REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
SOLICITORS OWN SOFTWARE LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
SOLICITORS OWN SOFTWARE LIMITED |
SOLICITORS OWN SOFTWARE LIMITED (REGISTERED NUMBER: 02149438) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30 June 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Income Statement | 9 |
Other Comprehensive Income | 10 |
Balance Sheet | 11 |
Statement of Changes in Equity | 12 |
Notes to the Financial Statements | 13 |
SOLICITORS OWN SOFTWARE LIMITED |
COMPANY INFORMATION |
for the Year Ended 30 June 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Herschel House |
58 Herschel Street |
Slough |
Berkshire |
SL1 1PG |
SOLICITORS OWN SOFTWARE LIMITED (REGISTERED NUMBER: 02149438) |
STRATEGIC REPORT |
for the Year Ended 30 June 2024 |
The directors present their strategic report for the year ended 30 June 2024. |
Solicitors Own Software Limited's (SOS) principal activity is the provision of legal practice management software for enterprise law firms through its flagship product SOS Connect. |
REVIEW OF BUSINESS |
As well as continuing to support its existing client base, SOS actively pursued every opportunity to increase its subscriber base. |
There was a real focus on customer service excellence and product enhancement with several new features in active development. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risks reside around the strength of the UK economy, including the impact of rising interest rates on the property market. These macroeconomic factors could impact on a law firms' ability and desire to invest in premium technology. This especially applies to those firms that specialise in conveyancing or derive a large proportion of their business through residential or commercial property transactions. SOS mitigates these risks by appealing to large law firms that practice law in a variety of areas. |
STRATEGY |
SOS will focus its development, sales and marketing effort on the enterprise law firm segment with the aim of growing its market share. |
To aid in this, the SOS Connect product will continue to evolve with new features and functionality with this type of law firm in mind. |
RESULTS AND PERFORMANCE |
The results of the company for the year, as set out on page 8 show a profit before tax of £8.4m (2023: £4.7m) and an increase in revenue of 39% from the previous year to £12.5m. Net assets were £16.7m (2023: £8.4m). |
Revenue growth is the financial key performance indicator of the Company. The main driver of growth remains the continuing expansion of the subscriber base, through new sales and existing customer growth. |
ON BEHALF OF THE BOARD: |
SOLICITORS OWN SOFTWARE LIMITED (REGISTERED NUMBER: 02149438) |
REPORT OF THE DIRECTORS |
for the Year Ended 30 June 2024 |
The directors present their report with the financial statements of the company for the year ended 30 June 2024. |
DIVIDENDS |
No dividends will be distributed for the year ended 30 June 2024. |
DIRECTORS |
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. |
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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
SOLICITORS OWN SOFTWARE LIMITED (REGISTERED NUMBER: 02149438) |
REPORT OF THE DIRECTORS |
for the Year Ended 30 June 2024 |
AUDITORS |
The auditors, Oury Clark Chartered Accountants, are deemed to be re-appointed under Section 487 (2) of the Companies Act 2006. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SOLICITORS OWN SOFTWARE LIMITED |
Opinion |
We have audited the financial statements of Solicitors Own Software Limited (the 'company') for the year ended 30 June 2024 which comprise the Income Statement, 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 June 2024 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 director's 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 the 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 and one day from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
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 inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be misstated. If we identify such inconsistencies or apparent 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 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SOLICITORS OWN SOFTWARE LIMITED |
Matters on which we are required to report by exception |
In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any matters in the Strategic Report and the Report of the Directors that are inconsistent with our overall view of the financial statements. |
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 three, 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 |
SOLICITORS OWN SOFTWARE 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. |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Identifying and assessing potential irregularities, including fraud |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: |
- Considering the nature of the industry, sector, control environment and current business activities, including possible performance targets and subsequent remuneration |
- Enquiring of management concerning policies and procedures relating to: |
1. Complying with laws and regulations and whether there were any instances of non-compliance |
2. Mitigating, detecting and responding to fraud risk and whether there has been any actual or possible instances of fraud |
- Discussing within the engagement team and internal specialists where necessary, regarding how and where fraud may occur in the financial statements along with the possible indicators of fraud. We identified the following areas most likely to be susceptible to fraud: |
1. Revenue recognition |
2. Management override |
