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Registered number: 11494075










EXCELLO LAW LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
EXCELLO LAW LIMITED
 
 
COMPANY INFORMATION


Directors
G Bisnought 
J H Losty 
S A James 




Registered number
11494075



Registered office
110 Bishopsgate

London

EC2N 4AY




Independent auditor
Shaw Gibbs (Audit) Limited
Statutory Auditor

Wey Court West

Union Road

Farnham

Surrey

GU9 7PT





 
EXCELLO LAW LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 4
Directors' Report
 
5 - 6
Independent Auditor's Report
 
7 - 10
Consolidated Statement of Comprehensive Income
 
11
Consolidated Statement of Financial Position
 
12
Company Statement of Financial Position
 
13 - 14
Consolidated Statement of Changes in Equity
 
15 - 16
Company Statement of Changes in Equity
 
17 - 18
Consolidated Statement of Cash Flows
 
19 - 20
Consolidated Analysis of Net Debt
 
21
Notes to the Financial Statements
 
22 - 43


 
EXCELLO LAW LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Introduction
 
The Directors present their report for the year ended 30 June 2024, providing a comprehensive overview of the Company’s financial performance, strategic developments, and future outlook.
Excello Law Limited (the firm) and its subsidiaries are established commercial practices which have the depth of resource, range of expertise and geographical coverage to deliver a full spectrum of legal services to businesses and individuals.   The firm offers the full range of legal services from Agriculture and Estates to Trade & Investment by way of Minerals, Environment & Renewable Energy.

Business review
 
Excello Law continues to redefine the legal industry, setting new standards in the consultancy fee-share model. As one of the UK’s top 10 fastest-growing law firms, it has become the firm of choice for experienced lawyers seeking a modern, entrepreneurial approach to legal practice.
Excello Law stands apart as a leading full-service fee-share firm, renowned for its selective recruitment and commitment to excellence. Our model empowers lawyers with independence while providing unparalleled support. As self-employed professionals, they enjoy the freedom to manage their practice while benefiting from our comprehensive infrastructure, including compliance, finance, marketing, IT, and a strong national referral network. This ensures they can focus on delivering exceptional client service without the administrative burdens of a traditional law firm.
Unlike volume-driven models, we focus on selecting the right lawyers, not just more lawyers. By prioritising quality over quantity, we ensure cultural alignment and high professional standards across our team. This approach has led to a 98% retention rate—one of the highest in the sector—reflecting the loyalty, satisfaction, and long-term success of our lawyers.
At the heart of our success is a genuine partnership with our lawyers. We take time to understand their ambitions, challenges, and goals—getting under the bonnet of their practice to provide tailored support that fuels long-term success. This philosophy underpins our strong retention rates and ensures lawyers thrive within our firm.
In total over the past year, we welcomed 43 new lawyers,  resulting in a 32% increase in our total lawyer count, increasing to 180 across the UK. FY 24 was a standout period, with a revenue of £24 million—an impressive 31% rise from 2023. Looking ahead to June 2025, our forecast projects a £28 million revenue, marking a remarkable 16% year-on-year increase. This substantial growth in legal talent and outstanding financial performance reaffirms our firm's position as a leading force in the legal landscape.
A key driver of our innovation is the House of Brands strategy, which goes beyond merely supporting lawyers in launching their own legal practices—we actively partner with them. Through this initiative, Excello Law provides strategic guidance, initial investment, business development support, branding, marketing, and compliance assistance. For those looking to scale further, we introduce them to potential investors. As of this reporting period, ten boutique legal brands have been established through this programme, including Ionic Legal and Ocean Legal in 2024.


Page 1

 
EXCELLO LAW LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Business Review (continued)

Technology remains central to our expansion and efficiency. Additionally, our tailored 1:1 onboarding programme, led by senior leadership, ensures seamless integration for new lawyers.

Excello Law is on a trajectory of sustainable growth - strategic investments, commitment to innovation, and differentiated approach ensure we remain at the forefront of the fee-share sector, delivering unrivalled opportunities for both lawyers and clients.

