Acuity Law Limited |
Strategic Report, Report of the Directors and |
Audited Financial Statements for the Year Ended 30 November 2023 |
Acuity Law Limited |
Strategic Report, Report of the Directors and |
Audited Financial Statements for the Year Ended 30 November 2023 |
Acuity Law Limited |
Company Information |
for the Year Ended 30 November 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
Radnor House |
Greenwood Close |
Cardiff Gate Business Park |
Cardiff |
CF23 8AA |
Acuity Law Limited (Registered number: 07545730) |
Strategic Report |
for the Year Ended 30 November 2023 |
The directors present their strategic report for the year ended 30 November 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the business is the provision of legal services to commercial clients, which includes supplying legal advice and technology led products to facilitate legal and business processes. |
REVIEW OF BUSINESS |
The 2022/2023 financial year has seen the firm expand headcount and geographical reach. We have been successful in attracting new talent into our employed division and our team of self-employed consultant partners. At the same time we have opened a new office in Birmingham and widened our service offering with more specialist skills across the firm. A particular success has been our healthcare sector team which has a national reputation and is particularly strong in the dentistry sub-sector. |
We continue to invest in our "professional platform" to attract skilled professional talent and that is through a mix of technology and softer professional resources. We believe that Acuity Law offers senior lawyers a great environment to prosper both financially and professionally. We have an innovative remuneration structure that allows both employed and consultant partners to share in the profits of the work they deliver. At the junior level, we focus on nurturing and developing talent, so that we can grow the next generation of top business lawyers. |
We plan to grow revenues over the next few years by organic growth and lateral hires. We see plenty of opportunities to take on new partners from firms under financial pressure or where other firms cannot offer the professional support that we provide. We will only do this where the partners have strong individual reputations and have skills that will be attractive to our commercial / business clients. |
Key Performance Indicators (KPIs): |
During the 2022/23 financial year we enjoyed strong growth and maintained margin as reflected in the following KPIs which are relative to the 2021/22 financial year: |
- Turnover increased by 11%. |
- Our gross profit decreased slightly by 0.9% and our gross profit margin is at a healthy 44%. |
- Our total headcount (including consultants engaged by the firm) increased by 21%. |
- The total number of consultant partners increased to 39, an increase of 11%. |
Acuity Law Limited (Registered number: 07545730) |
Strategic Report |
for the Year Ended 30 November 2023 |
PRINCIPAL RISKS AND UNCERTAINTIES |
Over the course of the 2023/24 financial year we saw a retraction of investment by many of our business clients and especially in the commercial property sector, where high costs of finance and the impact of inflation on materials caused clients to scale back development plans. However, this has been mitigated by growth in some of our key sectors such as healthcare and residential development. |
Like most other legal businesses we have seen wage pressures and we gave pay rises in the 3%-6% range at the end of the financial year with healthy bonuses to those lawyers who delivered top results in the year. |
We have noted an increase in stressed situations with our client base, and this has led to an increase in bad debts. However at 2.8% of total revenues we have been able to avoid any material impact on our financial well-being. |
FUTURE DEVELOPMENTS |
We see the opportunities presented by technology as key to our continued growth and success. We have made significant investment into our client facing tech-interface and we plan to roll out some market leading solutions for our clients in the next 12 months. This will enable our lawyers to work more efficiently and for clients to have better access to legal solutions. We hope this will help drive subscription revenues. |
We continue to grow our professional services that complement our core legal expertise, and these include regulatory advice, corporate broking, and training services. We have strong client retention, and the ability to package solutions for clients and to develop additional revenue streams. We have seen strong results from our "alliance partner" network which is a network of third party businesses with whom we work and encourage cross selling to clients. |
We see real value in the "Acuity Law" brand, and it continues to build traction across the United Kingdom as our geographic footprint grows. |
THIS REPORT WAS APPROVED BY THE BOARD: |
Acuity Law Limited (Registered number: 07545730) |
Report of the Directors |
for the Year Ended 30 November 2023 |
The directors present their report with the financial statements of the company for the year ended 30 November 2023. |
DIVIDENDS |
The total distribution of dividends for the year ended 30 November 2023 was £500,000 (2022 - |
£1,281,667). |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 December 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Acuity Law Limited (Registered number: 07545730) |
