ACCOUNTS - Final Accounts preparation

ESQUIRE SOLICITORS LTD - Company Information

Company Registration Number 12127851

	ESQUIRE SOLICITORS LTD

	UNAUDITED FINANCIAL STATEMENTS

	31 OCTOBER 2020


ESQUIRE SOLICITORS LTD REGISTERED NUMBER:12127851

STATEMENT OF FINANCIAL POSITION

AS AT 31 OCTOBER 2020

		2020
Note		£


Current assets
Debtors: amounts falling due within one year	4	24,636
Cash at bank and in hand		115,888
		140,524
Creditors: amounts falling due within one year	5	(75,106)
Net current assets			65,418
Total assets less current liabilities			65,418
Creditors: amounts falling due after more than one year	6		(40,685)

Net assets			24,733

Capital and reserves
Called up share capital	8	1
Profit and loss account		24,732
		24,733

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Mr I Mohammed

Director

Date: 15 February 2021

The notes on pages 2 to 5 form part of these financial statements.

Page 1


ESQUIRE SOLICITORS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 OCTOBER 2020

1.	General information

Esquire Solicitors Ltd is a private company, limited by shares, incorporated in England and Wales. The company registration number is 12127851. The registered office and principal place of business is Second Floor, Halifax House, 93-101 Bridge Street, Manchester M3 2GX.
The company was incorporated on 29 July 2019 and commenced trading on 1 November 2019.
The financial statements are prepared in sterling which is also the functional currency of the company.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

The Director has considered everything regarding COVID19 and concludes the business remains a going concern.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

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ESQUIRE SOLICITORS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 OCTOBER 2020

2.Accounting policies (continued)

2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

2.8

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

2.10

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.11

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.12

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 3


ESQUIRE SOLICITORS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 OCTOBER 2020

Employees

The average monthly number of employees, including directors, during the period was 4.

Debtors

					2020
					£


	Trade debtors	18,784
	Prepayments and accrued income	5,852
		24,636

5.	Creditors: Amounts falling due within one year
		2020
		£

	Bank loans	3,036
	Corporation tax	13,716
	Other taxation and social security	15,221
	Other creditors	36,883
	Accruals and deferred income	6,250
		75,106

6.	Creditors: Amounts falling due after more than one year
		2020
		£

	Bank loans	40,685
		40,685

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ESQUIRE SOLICITORS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 OCTOBER 2020

7.	Loans
	Analysis of the maturity of loans is given below:
		2020
		£

	Amounts falling due within one year
	Bank loans	3,036
		3,036

	Amounts falling due 2-5 years
	Bank loans	29,148
		29,148
	Amounts falling due after more than 5 years
	Bank loans	11,538
		11,538
		43,722

8.	Share capital
		2020
		£

		Allotted, called up and fully paid

		1 Ordinary share of £1.00	1

1 Ordinary share of £1 was issued at par, on incorporation on 29 July 2019.

9.	Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £48 were payable to the fund at the reporting date and are included in creditors.

10.	Related party transactions
	At the balance sheet date the company owed the director £36,835 on their loan account. The loan is unsecured, interest free and repayable on demand.

Page 5