The Directors are pleased to note that Excello Law has continued to experience significant growth during the financial year. Our team of consultant lawyers has expanded, as has our national reach. Excello Law operates across nine national offices, providing fully serviced workspaces designed to foster collaboration and client engagement.

Excello Law remains committed to supporting its lawyers through a dedicated Compliance Department, which plays a vital role in maintaining the highest regulatory standards. Headed by our Head of Risk and Compliance, the department ensures adherence to AML requirements, conflict checks, file reviews, and the SRA Code of Conduct. The firm has expanded the size of its compliance team, reinforcing its commitment to risk management and regulatory compliance.

Principal risks and uncertainties
 
The Directors regularly assess the major risks to which the firm is exposed and remain committed to maintaining its strong position by upholding high standards of legal advice and data security.
Economic Downturn
Excello Law is well-positioned to withstand economic downturns, having been founded during the 2008 financial crisis. The firm has historically found that while certain legal services, such as real estate and corporate law, may decline during downturns, demand for dispute resolution, insolvency, corporate restructuring, employment, and debt recovery tends to increase. Additionally, economic uncertainty often leads to opportunities for recruitment, as traditional law firms reduce headcounts.
Competitors
The legal sector has seen significant growth in the number of consultancy-based fee share firms, reflecting the model’s maturity. Excello Law continues to monitor the competitive landscape and remains focused on innovation, consolidation, and delivering high-quality services to sustain its impressive growth trajectory. A key differentiator is our House of Brands initiative, which goes far beyond anything else in the market. We provide a true partnership—offering an extensive, end-to-end solution that covers every aspect of launching and growing a legal practice. From strategy and initial investment to law firm setup, branding, marketing, business development, and operational support, we deliver a comprehensive platform that allows lawyers to build their practice while we handle the complexities of insurance, compliance, finance, and administration. This innovative programme fosters entrepreneurship in a way no other firm in the sector does, ensuring our lawyers have the strongest possible foundation for success.
Page 2

 
EXCELLO LAW LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Principal risks and uncertainties (continued)

Information Technology
IT is central to Excello Law’s business model, ensuring the security and efficiency of operations. The firm has invested in modernising its systems. A robust cybersecurity framework is in place, and the firm maintains Cyber Security insurance to mitigate risks. Regular assessments of IT infrastructure and supplier security protocols are conducted to safeguard client data.
Professional Indemnity Insurance
Excello Law maintains a close relationship with its insurers and brokers to ensure it receives the best premium rates in the market. The firm’s compliance team works diligently to uphold the highest standards in risk management and regulatory compliance, ensuring a strong position within the insurance market.
Compliance
Excello Law’s Compliance Department plays a crucial role in maintaining regulatory standards and ensuring lawyers receive ongoing training and support. The department oversees AML compliance, conflict checks, file audits, and adherence to the SRA Code of Conduct. By fostering a culture of integrity and accountability, Excello Law ensures that its lawyers operate within a robust and compliant legal framework.
Changes to IR35
The Directors continue to monitor regulatory changes, including developments in IR35 legislation. From inception, Excello Law has sought legal and tax advice to ensure compliance with the regulatory framework governing self-employed workers. The Directors remain confident that Excello Law’s model adheres to current legal requirements and will continue to review its structure in response to any legislative changes.
 

Financial key performance indicators
 
The following KPIs are used by the Directors to monitor the financial performance of the Group
Revenue Growth - Revenue has grown by £5,724,462, an increase of 31% (2023: 62%) since the previous year.
 

2024
2023
Gross Profit
7,378,407
5,187,571
Profit before tax
316,896
127,273

 

 
The Directors also monitor cashflow closely.

Page 3

 
EXCELLO LAW LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024


This report was approved by the board and signed on its behalf.







G Bisnought
Director
Date: 23 June 2025

Page 4

 
EXCELLO LAW LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Group's financial statements and then apply them consistently;

make judgments 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 Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Principal activity

The principal activity of the company during the year continued to be that of solicitors.

