Company registration number 08458462 (England and Wales)
EXPRESS SOLICITORS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
EXPRESS SOLICITORS LIMITED
COMPANY INFORMATION
Directors
Mr C E Layfield
(Appointed 23 February 2024)
Mr J T Maxey
Mr D A Slade
Mr L J Wynne
Company number
08458462
Registered office
South Court
1 Sharston Road
Manchester
M22 4SN
Auditor
MHA
80 Mosley Street
Manchester
M2 3FX
EXPRESS SOLICITORS LIMITED
CONTENTS
Page
Strategic report
1 - 6
Directors' report
7 - 9
Directors' responsibilities statement
10
Independent auditor's report
11 - 13
Group statement of comprehensive income
14
Group balance sheet
15 - 16
Company balance sheet
17
Group statement of changes in equity
18
Company statement of changes in equity
19
Group statement of cash flows
20
Notes to the financial statements
21 - 46
EXPRESS SOLICITORS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 1 -

The directors present the strategic report for the year ended 31 August 2024.

 

Express Solicitors Limited is a specialist claims handling solicitors practice, principally but not exclusively representing injured customers throughout England and Wales.

 

The firm does have a number of business-to-business relationships but at its core the firm is a business to consumer model, based on advertising directly to the target consumer groups who then directly engage with the firm through a variety of communication channels, tailored to the needs of the potential customer, including the bespoke needs of vulnerable customers.

 

The firm’s core areas of activity are organised into five specialist departments, namely:

 

·    Occupiers Liability/Public Liability/Other Personal Injury Claims;

·    Employers Liability Personal Injury Claims;

·    Road Traffic Accident Personal Injury Claims;

·    Clinical Negligence Claims;

·    Consumer/Financial Claims

 

Review of the business

Underpinning the firm’s continued strong growth is the significant increase in marketing investment and attracting and retaining high-quality legal and non-legal talent. No win no fee personal injury work is done upon the basis of payment of fees only when the case is won and concluded. This means that significant cash is invested in personnel and other overheads in carrying out the work before the fees are realised.

 

There remains continued focus on the efficient progression of claims, which optimise customer service standards, outcomes and cash collections.

 

The business continues to focus on efficient generation of new cases and continues to examine a healthy range of opportunities to accelerate the future growth based on organic but also further M&A activity.

 

There is a very high degree of confidence in the firm undertaking further controlled but aggressive growth in the future, underpinned by a strong foundation and continued focus to enhance the governance and decision-making framework, which is ultimately overseen by the Board of directors.

 

In this financial year, Amelans Solicitors, Jefferies Solicitors, and Michael Halsall Solicitors which were acquired in the previous financial year were hived up into the main Express business in this financial period. Once hived up these businesses were no longer required and as such these investments were written off the balance sheet which has created an overall loss for the business.

 

EXPRESS SOLICITORS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
Principal risks and uncertainties

Legislation

The Civil Liability Act came into effect from May 2021. The Civil Liability Act produces a lower than previously allowed tariff for most of the lower value road accident whiplash injuries and doesn’t allow for any payment of legal costs other than those from client to solicitor, so doesn’t allow for a payment of any legal costs from the relevant Defendant’s insurers so the only source of income for Claimant solicitors is from the clients themselves.

 

The Tariff introduced on 31 May 2021, which fixed the level of compensation an injured person receives for a whiplash type injury sustained in a road traffic accident, had a statutory requirement to be reviewed by the Lord Chancellor by 31 May 2024. In February the government issued a call for evidence to support this review.

The review was completed before 31 May 2024 but was not formally announced before the calling of the general election, which halted its progress.

 

On 21 November 2024, the government confirmed they were supportive of increasing the levels of compensation on an inflationary basis, in the range of 14-15% and further committed to continue to review the appropriate rates every three years to take account of inflation. The increases are expected to take effect in April or October 2025, most likely April.

 

The business undertakes a limited level of low value RTA claims valued using the Tariff, as such the impact is predicted to be limited but given the business model is in part based upon securing a percentage of legal costs from the customer’s compensation, any increase in the Tariff will only positively improve performance.

 

These new rules were signposted long in advance and indeed due to Covid-19 and other matters their implementation was delayed, and during all of that time the business has redirected its marketing strategies to avoid those now lower value cases and pivot towards the road accident cases which are exempted, a long list including pedestrians, cyclists, motorcyclists etc. and/or higher value motor accident work, and to increase its volumes of other types of work, for example Employers Liability, Occupiers and Public Liability claims.

 

That change in marketing strategy has been successful and so whilst the business accepts that that particular strand of RTA work will be done in vastly reduced numbers by the business and will be less profitable, the business’s overall underlying profitability gives us a particular type of work not reliant on that sector and will the Directors believe continue to grow.

 

The business does not predict any further material legislative reform in the short to medium term and the common industry view is that the new Labour government is more sympathetic to the needs of the consumer who has a legitimate claim for compensation than their predecessors.

 

Liquidity

 

The continued investment in the growth of the business has purposefully led to an increase in borrowings. The Revolving Credit Facility stands at £8m post year end with an expiry date of 31 December 2025. It is likely that further funding will be sought to match the firm’s growth ambitions.

 

Cash flow

 

Cash flows are actively managed by monthly covenant reporting to the bank including a continual 6 month look forward covenant to ensure future compliance. Cash flows are reviewed on a daily basis and long-term forecasts are prepared to ensure that the firm has adequate cash available at all times. The firm forecasts strong cashflows going into 2025 which it plans to invest further to aid future growth.

 

EXPRESS SOLICITORS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
Key performance indicators

Turnover has grown to £49.6m, up by 17%.

