Company registration number 08082564 (England and Wales)
ESTATE AND CORPORATE SOLICITORS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
ESTATE AND CORPORATE SOLICITORS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
ESTATE AND CORPORATE SOLICITORS LIMITED (REGISTERED NUMBER: 08082564)
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
5
80,000
Tangible assets
6
185,474
190,127
185,474
270,127
Current assets
Stocks
35,657
48,725
Debtors
7
201,298
116,443
Cash at bank and in hand
21,526
78,080
258,481
243,248
Creditors: amounts falling due within one year
8
(119,345)
(138,920)
Net current assets
139,136
104,328
Total assets less current liabilities
324,610
374,455
Creditors: amounts falling due after more than one year
9
(141,913)
(155,633)
Net assets
182,697
218,822
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
182,696
218,821
Total equity
182,697
218,822
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 31 March 2024 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.
ESTATE AND CORPORATE SOLICITORS LIMITED (REGISTERED NUMBER: 08082564)
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 January 2025 and are signed on its behalf by:
V Aigbogun
Director
ESTATE AND CORPORATE SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Estate And Corporate Solicitors Limited is a private company limited by shares incorporated in England and Wales. The registered office is 57 Hythe Street, Dartford, Kent, DA1 1BG.
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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet 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 represents net invoiced sales for services, excluding value added tax.
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 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:
Software
Fully impaired
ESTATE AND CORPORATE SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
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:
Freehold property
2% on cost
Leasehold improvements
2% on cost
Fixtures, fittings & equipment
25% reducing balance
Computer equipment
25% reducing balance
Freehold land - Not depreciated
1.6
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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.7
Stocks
Work in progress is valued at the lower of cost and estimated selling price less costs to sell.
1.8
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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
ESTATE AND CORPORATE SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.10
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.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
6
8
4
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
26,326
35,826
Adjustments in respect of prior periods
(1,710)
(15,229)
Total current tax
24,616
20,597
ESTATE AND CORPORATE SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
5
Intangible fixed assets
Software
£
Cost
At 1 April 2023 and 31 March 2024
80,000
Amortisation and impairment
At 1 April 2023
Impairment losses
80,000
At 31 March 2024
80,000
Carrying amount
At 31 March 2024
At 31 March 2023
80,000
6
Tangible fixed assets
Freehold property
Leasehold improvements
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
£
Cost
At 1 April 2023 and 31 March 2024
157,880
44,947
29,080
12,368
244,275
Depreciation and impairment
At 1 April 2023
14,210
7,192
22,548
10,198
54,148
Depreciation charged in the year
1,579
899
1,633
542
4,653
At 31 March 2024
15,789
8,091
24,181
10,740
58,801
Carrying amount
At 31 March 2024
142,091
36,856
4,899
1,628
185,474
At 31 March 2023
143,670
37,755
6,532
2,170
190,127
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
58,143
20,443
Other debtors
143,155
96,000
201,298
116,443
ESTATE AND CORPORATE SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
25,109
42,308
Trade creditors
3,196
3,735
Taxation and social security
64,220
82,907
Other creditors
26,820
9,970
119,345
138,920
9
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
10
141,913
155,633
Amounts included above which fall due after five years are as follows:
Payable by instalments
98,887
103,619
10
Loans and overdrafts
2024
2023
£
£
Bank loans
158,075
184,406
Bank overdrafts
8,947
13,535
167,022
197,941
Payable within one year
25,109
42,308
Payable after one year
141,913
155,633
The bank loan is secured over the assets and premises of the company.
11
Related party transactions
During the year, the company charged rent totalling £9,000 (2023: £9,000) to a company with common directors.
Included in other debtors is a balance owed by a company with common directors totalling £126,155 (2023: £81,000).
ESTATE AND CORPORATE SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
12
Directors' transactions
During the year dividends totalling £30,700 (2023: £34,500) were paid to a director.
Included in other creditors is a balance owed by the director totalling £91 (2023: £145).
13
Client accounts
At the balance sheet date, the company held £449,950 (2023: £1,160,734) in client accounts.
14
Prior period adjustment
The prior year adjustment relates to the client bank account which has been offset against the corresponding creditor.
Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in profit for the previous financial period
2023
£
Total adjustments
-
Profit as previously reported
153,585
Profit as adjusted
153,585
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