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Company No: 11633457 (England and Wales)

QORE LEGAL LTD

Unaudited Financial Statements
For the financial year ended 31 October 2024
Pages for filing with the registrar

QORE LEGAL LTD

Unaudited Financial Statements

For the financial year ended 31 October 2024

Contents

QORE LEGAL LTD

COMPANY INFORMATION

For the financial year ended 31 October 2024
QORE LEGAL LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 October 2024
Directors J B Hendry
L L Zheng
Registered office Salisbury House
29 Finsbury Circus
EC2M 5QQ
United Kingdom
Company number 11633457 (England and Wales)
Accountant Kreston Reeves LLP
2nd Floor
168 Shoreditch High Street
London
E1 6RA
QORE LEGAL LTD

BALANCE SHEET

As at 31 October 2024
QORE LEGAL LTD

BALANCE SHEET (continued)

As at 31 October 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 4,798 6,231
4,798 6,231
Current assets
Debtors 4 251,345 219,216
Cash at bank and in hand 82,834 91,262
334,179 310,478
Creditors: amounts falling due within one year 5 ( 177,250) ( 181,137)
Net current assets 156,929 129,341
Total assets less current liabilities 161,727 135,572
Creditors: amounts falling due after more than one year 6 ( 3,963) ( 9,107)
Net assets 157,764 126,465
Capital and reserves
Called-up share capital 7 2 2
Profit and loss account 157,762 126,463
Total shareholders' funds 157,764 126,465

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

Directors' responsibilities:

The financial statements of Qore Legal Ltd (registered number: 11633457) were approved and authorised for issue by the Board of Directors on 24 July 2025. They were signed on its behalf by:

J B Hendry
Director
QORE LEGAL LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
QORE LEGAL LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Qore Legel Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Salisbury House, 29 Finsbury Circus, EC2M 5QQ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in GBP rounded to the nearest whole pound.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
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 the Statement of Comprehensive Income when they fall due. Amounts not paid are shown as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 25 % reducing balance
Computer equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 7

3. Tangible assets

Fixtures and fittings Computer equipment Total
£ £ £
Cost
At 01 November 2023 95 10,375 10,470
Additions 0 130 130
At 31 October 2024 95 10,505 10,600
Accumulated depreciation
At 01 November 2023 16 4,223 4,239
Charge for the financial year 20 1,543 1,563
At 31 October 2024 36 5,766 5,802
Net book value
At 31 October 2024 59 4,739 4,798
At 31 October 2023 79 6,152 6,231

4. Debtors

2024 2023
£ £
Trade debtors 160,552 175,683
Amounts owed by directors 35 5
Prepayments 88,509 41,279
Other debtors 2,249 2,249
251,345 219,216

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 5,324 5,028
Trade creditors 78,255 88,910
Accruals 8,750 8,150
Corporation tax 42,328 26,893
Other taxation and social security 40,692 49,862
Other creditors 1,901 2,294
177,250 181,137

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans and overdrafts 3,963 9,107

There are no amounts included above in respect of which any security has been given by the small entity.

Bank loans
2024 2023
£ £
Between one and two years 3,963 9,107
Between two and five years 0 0
After five years 0 0
3,963 9,107
On demand or within one year 5,324 5,028
9,287 14,135

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 1,808 10,752
between one and five years 0 1,808
1,808 12,560

Pensions

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 £14,463 (2023 : £31,079). Contributions totalling £1,901 (2023 : £2,294) were payable to the fund at the balance sheet date.

9. Related party transactions

During the year, Qore Legal Ltd. operated a loan account with its the director J B Hendry. As at the year end, J B Hendry owed the company £35 (2023: £5).

10. Ultimate controlling party

The company is under the control of its director shareholders J B Hendry and L L Zheng.