| Acuity Law Limited |
| Strategic Report, Report of the Directors and |
| Audited Financial Statements for the Year Ended 30 November 2024 |
| Acuity Law Limited |
| Strategic Report, Report of the Directors and |
| Audited Financial Statements for the Year Ended 30 November 2024 |
| Acuity Law Limited |
| Company Information |
| for the Year Ended 30 November 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| Statutory Auditor |
| Radnor House |
| Greenwood Close |
| Cardiff Gate Business Park |
| Cardiff |
| CF23 8AA |
| Acuity Law Limited (Registered number: 07545730) |
| Strategic Report |
| for the Year Ended 30 November 2024 |
| The directors present their strategic report for the year ended 30 November 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the business is the provision of legal services to commercial clients, which includes supplying legal advice and technology led products to facilitate legal and business processes. |
| REVIEW OF BUSINESS |
| During the 2023/2024 financial year we continued to build our team of employed and consultant partners, who work together to provide a seamless legal service to our commercial clients. Our hybrid model continues to distinguish us from our competitors and is one that we believe is perfect for a modern professional services firm. |
| We offer a flexible and financially rewarding career path to our lawyers, who can choose an employed or self-employed model. This enables us to attract new talent, and to give our junior lawyers a career path that promotes retention and growth. We are on a growth pattern, supported by a year on year increase in client relationships, with the opportunity to expand on the services we offer our clients. |
| We have invested in technology and we view this as the key to driving efficiencies, in the delivery of legal services. We enable our lawyers to work smarter and to pass on the benefits to clients. From a business perspective, this consolidates our client base and drives recurrent revenues. |
| We have expanded our team of non-lawyers and with a focus on increasing support to our fee-earners and in developing new products. This has included the roll out of a new internet platform for clients to access legal solutions, through which we can build subscription revenues and offer fixed price legal solutions. |
| In summary, the 2023/24 year has been one where we have focused on investment in systems, technology and the recruitment of an executive team to set us up for a period of further expansion. This has been funded out of cash-flow and we retain the ability to access external funding for growth if needed. The forecast for the next few years is extremely positive and that is reflected in the culture and energy within the firm. |
| Key Performance Indicators (KPIs) |
| During the 2023/24 financial year we achieved the following KPIs which are relative to the 2022/23 financial year: |
| - | Turnover slightly decreased by 2%, but we have seen an improvement in our pricing and with a better level of billings per lawyer. |
| - | Admin expenses decreased by 12% which reflects our success in automating back office functions. |
| - | In headline numbers, our profit before tax slightly decreased by 8% as a result of the impairment and reclassification of investment in past acquisitions, but we still maintained a healthy gross profit margin of 41% |
| - | Consultant partner headcount increased by 5% with an improvement per consultant in the level of fees billed. |
| Acuity Law Limited (Registered number: 07545730) |
| Strategic Report |
| for the Year Ended 30 November 2024 |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| Over the course of the 2023/24 financial year we continued to see a drag on deal-flow and investment across our client base. This was especially noticeable in our commercial real estate practice, where we have seen a swing from development work to investment and re-purposing of commercial property. We believe that the slow-down in project and transaction work, relative to previous years, will pick back up as interest rates drop. We have shaped our teams to be able to take on additional work without significant additional cost and this has been achieved from the efficiency gains we are achieving from our investment in technology and smart recruitment. |
| We have noted an increase in stressed situations with our client base, and have worked on more restructurings in 2023/24 than at any time in the last ten years. We have seen several clients enter into insolvency processes and this in turn has impacted on cash-recovery for our fees. However, we recognise the risk this presents and have improved our policies and billing approach to mitigate the risk. |
| FUTURE DEVELOPMENTS |
| We continue to grow our professional services that complement our core legal expertise, and these include regulatory advice, corporate broking, and training services. We have strong client retention, and the ability to package solutions for clients and to develop additional revenue streams. |
| We continue to build strategic alliances though our professional network and are seeing the benefits of a collaborative approach. |
| As our client base expands with the recruitment of new partners, our opportunity for cross-selling increases and we see a huge opportunity in making better use of our client data and relationships. Where a client is instructing us in one or a limited number of areas, there is scope for us to broaden our services and make use if the client goodwill that already exists. |