Results and dividends

The profit for the year, after taxation, amounted to £209,794 (2023 - £75,087).

Dividends of £190,800 (2023: £Nil) were declared this year.

Directors

The directors who served during the year were:

G Bisnought 
J H Losty 
S A James 

Page 5

 
EXCELLO LAW LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Future developments

Excello Law is on a strong growth trajectory, driven by a commitment to sustainable expansion and delivering a solution unlike anything else in the crowded market. 
Excello Law stands out by offering a truly differentiated approach—one that prioritises innovation, tailored support, and strategic investment. Our unique fee-share consultancy model is built on a foundation of quality over quantity, ensuring we attract and retain entrepreneurial lawyers who value independence, flexibility, and the highest levels of operational support. As we continue on this upward trajectory, our focus remains on sustainable growth, international expansion, and fostering an environment where lawyers can build successful long-term careers.

Matters covered in the strategic report

Information concerning the business review and principal risks and uncertanties is included within the Strategic Report. 

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

This report was approved by the board and signed on its behalf.
 







G Bisnought
Director
Date: 23 June 2025

Page 6

 
EXCELLO LAW LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EXCELLO LAW LIMITED
 

Opinion


We have audited the financial statements of Excello Law Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 June 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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's affairs as at 30 June 2024 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 Auditor's 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 United Kingdom, including the Financial Reporting Council'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 or 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.


Page 7

 
EXCELLO LAW LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EXCELLO LAW LIMITED (CONTINUED)


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 ReportOur 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.


Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report 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 Directors' Report.


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:


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.


Page 8

 
EXCELLO LAW LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EXCELLO LAW LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 5, 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'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.


Auditor's 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk 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 by, for example, forgery or intentional misrepresentations, or through collusion.
We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. 
Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.


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 Auditor's Report.


Page 9

 
EXCELLO LAW LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EXCELLO LAW LIMITED (CONTINUED)


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 2006Our 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.







Mr Mark Dickinson (Senior Statutory Auditor)
for and on behalf of
Shaw Gibbs (Audit) Limited
Statutory Auditor
Wey Court West
Union Road
Farnham
Surrey
GU9 7PT

26 June 2025
Page 10

 
EXCELLO LAW LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
 4 
24,102,103
18,377,641

Cost of sales
  
(16,723,696)
(13,190,070)

Gross profit
  
7,378,407
5,187,571

Administrative expenses
  
(7,365,776)
(5,319,750)

Other operating charges
  
(17,577)
(8)

Operating loss
 5 
(4,946)
(132,187)

Interest receivable and similar income
 9 
324,518
261,265

Interest payable and similar expenses
 10 
(2,676)
(1,805)

Profit before tax
  
316,896
127,273

Tax on profit
 11 
(107,102)
(52,186)

Profit for the financial year
  
209,794
75,087

Profit for the year attributable to:
  

Owners of the parent company
  
209,794
75,087

  
209,794
75,087

Total comprehensive income attributable to:
  

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 22 to 43 form part of these financial statements.

Page 11

 
EXCELLO LAW LIMITED
REGISTERED NUMBER: 11494075

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
767,326
871,694

Tangible assets
 14 
66,522
82,215

  
833,848
953,909

Current assets
  

Debtors: amounts falling due within one year
 16 
7,365,328
5,984,828

Cash at bank and in hand
 17 
255,997
936,781

  
7,621,325
6,921,609

Creditors: amounts falling due within one year
 18 
(6,566,627)
(6,000,090)

Net current assets
  
 
 
1,054,698
 
 
921,519

Total assets less current liabilities
  
1,888,546
1,875,428

Provisions for liabilities
  

Deferred taxation
 19 
(12,395)
(18,271)

  
 
 
(12,395)
 
 
(18,271)

Net assets
  
1,876,151
1,857,157


Capital and reserves
  

Called up share capital 
 20 
100
100

Profit and loss account
  
1,876,051
1,857,057

Equity attributable to owners of the parent Company
  
1,876,151
1,857,157

  
1,876,151
1,857,157


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 June 2025.




