Debenture held by Barclays Security Trustee Limited for the benefit of Barclays Bank UK Plc, Barclays Bank Plc and Barclays Mercantile Business Finance limited granted by Watson Ramsbottom Solicitors Limited.

17
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
3,844
-
0
In two to five years
25,397
-
0
29,241
-
0

Finance lease payments represent rentals payable by the company for company cars. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

18
Provisions for liabilities
2023
2022
£
£
Claims provision
38,645
125,145
WATSON RAMSBOTTOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
18
Provisions for liabilities
(Continued)
- 27 -
Movements on provisions:
Claims provision
£
At 1 August 2022
125,145
Reversal of provision
(86,500)
At 31 July 2023
38,645
19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
55,512
47,761
2023
Movements in the year:
£
Liability at 1 August 2022
47,761
Charge to profit or loss
7,751
Liability at 31 July 2023
55,512
20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
287,384
331,853

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

WATSON RAMSBOTTOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 28 -
21
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
D Ordinary shares of 1p each
1
1
-
-
E Ordinary shares of 1p each
1
1
-
-
F Ordinary shares of 1p each
1
1
-
-
G Ordinary shares of 1p each
1
1
-
-
Ordinary shares of 0.1p each
211,600
211,600
211
211
22
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
201,357
30,047
Between two and five years
667,236
-
0
868,593
30,047
23
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Purchases
Purchases
2023
2022
£
£
Entities with common control
48,300
71,600
Other related parties
166,635
40,000

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due from related parties
£
£
Entities over which the entity has control, joint control or significant influence
1,281,168
766,590
WATSON RAMSBOTTOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 29 -
24
Directors' transactions

Dividends totalling £2,658,651 (2022 - £768,828) were paid in the year in respect of shares held by the company's directors.

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Director
2.00
81,905
204,560
1,633
(980,283)
(692,185)
Director
2.00
20,910
285,530
1,026
(210,277)
97,189
Director
2.00
26,682
201,883
961
(986,351)
(756,825)
Director
2.00
46,554
196,170
1,022
(481,740)
(237,994)
Director
2.00
40,951
-
97
(14,054)
26,994
217,002
888,143
4,739
(2,672,705)
(1,562,821)
25
Cash generated from operations
2023
2022
£
£
Profit for the year after tax
1,617,785
1,311,428
Adjustments for:
Taxation charged
460,015
325,471
Finance costs
76,907
22,820
Investment income
(319,536)
(9,393)
Amortisation and impairment of intangible assets
21,099
87,099
Depreciation and impairment of tangible fixed assets
84,076
62,915
(Decrease)/increase in provisions
(86,500)
71,667
Movements in working capital:
Increase in debtors
(1,219,472)
(673,593)
Increase/(decrease) in creditors
610,332
(229,213)
Cash generated from operations
1,244,706
969,201
WATSON RAMSBOTTOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 30 -
26
Analysis of changes in net funds/(debt)
1 August 2022
Cash flows
New finance leases
31 July 2023
£
£
£
£
Cash at bank and in hand
729,180
138,367
-
867,547
Bank overdrafts
(61,456)
(135,253)
-
(196,709)
667,724
3,114
-
670,838
Borrowings excluding overdrafts
(733,704)
118,128
-
(615,576)
Obligations under finance leases
-
4,749
(33,990)
(29,241)
(65,980)
125,991
(33,990)
26,021
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