| We are proud of the value we have created in the "Acuity Law" brand. Our focus on providing quality legal services to successful and growing business clients gives us a business model that can support growth in the United Kingdom, and with the ability to expand internationally. |
| THIS REPORT WAS APPROVED BY THE BOARD: |
| Acuity Law Limited (Registered number: 07545730) |
| Report of the Directors |
| for the Year Ended 30 November 2024 |
| The directors present their report with the financial statements of the company for the year ended 30 November 2024. |
| DIVIDENDS |
| The total distribution of dividends for the year ended 30 November 2024 was £978,306 (2023 - |
| £500,000). |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 December 2023 to the date of this report. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| Acuity Law Limited (Registered number: 07545730) |
| Report of the Directors |
| for the Year Ended 30 November 2024 |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| THIS REPORT WAS APPROVED BY THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Acuity Law Limited |
| Opinion |
| We have audited the financial statements of Acuity Law Limited (the 'company') for the year ended 30 November 2024 which comprise the Profit & Loss Account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the company's affairs as at 30 November 2024 and of its profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| Report of the Independent Auditors to the Members of |
| Acuity Law Limited |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
| Report of the Independent Auditors to the Members of |
| Acuity Law Limited |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risks of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment. |
| The laws and regulations that we determined were most significant to the company were the Companies Act, UK Corporate Tax Laws, Employment Laws, the Data Protection Act, SRA Regulations and Money Laundering Regulations. |
| We obtained an understanding of how the company is complying with those laws and regulations by making enquiries of the management and those charged with governance, and corroborated these enquiries through our review of board minutes and review of legal and professional spend for the year. |
| We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. We addressed the risk of management override of internal controls and assessed the effectiveness of the controls that management has in place to prevent and detect fraud, including testing of manual journals and evaluating the assumptions and judgements made by management in its significant accounting estimates. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| Report of the Independent Auditors to the Members of |
| Acuity Law Limited |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Chartered Accountants |
| Statutory Auditor |
| Acuity Law Limited (Registered number: 07545730) |
| Profit & Loss Account |
| for the Year Ended 30 November 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER |
| Cost of sales | ( |
) | ( |
) |
| GROSS PROFIT |
| Administrative expenses | ( |
) | ( |
) |
| 1,967,671 | 1,877,462 |
| Other operating income |
| OPERATING PROFIT | 3 |
| Impairment of investment | 4 | ( |
) |
| 1,619,314 | 1,917,462 |
| Interest receivable & similar income |
| 1,823,710 | 2,002,511 |
| Interest payable and similar expenses | 5 | ( |
) | ( |
) |
| PROFIT BEFORE TAXATION |
| Tax on profit | 6 | ( |
) | ( |
) |
| PROFIT FOR THE FINANCIAL YEAR |
| Acuity Law Limited (Registered number: 07545730) |
| Other Comprehensive Income |
| for the Year Ended 30 November 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| Acuity Law Limited (Registered number: 07545730) |
| Balance Sheet |
| 30 November 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 8 |
| Tangible assets | 9 |
| Investments | 10 |
| CURRENT ASSETS |
| Work in progress | 11 |
| Debtors | 12 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 13 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
14 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 17 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 18 |
| Retained earnings | 19 |
| SHAREHOLDERS' FUNDS |
| Acuity Law Limited (Registered number: 07545730) |
| Balance Sheet - continued |
| 30 November 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Acuity Law Limited (Registered number: 07545730) |
| Statement of Changes in Equity |
| for the Year Ended 30 November 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 December 2022 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 30 November 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 30 November 2024 |
| Acuity Law Limited (Registered number: 07545730) |
| Notes to the Financial Statements |
| for the Year Ended 30 November 2024 |
| 1. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Financial Reporting Standard 102 - reduced disclosure exemptions |
| The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
| • | the requirements of Section 7 Statement of Cash Flows. |
| This is on the basis that this will be included within the consolidated accounts of Acuity Law Holdings Limited, the ultimate controlling parent. |