G Bisnought
Director

The notes on pages 22 to 43 form part of these financial statements.

Page 12

 
EXCELLO LAW LIMITED
REGISTERED NUMBER: 11494075

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
838,994
53,050

Tangible assets
 14 
66,521
81,201

Investments
 15 
100
867,437

  
905,615
1,001,688

Current assets
  

Debtors: amounts falling due within one year
 16 
7,429,757
5,770,690

Cash at bank and in hand
 17 
252,666
811,973

  
7,682,423
6,582,663

Creditors: amounts falling due within one year
 18 
(6,540,306)
(5,573,257)

Net current assets
  
 
 
1,142,117
 
 
1,009,406

Total assets less current liabilities
  
2,047,732
2,011,094

  

Provisions for liabilities
  

Deferred taxation
 19 
(12,395)
(18,271)

  
 
 
(12,395)
 
 
(18,271)

Net assets
  
2,035,337
1,992,823


Capital and reserves
  

Called up share capital 
 20 
100
100

Profit and loss account brought forward
  
1,992,723
1,781,969

Profit for the year
  
233,314
210,754

Dividends paid

 12 

(190,800)
-

Profit and loss account carried forward
  
2,035,237
1,992,723

  
2,035,337
1,992,823


Page 13

 
EXCELLO LAW LIMITED
REGISTERED NUMBER: 11494075
    
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 June 2025.


G Bisnought
Director

The notes on pages 22 to 43 form part of these financial statements.

Page 14

 
EXCELLO LAW LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£

At 1 July 2023
100
1,857,057
1,857,157
1,857,157



Profit for the year
-
209,794
209,794
209,794


Contributions by and distributions to owners

Dividends: Equity capital
-
(190,800)
(190,800)
(190,800)


At 30 June 2024
100
1,876,051
1,876,151
1,876,151


The notes on pages 22 to 43 form part of these financial statements.

Page 15

 
EXCELLO LAW LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£

At 1 July 2022 (as previously stated)
100
745,272
745,372
745,372

Prior year adjustment - change in accounting policy
-
1,036,698
1,036,698
1,036,698

At 1 July 2022 (as restated)
100
1,781,970
1,782,070
1,782,070



Profit for the year
-
75,087
75,087
75,087


At 30 June 2023
100
1,857,057
1,857,157
1,857,157


The notes on pages 22 to 43 form part of these financial statements.

Page 16

 
EXCELLO LAW LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 July 2023
100
1,992,723
1,992,823



Profit for the year
-
233,314
233,314


Contributions by and distributions to owners

Dividends: Equity capital
-
(190,800)
(190,800)


At 30 June 2024
100
2,035,237
2,035,337


The notes on pages 22 to 43 form part of these financial statements.

Page 17

 
EXCELLO LAW LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 July 2022 (as restated)
100
745,272
745,372

Prior year adjustment - change in accounting policy
-
1,036,697
1,036,697

At 1 July 2022 (as restated)
100
1,781,969
1,782,069



Profit for the year
-
210,754
210,754


At 30 June 2023
100
1,992,723
1,992,823


The notes on pages 22 to 43 form part of these financial statements.

Page 18

 
EXCELLO LAW LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
209,794
75,087

Adjustments for:

Amortisation of intangible assets
109,118
90,960

Depreciation of tangible assets
20,991
19,543

Loss on disposal of tangible assets
941
1,181

Interest paid
2,676
1,804

Interest received
(324,518)
(261,265)

Taxation charge
107,102
52,186

(Increase) in debtors
(1,370,336)
(1,376,441)

(Increase)/decrease in amounts owed by participating ints
(32,177)
202,607

Increase in creditors
502,864
2,352,764

(Decrease)/increase in amounts owed to participating ints
(49,523)
133,553

Corporation tax received/(paid)
30,236
(118,754)

Net cash generated from operating activities

(792,832)
1,173,225


Cash flows from investing activities

Purchase of intangible fixed assets
(4,750)
(962,654)

Purchase of tangible fixed assets
(6,238)
(73,182)

