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Acuity Law Group Limited

Group Strategic Report, Report of the Directors and

Audited Consolidated Financial Statements for the Year Ended 30 November






Acuity Law Group Limited

Company Information
for the Year Ended 30 November 2023







DIRECTORS: S R Berry
E L Finley
H Hitchcock
R L Sellek
C Knowles
P W Lowe



REGISTERED OFFICE: 3 Assembly Square
Britannia Quay
Cardiff Bay
Cardiff
CF10 4PL



REGISTERED NUMBER: 11172025 (England and Wales)



SENIOR STATUTORY
AUDITOR:
Nicholas Matthew Toye FCA



AUDITORS: BPU Limited
Chartered Accountants
Statutory Auditor
Radnor House
Greenwood Close
Cardiff Gate Business Park
Cardiff
CF23 8AA

Acuity Law Group Limited (Registered number: 11172025)

Group Strategic Report
for the Year Ended 30 November 2023


The directors present their strategic report of the company and the group for the year ended 30 November 2023.

REVIEW OF BUSINESS

Acuity Law Group Limited
The company's only transactions relates to dividends up from its subsidiaries and any appropriate onward payments.

Acuity Law Limited
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 our business
The 2022/2023 financial year has seen the group 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 we 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 continue to grow at a steady and manageable rate through lateral hires of employed staff and the recruitment of new self-employed consultant partners. This has enabled us to widen the range of skills within the firm, and we see this as an important driver for the firm as it gives access new clients and to increase the work we do for existing clients.

We see enormous potential to grow our team of consultant partners. We have a strong pipeline of interested candidates and expect this to continue as traditional law firms react to tightening economic conditions. We only recruit new consultants who meet our professional criteria, and our focus is very much on quality of new recruits and not quantity.

Over the last three years we have made significant investment in professional infrastructure, which includes physical items (such as offices and equipment) and systems and software. We see the provision of IT solutions to clients as important to the developments of the firm, and this has included the development and roll-out of a new client portal and the development of software-based products (such as fast draft documents and knowledge banks) that we will offer to existing and new clients alongside our core legal advisory services.

Acuity Law Group Limited (Registered number: 11172025)

Group Strategic Report
for the Year Ended 30 November 2023



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 7.6%.
- Our gross profit decreased by 5.4% and our gross profit margin is at a healthy 43%.
- 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%.

PRINCIPAL RISKS AND UNCERTAINTIES
Acuity Law Group Limited
As the company is simply a holding company and only likely to receive and pay out dividends any risks or uncertainties will relate to the company's subsidiaries as detailed below.

Acuity Law Limited
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
Acuity Law Group Limited
The company will continue to act as the group holding company. Future developments in relation to the company's only active subsidiary are detailed below.

Acuity Law Limited
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.


Acuity Law Group Limited (Registered number: 11172025)

Group Strategic Report
for the Year Ended 30 November 2023

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:





S R Berry - Director


29 November 2024

Acuity Law Group Limited (Registered number: 11172025)

Report of the Directors
for the Year Ended 30 November 2023


The directors present their report with the financial statements of the company and the group for the year ended 30 November 2023.

DIVIDENDS
The total distribution of dividends for the period ended 30 November 2023 was £500,000 (2022 - £781,677).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 December 2022 to the date of this report.

S R Berry
E L Finley
H Hitchcock
R L Sellek

Other changes in directors holding office are as follows:

C Knowles - appointed 13 February 2023
P W Lowe - appointed 13 February 2023
O S A Sennitt - appointed 1 January 2023 - resigned 2 January 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Acuity Law Group Limited (Registered number: 11172025)

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 group'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 group's auditors are aware of that information.

THIS REPORT WAS APPROVED BY THE BOARD:





S R Berry - Director


29 November 2024

Report of the Independent Auditors to the Members of
Acuity Law Group Limited


Opinion
We have audited the financial statements of Acuity Law Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2023 which comprise the Consolidated Profit & Loss Account, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 30 November 2023 and of the group's 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 group 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 group's and the parent 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 Group Limited


Other information
The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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.

Report of the Independent Auditors to the Members of
Acuity Law Group Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 group's and the parent 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 group or the parent 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 Group 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 Group 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.