- Discussing within the engagement team and internal specialists where necessary, the legal and regulatory framework in which the company operates and in particular those which would have an impact on the financial statements. The key laws and regulations considered were the Companies Act 2006, UK tax legislation and UK employment law. |
Audit response to the risks identified |
As noted above, we identified revenue recognition and management override as matters that would most likely be susceptible to fraud. Our procedures to respond to these risks included the following: |
- Reviewing a sample of sales contracts and invoices to ensure sales are legitimate, recognised in the correct accounting period and are in line with applicable accounting standards. |
- Review of the nominal ledger and journals posted in the year to ensure there was no evidence of management override. |
Further, we also identified compliance with the Companies Act 2006, UK tax legislation and employment law as being key areas where there may be possible non-compliance. Our procedures to respond to these risks included the following: |
- Review the financial statement disclosures with completion of a disclosure checklist and testing to supporting documentation to assess compliance with the Companies Act 2006; |
- Safeguard review of financial statements by a qualified person independent from the engagement team; |
- Corporation tax computation prepared and reviewed by separate team independent from the audit team; |
- We have checked a sample of compliance with right to work checks and reviewed legal fees for indications of material issues arsing out of non-compliance with employment law. |
The above matters and identified laws and regulations and potential fraud risks were communicated to all engagement team members and internal specialists where necessary, in order to enable the team to have the ability to identify such risks. The whole team remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SOLICITORS OWN SOFTWARE LIMITED |
There are inherent limitations in the audit procedures described above and 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. |
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. |
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 |
Statutory Auditors |
Herschel House |
58 Herschel Street |
Slough |
Berkshire |
SL1 1PG |
SOLICITORS OWN SOFTWARE LIMITED (REGISTERED NUMBER: 02149438) |
INCOME STATEMENT |
for the Year Ended 30 June 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
8,350,564 | 4,635,670 |
Other operating income |
OPERATING PROFIT and |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
SOLICITORS OWN SOFTWARE LIMITED (REGISTERED NUMBER: 02149438) |
OTHER COMPREHENSIVE INCOME |
for the Year Ended 30 June 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
SOLICITORS OWN SOFTWARE LIMITED (REGISTERED NUMBER: 02149438) |
BALANCE SHEET |
30 June 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 7 |
Tangible assets | 8 |
CURRENT ASSETS |
Debtors | 9 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 12 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Share premium | 14 |
Capital redemption reserve | 14 |
Retained earnings | 14 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
SOLICITORS OWN SOFTWARE LIMITED (REGISTERED NUMBER: 02149438) |
STATEMENT OF CHANGES IN EQUITY |
for the Year Ended 30 June 2024 |
Called up | Capital |
share | Retained | Share | redemption | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 July 2022 |
Changes in equity |
Total comprehensive income | - | - |
Balance at 30 June 2023 |
Changes in equity |
Total comprehensive income | - | - |
Balance at 30 June 2024 |
SOLICITORS OWN SOFTWARE LIMITED (REGISTERED NUMBER: 02149438) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30 June 2024 |
1. | STATUTORY INFORMATION |
Solicitors Own Software Limited is a private company limited by shares incorporated in England and |
Wales. The registered office is 1st Floor, 70 1st Floor Regal House (C/O LEAP), 70 London Road, Twickenham, Middlesex, TW1 3QS. |
The company's trading address is; Podium Space, Cambridge House, Henry Street, Bath, BA1 1BT. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
After making enquiries, the directors have reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period in excess of 12 months and 1 day from the date these financial statements were approved. Accordingly they continue to adopt the going concern basis in preparing the financial statements. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions 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; |
• | the requirement of paragraph 33.7. |
Turnover |
Turnover is measured at the fair value of consideration received or receivable, excluding discounts, rebates, value added tax and other sales tax. |
The company's turnover relates to the provision of a legal software on a subscription basis. Turnover is recognised on an accruals basis over time only when the company has satisfied its performance obligation. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
During the year, Solicitors Own Software Limited changed the method of amortising the intangible assets. The Company no longer provides a 4 month period of no amortisation from the point of capitalisation and instead, amortises at point of capitalisation. The change in amortisation method is a change in accounting estimate and is accounted for in the period of the change and in subsequent periods. |
Development costs are being amortised evenly over their estimated useful life of four years. |
SOLICITORS OWN SOFTWARE LIMITED (REGISTERED NUMBER: 02149438) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses. |
During the year, Solicitors Own Software Limited changed the method of depreciating computer equipment from four years on a straight line basis to 3 years on a straight line basis as the revised method better reflects the useful lives of the assets. The change in depreciation method is a change in accounting estimate and is accounted for in the period of the change and in subsequent periods. |
