3CS Corporate Solicitors Limited 08198795 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is the provision of legal services. Digita Accounts Production Advanced 6.30.9574.0 true true 08198795 2023-09-01 2024-08-31 08198795 2024-08-31 08198795 core:TaxLossesCarry-forwardsDeferredTax 2024-08-31 08198795 core:CurrentFinancialInstruments 2024-08-31 08198795 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 08198795 bus:SmallEntities 2023-09-01 2024-08-31 08198795 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 08198795 bus:FilletedAccounts 2023-09-01 2024-08-31 08198795 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 08198795 bus:RegisteredOffice 2023-09-01 2024-08-31 08198795 bus:Director1 2023-09-01 2024-08-31 08198795 bus:Director12 2023-09-01 2024-08-31 08198795 bus:Director13 2023-09-01 2024-08-31 08198795 bus:Director14 2023-09-01 2024-08-31 08198795 bus:Director2 2023-09-01 2024-08-31 08198795 bus:Director4 2023-09-01 2024-08-31 08198795 bus:Director5 2023-09-01 2024-08-31 08198795 bus:Director6 2023-09-01 2024-08-31 08198795 bus:Director7 2023-09-01 2024-08-31 08198795 bus:Director8 2023-09-01 2024-08-31 08198795 bus:Director9 2023-09-01 2024-08-31 08198795 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 08198795 core:UKTax 2023-09-01 2024-08-31 08198795 countries:EnglandWales 2023-09-01 2024-08-31 08198795 2022-09-01 2023-08-31 08198795 2023-08-31 08198795 core:CurrentFinancialInstruments 2023-08-31 08198795 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 08198795 core:UKTax 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure

Registration number: 08198795

Prepared for the registrar

3CS Corporate Solicitors Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2024

 

3CS Corporate Solicitors Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

3CS Corporate Solicitors Limited

Company Information

Directors

B L Baird

T B Bennett

T Fujiya

L Haiwei

K McAlister

T E Miles

H Mitomi

F M Nolan

E Degirmen

M Lee

C A Williams

Registered office

60 Moorgate
London
EC2R 6EJ

Accountants

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

3CS Corporate Solicitors Limited

(Registration number: 08198795)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Current assets

 

Debtors

5

1,405,029

945,535

Cash at bank and in hand

 

277,569

166,317

 

1,682,598

1,111,852

Creditors: Amounts falling due within one year

6

(1,633,974)

(1,095,065)

Net assets

 

48,624

16,787

Capital and reserves

 

Called up share capital

350,125

125

Share premium reserve

47,975

47,975

Retained earnings

(349,476)

(31,313)

Shareholders' funds

 

48,624

16,787

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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.

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 Board on 27 February 2025 and signed on its behalf by:
 


T B Bennett
Director

 

3CS Corporate Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
60 Moorgate
London
EC2R 6EJ

 

2

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 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 financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

The company is going through a period of significant growth which requires substantial investment into the working capital of the business. This investment has been expensed in these financial statements in accordance with Financial Reporting Standard 102. The investment is financed to the extent it is required by its parent company 3CS Holdings PLC through a mixture of intercompany loans and equity investment.

Critical accounting 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 amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Revenue recognition

Fees receivable represent the fair value of services provided during the year on client assignments. Fair value reflects the amounts expected to be recoverable from clients based on time spent, skills provided and expenses incurred, and excludes VAT. Fees are recognised as contract activity progresses and the right to consideration is secured, except where the final outcome cannot be assessed with reasonable certainty.

Unbilled fee income on individual assignments is included as other debtors within current assets.

Disbursements

Disbursements are not included in income or expenses, but are netted against each other.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

3CS Corporate Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

The current corporation 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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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.

 

3CS Corporate Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 38 (2023 - 37).

 

3CS Corporate Solicitors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

 

4

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax adjustment to prior periods

-

(177)

Deferred taxation

Arising from origination and reversal of timing differences

(47,628)

-

Tax receipt in the income statement

(47,628)

(177)

Deferred tax

Deferred tax assets and liabilities

2024

Asset
£

Tax losses carry forwards

154,676

154,676

 

5

Debtors

2024
£

2023
£

Trade debtors

949,071

876,111

Prepayments

68,668

33,216

Other debtors

387,290

36,208

1,405,029

945,535

 

6

Creditors

2024
£

2023
£

Due within one year

Trade creditors

100,955

33,551

Taxation and social security

404,427

221,110

Accrued expenses

140,282

146,585

Deferred income

264,189

17,771

Other creditors

724,121

676,048

1,633,974

1,095,065

 

7

Related party transactions

3CS Corporate Solicitors Limited ("LTD") and 3CS Holding PLC ("PLC") are deemed to be related parties by virture of PLC owning 79% of the issued share capital of LTD.

The only disclosable related party transaction to the year ended 31 August 2024 are in relation to the recharge of management and other costs incurred by PLC to LTD, amounting to the net sum of £513,124 (2023 - £302,860).

At the year end a balance of £577,708 (2023 - £599,129) was outstanding between the two group companies, included within other creditors within the financial statements.