ACCOUNTS - Final Accounts preparation

3CS CORPORATE SOLICITORS LIMITED - Company Information

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Registered number: 08198795

3CS CORPORATE SOLICITORS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2021

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

REGISTERED NUMBER: 08198795

STATEMENT OF FINANCIAL POSITION

AS AT 31 AUGUST 2021

		2021		2020
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	878,858		566,173
Cash at bank and in hand		68,545		238,337
		947,403		804,510
Creditors: amounts falling due within one year	6	(662,794)		(317,020)
Net current assets			284,609		487,490
Total assets less current liabilities			284,609		487,490

Net assets			284,609		487,490

Capital and reserves
Called up share capital	125	100
Share premium account	47,975	-
Profit and loss account	236,509	487,390
	284,609	487,490

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 27 May 2022.

Terence Bernard Bennett

Director

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

REGISTERED NUMBER: 08198795

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 AUGUST 2021

The notes on pages 3 to 8 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 2021

1.	General information

3CS Corporate Solicitors Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is 60 Moorgate, London, EC2R 6EJ.

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 2021

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.

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

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2021

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 2021

2.Accounting policies (continued)

2.10

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Employees

The average monthly number of employees, including directors, during the year was 32 (2020 - 33).

Debtors

					2021	2020
					£	£


Trade debtors	598,793	398,867
Amounts owed by group undertakings	-	38,992
Other debtors	127,121	68,000
Prepayments and accrued income	152,944	60,314
	878,858	566,173

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

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

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2021

5.	Cash and cash equivalents
		2021	2020
		£	£

Cash at bank and in hand	68,545	238,337
	68,545	238,337

6.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Trade creditors	58,178	33,442
Amount due to group undertakings	350,806	-
Other taxation and social security	193,738	224,016
Other creditors	13,966	22,667
Accruals and deferred income	46,106	36,895
	662,794	317,020

Amounts due to group undertakings are unsecured, interest free and repayable on demand.

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 £86,215 (2020 - £79,303). Contributions totalling £nil (2020 - £nil) were payable to the fund at the reporting date.

Related party transactions

3CS Corporate Solicitors Limited (“LTD”) and 3CS Holdings PLC (“PLC”) are deemed to be related parties by virtue of PLC owning 80% of the issued share capital of LTD from 21 June 2021.

As prior to that date LTD was wholly owned by the PLC, the only disclosable related party transactions are from 21 June 2021 to the year end in relation to the recharge of management and other costs incurred by PLC to LTD, amounting to the net sum of £194,671.

At the year end the balance of £350,806 was outstanding between the two group companies

9.	Share capital
		2021	2020
		£	£

		Allotted, called up and fully paid

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

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2021

9.Share capital (continued)

10,000 (2020 - 10,000) Ordinary shares shares of £0.01 each	100	100
2,500 (2020 - ) A Ordinary shares shares of £0.01 each	25	-

	125	100

During the year the company issued 25 A Ordinary shares of £1 for a total share premium of £49,975.
The A Ordinary shares of £1 each rank pari passu with the Ordinary shares of £1 each.
On the 21 June 2021 both categories of shares were sub - divided from £1 to £0.01 shares

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