Nicholas Matthew Toye FCA (Senior Statutory Auditor)
for and on behalf of BPU Limited
Chartered Accountants
Statutory Auditor

29 November 2024

Acuity Law Group Limited (Registered number: 11172025)

Consolidated Profit & Loss Account
for the Year Ended 30 November 2023

2023 2022
Notes £ £

TURNOVER 16,248,782 15,094,763

Cost of sales (9,255,737 ) (7,701,965 )
GROSS PROFIT 6,993,045 7,392,798

Administrative expenses (6,268,676 ) (4,287,274 )
724,369 3,105,524

Other operating income 40,000 40,000
OPERATING PROFIT 3 764,369 3,145,524

Intercompany loan write off 4 566,730 -
1,331,099 3,145,524

Interest receivable & similar
income

85,049

7,638
1,416,148 3,153,162

Interest payable and similar
expenses

5

(127,340

)

(48,335

)
PROFIT BEFORE TAXATION 1,288,808 3,104,827

Tax on profit 6 (533,982 ) (670,016 )
PROFIT FOR THE FINANCIAL
YEAR

754,826

2,434,811
Profit attributable to:
Owners of the parent 754,826 2,434,811

Acuity Law Group Limited (Registered number: 11172025)

Consolidated Other Comprehensive Income
for the Year Ended 30 November 2023

2023 2022
Notes £ £

PROFIT FOR THE YEAR 754,826 2,434,811


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR

754,826

2,434,811

Total comprehensive income attributable to:
Owners of the parent 754,826 2,434,811

Acuity Law Group Limited (Registered number: 11172025)

Consolidated Balance Sheet
30 November 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible assets 9 1,586,889 1,816,879
Tangible assets 10 267,921 261,669
Investments 11
Interest in associate 183,020 250,000
2,037,830 2,328,548

CURRENT ASSETS
Work in progress 12 1,937,822 2,924,247
Debtors 13 4,769,482 4,374,309
Cash at bank and in hand 1,858,997 1,739,400
8,566,301 9,037,956
CREDITORS
Amounts falling due within one
year

14

4,051,478

4,674,330
NET CURRENT ASSETS 4,514,823 4,363,626
TOTAL ASSETS LESS
CURRENT LIABILITIES

6,552,653

6,692,174

CREDITORS
Amounts falling due after more
than one year

15

(757,352

)

(1,154,047

)

PROVISIONS FOR LIABILITIES 18 (65,000 ) (62,652 )
NET ASSETS 5,730,301 5,475,475

CAPITAL AND RESERVES
Called up share capital 19 2,833 2,833
Merger reserve 20 4,867,549 4,867,549
Retained earnings 20 859,919 605,093
SHAREHOLDERS' FUNDS 5,730,301 5,475,475

Acuity Law Group Limited (Registered number: 11172025)

Consolidated Balance Sheet - continued
30 November 2023


The financial statements were approved by the Board of Directors and authorised for issue on 29 November 2024 and were signed on its behalf by:





S R Berry - Director


Acuity Law Group Limited (Registered number: 11172025)

Company Balance Sheet
30 November 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 - -
Investments 11 8,022,908 8,022,908
8,022,908 8,022,908

CREDITORS
Amounts falling due within one
year

14

2,152,526

2,152,526
NET CURRENT LIABILITIES (2,152,526 ) (2,152,526 )
TOTAL ASSETS LESS
CURRENT LIABILITIES

5,870,382

5,870,382

CAPITAL AND RESERVES
Called up share capital 19 2,833 2,833
Merger reserve 20 4,867,549 4,867,549
Retained earnings 20 1,000,000 1,000,000
SHAREHOLDERS' FUNDS 5,870,382 5,870,382

Company's profit for the
financial year

500,000

1,281,667

Acuity Law Group Limited (Registered number: 11172025)

Company Balance Sheet - continued
30 November 2023


The financial statements were approved by the Board of Directors and authorised for issue on 29 November 2024 and were signed on its behalf by:





S R Berry - Director


Acuity Law Group Limited (Registered number: 11172025)

Consolidated Statement of Changes in Equity
for the Year Ended 30 November 2023

Called up
share Retained Merger Total
capital earnings reserve equity
£ £ £ £
Balance at 1 December 2021 2,833 (1,048,051 ) 4,867,549 3,822,331

Changes in equity
Dividends - (781,667 ) - (781,667 )
Total comprehensive income - 2,434,811 - 2,434,811
Balance at 30 November 2022 2,833 605,093 4,867,549 5,475,475

Changes in equity
Dividends - (500,000 ) - (500,000 )
Total comprehensive income - 754,826 - 754,826
Balance at 30 November 2023 2,833 859,919 4,867,549 5,730,301

Acuity Law Group Limited (Registered number: 11172025)

Company Statement of Changes in Equity
for the Year Ended 30 November 2023

Called up
share Retained Merger Total
capital earnings reserve equity
£ £ £ £
Balance at 1 December 2021 2,833 500,000 4,867,549 5,370,382