Sale of tangible fixed assets
941
-

Purchase of fixed asset investments
(4,750)
-

Sale of fixed asset investments
4,750
-

Interest received
324,518
261,265

Net cash from investing activities

314,471
(774,571)
Page 19

 
EXCELLO LAW LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024


2024
2023

£
£



Cash flows from financing activities

New secured loans
-
8,947

Repayment of loans
(8,947)
-

Dividends paid
(190,800)
-

Interest paid
(2,676)
(1,804)

Net cash used in financing activities
(202,423)
7,143

Net (decrease)/increase in cash and cash equivalents
(680,784)
405,797

Cash and cash equivalents at beginning of year
936,781
530,984

Cash and cash equivalents at the end of year
255,997
936,781


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
255,997
936,781

255,997
936,781


The notes on pages 22 to 43 form part of these financial statements.

Page 20

 
EXCELLO LAW LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2024




At 1 July 2023
Cash flows
At 30 June 2024
£

£

£

Cash at bank and in hand

936,781

(680,784)

255,997

Debt due within 1 year

(8,947)

(75,491)

(84,438)


927,834
(756,275)
171,559

The notes on pages 22 to 43 form part of these financial statements.

Page 21

 
EXCELLO LAW LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Excello Law Limited (11494075) is a private company limited by shares and registered in England and Wales. The registered office is 110 Bishopsgate, London, EC2N 4AY.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2014.

Page 22

 
EXCELLO LAW LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 23

 
EXCELLO LAW LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

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

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

Page 24

 
EXCELLO LAW LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


Page 25

 
EXCELLO LAW LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.11

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
10
years

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
reducing balance
Office equipment
-
25%
reducing balance and straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 26

 
EXCELLO LAW LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 27

 
EXCELLO LAW LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.18

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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

 
2.19

Dividends

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

Page 28

 
EXCELLO LAW LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies (as described in note 2), management is required to make judgments, estimates and assumptions. These estimates and underlying assumptions are reviewed on an ongoing basis. 
The below sources of estimation uncertainty have a significant effect on the amounts recognised in the financial statements:
Amounts recoverable on contracts - The assessment of amounts recoverable on contracts involves various judgements, estimates and assumptions being made. The valuation is based upon the time recorded by fee earners on client work, subsequent invoices raised and recoveries made on work carried out.  A recovery rate is used which takes account of amounts recovered in previous accounting periods
Consultants costs provisions - Consultants are due an agreed percentage of profit costs when worked carried out for clients have been both invoiced and paid. An estimate is accrued for these costs where recoverable on contracts and trade debtors existed at the year end, and where invoices had not already been received from the consultants at that date, which is based on 5 years average of consultancy costs compared to revenue.
Bad debt provision - Provision is included for trade debtors which are not expected to be recovered. The provision  is estimated based upon the expected recoverability of invoices at the year end and the length of time they have been outstanding.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Fees receivable
22,843,753
17,478,929

Recharges salary costs
1,258,350
898,712

24,102,103
18,377,641


2024
2023
£
£

United Kingdom
23,497,011
18,030,298

Rest of Europe
467,306
276,746

Rest of the world
137,786
70,597

24,102,103
18,377,641


Page 29

 
EXCELLO LAW LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Operating loss

The operating loss is stated after charging:

2024
2023
£
£

Depreciation
38,673
19,543

Amortisation
68,460
90,960

Exchange differences
(5)
72

Other operating lease rentals
646,884
627,072


6.


Auditor's remuneration

During the year, the Group obtained the following services from the Company's auditor:


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the consolidated and parent Company's financial statements
51,620
41,500


7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
3,581,306
2,334,023
3,564,733
2,242,143

Social security costs
400,699
277,763
400,699
277,763

Cost of defined contribution scheme
83,857
51,756
83,857
51,801

4,065,862
2,663,542
4,049,289
2,571,707


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Directors
3
5
3
3



Employees
56
41
56
38

59
46
59
41

Page 30

 
EXCELLO LAW LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
1,288,913
902,574

Group contributions to defined contribution pension schemes
41,200
14,500

1,330,113
917,074


During the year retirement benefits were accruing to 2 directors (2023 - 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £906,358 (2023 - £575,498).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £18,000 (2023 - £NIL).

