ACCOUNTS - Final Accounts preparation

3CS CORPORATE SOLICITORS LIMITED - Company Information

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Registered number: 08198795

3CS CORPORATE SOLICITORS LIMITED (FORMERLY 3HR CORPORATE SOLICITORS LIMITED)

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2020

3CS CORPORATE SOLICITORS LIMITED (FORMERLY 3HR CORPORATE SOLICITORS LIMITED)

REGISTERED NUMBER: 08198795

STATEMENT OF FINANCIAL POSITION

AS AT 31 AUGUST 2020

		2020		2019
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	566,173		548,723
Cash at bank and in hand		238,337		584,796
		804,510		1,133,519
Creditors: amounts falling due within one year	6	(317,020)		(356,619)
Net current assets			487,490		776,900
Total assets less current liabilities			487,490		776,900

Net assets			487,490		776,900

Capital and reserves
Called up share capital	100	100
Profit and loss account	487,390	776,800
	487,490	776,900

The directors consider 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 year in question in accordance with section 476 of the Companies Act 2006.

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.

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 comprehensive income 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 on 28 May 2021.

Terence Bennett

Director

The notes on pages 2 to 6 form part of these financial statements.

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3CS CORPORATE SOLICITORS LIMITED (FORMERLY 3HR CORPORATE SOLICITORS LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

1.	General information

3CS Corporate Solicitors Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is 35 New Broad Street, London, EC2M 1NH.

2.Accounting policies

2.1

Basis of preparation of financial statements

The finacial 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 preparation of in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The directors' assessment is the company is a going concern for at least 12 months from the signing of the accounts. Support is also available to the company from the parent should it be required.

The following principal accounting policies have been applied:

2.2

Turnover

Turnover 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. Turnover 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

Turnover 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.

2.3

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.

2.4

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

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3CS CORPORATE SOLICITORS LIMITED (FORMERLY 3HR CORPORATE SOLICITORS LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

2.Accounting policies (continued)

2.5

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.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an 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.

2.6

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.

Page 3

3CS CORPORATE SOLICITORS LIMITED (FORMERLY 3HR CORPORATE SOLICITORS LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

2.Accounting policies (continued)

2.7

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.

2.8

Interest income

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

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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of financial position date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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3CS CORPORATE SOLICITORS LIMITED (FORMERLY 3HR CORPORATE SOLICITORS LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

Employees

The average monthly number of employees, including directors, during the year was 33 (2019 - 28).

Debtors

					2020	2019
					£	£


Trade debtors	398,867	465,519
Amounts owed by group undertakings	38,992	32,738
Other debtors	68,000	-
Prepayments and accrued income	60,314	50,466
	566,173	548,723

Amounts owed by group undertakings are measured interest free and repayable on demand.

5.	Cash and cash equivalents
		2020	2019
		£	£

Cash at bank and in hand	238,337	584,796
	238,337	584,796

6.	Creditors: Amounts falling due within one year
		2020	2019
		£	£

Trade creditors	33,442	20,142
Corporation tax	-	27,943
Other taxation and social security	224,016	188,813
Other creditors	22,667	26,131
Accruals and deferred income	36,895	93,590
	317,020	356,619

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3CS CORPORATE SOLICITORS LIMITED (FORMERLY 3HR CORPORATE SOLICITORS LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

7.	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. The pension cost charge represents contributions payable by the Company to the fund and amounted to £79,303 (2019 - £48,273). Contributions totalling £nil (2019 - £nil) were payable to the fund at the reporting date.

8.	Related party transactions
	The company has taken advantage of the exemption under FRS102, not to disclose related party transactions with wholly owned group entities.

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