Changes in equity
Dividends - (781,667 ) - (781,667 )
Total comprehensive income - 1,281,667 - 1,281,667
Balance at 30 November 2022 2,833 1,000,000 4,867,549 5,870,382

Changes in equity
Dividends - (500,000 ) - (500,000 )
Total comprehensive income - 500,000 - 500,000
Balance at 30 November 2023 2,833 1,000,000 4,867,549 5,870,382

Acuity Law Group Limited (Registered number: 11172025)

Consolidated Cash Flow Statement
for the Year Ended 30 November 2023

2023 2022
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 2,567,478 2,351,827
Interest paid (127,340 ) (48,335 )
Tax paid (363,354 ) (1,108,511 )
Net cash from operating activities 2,076,784 1,194,981

Cash flows from investing activities
Purchase of intangible fixed assets (687,290 ) -
Purchase of tangible fixed assets (99,691 ) (99,596 )
Purchase of fixed asset investments - (596,643 )
Cash payments regarding loan notes (522,235 ) (783,355 )
Interest received 85,049 7,638
Dividends received 66,980 -
Net cash from investing activities (1,157,187 ) (1,471,956 )

Cash flows from financing activities
Loan repayments in year (300,000 ) (175,000 )
Equity dividends paid (500,000 ) (781,667 )
Cash acquired on acquisition of business - 29,176
Net cash from financing activities (800,000 ) (927,491 )

Increase/(decrease) in cash and cash
equivalents

119,597

(1,204,466

)
Cash and cash equivalents at
beginning of year

2

1,739,400

2,943,866

Cash and cash equivalents at
end of year

2

1,858,997

1,739,400

Acuity Law Group Limited (Registered number: 11172025)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 November 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH
GENERATED FROM OPERATIONS

2023 2022
£ £
Profit before taxation 1,288,808 3,104,827
Depreciation charges 89,559 76,588
Loss on disposal of fixed assets 3,880 -
Amortisation charges 917,280 211,452
Impairment losses - 120,000
Finance costs 127,340 48,335
Finance income (85,049 ) (7,638 )
2,341,818 3,553,564
Decrease/(increase) in work in progress 986,425 (1,075,023 )
Increase in trade and other debtors (395,173 ) (528,579 )
(Decrease)/increase in trade and other creditors (365,592 ) 401,865
Cash generated from operations 2,567,478 2,351,827

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 November 2023
30/11/23 1/12/22
£ £
Cash and cash equivalents 1,858,997 1,739,400
Year ended 30 November 2022
30/11/22 1/12/21
£ £
Cash and cash equivalents 1,739,400 2,943,866


Acuity Law Group Limited (Registered number: 11172025)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 November 2023


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/12/22 Cash flow At 30/11/23
£ £ £
Net cash
Cash at bank and in hand 1,739,400 119,597 1,858,997
1,739,400 119,597 1,858,997
Debt
Debts falling due within 1 year (300,000 ) - (300,000 )
Debts falling due after 1 year (1,025,000 ) 300,000 (725,000 )
(1,325,000 ) 300,000 (1,025,000 )
Total 414,400 419,597 833,997

Acuity Law Group Limited (Registered number: 11172025)

Notes to the Consolidated Financial Statements
for the Year Ended 30 November 2023


1. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The following subsidiary and associates have been excluded from consolidation on the basis that they are wholly immaterial; Acuity Sales & Valuations Limited, Adam Street Advisers Limited & The Endgame Group Limited.

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 a business in 2021 & 2022, is being amortised evenly over its estimated useful life of five years.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Furniture & fittings - 25% reducing balance and 10% straight line
Computer equipment - 33% straight line

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.


Acuity Law Group Limited (Registered number: 11172025)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023


1. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit & 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.

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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Investments in subsidiaries and associates
Investments in subsidiary and associate undertakings are recognised at cost less any impairment.

Acuity Law Group Limited (Registered number: 11172025)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023


2. EMPLOYEES AND DIRECTORS

2023 2022
£ £

Wages and salaries
7,284,98
3
6,279,80
9
Social security costs 833,427 640,795
Other pension costs 266,462 210,699
,384,872 ,131,303
The average number of employees during the year was
as follows:


Employees 128 96


2023 2022
£ £
Directors' remuneration 1,023,729 730,000
Directors' pension contributions to money purchase
schemes

39,708

33,250

Information regarding the highest paid director is as follows:
2023 2022
£ £
Emoluments etc 262,500 185,000
Pension contributions to money purchase schemes 8,750 6,000

3. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£ £
Depreciation - owned assets 89,559 76,588
Loss on disposal of fixed assets 3,880 -
Goodwill amortisation 917,280 211,452
Audit fees 25,000 25,100
Auditors' remuneration for non audit work 19,744 18,230
Operating Leases - Land and buildings 572,916 576,240
Operating Leases - Equipment Hire 58,559 23,328

Acuity Law Group Limited (Registered number: 11172025)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023


4. EXCEPTIONAL ITEMS
2023 2022
£ £
Intercompany loan write off 566,730 -

During the period an intercompany loan balance of £566,730 was written off.

