Page 67 - Annual Review 2015-2016
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           Notes to the Financial Statements                                                                       FINANCIAL REVIEW


           Year ended 30 April 2016






           20. CONTROLLING PARTY AND RELATED PARTY TRANSACTIONS
           In the opinion of the Members there is no controlling party as defined by FRS 102 Section 33.
           DWF LLP has relied upon the exemption given in FRS 102 section 33 to not disclose transactions between itself and its 100% subsidiary
           undertakings or other entities wholly included within the consolidation.
           The Group considers Strategic Board Members  as the key management personnel. The total remuneration for key management personnel
           for the year total £3,438,000 (2015: £4,082,293).

           21. EXPLANATION OF TRANSITION TO FRS 102
           This is the first year that the Group has presented its financial statements under Financial Reporting Standard 102 (FRS 102) issued by the
           Financial Reporting Council. The following disclosures are required in the year of transition. The last financial statements under previous UK
           GAAP were for the year ended 30 April 2015 and the date of transition to FRS 102 was therefore 1 May 2014. As a consequence of adopting
           FRS 102, a number of accounting policies have changed to comply with that standard.
           Note 1. In the previously reported financial statements, which were presented under old UK GAAP, there was no requirement to include an
           accrual for unpaid holiday entitlement. Under FRS 102, this approach is not permitted and the group is required to provide for any holiday
           accrued from 1 December, the start of the group’s holiday year, to 30 April, which had not yet been taken by employees of the group. This has
           resulted in an additional staff expense on transition and for each year reported.
           Note 2. The Group has also been required to recalculate the lease incentives received since transition to spread the incentive over the full
           lease term. Under old UK GAAP the lease incentive was spread to the first break clause. This has resulted in the reversal of £87,000 previously
           recognised incentives credit. The Group has elected to continue to recognise existing lease incentives which commenced prior to the date of
           transition to FRS 102, on the same basis used under the previous accounting framework as permitted under the transition exemptions of FRS 102.
           Note 3. The adjustment to the tax charge has arisen as a direct result of the FRS 102 adjustments.
           Note 4. In accordance with the Statement of Recommended Practice Accounting by Limited Liability Partnership (issued July 2014) the Group
           now accounts for Members’ remuneration charged as an expense as documented in Note 1 to the financial statements.
                                                                         Group                    LLP
           RECONCILIATION OF MEMBERS’ INTERESTS
                                                                     1 May     30 April     1 May     30 April
                                                                      2014        2015       2014        2015
                                                                      £’000      £’000      £’000       £’000

            Note         Members’ interest under previous UK GAAP    45,692     42,840     44,165      38,360
            1                     Unused holiday entitlement accruals   (1,682)    (1,287)      -           -
            2                                     Lease incentives       -         (87)         -        (87)
            3                                  Adjusted tax charge      (2)         (9)         -           -

                         Members’ interests reported under FRS 102   44,008     41,457     44,165      38,273

           RECONCILIATION OF PROFIT FOR 2015                                                Group        LLP
                                                                                             £’000      £’000
            Note                         Profit for the financial year under previous UK GAAP  45,807  42,085
            1                                             Unused holiday entitlement accruals  395         -
            2                                                            Lease incentives     (87)       (87)
            3                                                         Adjusted tax charge      (7)         -
            4                                   Members' remuneration charged as an expense   (26,963)   (27,365)
                                                  Profit for the financial year under FRS 102   19,145    14,633


           Business combinations
           The Group has elected not to apply Section 19 Business Combinations and Goodwill to business combinations that were effected before the
           date of transition to FRS 102. No adjustment has been made to the carrying value of goodwill and intangibles. Assets subsumed within goodwill
           have not been separately recognised.
           Investments in subsidiaries
           The Group has elected to treat the carrying amount of investments in subsidiaries under previous UK GAAP at the date of transition as deemed
           cost on transition to FRS 102.
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