 

EBITDA for the group was £9m. EBITDA for the company was £15m.

 

Average staff numbers have grown 27% to 670 in the year. (2023: 527). With 716 employees at 31 August 2024.

 

At the end of the financial year the firm’s net asset value amounted to £11.8m.

 

Case numbers at the end of the financial year were in excess of 24,000.

The business currently has a 4.0 Google rating and 4.7 Trust Pilot rating for customer satisfaction as well as achieving a top 70 position in the coveted The Lawyer’s UK top 200.

 

The business onboarded in excess of 15,000 new cases in FY24.

 

 

EXPRESS SOLICITORS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
Promoting the success of the group

Key stakeholders and Section 172 Statement by the Directors in performance of their statutory duties in accordance with section 172(1) Companies Act.

 

During the year ended 31 August 2024, The Board of Express Solicitors Limited considers, as individuals and collectively, that it has acted in a way it considers to, in good faith, would most likely promote the success of the Company for the benefit of its members as a whole, by having regard, among other matters, to the:

·    likely long-term consequences of any decision;

·    interests of the Company's employees;

·    need to foster the Company's relationships with its clients, suppliers and others;

·    impact of the Company's operations on the community and environment;

·    desirability of the Company maintaining its reputation for high standards of business conduct and;

·    need to act fairly as between members of the Company Stakeholder engagement

 

It is important to the Board that we develop strong and positive relationships with our employees, clients, suppliers and funding partners as well as government and regulators. We also strive to make a positive contribution to the environment and local communities in which we operate. A summary of some key activities is below.

 

Employees

 

At Express Solicitors, we rate skill and ability above all else and therefore our recruitment policy encourages applications from all. Our employees are our most important asset and it’s our employees who have made Express Solicitors the success it is today. Our recruitment process consolidates that success. We notify candidates as part of the interview joining process about accessibility and the ground floor meeting rooms and enquire about reasonable adjustments during the process. We work with individuals to accommodate their needs and are a flexible and responsive employer. We have a monthly internal newsletter to all staff to keep them updated on the company’s activities.

 

The Directors of the Company are active and engaged with employees.

The Directors actively consult the Management Information (MI) on a regular / daily basis. There is always a finger on the pulse in terms of reporting metrics daily, weekly and monthly. There is a weekly meeting with the HR Partner where a full job list is reviewed and actioned each week which is documented and decisions regarding employment, employee welfare etc is taken. There is a strong understanding of staff interests by the Board.

 

The Board promotes effective communication with our employees. On a regular basis the Board meets with Partners in the Company to update them on key new initiatives and provide a platform for discussion.

 

Every year a staff survey is conducted to capture staff feedback and views - this is reviewed and considered by the Board. In addition, regular wellbeing initiatives are promoted and supported by the Board.

 

Customers

 

The Board mainly engages indirectly with clients through the Partners who provide information about case progression and also by utilising the extensive suite of management information reports to monitor overall service delivery.

 

In addition, the Board regularly reviews customer feedback on TrustPilot and liaises with the Complaints Partner to better understand any material customer concerns.

 

 

 

EXPRESS SOLICITORS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -

Suppliers

 

Information regarding key suppliers is provided to the Board by the Partners responsible to managing those relationships. The Board continually reassesses its relationships with key marketing providers and approved engagement with additional providers as well as investigating opportunities to buy full firm caseloads or entities. The Board is committed to fair treatment and payment of suppliers.

 

Investors and funders

 

The shareholders of the business are also members of the Board. As such they are fully aware of and actively involved in all decisions made.

 

In addition, the Board recognises the key relationships with the external funders of the business. The funders are provided with monthly updates on the Company's performance and activities.

 

Data management

 

The Company's IT infrastructure is managed by a Board Member who works closely with the Data Protection Officer with regards to data security and management.

 

The members of the Board are provided with regular updates on any changes or developments in the IT infrastructure or data protection framework.

 

The security and confidential handling of client data is core to the operations of a law practice and an encrypted, industry standard application, Proclaim, is used to store all our client data. This is hosted by the Company, within its data security perimeter.

 

The Board also ensure that our staff are regularly trained on the Company's procedures to comply with the requirements of GDPR and other key elements of the Company's data security framework.

 

The business is also working towards LOCS:23 Certification. The Legal Services Operational Privacy Certification Scheme (LOCS) is designed to assist legal service providers demonstrate compliance with UK data protection law when processing client’s personal data. This alongside work on Cyber Essentials (the Government backed scheme created as a cost-efficient solution to strengthening the cyber security of businesses) shows the businesses commitment to provide a secure data environment.

 

Environmental, Social and Governance.

 

The Board promotes active engagement with our local communities and is conscious of its responsibilities to the environment.

 

The business has invested heavily in heat pumps for the headquarters, removing old inefficient gas boilers, as well as promoting a cycle to work scheme, and company electric car scheme.

 

The Board supports employee engagement and invests and promotes it’s employee Diversity & Inclusion Group. The business has a number of close connections with a number of charities, including Burning Nights, The Maggie Oliver Foundation, Headway and Forever Manchester, a charity that raises money to fund and support community activity across Greater Manchester.

 

Responsibility and accountability

 

The Board is responsible and accountable for decisions made with regards to the management of the Company.

 

As Express Solicitors provides legal services to our clients, The Board ensures that the Company's procedures comply with the expectations and requirements of the Solicitors Regulatory Authority and the Board regularly reviews and evaluates key processes and controls in this area.

 

 

 

 

 

 

EXPRESS SOLICITORS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -

On behalf of the board

Mr J T Maxey
Director
19 March 2025
EXPRESS SOLICITORS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -

The directors present their annual report and financial statements for the year ended 31 August 2024.