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£ £
Bank loan interest 103,216 48,335
Other interest 24,124 -
127,340 48,335

6. 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 531,634 655,016

Deferred tax 2,348 15,000
Tax on profit 533,982 670,016

Acuity Law Group Limited (Registered number: 11172025)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023


6. 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 1,288,808 3,104,827
Profit multiplied by the standard rate of corporation
tax in the UK of 23.011 % (2022 - 19 %)

296,568

589,917

Effects of:
Expenses not deductible for tax purposes 49,785 31,223
Capital allowances in excess of depreciation (2,772 ) (10,452 )
Adjustments to tax charge in respect of previous
periods

3,925

777
Amortisation of Goodwill 40,653 49,400
Deferred Tax movement 2,348 15,000
Consolidation adjustments 185,835 (5,849 )
Group relief not utilised in parent tax provision 90,948 -
Loan write off not taxable (130,410 ) -
Adjustments to tax due to change in tax rate (2,898 ) -
Total tax charge 533,982 670,016

7. INDIVIDUAL PROFIT & LOSS ACCOUNT

As permitted by Section 408 of the Companies Act 2006, the Profit & Loss Account of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
2023 2022
£ £
Ordinary shares of £1 each
Paid 500,000 781,667

Acuity Law Group Limited (Registered number: 11172025)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023


9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£
COST
At 1 December 2022 2,958,545
Additions 687,290
At 30 November 2023 3,645,835
AMORTISATION
At 1 December 2022 1,141,666
Amortisation for year 917,280
At 30 November 2023 2,058,946
NET BOOK VALUE
At 30 November 2023 1,586,889
At 30 November 2022 1,816,879

10. TANGIBLE FIXED ASSETS

Group
Furniture & Computer
fittings equipment Totals
£ £ £
COST
At 1 December 2022 384,776 373,520 758,296
Additions 5,527 94,164 99,691
Disposals (13,220 ) (28,853 ) (42,073 )
At 30 November 2023 377,083 438,831 815,914
DEPRECIATION
At 1 December 2022 205,634 290,993 496,627
Charge for year 27,473 62,086 89,559
Eliminated on disposal (12,076 ) (26,117 ) (38,193 )
At 30 November 2023 221,031 326,962 547,993
NET BOOK VALUE
At 30 November 2023 156,052 111,869 267,921
At 30 November 2022 179,142 82,527 261,669

Acuity Law Group Limited (Registered number: 11172025)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023


11. FIXED ASSET INVESTMENTS

Group
Interest in
associate
£
COST
At 1 December 2022 250,000
Dividends received (66,980 )
At 30 November 2023 183,020
NET BOOK VALUE
At 30 November 2023 183,020
At 30 November 2022 250,000
Company
Shares in
group
undertakings
£
COST
At 1 December 2022
and 30 November 2023 8,022,908
NET BOOK VALUE
At 30 November 2023 8,022,908
At 30 November 2022 8,022,908

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Acuity Law Limited
Registered office: 3 Assembly Square, Britannia Quay, Cardiff Bay, Cardiff, CF10 4PL
Nature of business: Solicitors
%
Class of shares: holding
Ordinary 100.00
2023 2022
£ £
Aggregate capital and reserves 7,512,168 6,661,454
Profit for the year 1,350,714 2,404,026

Acuity Law Group Limited (Registered number: 11172025)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023


11. FIXED ASSET INVESTMENTS - continued

Adam Street Group Limited
Registered office: England & Wales
Nature of business: Dormant
%
Class of shares: holding
£1 Ordinary shares 100.00
2023 2022
£ £
Aggregate capital and reserves 1 1

Maple & Black Law Limited
Registered office: England & Wales
Nature of business: Dormant
%
Class of shares: holding
£1 Ordinary shares 100.00
2023 2022
£ £
Aggregate capital and reserves 2 2

New LL Limited
Registered office: England & Wales
Nature of business: Dormant
%
Class of shares: holding
£1 Ordinary shares 100.00
2023 2022
£ £
Aggregate capital and reserves 1 1

