Registration number:
Euclid Law Ltd
for the Year Ended 31 January 2024
Euclid Law Ltd
Contents
Company Information |
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Abridged Balance Sheet |
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Notes to the Unaudited Abridged Financial Statements |
Euclid Law Ltd
Company Information
Directors |
Oliver Bretz Sarah Long Marie Leppard Becket McGrath Natalie Greenwood |
Registered office |
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Accountants |
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Euclid Law Ltd
(Registration number: 09177736)
Abridged Balance Sheet as at 31 January 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investments |
|
|
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Other financial assets |
16,560 |
16,560 |
|
|
|
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Current assets |
|||
Debtors |
|
|
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Other financial assets |
616,791 |
- |
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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|
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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|
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Capital and reserves |
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Called up share capital |
1,000 |
1,000 |
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Profit and loss account |
2,817,914 |
2,535,844 |
|
Total equity |
2,818,914 |
2,536,844 |
For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Euclid Law Ltd
(Registration number: 09177736)
Abridged Balance Sheet as at 31 January 2024 (continued)
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
......................................... |
Euclid Law Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Group accounts not prepared
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 taxable income.
Euclid Law Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024 (continued)
1 |
Accounting policies (continued) |
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Short leasehold improvements |
over the period of the lease |
Fixtures, fittings and equipment |
between 20% and 33% straight line |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Euclid Law Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024 (continued)
1 |
Accounting policies (continued) |
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Euclid Law Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024 (continued)
1 |
Accounting policies (continued) |
Financial instruments
Classification
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Recognition and measurement
Impairment
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Euclid Law Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024 (continued)
Tangible assets |
Short leasehold land and buildings |
Fixtures and fittings |
Total |
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Cost or valuation |
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At 1 February 2023 |
- |
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Additions |
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At 31 January 2024 |
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Depreciation |
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At 1 February 2023 |
- |
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Charge for the year |
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At 31 January 2024 |
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Carrying amount |
|||
At 31 January 2024 |
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|
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At 31 January 2023 |
- |
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Investments |
Total |
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Cost or valuation |
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At 1 February 2023 |
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Provision |
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Carrying amount |
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At 31 January 2024 |
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At 31 January 2023 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Euclid Law Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024 (continued)
4 |
Investments (continued) |
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2024 |
2023 |
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Subsidiary undertakings |
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119/2 Chaussee de Vleurgat, Bruxelles 1000 Belgium |
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Other financial assets (current and non-current) |
Financial assets at cost less impairment |
Total |
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Non-current financial assets |
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Cost or valuation |
||
At 1 February 2023 |
16,560 |
16,560 |
At 31 January 2024 |
16,560 |
16,560 |
Impairment |
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Carrying amount |
||
At 31 January 2024 |
|
16,560 |
Financial assets at fair value through profit and loss |
Total |
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Current financial assets |
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Cost or valuation |
||
Additions |
616,791 |
616,791 |
At 31 January 2024 |
616,791 |
616,791 |
Impairment |
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Carrying amount |
||
At 31 January 2024 |
|
616,791 |
Euclid Law Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024 (continued)
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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|
- |
- |
|
580 |
|
|
820 |
|
150 |
|
|
50 |
|
200 |
C Ordinary shares of £1 each |
50 |
50 |
20 |
20 |
D Ordinary shares of £1 each |
50 |
50 |
20 |
20 |
E Ordinary shares of £1 each |
30 |
30 |
30 |
30 |
|
|
|
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Related party transactions |
Transactions with directors |
2024 |
At 1 February 2023 |
Advances to director |
At 31 January 2024 |
Oliver Bretz |
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Interest bearing loan @ 2.25% p.a. |
- |
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Accrued interest |
- |
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|
- |
145,072 |
145,072 |
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The loan is repayable within nine months of the year end.
Summary of transactions with subsidiaries
Euclid Law Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024 (continued)
7 |
Related party transactions (continued) |
Summary of transactions with other related parties
During the period the company entered into a leasing arrangement for its office premises with the Euclid Law Shareholder Pension Scheme (ELSPS) in which O Bretz and M Leppard are both members. Under the terms of the lease, an annual rent of £48,000 is payable and at the period end £4,800 (2023 - £Nil) was due to ELSPS which is included in current liabilities.