Principal activities

The principal activity of the company and group continued to be that of Personal injury solicitors

specialising in Accident at work claims, RTA claims, Personal Injury claims and Clinical Negligence claims.

Results and dividends

The results for the year are set out on page 14.

Ordinary dividends were paid amounting to £414,100. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr C E Layfield
(Appointed 23 February 2024)
Mr J T Maxey
Mr D A Slade
Mr L J Wynne
Research and development

The business continues to invest in the development of its own website in order to drive direct customers

to the business. The business also invests heavily in the continued development of its claim management

system ‘Proclaim’. The in house Proclaim development team continually looks to streamline processes and

increase the efficiency and usability of the system in order to aid the ever-growing workforce and

caseload.

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

Details of how the board have consulted and interacted with employees can be found within the section

172 paragraph within the strategic report.

Auditor

MHA MHA were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Energy and carbon report
2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
593,247
499,501
EXPRESS SOLICITORS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 8 -
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
-
-
- Fuel consumed for owned transport
4.65
-
4.65
-
Scope 2 - indirect emissions
- Electricity purchased
102.51
103.00
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the group
11.49
-
Total gross emissions
118.65
103.00
Intensity ratio
Tomes CO2e per full time employee
0.177
0.196
Quantification and reporting methodology

The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per full time employee.

Measures taken to improve energy efficiency

The owners and employees at Express take climate change issues and the business’s and the employees’

personal responsibility seriously. The topic is regularly reviewed at Board level and suggestions from staff

and staff committees are encouraged and regularly reviewed/implemented.

 

Specific Initiatives over the last few years include:

 

Heavy investment in the refurbishment of the newly acquired Headquarters included stripping out the entire gas boiler and heating system and replacing them with modern, efficient reverse-cycle air conditioning (air source heat pumps). This is a much more efficient form of heating and cooling. As well as being more environmentally friendly, it is also more cost effective for the business long term.

 

As part of Headquarters refurbishment, a large number of single glazed windows were replaced with double glazed windows. Preventing unnecessary heat loss through old uninsulated glazing.

 

All of the buildings’ lighting have been changed from fluorescent to more efficient LED units. All of the business’s computer monitors are energy efficient, modern LCD type.

 

Driven of course by the response to the Covid pandemic, and the high growth over past few years we have expanded the number of days that people can permanently work from home. The vast majority of employees work a 3/2 pattern, i.e. in the office 50% of the time and working from home 50% of the time. This has obviously had a corresponding reduction in travel to work journeys and therefore a lowering of the carbon footprint.

EXPRESS SOLICITORS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 9 -
Disclosures in the Strategic Report

The group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group'strue

strategic report information required by Large and Medium-sized Companies and Groups (Accounts and

Reports) Regulations 2008.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr J T Maxey
Director
19 March 2025
EXPRESS SOLICITORS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024
- 10 -

The directors are responsible for preparing the Annual Report 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

EXPRESS SOLICITORS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EXPRESS SOLICITORS LIMITED
- 11 -
Opinion

We have audited the financial statements of Express Solicitors Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

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 Auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 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 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.

EXPRESS SOLICITORS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EXPRESS SOLICITORS LIMITED
- 12 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

 

In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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 and 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.

Auditor 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 an auditor's report 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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EXPRESS SOLICITORS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EXPRESS SOLICITORS LIMITED
- 13 -

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:

- Enquiry of management and those charged with governance around actual and potential litigation and claims;

- Enquiry of entity staff in compliance functions to identify any instances of non-compliance with laws and regulations;

- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;

- Reviewing minutes of meetings of those charged with governance;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

Lindsey Shepherd FCA
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Manchester, United Kingdom
20 March 2025
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
EXPRESS SOLICITORS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024
- 14 -
2024
2023
as restated
Notes
£
£
Turnover
3
49,633,084
42,491,297
Administrative expenses
(49,380,562)
(36,405,539)
Other operating income
1,053,143
660,000
Operating profit
5
1,305,665
6,745,758
Interest receivable and similar income
9
114,088
2,569,353
Interest payable and similar expenses
8
(1,219,897)
(674,679)
Amounts written off investments
10
(74,292)
2,707
Profit before taxation
125,564
8,643,139
Tax on profit
11
(2,262,286)
(2,152,799)
(Loss)/profit for the financial year
26
(2,136,722)
6,490,340
(Loss)/profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
EXPRESS SOLICITORS LIMITED
GROUP BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 15 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Goodwill
14
3,447,660
10,803,752
Negative goodwill
14
-
0
(1,218,206)
Net goodwill
3,447,660
9,585,546
Tangible assets
15
10,121,515
8,094,815
Investments
16
-
0
30,010
13,569,175
17,710,371
Current assets
Debtors
18
30,180,639
29,335,154
Cash at bank and in hand
4,103,162
1,717,852
34,283,801
31,053,006
Creditors: amounts falling due within one year
19
(26,832,430)
(23,948,742)
Net current assets
7,451,371
7,104,264
Total assets less current liabilities
21,020,546
24,814,635
Creditors: amounts falling due after more than one year
20
(8,117,605)
(9,621,034)
Provisions for liabilities
Provisions
22
135,175
197,236
Deferred tax liability
23
927,061
604,838
(1,062,236)
(802,074)
Net assets
11,840,705
14,391,527
Capital and reserves
Called up share capital
25
100
100
Capital redemption reserve
26
4,191,922
4,191,922
Other reserves
26
511,875
511,875
Profit and loss reserves
26
7,136,808
9,687,630
Total equity
11,840,705
14,391,527
EXPRESS SOLICITORS LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2024
31 August 2024
- 16 -
The financial statements were approved by the board of directors and authorised for issue on 19 March 2025 and are signed on its behalf by:
19 March 2025
Mr J T Maxey
Director
Company registration number 08458462 (England and Wales)
EXPRESS SOLICITORS LIMITED
COMPANY BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 17 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
14
3,447,660
7,971,807
Tangible assets
15
10,121,515
7,973,158
Investments
16
-
0
9,305,877
13,569,175
25,250,842
Current assets
Debtors
18
30,159,380
25,576,453
Cash at bank and in hand
4,103,162
1,349,589
34,262,542
26,926,042
Creditors: amounts falling due within one year
19
(26,767,318)
(25,640,167)
Net current assets
7,495,224
1,285,875
Total assets less current liabilities
21,064,399
26,536,717
Creditors: amounts falling due after more than one year
20
(8,117,605)
(9,621,034)
Provisions for liabilities
Provisions
22
135,175
191,775
Deferred tax liability
23
927,061
579,938
(1,062,236)
(771,713)
Net assets
11,884,558
16,143,970
Capital and reserves
Called up share capital
25
100
100
Capital redemption reserve
26
4,191,922
4,191,922
Other reserves
26
511,875
511,875
Profit and loss reserves
26
7,180,661
11,440,073
Total equity
11,884,558
16,143,970