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful |
lives on the following bases: |
Fixtures, fittings & equipment | - 20% straight line |
Computer equipment | - 33% straight line |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
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. |
Basic financial instruments |
Basic Financial Instruments as covered by Section 11 of FRS 102 are measured at amortised cost. The company does not have any Other Financial Instrument as covered by Section 12 of FRS 102. |
SOLICITORS OWN SOFTWARE LIMITED (REGISTERED NUMBER: 02149438) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2024 |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market is given below: |
30.6.24 | 30.6.23 |
£ | £ |
United Kingdom |
4. | EMPLOYEES AND DIRECTORS |
30.6.24 | 30.6.23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
30.6.24 | 30.6.23 |
Administration | 5 | 9 |
Operations | 23 | 30 |
Development | 12 | 16 |
30.6.24 | 30.6.23 |
£ | £ |
Directors' remuneration |
LEAP Legal Software Limited recharged directors' remuneration amounting to £3,950 (2023: £Nil) to the company in respect of qualifying services provided by one director to the company during the period. |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
30.6.24 | 30.6.23 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Computer software amortisation |
Auditors' remuneration |
Foreign exchange differences |
SOLICITORS OWN SOFTWARE LIMITED (REGISTERED NUMBER: 02149438) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2024 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
30.6.24 | 30.6.23 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( |
) |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
30.6.24 | 30.6.23 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes | ( |
) |
Depreciation in excess of capital allowances | - |
Utilisation of tax losses | ( |
) | ( |
) |
Adjustments to tax charge in respect of previous periods | ( |
) |
Total tax charge | 1,243 | 758,247 |
SOLICITORS OWN SOFTWARE LIMITED (REGISTERED NUMBER: 02149438) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2024 |
7. | INTANGIBLE FIXED ASSETS |
Computer |
software |
£ |
COST |
At 1 July 2023 |
Additions |
At 30 June 2024 |
AMORTISATION |
At 1 July 2023 |
Amortisation for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
8. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 July 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
SOLICITORS OWN SOFTWARE LIMITED (REGISTERED NUMBER: 02149438) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2024 |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Tax |
Prepayments and accrued income |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
VAT | 576,033 | 425,262 |
Other creditors |
Accruals and deferred income |
11. | LEASING AGREEMENTS |
Lessee |
At the reporting date, the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases as follows: |
2024 | 2023 |
£ | £ |
Within one year | 29,400 | 77,959 |
Between two and five years | - | - |
29,400 | 77,959 |
Lessor |
At the reporting date, the company had contracted with tenants for the following minimum lease payments: |
2024 | 2023 |
£ | £ |
Within one year | - | 33,894 |
Between two and five years | - | - |
- | 33,894 |
SOLICITORS OWN SOFTWARE LIMITED (REGISTERED NUMBER: 02149438) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2024 |
12. | PROVISIONS FOR LIABILITIES |
30.6.24 | 30.6.23 |
£ | £ |
Deferred tax | 26,005 | 24,762 |
Deferred |
tax |
£ |
Balance at 1 July 2023 |
Provided during year |
Balance at 30 June 2024 |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.24 | 30.6.23 |
value: | £ | £ |
Ordinary | £1 | 14,383 | 14,383 |
14. | RESERVES |
Capital |
Retained | Share | redemption |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 July 2023 | 8,370,294 |
Profit for the year |
At 30 June 2024 | 16,719,727 |
15. | RELATED PARTY DISCLOSURES |
There are no related party transactions other than with the parent company and other companies within the group in the ordinary course of business. |
SOLICITORS OWN SOFTWARE LIMITED (REGISTERED NUMBER: 02149438) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2024 |
16. | CONTROLLING PARTY |
The immediate parent company is Leap Legal Software Limited, a company incorporated in England and Wales. |
The smallest group to consolidate the results and financial position of the company is Legal Software Holdings Pty Ltd. Copies of the Legal Software Holdings Pty Ltd financial statements are publicly available and can be obtained from the Australian Securities & Investments Commission (ASIC), at asic.gov.au or from the registered office Level 11, 207 Kent Street, Sydney, 2000, NSW, Australia. |
The largest group to consolidate the results and financial position of the company is ATI Global Limited. Copies of the ATI Global Limited financial statements are publicly available and can be obtained from the Australian Securities & Investments Commission (ASIC), at asic.gov.au or from the ATI Global Limited registered office Level 8, 135 King Street, Sydney, 2000, NSW, Australia. |
The Company's ultimate parent, ATI Global Limited, is controlled by C M Beck, who is regarded as the ultimate controlling party. |
17. | SECURED DEBTS |
There is a debenture in favour of Global Loan Agency Services Australia Nominees Pty Limited over all assets and undertakings of the company, in relation to a Deed of Accession. |
Legal Software Pty Ltd has a A$435m term loan B (TLB) which is secured by a charge as mentioned above over LEAP Legal Software UK Holdings Limited and all its subsidiaries. The TLB is a 5-year facility, maturing in 2027. |