The amount of the accrued lump sum in respect of the highest paid director at 30 June 2024 amounted to £NIL (2023 - £NIL).


9.


Interest receivable

2024
2023
£
£


Other interest receivable
324,518
261,265


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
273
605

Other interest payable
2,403
1,200

2,676
1,805

Page 31

 
EXCELLO LAW LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
117,228
33,864

Adjustments in respect of previous periods
(4,250)
51


112,978
33,915


Total current tax
112,978
33,915

Deferred tax


Origination and reversal of timing differences
(5,876)
18,271

Total deferred tax
(5,876)
18,271


Tax on profit
107,102
52,186
Page 32

 
EXCELLO LAW LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
339,871
127,274


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
84,968
31,819

Effects of:


Non-tax deductible amortisation of goodwill and impairment
17,115
-

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
8,154
20,951

Capital allowances for year in excess of depreciation
7,796
811

Adjustments to tax charge in respect of prior periods
(4,250)
22,271

Other timing differences leading to an increase (decrease) in taxation
(805)
1,661

Adjustment for short accounting periods leading to an increase (decrease) in the tax charge
-
(35,591)

Group relief
-
28,990

Marginal relief
-
(22,003)

Remeasurement of deferred tax
(5,876)
3,277

Total tax charge for the year
107,102
52,186


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2024
2023
£
£

Ordinary B


Dividends
190,800
-

190,800
-

Page 33

 
EXCELLO LAW LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

13.


Intangible assets

Group





Computer software
Goodwill
Total

£
£
£



Cost


At 1 July 2023
53,050
909,604
962,654


Additions
-
4,750
4,750



At 30 June 2024

53,050
914,354
967,404



Amortisation


At 1 July 2023
-
90,960
90,960


Charge for the year
17,683
91,435
109,118



At 30 June 2024

17,683
182,395
200,078



Net book value



At 30 June 2024
35,367
731,959
767,326



At 30 June 2023
53,050
818,644
871,694



Page 34

 
EXCELLO LAW LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
           13.Intangible assets (continued)

Company




Computer software
Goodwill
Total

£
£
£



Cost


At 1 July 2023
53,050
-
53,050


Additions
-
872,087
872,087



At 30 June 2024

53,050
872,087
925,137



Amortisation


Charge for the year
17,683
68,460
86,143



At 30 June 2024

17,683
68,460
86,143



Net book value



At 30 June 2024
35,367
803,627
838,994



At 30 June 2023
53,050
-
53,050

Page 35

 
EXCELLO LAW LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

14.


Tangible fixed assets

Group






Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 July 2023
103,641
7,465
111,106


Additions
6,238
-
6,238


Disposals
-
(7,464)
(7,464)



At 30 June 2024

109,879
1
109,880



Depreciation


At 1 July 2023
22,440
6,451
28,891


Charge for the year on owned assets
20,918
72
20,990


Disposals
-
(6,523)
(6,523)



At 30 June 2024

43,358
-
43,358



Net book value



At 30 June 2024
66,521
1
66,522



At 30 June 2023
81,201
1,014
82,215

Page 36

 
EXCELLO LAW LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

           14.Tangible fixed assets (continued)


Company






Fixtures and fittings

£

Cost or valuation


At 1 July 2023
103,641


Additions
6,238



At 30 June 2024

109,879



Depreciation


At 1 July 2023
22,440


Charge for the year on owned assets
20,918



At 30 June 2024

43,358



Net book value



At 30 June 2024
66,521



At 30 June 2023
81,201






Page 37

 
EXCELLO LAW LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 July 2023
867,437


Additions
4,750


Disposals
(872,087)



At 30 June 2024
100





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

MBC Law Limited
The Colmore Building, 20 Colmore Circus Queensway, Birmingham, B4 6AT
Ordinary
100%

Page 38

 
EXCELLO LAW LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Subsidiary undertaking (continued)

The aggregate of the share capital and reserves as at 30 June 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

MBC Law Limited
(87,417)
(545)

For the year ended 30 June 2024, MBC Law Limited was entitled to the exemption from the
requirement to have an audit under the provisions of section 479A of the Companies Act 2006. The
parent undertaking has given a guarantee under section 479C in respect of this financial year.