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £3,845,312 (2023 - £8,210,177 profit).

The financial statements were approved by the board of directors and authorised for issue on 19 March 2025 and are signed on its behalf by:
19 March 2025
Mr J T Maxey
Director
Company registration number 08458462 (England and Wales)
EXPRESS SOLICITORS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 18 -
Share capital
Capital redemption reserve
Capital contribution reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 September 2022
100
4,191,922
511,875
5,885,290
10,589,187
Year ended 31 August 2023:
Profit and total comprehensive income
-
-
-
6,490,340
6,490,340
Dividends
12
-
-
-
(2,688,000)
(2,688,000)
Balance at 31 August 2023
100
4,191,922
511,875
9,687,630
14,391,527
Year ended 31 August 2024:
Loss and total comprehensive income
-
-
-
(2,136,722)
(2,136,722)
Dividends
12
-
-
-
(414,100)
(414,100)
Balance at 31 August 2024
100
4,191,922
511,875
7,136,808
11,840,705
EXPRESS SOLICITORS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 19 -
Share capital
Capital redemption reserve
Capital contribution reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 September 2022
100
4,191,922
511,875
5,917,896
10,621,793
Year ended 31 August 2023:
Profit and total comprehensive income for the year
-
-
-
8,210,177
8,210,177
Dividends
12
-
-
-
(2,688,000)
(2,688,000)
Balance at 31 August 2023
100
4,191,922
511,875
11,440,073
16,143,970
Year ended 31 August 2024:
Profit and total comprehensive income
-
-
-
(3,845,312)
(3,845,312)
Dividends
12
-
-
-
(414,100)
(414,100)
Balance at 31 August 2024
100
4,191,922
511,875
7,180,661
11,884,558
EXPRESS SOLICITORS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024
- 20 -
2024
2023
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
33
8,260,292
5,273,630
Interest paid
(1,219,897)
(674,679)
Income taxes paid
(1,932,382)
(726,762)
Net cash inflow from operating activities
5,108,013
3,872,189
Investing activities
Purchase of business
-
(2,381,119)
Purchase of intangible assets
(431,934)
-
Purchase of tangible fixed assets
(3,392,185)
(7,640,170)
Proceeds from disposal of tangible fixed assets
37,413
-
Proceeds from disposal of subsidiaries, net of cash disposed
-
(1,152,824)
Proceeds from disposal of investments
(44,282)
272,697
Repayment of loans
28,836
-
Interest received
114,088
52,950
Dividends received
-
0
2,516,403
Net cash used in investing activities
(3,688,064)
(8,332,063)
Financing activities
Proceeds from borrowings
2,326,275
-
Repayment of borrowings
(808,798)
1,287,814
Proceeds from new bank loans
-
12,825,420
Repayment of bank loans
(138,016)
(7,825,257)
Advanced from other entities
-
872,856
Dividends paid to equity shareholders
(414,100)
(2,688,000)
Net cash generated from financing activities
965,361
4,472,833
Net increase in cash and cash equivalents
2,385,310
12,959
Cash and cash equivalents at beginning of year
1,717,852
1,704,893
Cash and cash equivalents at end of year
4,103,162
1,717,852
EXPRESS SOLICITORS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 21 -
1
Accounting policies
Company information

Express Solicitors Limited (“the company”) is a private company limited by shares domiciled and incorporated in England and Wales. The registered office is South Court, 1 Sharston Road, Manchester, M22 4SN.

 

The group consists of Express Solicitors Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial liabilities at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where

the parent of that group prepares publicly available consolidated financial statements, including this

company, which are intended to give a true and fair view of the assets, liabilities, financial position

and profit or loss of the group. The company has therefore taken advantage of exemptions from the

following disclosure requirements for parent company information presented within the consolidated

financial statements:

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

EXPRESS SOLICITORS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 22 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Express Solicitors Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 August 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the provision

of legal services provided in the normal course of business, and is shown net of VAT and other sales

related taxes. Revenue is recognised as earned at the point, and to the extent that, the respective

group company obtains a fair right to consideration in exchange for its performance under the

contract.

Fee income that is contingent on events outside the control of the firm is recognised when the contingent event occurs.

Turnover in respect of services provided to clients which have been recognised but not invoiced by

the balance sheet date is included in debtors as 'Amounts recoverable on contracts'.

