Company registration number 07119853 (England and Wales)
BARRATT, GOFF & TOMLINSON LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
BARRATT, GOFF & TOMLINSON LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
BARRATT, GOFF & TOMLINSON LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
3
31,657
40,492
Tangible assets
4
22,889
31,292
54,546
71,784
Current assets
Debtors
5
828,247
1,104,752
Cash at bank and in hand
287,130
158,083
1,115,377
1,262,835
Creditors: amounts falling due within one year
6
(456,074)
(589,671)
Net current assets
659,303
673,164
Total assets less current liabilities
713,849
744,948
Creditors: amounts falling due after more than one year
7
(239,713)
(418,768)
Provisions for liabilities
(13,398)
(17,710)
Net assets
460,738
308,470
Capital and reserves
Called up share capital
8
60
60
Capital redemption reserve
40
40
Profit and loss reserves
460,638
308,370
Total equity
460,738
308,470
BARRATT, GOFF & TOMLINSON LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024
31 August 2024
- 2 -

For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 22 May 2025 and are signed on its behalf by:
A Brooks
R Brain
Director
Director
Company registration number 07119853 (England and Wales)
BARRATT, GOFF & TOMLINSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
1
Accounting policies
Company information

Barratt, Goff & Tomlinson Limited is a private company limited by shares incorporated in England and Wales. The registered office is 14 Park Row, Nottingham, NG1 6GR.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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
Turnover

Turnover is measured at the fair value of consideration received or receivable for professional services provided during the year, excluding disbursements and value added tax. Turnover is recognised when a right to consideration has been obtained through performance under each contract. Consideration accrues as contract activity progresses by reference to the value of work performed.

 

The majority of matters in the personal injury and clinical negligence departments are entered into on a contingent fee arrangement, known as a Conditional Fee Agreement (CFA). The cases are complex, high value and of long duration, which increases the risks of a successful outcome. CFA contracts contain a single performance obligation, being the provision of legal services to a customer in respect of personal injury or clinical negligence claims with fees being contingent on a successful outcome. Cases can fail at any stage; costs may not be recovered for a number of technical, procedural and legislative reasons. Until costs have been agreed between the parties or awarded by the Court, they remain at risk of being disallowed entirely. Therefore, due to the uncertainty arising from the CFA, contingent fees are treated as nil until the claim has fully resolved on all fronts: liability, quantum, and costs.

1.3
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 is ten years.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

BARRATT, GOFF & TOMLINSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 4 -

Amortisation 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:

Software
5 years straight line
1.5
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.

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
33% on reducing balance
Motor vehicles
25% on reducing balance

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.

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.

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.

BARRATT, GOFF & TOMLINSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies 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 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.

1.8
Equity instruments

Share capital issued by the company is recorded at the proceeds received, net of transaction costs. Dividends payable on share capital 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.

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.

1.10
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.

1.11
Retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.

BARRATT, GOFF & TOMLINSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 6 -
1.12
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.

2
Employees

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

2024
2023
Number
Number
Total
19
19
3
Intangible fixed assets
Goodwill
Software
Total
£
£
£
Cost
At 1 September 2023 and 31 August 2024
2,100,000
44,174
2,144,174
Amortisation and impairment
At 1 September 2023
2,100,000
3,682
2,103,682
Amortisation charged for the year
-
0
8,835
8,835
At 31 August 2024
2,100,000
12,517
2,112,517
Carrying amount
At 31 August 2024
-
0
31,657
31,657
At 31 August 2023
-
0
40,492
40,492
BARRATT, GOFF & TOMLINSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
4
Tangible fixed assets
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
Cost
At 1 September 2023
84,669
41,005
125,674
Additions
1,227
-
0
1,227
Disposals
(80,632)
-
0
(80,632)
At 31 August 2024
5,264
41,005
46,269
Depreciation and impairment
At 1 September 2023
79,646
14,736
94,382
Depreciation charged in the year
1,961
6,567
8,528
Eliminated in respect of disposals
(79,530)
-
0
(79,530)
At 31 August 2024
2,077
21,303
23,380
Carrying amount
At 31 August 2024
3,187
19,702
22,889
At 31 August 2023
5,023
26,269
31,292
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
621,619
937,891
Corporation tax recoverable
-
0
16,151
Amounts owed by group undertakings
169,200
109,200
Other debtors
37,428
41,510
828,247
1,104,752
BARRATT, GOFF & TOMLINSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 8 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
-
0
64,060
Trade creditors
308
308
Corporation tax
19,000
-
0
Other taxation and social security
182,293
194,121
Other creditors
254,473
331,182
456,074
589,671

The long-term loans are secured by fixed charges over 5 years. Included within other creditors are liabilities of £4,861 (2023: £4,861) that are secured over the asset to which it relates.

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
-
0
82,281
Other creditors
239,713
336,487
239,713
418,768

Included within other creditors are liabilities of £15,085 (2023: £19,946) that are secured over the asset to which it relates.

8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
20 Ordinary 'A' shares of £1 each
20
20
20 Ordinary 'C' shares of £1 each
20
20
20 Ordinary 'D' shares of £1 each
20
20
60
60
BARRATT, GOFF & TOMLINSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 9 -
9
Financial commitments, guarantees and contingent liabilities

The company has agreed to guarantee amounts payable by its parent company, Barratts Legal Limited, in relation to the purchase of shares from former shareholders. The amount payable at 31 August 2024 was £135,000 (2023: £195,000).

 

The amount is secured by way of a fixed and floating charge over the assets of Barratt, Goff & Tomlinson Limited.

10
Operating lease commitments
Lessee

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

2024
2023
£
£
55,188
127,629
11
Parent company

The parent company of Barratt, Goff & Tomlinson Limited is Barratts Legal Limited and its registered office is 14 Park Row, Nottingham, UK, NG1 6GR.

12
Prior period adjustment

A prior period adjustment has been made in relation to the accounting and taxation treatment of insurance proceeds received by the company in prior periods. This has resulted in a restatement of the comparative balance sheet.

 

The total adjustment to the balance sheet is an increase in the Other taxation and social security creditor of £120,371, a decrease in the Other creditors of £89,909 and a decrease in the Profit and loss reserves of £30,462.

 

The Other taxation and social security creditor previously reported was £73,750, now £194,121. The Other creditors previously reported were £421,091, now £331,182. The Profit and loss reserves previously reported were £338,832, now £308,370.

 

BARRATT, GOFF & TOMLINSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
12
Prior period adjustment
(Continued)
- 10 -
Reconciliation of changes in equity
1 September
31 August
2022
2023
£
£
Adjustments to prior year
Increase in Employer's social security costs
(30,462)
-
Equity as previously reported
401,261
308,470
Equity as adjusted
370,799
308,470
Analysis of the effect upon equity
Profit and loss reserves
(30,462)
-
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