Report of the Directors |
for the Year Ended 30 November 2023 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
THIS REPORT WAS APPROVED BY THE BOARD: |
Report of the Independent Auditors to the Members of |
Acuity Law Limited |
Opinion |
We have audited the financial statements of Acuity Law Limited (the 'company') for the year ended 30 November 2023 which comprise the Profit & Loss Account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 November 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Report of the Independent Auditors to the Members of |
Acuity Law Limited |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Acuity Law Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risks of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment. |
The laws and regulations that we determined were most significant to the company were the Companies Act, UK Corporate Tax Laws, Employment Laws, the Data Protection Act, SRA Regulations and Money Laundering Laws. |
We obtained an understanding of how the company is complying with those laws and regulations by making enquiries of the management and those charged with governance, and corroborated these enquiries through our review of board minutes and review of legal and professional spend for the year. |
We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. We addressed the risk of management override of internal controls and assessed the effectiveness of the controls that management has in place to prevent and detect fraud, including testing of manual journals and evaluating the assumptions and judgements made by management in its significant accounting estimates. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Acuity Law Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
Statutory Auditor |
Acuity Law Limited (Registered number: 07545730) |
Profit & Loss Account |
for the Year Ended 30 November 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
1,877,462 | 3,063,825 |
Other operating income |
OPERATING PROFIT | 3 |
Interest receivable & similar income |
2,002,511 | 3,111,463 |
Interest payable and similar expenses |
4 |
( |
) |
( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 5 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
Acuity Law Limited (Registered number: 07545730) |
Other Comprehensive Income |
for the Year Ended 30 November 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Acuity Law Limited (Registered number: 07545730) |
Balance Sheet |
30 November 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 7 |
Tangible assets | 8 |
Investments | 9 |
CURRENT ASSETS |
Work in progress | 10 |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
13 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 16 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
Acuity Law Limited (Registered number: 07545730) |
Balance Sheet - continued |
30 November 2023 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Acuity Law Limited (Registered number: 07545730) |
Statement of Changes in Equity |
for the Year Ended 30 November 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 December 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 November 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 November 2023 |
Acuity Law Limited (Registered number: 07545730) |
Notes to the Financial Statements |
for the Year Ended 30 November 2023 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows. |
This is on the basis that this will be included within the consolidated accounts of Acuity Group Law Limited, the ultimate controlling parent. |
Turnover |
Turnover is measured at the fair value of the consideration receivable or received excluding discounts, rebates and value added tax in relation to the provision of legal and associated consultancy services. |
Goodwill |
Goodwill being the amount paid in connection with the acquisition of two businesses in 2018, is being amortised evenly over the estimated useful life of five years. |
Tangible fixed assets |
Furniture & fittings | - |
Computer equipment | - |
Work in progress |
Income due in respect of contracts for uninvoiced ongoing services is recognised by reference to the stage of completion at the year end. The amount of uninvoiced services is shown in the balance sheet as work in progress. Where work is undertaken on a no win no fee basis (also known as conditional fee arrangements) and the outcome is uncertain at the balance sheet date no income is recognised. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Acuity Law Limited (Registered number: 07545730) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
1. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Investments in subsidiaries and associates |
Investments are measured at cost less any impairment. |
The cost of investment for Goodman Grant Holdings Limited (now renamed Acuity Project Solutions Limited) includes consideration paid as well as other costs directly connected with funding working capital requirements at the date of acquisition. These other costs have been treated as a distributable capital contribution in Goodman Grant Limited. |
2. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 7,304,983 | 6,221,372 |
Social security costs | 833,427 | 640,795 |
Other pension costs | 266,462 | 208,495 |
8,404,872 | 7,070,662 |