EXPRESS SOLICITORS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 23 -

Interest received from defendants is recognised upon receipt.

 

Commission and other income is recognised as earned when the company obtains a right to

consideration.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5-10 years.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
20% Straight Line for refurbishments
Leasehold improvements
20% Straight Line
Fixtures and fittings
20% Straight Line
Computers
20-25% Straight Line
Motor vehicles
25% Straight Line

The property included within leasehold land and buildings has not been depreciated as refurbishments have been ongoing during the year enhancing the value of the property.

 

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

EXPRESS SOLICITORS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 24 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

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

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

EXPRESS SOLICITORS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 25 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

Basic financial liabilities

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

 

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

 

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

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

EXPRESS SOLICITORS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 26 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

 

 

 

 

 

EXPRESS SOLICITORS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 27 -
1.17
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Provisions

Determination of whether any provision should be included in the financial statements in respect of any ongoing insurance or other claims against the company.

 

Bad debts

A specific provision is made against certain debts where the directors are not of the opinion that the debt is not fully recoverable.

EXPRESS SOLICITORS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 28 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Amounts recoverable on contracts

The value of unbilled revenue is derived on the basis of estimates and assumptions regarding the fair value of unbilled time recorded to matters at the year end. The valuation of unbilled revenue involves significant judgement and affects the amount of revenue recognised. The valuation is based on an estimate of the amount expected to be recoverable from clients on unbilled items based on such factors as time spent per the system multiplied by average recovery rates over historic cases closed.

 

In assessing whether accrued income is recognised as amounts recoverable on contracts, management are required to make judgements in determining the point at which the contingency is resolved and when the fair value can be measured reliably. Where a case is contingent at the balance sheet date, no revenue is recognised, where an entitlement to income is certain, it is recognised at selling price or estimated selling price based on an analysis of historic recovery rates. The directors review historical trends to ensure that the method for accounting for the amounts recoverable on contracts is the most accurate for each claim group.

Goodwill

Determination of the valuation of goodwill requires the directors' view of the key underlying factors that affect the valuation of the business including future performance levels, cost of capital and cost of replacing such assets.

Depreciation and amortisation

Tangible and intangible fixed assets are depreciated and amortised over their useful economic lives respectively. The actual useful lives of assets are assessed annually and will vary depending on a number of factors. In assessing the lives of all assets, factors such as technological advancement and current trading levels are taken into account.

Provision for dilapidations

Provisions are made for dilapidations in respect of leased premises. The recognition and

measurement of these provisions require estimates to be made in respect of uncertain events and amounts, with the key sources of estimation uncertainty and the judgement that has the most significant effect on the amounts recognised being in relation to the amount and timing of future cash flows required to settle any restoration obligation, and to a lesser extent the discount rate applied to those estimated cash flows. Any difference between expectations and the actual future liability will be accounted for in the period when such determination is made.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Legal services
49,633,084
42,364,976
Commission and other income
-
126,321
49,633,084
42,491,297
EXPRESS SOLICITORS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
3
Turnover and other revenue
(Continued)
- 29 -
2024
2023
£
£
Other revenue
Interest income
114,088
52,950
Dividends received
-
2,516,403
Commissions received
3,391
-
Miscellaneous other income
389,752
-
Management fees received
660,000
660,000
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
32,000
29,705
Audit of the financial statements of the company's subsidiaries
16,000
-
48,000
29,705
For other services
Taxation compliance services
4,000
2,072
All other non-audit services
8,500
12,725
12,500
14,797
5
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
1,294,236
483,939
Impairment of trade debtors
191,980
467,355
Loss on disposal of tangible fixed assets
33,836
-
Amortisation of intangible assets
1,149,228
1,364,322
Impairment of intangible assets
5,420,592
-
0
Operating lease charges
312,719
814,676
EXPRESS SOLICITORS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 30 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Directors
4
3
4
3
Productive and support
530
439
530
439
Administrative
136
85
136
85
Total
670
527
670
527

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
21,921,200
17,713,712
21,573,467
16,886,848
Social security costs
2,259,400
1,866,179
2,259,400
1,781,705
Pension costs
592,581
446,130
592,581
445,436
24,773,181
20,026,021
24,425,448
19,113,989
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
232,604
163,821
Company pension contributions to defined contribution schemes
1,586
1,321
234,190
165,142

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 1).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
184,231
-
Company pension contributions to defined contribution schemes
1,321
-
EXPRESS SOLICITORS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 31 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
933,972
574,232
Other interest on financial liabilities
275,142
100,447
Other interest
10,783
-
Total finance costs
1,219,897
674,679
9
Interest receivable and similar income
2024
2023
as restated
£
£
Interest income
Interest on bank deposits
103,379
45,500
Other interest income
10,709
7,450
Total interest revenue
114,088
52,950
Other income from investments
Dividends received
-
0
2,463,636
Total income excluding fixed asset investments
114,088
2,516,586
Income from fixed asset investments
Income from shares in group undertakings
-
0
52,767
Total income
114,088
2,569,353
10
Amounts written off investments
2024
2023
£
£
Gain on disposal of fixed asset investments
-
2,707
Other gains and losses
(74,292)
-
(74,292)
2,707
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
2,035,801
1,747,212
Adjustments in respect of prior periods
(95,738)
(6,354)
Total current tax
1,940,063
1,740,858
EXPRESS SOLICITORS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
11
Taxation
2024
2023
£
£
(Continued)
- 32 -
Deferred tax
Origination and reversal of timing differences
141,469
411,941
Adjustment in respect of prior periods
180,754
-
0
Total deferred tax
322,223
411,941
Total tax charge
2,262,286
2,152,799

