Estatesearch Limited
Unaudited Financial Statements
For the year ended 28 February 2023
Pages for Filing with Registrar
Company Registration No. 09417760 (England and Wales)
Estatesearch Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
Estatesearch Limited
Balance Sheet
As at 28 February 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
150,922
159,682
Tangible assets
4
32,144
13,884
183,066
173,566
Current assets
Debtors
5
1,016,605
492,654
Cash at bank and in hand
106,259
64,568
1,122,864
557,222
Creditors: amounts falling due within one year
6
(667,424)
(257,140)
Net current assets
455,440
300,082
Total assets less current liabilities
638,506
473,648
Creditors: amounts falling due after more than one year
7
(811,169)
(582,095)
Net liabilities
(172,663)
(108,447)
Capital and reserves
Called up share capital
8
251
251
Share premium account
9,094
9,094
Profit and loss reserves
(182,008)
(117,792)
Total equity
(172,663)
(108,447)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Estatesearch Limited
Balance Sheet (Continued)
As at 28 February 2023
Page 2
The financial statements were approved by the board of directors and authorised for issue on 29 November 2023 and are signed on its behalf by:
Mr J M Upton
Director
Company Registration No. 09417760
Estatesearch Limited
Notes to the Financial Statements
For the year ended 28 February 2023
Page 3
1
Accounting policies
Company information
Estatesearch Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Chancery Lane, London, England, WC2A 1LG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company made a loss after tax in the year of £90,080 (2022: £32,113 profit after tax) and at the balance sheet date had net liabilities of £198,527 (2022: £108,447).true
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 2 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
Estatesearch Limited
Notes to the Financial Statements (Continued)
For the year ended 28 February 2023
1
Accounting policies
(Continued)
Page 4
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website Development
2 years straight line
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
5 years straight line
Fixtures, fittings & equipment
3 years straight line
Computer equipment
3 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has only basic financial instruments measured at amortised cost.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Estatesearch Limited
Notes to the Financial Statements (Continued)
For the year ended 28 February 2023
1
Accounting policies
(Continued)
Page 5
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Estatesearch Limited
Notes to the Financial Statements (Continued)
For the year ended 28 February 2023
1
Accounting policies
(Continued)
Page 6
1.14
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.15
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
25
12
3
Intangible fixed assets
Goodwill
Website Development
Total
£
£
£
Cost
At 1 March 2022
175,000
266,410
441,410
Additions
175,000
22,896
197,896
At 28 February 2023
350,000
289,306
639,306
Amortisation and impairment
At 1 March 2022
59,452
222,276
281,728
Amortisation charged for the year
153,125
53,531
206,656
At 28 February 2023
212,577
275,807
488,384
Carrying amount
At 28 February 2023
137,423
13,499
150,922
At 28 February 2022
115,548
44,134
159,682
Estatesearch Limited
Notes to the Financial Statements (Continued)
For the year ended 28 February 2023
Page 7
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 March 2022
15,074
15,074
Additions
11,564
17,872
29,436
At 28 February 2023
11,564
32,946
44,510
Depreciation and impairment
At 1 March 2022
1,190
1,190
Depreciation charged in the year
1,911
9,265
11,176
At 28 February 2023
1,911
10,455
12,366
Carrying amount
At 28 February 2023
9,653
22,491
32,144
At 28 February 2022
13,884
13,884
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
989,512
491,139
Other debtors
10,329
-
Prepayments and accrued income
16,764
1,515
1,016,605
492,654
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
Trade creditors
407,477
139,147
Corporation tax
2,184
Other taxation and social security
216,037
113,983
Other creditors
31,726
4,010
667,424
257,140
Estatesearch Limited
Notes to the Financial Statements (Continued)
For the year ended 28 February 2023
Page 8
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
22,500
Other creditors
788,669
582,095
811,169
582,095
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
251
251
251
251
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
48,646
10
Related party transactions
Included in other creditors due after more than one year at the balance sheet date is an amount of £779,872 (2022: £489,676) owed to the directors.