Page 70 - DWF Annual Report 2017
P. 70
Notes to the Financial Statements
Year ended 30 April 2017 (continued)
11. ACQUISITIONS (continued)
On 1 January 2016 the LLP acquired 100% control of BridgehouseLaw Germany holding GbR and BridgehouseLaw Germany RmbH,
companies whose primary activity is Legal Services, for consideration of £415,000. The fair value of the assets acquired was £415,000.
During the year ended 30 April 2017 additional consideration was recognised of £802,000, comprised of £385,000 capital, £139,000 cash
and £278,000 deferred consideration due within one year.
On 1 May 2016 the LLP acquired the business and assets of Trevor Fox T/A Fox Hartley, a sole trader whose primary activity is Legal Services, for
total consideration of £608,905. The fair value of the assets acquired was £408,905. In the year ended 30 April 2017 the turnover and operating
profit of the business are included in the results of the LLP, the results are not material to Group and have not been separately disclosed.
On 1 December 2016 the Group acquired the business and assets of C&H Jefferson LLP, a partnership whose primary activity is Legal
Services, for total consideration of £3,927,000. This was equal to the fair value of the assets acquired.
On 1 January 2017 the Group acquired the business and assets of Heenan Paris, a partnership whose primary activity is Legal Services,
for total consideration of £170,000. This was equal to the fair value of the assets acquired.
On 24 January 2017 the Group acquired the business and assets of Triton Global Limited and 100% control of it’s subsidiaries, whose
primary activity is Legal Services, for total consideration of £1,193,000. The fair value of the assets acquired was £2,466,000. The negative
goodwill that has arisen will be recognised in the Group Profit and Loss in the years ended 30 April 2017 and 30 April 2018. Triton Group
was comprised of Triton Global Limited, 3Sxity Limited, Triton Global Claims Ireland Limited, Triton Global LLC, Triton Global Claims (Canada)
Limited, Triton Global (Australia) Pty Limited, Triton Global Claims (HK) Limited and Triton Global Claims (Asia) Pte Limited. Individually these
are not considered material to the Group and the results for the period have been disclosed in aggregate.
Group Group LLP LLP
12. DEBTORS 2017 2016 2017 2016
£’000 £’000 £’000 £’000
Trade debtors 71,803 62,505 63,194 60,006
Amounts due from subsidiary entities* - - 7,691 4,638
Amounts recoverable from clients in respect of unbilled work performed 30,906 21,347 26,956 20,862
Unbilled disbursements 4,767 3,434 4,700 3,399
Other debtors 3,686 - 2,647 -
Prepayments and accrued income 9,472 13,764 8,677 12,923
120,634 101,050 113,865 101,828
*Amounts due from subsidiary entities are interest free and repayable on demand.
13. CREDITORS: AMOUNTS FALLING Group Group LLP LLP
DUE WITHIN ONE YEAR 2017 2016 2017 2016
£’000 £’000 £’000 £’000
Bank loans and overdrafts 1,106 433 430 433
Net obligations under finance leases and hire purchase obligations 158 463 158 463
Amounts due to subsidiary entities* - - 8,763 15,815
Trade creditors 23,533 20,176 22,146 19,708
Corporation tax - 483 - -
Other taxation and social security 8,596 7,540 7,794 627
Other creditors 10,398 3,607 5,474 2,862
Accruals and deferred income 7,181 8,094 5,563 5,483
50,972 40,796 50,328 45,391
*Amounts due from subsidiary entities are interest free and repayable on demand.