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
125,564
8,643,139
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 21.43%)
31,391
1,852,225
Tax effect of expenses that are not deductible in determining taxable profit
1,770,519
160,024
Tax effect of utilisation of tax losses not previously recognised
129,772
-
0
Group relief
146,968
-
0
Permanent capital allowances in excess of depreciation
-
0
411,941
Under/(over) provided in prior years
(95,738)
(6,354)
Deferred tax adjustments in respect of prior years
161,695
-
0
Movement in provisions
-
0
2,152
Capital allowances
-
0
(394,333)
Losses carried back
107,040
-
0
Charitable donations not qualifying for relief
10,639
-
0
Transition adjustments
-
127,144
Taxation charge
2,262,286
2,152,799
12
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
414,100
2,688,000
EXPRESS SOLICITORS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 33 -
13
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2024
2023
Notes
£
£
In respect of:
Goodwill
14
5,420,592
-
Fixed asset investments
16
74,292
-
Recognised in:
Administrative expenses
5,420,592
-
Amounts written off investments
74,292
-

The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.

14
Intangible fixed assets
Group
Goodwill
Negative goodwill
Total
£
£
£
Cost
As at 1 September 2023 as restated
22,675,444
(2,849,112)
19,826,332
Additions
431,934
-
0
431,934
Disposals
(4,277,544)
-
0
(4,277,544)
At 31 August 2024
18,829,834
(2,849,112)
15,980,722
Amortisation and impairment
At 1 September 2023
11,871,692
(1,630,906)
10,240,786
Amortisation charged for the year
1,149,228
-
0
1,149,228
Impairment losses
6,638,798
(1,218,206)
5,420,592
Disposals
(4,277,544)
-
0
(4,277,544)
At 31 August 2024
15,382,174
(2,849,112)
12,533,062
Carrying amount
At 31 August 2024
3,447,660
-
0
3,447,660
At 31 August 2023
10,803,752
(1,218,206)
9,585,546
EXPRESS SOLICITORS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
14
Intangible fixed assets
(Continued)
- 34 -
Company
Goodwill
£
Cost
At 1 September 2023
17,964,793
Additions
431,934
Disposals
(4,277,544)
At 31 August 2024
14,119,183
Amortisation and impairment
At 1 September 2023
9,992,986
Amortisation charged for the year
1,149,228
Impairment losses
3,806,853
Disposals
(4,277,544)
At 31 August 2024
10,671,523
Carrying amount
At 31 August 2024
3,447,660
At 31 August 2023
7,971,807

More information on impairment movements in the year is given in note 13.

The amortisation is recognised in administrative expenses in the statement of comprehensive

income.

EXPRESS SOLICITORS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 35 -
15
Tangible fixed assets
Group
Leasehold land and buildings
Leasehold improvements
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 September 2023
6,365,231
587,432
204,351
2,684,397
36,913
9,878,324
Additions
2,348,402
13,757
48,505
941,731
39,790
3,392,185
Disposals
-
0
(369,128)
(106,990)
(549,778)
(15,275)
(1,041,171)
At 31 August 2024
8,713,633
232,061
145,866
3,076,350
61,428
12,229,338
Depreciation and impairment
At 1 September 2023
-
0
473,518
115,229
1,174,912
19,850
1,783,509
Depreciation charged in the year
528,785
57,025
26,179
671,035
11,212
1,294,236
Eliminated in respect of disposals
-
0
(356,077)
(75,865)
(522,705)
(15,275)
(969,922)
At 31 August 2024
528,785
174,466
65,543
1,323,242
15,787
2,107,823
Carrying amount
At 31 August 2024
8,184,848
57,595
80,323
1,753,108
45,641
10,121,515
At 31 August 2023
6,365,231
113,914
89,122
1,509,485
17,063
8,094,815
EXPRESS SOLICITORS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
15
Tangible fixed assets
(Continued)
- 36 -
Company
Leasehold land and buildings
Leasehold improvements
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 September 2023
6,365,231
569,126
160,863
2,578,361
36,913
9,710,494
Additions
2,348,402
13,757
48,505
941,731
39,790
3,392,185
Disposals
-
0
(369,128)
(63,573)
(548,853)
(15,275)
(996,829)
At 31 August 2024
8,713,633
213,755
145,795
2,971,239
61,428
12,105,850
Depreciation and impairment
At 1 September 2023
-
0
473,518
106,476
1,137,492
19,850
1,737,336
Depreciation charged in the year
528,785
38,719
22,567
602,419
11,212
1,203,702
Eliminated in respect of disposals
-
0
(356,077)
(63,571)
(521,780)
(15,275)
(956,703)
At 31 August 2024
528,785
156,160
65,472
1,218,131
15,787
1,984,335
Carrying amount
At 31 August 2024
8,184,848
57,595
80,323
1,753,108
45,641
10,121,515
At 31 August 2023
6,365,231
95,608
54,387
1,440,869
17,063
7,973,158

Tangible fixed assets with a carrying amount of £1,681,093 (2023 - £807,494) have been pledged to secure borrowings of the company.

16
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
17
-
0
-
0
-
0
9,275,867
Unlisted investments
-
0
30,010
-
0
30,010
-
0
30,010
-
0
9,305,877
EXPRESS SOLICITORS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
16
Fixed asset investments
(Continued)
- 37 -
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 September 2023
30,010
Transfers
(30,010)
At 31 August 2024
-
Carrying amount
At 31 August 2024
-
At 31 August 2023
30,010
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 September 2023
9,275,867
30,010
9,305,877
Additions
332,294
-
332,294
Transfers
30,010
(30,010)
-
Disposals
(30,010)
-
(30,010)
At 31 August 2024
9,608,161
-
9,608,161
Impairment
At 1 September 2023
-
-
-
Impairment losses
9,608,161
-
9,608,161
At 31 August 2024
9,608,161
-
9,608,161
Carrying amount
At 31 August 2024
-
-
-
At 31 August 2023
9,275,867
30,010
9,305,877
17
Subsidiaries

During the year, the company hived up the trade of all its subsidiaries, and impaired the cost.