Goodman Grant Holdings Limited
Registered office: England & Wales
Nature of business: Holding company
%
Class of shares: holding
£1 Ordinary shares 100.00
2023 27/6/22
£ £
Aggregate capital and reserves 377 377

Acuity Law Group Limited (Registered number: 11172025)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023


11. FIXED ASSET INVESTMENTS - continued

Goodman Grant Solicitors Limited
Registered office: England & Wales
Nature of business: Solicitors
%
Class of shares: holding
£1 ordinary shares 100.00
30/11/23 27/6/22
£ £
Aggregate capital and reserves 764,306 601,999
Profit for the period/year 162,307 115,598

Acuity Sales & Valuations Limited
Registered office: England & Wales
Nature of business: Real estate and management consultancy
%
Class of shares: holding
£1 Ordinary shares 100.00
31/12/23
£
Aggregate capital and reserves 44,055
Profit for the period/year 44,054

Associated companies

Adam Street Advisers Limited
Registered office: England & Wales
Nature of business: Financial Management
%
Class of shares: holding
£1 Ordinary A & B shares 33.00
£1 Ordinary deferred shares 33.00
31/5/23 31/5/22
£ £
Aggregate capital and reserves 227,517 188,903
Profit/(loss) for the year 38,614 (1,367 )

Acuity Law Group Limited (Registered number: 11172025)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023


11. FIXED ASSET INVESTMENTS - continued

The Endgame Group Limited
Registered office: England & Wales
Nature of business: Sports agency
%
Class of shares: holding
£1 Ordinary shares 25.00
30/11/23 30/11/22
£ £
Aggregate capital and reserves 13,678 22,014
Loss for the year (8,336 ) (24 )


12. WORK IN PROGRESS

Group
2023 2022
£ £
Work-in-progress 1,937,822 2,924,247

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR

Group
2023 2022
£ £
Trade debtors 3,842,891 3,214,638
Other debtors 100,123 287,531
Prepayments and accrued income 826,468 872,140
4,769,482 4,374,309

Acuity Law Group Limited (Registered number: 11172025)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023


14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR

Group Company
2023 2022 2023 2022
£ £ £ £
Bank loans and overdrafts (see note 16)
300,000

300,000

-

-
Trade creditors 308,593 747,666 - -
Amounts owed to group undertakings - - 2,146,617 1,624,381
Corporation tax 533,384 365,104 - -
Social security and other taxes 210,853 207,078 - -
VAT 901,192 676,156 - -
Other creditors 477,510 633,995 5,909 528,145
Accruals and deferred income 1,319,946 1,744,331 - -
4,051,478 4,674,330 2,152,526 2,152,526

15. CREDITORS: AMOUNTS FALLING DUE AFTER
MORE THAN ONE YEAR

Group
2023 2022
£ £
Bank loans (see note 16) 725,000 1,025,000
Other creditors 32,352 129,047
757,352 1,154,047

16. 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.

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Acuity Law Group Limited (Registered number: 11172025)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023


Group
Non-cancellable
operating leases
2023 2022
£ £
Within one year 544,884 496,560
Between one and five years 615,216 912,250
In more than five years - 43,920
1,160,100 1,452,730

18. PROVISIONS FOR LIABILITIES

Group
2023 2022
£ £
Deferred tax 65,000 62,652

Group
Deferred tax
£
Balance at 1 December 2022 62,652
Provided during year 2,348
Transfer value on acquisition
Balance at 30 November 2023 65,000

The deferred tax liability relates to accelerated capital allowances.

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
2,833 Ordinary £1 2,833 2,833

Acuity Law Group Limited (Registered number: 11172025)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023


20. RESERVES

Group
Retained Merger
earnings reserve Totals
£ £ £

At 1 December 2022 605,093 4,867,549 5,472,642
Profit for the year 754,826 754,826
Dividends (500,000 ) (500,000 )
At 30 November 2023 859,919 4,867,549 5,727,468

Company
Retained Merger
earnings reserve Totals
£ £ £

At 1 December 2022 1,000,000 4,867,549 5,867,549
Profit for the year 500,000 500,000
Dividends (500,000 ) (500,000 )
At 30 November 2023 1,000,000 4,867,549 5,867,549


21. 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
£ £
S R Berry
Balance outstanding at start of year 686 143
Amounts advanced - 543
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 686 686

H Hitchcock
Balance outstanding at start of year 14,286 14,286
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 14,286 14,286

Acuity Law Group Limited (Registered number: 11172025)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023


21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

E L Finley
Balance outstanding at start of year 35,000 -
Amounts advanced - 35,000
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 35,000 35,000

22. 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 Group Limited (Registered number: 11172025)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023


22. 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 -