Page 39

 
EXCELLO LAW LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

16.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
2,621,409
2,338,907
2,619,474
2,211,869

Amounts owed by joint ventures and associated undertakings
255,023
222,846
321,524
223,562

Other debtors
147,258
150,599
147,121
149,114

Prepayments and accrued income
175,233
194,473
175,233
186,141

Amounts recoverable on long-term contracts
4,166,405
3,078,003
4,166,405
3,000,004

7,365,328
5,984,828
7,429,757
5,770,690



17.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
255,997
936,781
252,666
811,973



18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
-
8,947
-
-

Trade creditors
2,121,806
2,086,458
2,107,131
1,788,799

Amounts owed to other participating interests
84,030
133,553
84,030
133,553

Corporation tax
275,207
153,062
275,097
153,062

Other taxation and social security
565,546
471,595
563,083
416,132

Other creditors
84,437
152,467
84,437
152,467

Accruals and deferred income
3,435,601
2,994,008
3,426,528
2,929,244

6,566,627
6,000,090
6,540,306
5,573,257


Page 40

 
EXCELLO LAW LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

19.


Deferred taxation


Group



2024


£






At beginning of year
(18,271)


Charged to profit or loss
5,876



At end of year
(12,395)

Company


2024


£






At beginning of year
(18,271)


Charged to profit or loss
5,876



At end of year
(12,395)

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
(14,657)
(21,305)
(14,657)
(21,305)

Other timing differences
2,262
3,034
2,262
3,034

(12,395)
(18,271)
(12,395)
(18,271)


20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



50 (2023 - 50) Ordinary A shares of £1.00 each
50
50
50 (2023 - 50) Ordinary B shares of £1.00 each
50
50

100

100


Page 41

 
EXCELLO LAW LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

21.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £83,857 (2023 - £51,798). Contributions totalling £14,595 (2023 - £10,789) were payable to the fund at the reporting date and are included in creditors.


22.


Commitments under operating leases

At 30 June 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Land and buiildings

Not later than 1 year
554,067
199,279
554,067
199,145

Later than 1 year and not later than 5 years
428,783
12,817
428,783
12,817

428,783
12,817
428,783
12,817

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Other operating leases

Not later than 1 year
19,477
6,856
19,477
6,856

Later than 1 year and not later than 5 years
40,954
18,552
40,954
18,552

60,431
25,408
60,431
25,408

Page 42

 
EXCELLO LAW LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

23.


Related party transactions

During the prior year Excello Law Limited purchased 100% of the share capital of MBC Law Limited.  Excello Law Limited has taken the exemption under FRS102 Para 33.1A and has not disclosed any intra group transactions with MBC Law Limited.
Excello Libertas Limited is an associated company, under the control of G Bisnought and J H Losty. 
At the year end, £31,697 (2023 - £222,494) was owed to Excello Law Limited by Excello Libertas Limited. Costs of £Nil (2023 - £352) were recharged by Excello Law Limited to Excello Libertas Limited.
G Bisnought and J H Losty own 49% of the shares in Lowry Legal Limited.
Sales of £535,615 (2023 - £359,324) were made from Excello Law Limited to Lowry Legal Limited during the year. Purchases of £357,422  (2023 - £644,624) were made by Excello Law Limited from Lowry Legal Limited.
At the year end, £84,030 (2023 - £133,553) was owed by Excello Law Limited to Lowry Legal Limited.
At the year end £69,843 (2023 - £141,678) was owed from the company to G Bisnought.
At the year end £45 (2023 - £45) was owed by J H Losty to the company.


24.


Controlling party

During the year the company was under the control of the directors G Bisnought and J H Losty.

 
Page 43