Details of the company's subsidiaries at 31 August 2024 are as follows:

EXPRESS SOLICITORS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
17
Subsidiaries
(Continued)
- 38 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Jefferies Exp Limited
England and Wales
Ordinary
100.00
-
MWH Holdings Limited
England and Wales
Ordinary
100.00
-
Michael W Halsall Exp Limited
England and Wales
Ordinary
0
100.00

The registered office addresses of the above subsidiaries are the same as the registered office for this company.

18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
22,804,938
19,191,664
22,804,938
15,580,549
Amounts recoverable on contracts
5,226,694
5,116,490
5,226,694
4,586,490
Amounts owed by group undertakings
-
-
-
663,187
Other debtors
658,624
729,535
637,365
697,106
Prepayments and accrued income
1,437,616
4,297,465
1,437,616
4,049,121
30,127,872
29,335,154
30,106,613
25,576,453
Amounts falling due after more than one year:
Other debtors
52,767
-
0
52,767
-
0
Total debtors
30,180,639
29,335,154
30,159,380
25,576,453
19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
as restated
as restated
Notes
£
£
£
£
Bank loans
21
8,165,000
8,043,506
8,165,000
8,000,000
Other borrowings
21
547,352
187,814
547,352
187,814
Trade creditors
8,580,878
7,177,229
8,580,878
4,560,563
Amounts owed to group undertakings
-
0
-
0
-
0
4,702,854
Corporation tax payable
1,230,729
1,223,048
1,165,617
1,086,443
Other taxation and social security
2,336,837
1,210,516
2,336,837
1,030,445
Other creditors
4,554,928
3,778,884
4,554,928
3,773,373
Accruals and deferred income
1,416,706
2,327,745
1,416,706
2,298,675
26,832,430
23,948,742
26,767,318
25,640,167
EXPRESS SOLICITORS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 39 -
20
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
as restated
as restated
Notes
£
£
£
£
Bank loans and overdrafts
21
3,040,490
3,300,000
3,040,490
3,300,000
Other borrowings
21
2,257,939
1,100,000
2,257,939
1,100,000
Other creditors
2,819,176
5,221,034
2,819,176
5,221,034
8,117,605
9,621,034
8,117,605
9,621,034
Amounts included above which fall due after five years are as follows:
Payable by instalments
2,380,490
2,475,000
2,380,490
2,475,000
21
Loans and overdrafts
Group
Company
2024
2023
2024
2023
as restated
as restated
£
£
£
£
Bank loans
11,205,490
11,343,506
11,205,490
11,300,000
Other loans
2,805,291
1,287,814
2,805,291
1,287,814
14,010,781
12,631,320
14,010,781
12,587,814
Payable within one year
8,712,352
8,231,320
8,712,352
8,187,814
Payable after one year
5,298,429
4,400,000
5,298,429
4,400,000

The Revolving credit facility of £8,000,000 (2023: £8,000,000) included in bank loans is secured against the assets of the company.

 

Included in bank loans is £3,205,490 (2023: £3,300,000) secured by a legal mortgage over the company's registered office.

22
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
Dilapidations
135,175
197,236
135,175
191,775
EXPRESS SOLICITORS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
22
Provisions for liabilities
(Continued)
- 40 -
Movements on provisions:
Dilapidations
Group
£
At 1 September 2023
197,236
Reversal of provision
(62,061)
At 31 August 2024
135,175
Dilapidations
Company
£
At 1 September 2023
191,775
Reversal of provision
(56,600)
At 31 August 2024
135,175

The dilapidations provision reflects the anticipated costs associated with potential rectification of leased sites under the terms of the lease or licence agreement.

23
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
931,176
604,838
Others
(4,115)
-
927,061
604,838
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
931,176
579,938
Others
(4,115)
-
927,061
579,938
EXPRESS SOLICITORS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
23
Deferred taxation
(Continued)
- 41 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 September 2023
604,838
579,938
Charge to profit or loss
322,223
347,123
Liability at 31 August 2024
927,061
927,061
24
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
592,581
446,130

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

25
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary "A" shares of 1p each
9,000
9,000
90
90
Ordinary "D" shares of 1p each
1,000
1,000
10
10
10,000
10,000
100
100

Each class of shares has full voting rights, the right to receive dividends and no right to participate in a distribution of capital, except on winding up.

26
Reserves
Capital redemption reserve

The capital redemption reserve includes any share redemptions out of distributable profits.

Profit and loss reserves

Retained earnings includes all current and prior period retained profits and losses, less dividends payable to shareholders.

Capital contribution reserve

The capital contribution reserve is the difference arising on the initial recognition of interest free loans where loans are measured at the present value of future cashflows, discounted at the market rate of interest for similar loans.

EXPRESS SOLICITORS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 42 -
27
Financial commitments, guarantees and contingent liabilities

The company has provided a guarantee of £450,000 (2023: £450,000) to an unincorporated partnership under common ownership in respect of a loan for the purchase of property.

28
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
167,390
153,019
167,390
-
Between two and five years
184,423
153,019
184,423
-
351,813
306,038
351,813
-
29
Events after the reporting date

The business has signed a new four year £16m facility agreement with NatWest bank, this facility replaces the £8m agreement which was set to renew in December 2025. These additional funds are there to help the business continue on its growth trajectory through both organic and a buy and build strategy.

