Page 69 - DWF Annual Report 2017

Notes to the Financial Statements

Year ended 30 April 2017 (continued)

11. ACQUISITIONS

ACQUISITION OF TRADE AND ASSETS

The useful life of goodwill on acquisition is 5 years. The acquisitions have been accounted for under the acquisition method.
The following table sets out the book values of the identifiable assets and liabilities acquired and their fair value to the Group:

Trevor Fox T/A Fox Hartley C&H Jefferson LLP Heenan Paris Triton Global Total
Book Fair value Book Fair value Book Fair value Book Fair value Fair value
value to Group value to Group value to Group value to Group to Group
£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000

Fixed assets
Tangible 31 31 371 371 234 234 307 307 943
Current assets
Amounts recoverable from 177 177 2,002 2,002 - - 2,741 1,866 4,045
clients in respect of unbilled
work performed
Debtors 439 439 2,147 2,147 628 628 2,654 2,173 5,387
Cash 128 128 - - 5 5 79 79 212

Total assets 775 775 4,520 4,520 867 867 5,781 4,425 10,587

Creditors
Trade creditors (109) (109) (469) (469) (175) (175) (157) (157) (910)
Other creditors (257) (257) (124) (124) (522) (522) (446) (1,802) (2,705)
Total liabilities (366) (366) (593) (593) (697) (697) (603) (1,959) (3,615)

Net assets 409 409 3,927 3,927 170 170 5,178 2,466 6,972
Goodwill 200 - - (1,273) (1,073)
609 3,927 170 1,193 5,899
Satisified by
Cash consideration 534 1,167 - 263 1,964
Deferred consideration due - 2,760 170 930 3,860
within one year
Capital consideration 75 - - - 75
609 3,927 170 1,193 5,899

Turnover for the period 2,787 833 5,504 9,124
Operating profit for the period 538 211 457 1,206

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