The average number of employees during the year was as follows: | 2023 | 2022 |
Employees | 120 | 93 |
2023 | 2022 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
Acuity Law Limited (Registered number: 07545730) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
2. | EMPLOYEES AND DIRECTORS - continued |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
2023 | 2022 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
3. | OPERATING PROFIT |
The operating profit is stated after charging: |
2023 | 2022 |
£ | £ |
Depreciation - owned assets |
Goodwill amortisation |
Audit fees |
Auditors' fees non audit work |
Operating Leases - Land and buildings |
Operating Leases - Equipment Hire |
4. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank loan interest |
Other interest |
5. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
Acuity Law Limited (Registered number: 07545730) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
5. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Adjustments to tax charge in respect of previous periods |
Amortisation of Goodwill | 40,653 | 49,400 |
Deferred Tax movement | 4,000 | 15,000 |
Total tax charge | 524,457 | 670,016 |
6. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Ordinary shares of £1 each |
Paid |
7. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 December 2022 |
and 30 November 2023 |
AMORTISATION |
At 1 December 2022 |
Amortisation for year |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
Acuity Law Limited (Registered number: 07545730) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
8. | TANGIBLE FIXED ASSETS |
Furniture | Computer |
& fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 December 2022 |
Additions |
At 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
9. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
At 1 December 2022 |
Additions |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
Acuity Law Limited (Registered number: 07545730) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
9. | FIXED ASSET INVESTMENTS - continued |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: England & Wales |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Registered office: England & Wales |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Registered office: England & Wales |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Registered office: England & Wales |
Nature of business: |
% |
Class of shares: | holding |
2023 |
£ | £ |
Aggregate capital and reserves |
Acuity Law Limited (Registered number: 07545730) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
9. | FIXED ASSET INVESTMENTS - continued |
Registered office: England & Wales |
Nature of business: |
% |
Class of shares: | holding |
2023 |
£ | £ |
Aggregate capital and reserves |
(Loss)/profit for the year | ( |
) |
Associated company |
Registered office: England & Wales |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves |
Profit/(loss) for the year | ( |
) |
10. | WORK IN PROGRESS |
2023 | 2022 |
£ | £ |
Work-in-progress |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments and accrued income |
Acuity Law Limited (Registered number: 07545730) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 14) |
Trade creditors |
Corporation tax |
Social security and other taxes |
VAT | 900,259 | 646,315 |
Other creditors |
Accruals and deferred income |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 14) |
Other creditors |
14. | LOANS |
The CBIL bank loan is repayable from May 22 for a period of 60 months with the interest rate applicable being 2.51% above the Bank of England base rate. |
15. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
16. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 65,000 | 61,000 |
Acuity Law Limited (Registered number: 07545730) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
16. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 December 2022 |
Provided during year |
Balance at 30 November 2023 |
The deferred tax liability relates to accelerated capital allowances. |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 2,926 | 2,926 |
18. | RESERVES |
Retained |
earnings |
£ |
At 1 December 2022 |
Profit for the year |
Dividends | ( |
) |
At 30 November 2023 |
19. | ULTIMATE PARENT COMPANY |
The company's ultimate parent company is Acuity Law Group Limited, a company registered in England and Wales, whose registered office is the same as the company's. Acuity Law Group Limited prepare consolidated financial statements. |
Acuity Law Limited (Registered number: 07545730) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
20. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 30 November 2023 and 30 November 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
21. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Acuity Law Limited (Registered number: 07545730) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
21. | RELATED PARTY DISCLOSURES - continued |
a) Related parties : - |
Aeron Properties Limited |
ai) Loans to related parties |
Net value | Balance |
of supply | owed |
in year | at year end |
£ | £ |
2023 |
Related parties | 34,167 | 50,000 |
2022 |
Related parties | - | 123,970 |
b) Associates :- |
Adam Street Advisers Limited |
bi) Rental of property to related parties |
Net value | Balance |
of supply | owed |
in year | at year end |
£ | £ |
2023 |
Associates | 40,000 | - |
2022 |
Associates | 40,000 | - |