 

Following the year end, all the subsidiaries shown in note 17 have entered voluntary liquidation.

EXPRESS SOLICITORS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 43 -
30
Related party transactions
Transactions with related parties

During the year the group received income of £1,838,540 (2023 - £2,227,787) in respect of Ontime Reports Limited, a company in which Mr J T Maxey has a controlling interest. Of this, management and support costs received of £660,000 (2023 - £660,000) is reported within 'Other Operating Income' and the balance representing directly recharged wages and employers social security contributions, consultancy and other operating costs are netted off against expenditure incurred.

 

All recharges were made on an arms length basis. At the year end, £3,019,152 (2023 - £2,183,783) was owed to Ontime Reports Limited.

 

The company occupies premises where the directors have a personal interest. At the year end, £5,978 (2023 - £5,990) was owed from RP & JM Property Partnership.

 

During the year the group received income of £20,426 (2023 - £nil) and incurred expenditure of £1,499 (2023 - £369) in respect of Express Solicitors Partnership, a company in which Mr J T Maxey has a controlling interest.

 

At the year end, £240,235 (2023 - £180,148) was owed from Express Solicitors Partnership.

 

During the year the group received income of £370,672 (2023 - £nil) and incurred expenditure of £109,203 (2023 - £nil) in respect of Injury Lawyers 4U Limited, a company in which Mr J T Maxey has a controlling interest.

 

At the year end, £984,390 (2023 - £nil) and £1,100,000 (2023 - £1,100,000) was owed to Right Shield Insurance Limited and High Ocean Limited respectively. These companies are registered in Guernsey in which Mr J T Maxey's close family and Mr D A Slade have controlling interests.

 

At the year end, the company owed a director £2,344,833 (2023 - £2,742,240) in respect of a directors' loan to the company £1,943,999 included in long term creditors, the balance of £500,834 included in creditors due in less than 1 year

 

 

 

31
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Loan to director
2.25
414,099
411,987
10,709
(450,702)
386,093
414,099
411,987
10,709
(450,702)
386,093
32
Controlling party

The company was controlled throughout the current and prior period, by its majority shareholder, Mr J T Maxey.

EXPRESS SOLICITORS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 44 -
33
Cash generated from group operations
2024
2023
£
£
(Loss)/profit for the year after tax
(2,136,722)
6,490,340
Adjustments for:
Taxation charged
2,262,286
2,152,799
Finance costs
1,219,897
674,679
Investment income
(114,088)
(2,569,353)
Loss on disposal of tangible fixed assets
33,836
-
Amortisation and impairment of intangible assets
6,569,820
1,364,322
Depreciation and impairment of tangible fixed assets
1,294,236
483,939
Gain on sale of investments
-
(2,707)
Other gains and losses
74,292
-
Decrease in provisions
(62,061)
(4,135,106)
Movements in working capital:
Increase in debtors
(874,321)
(7,173,292)
(Decrease)/increase in creditors
(6,883)
7,988,009
Cash generated from operations
8,260,292
5,273,630
34
Analysis of changes in net debt - group
1 September 2023
Cash flows
31 August 2024
£
£
£
Cash at bank and in hand
1,717,852
2,385,310
4,103,162
Borrowings excluding overdrafts
(12,631,320)
(1,379,461)
(14,010,781)
(10,913,468)
1,005,849
(9,907,619)
35
Prior period adjustment
Changes to the balance sheet - group
As previously reported
Adjustment
As restated at 31 Aug 2023
£
£
£
Fixed assets
Goodwill
9,335,936
249,610
9,585,546
Capital and reserves
Profit and loss reserves
9,438,020
249,610
9,687,630
EXPRESS SOLICITORS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
35
Prior period adjustment
(Continued)
- 45 -
Changes to the profit and loss account - group
As previously reported
Adjustment
As restated
Period ended 31 August 2023
£
£
£
Income from shares in group undertakings
646,067
(593,300)
52,767
Reconciliation of changes in equity - group
1 September
31 August
2022
2023
£
£
Adjustments to prior year
Income from shares in group undertakings
-
(593,300)
Dividends paid
-
842,910
Total adjustments
-
249,610
Equity as previously reported
10,589,187
14,141,917
Equity as adjusted
10,589,187
14,391,527
Analysis of the effect upon equity
Profit and loss reserves
-
249,610
Reconciliation of changes in profit for the previous financial period
2023
£
Adjustments to prior year
Income from shares in group undertakings
(593,300)
Profit as previously reported
7,083,640
Profit as adjusted
6,490,340
Reconciliation of changes in equity - company
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in profit for the previous financial period
2023
£
Adjustments to prior year
Total adjustments
-
Profit as previously reported
8,210,177
Profit as adjusted
8,210,177
EXPRESS SOLICITORS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
35
Prior period adjustment
(Continued)
- 46 -
Notes to reconciliation
Dividends received and paid prior period adjustment

The directors have concluded that some prior period intra group dividends were not removed upon consolidation, with the difference included within negative goodwill. Therefore a prior period adjustment has corrected this error.

Classification of loans prior period adjustment

The directors have concluded that some of the loans included within "bank loans" within both the prior period parent and group financial statements within creditors due within less and after more than one year were not loans with banking institutes. Therefore a prior period reclassification of these balances to "other borrowings" has corrected these errors.

2024-08-312023-09-01falsefalseCCH SoftwareCCH Accounts Production 2024.301Mr C E LayfieldMr J T MaxeyMr D A SladeMr L J 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