| Turnover |
| Turnover is measured at the fair value of the consideration receivable or received excluding discounts, rebates and value added tax in relation to the provision of legal and associated consultancy services. |
| Goodwill |
| Goodwill being the amount paid in connection with the acquisition of two businesses in 2018, is being amortised evenly over the estimated useful life of five years. |
| Tangible fixed assets |
| Furniture & fittings | - |
| Computer equipment | - |
| Work in progress |
| Income due in respect of contracts for uninvoiced ongoing services is recognised by reference to the stage of completion at the year end. The amount of uninvoiced services is shown in the balance sheet as work in progress. Where work is undertaken on a no win no fee basis (also known as conditional fee arrangements) and the outcome is uncertain at the balance sheet date no income is recognised. |
| Acuity Law Limited (Registered number: 07545730) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 November 2024 |
| 1. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Pension costs |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Investments in subsidiaries and associates |
| Investments are measured at cost less any impairment. |
| 2. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries | 6,769,966 | 7,304,983 |
| Social security costs | 804,316 | 833,427 |
| Other pension costs | 299,205 | 266,462 |
| 7,873,487 | 8,404,872 |
| The average number of employees during the year was as follows: | 2024 | 2023 |
| Employees | 118 | 120 |
| Acuity Law Limited (Registered number: 07545730) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 November 2024 |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes |
| Information regarding the highest paid director is as follows: |
| 2024 | 2023 |
| £ | £ |
| Emoluments etc |
| Pension contributions to money purchase schemes |
| 3. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 2024 | 2023 |
| £ | £ |
| Depreciation - owned assets |
| Loss on disposal of fixed assets |
| Goodwill amortisation |
| Audit fees |
| Auditors' fees non audit work |
| Operating Leases - Land and buildings |
| Operating Leases - Equipment Hire |
| 4. | EXCEPTIONAL ITEMS |
| 2024 | 2023 |
| £ | £ |
| Impairment of investment | ( |
) |
| Acuity Law Limited (Registered number: 07545730) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 November 2024 |
| The company purchased the share capital of Goodman Grant Holdings Limited (now Acuity Project Solutions Limited) in 2022. The trade and assets of Goodman Grant Solicitors Limited, the trading subsidiary of this group were transferred into Acuity Law Limited. The Directors have re assessed the value at which this investment was being carried and made an appropriate impairment to reflect its fair value. The Directors have also considered the presentation of this investment and it has been reclassified as goodwill which more appropriately reflects its nature. Although the investment no longer has a value as that company has no trade or assets, there is still value in the underlying trade which continues in Acuity Law Limited. |
| 5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Bank loan interest |
| Other interest |
| 6. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Deferred tax | ( |
) |
| Tax on profit |
| Acuity Law Limited (Registered number: 07545730) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 November 2024 |
| 6. | TAXATION - continued |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2024 | 2023 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of |
| Effects of: |
| Expenses not deductible for tax purposes |
| Capital allowances in excess of depreciation | - | ( |
) |
| Depreciation in excess of capital allowances | - |
| Adjustments to tax charge in respect of previous periods | ( |
) |
| Amortisation of Goodwill | - | 40,653 |
| Deferred Tax movement | (5,000 | ) | 4,000 |
| Total tax charge | 445,613 | 524,457 |
| 7. | DIVIDENDS |
| 2024 | 2023 |
| £ | £ |
| Ordinary shares of £1 each |
| Paid |
| Acuity Law Limited (Registered number: 07545730) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 November 2024 |
| 8. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 December 2023 |
| Disposals | ( |
) |
| Reclassification/transfer |
| At 30 November 2024 |
| AMORTISATION |
| At 1 December 2023 |
| Eliminated on disposal | ( |
) |
| At 30 November 2024 |
| NET BOOK VALUE |
| At 30 November 2024 |
| At 30 November 2023 |
| The Directors have considered the presentation of the investment in Goodman Grant Holdings Limited (now Acuity Project Solutions Limited) and it has been reclassified as goodwill which more appropriately reflects its nature. Although the investment no longer has a value as that company has no trade or assets, there is still value in the underlying trade which continues in Acuity Law Limited. |
| Acuity Law Limited (Registered number: 07545730) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 November 2024 |
| 9. | TANGIBLE FIXED ASSETS |
| Furniture & | Computer |
| fittings | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 December 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 30 November 2024 |
| DEPRECIATION |
| At 1 December 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 30 November 2024 |
| NET BOOK VALUE |
| At 30 November 2024 |
| At 30 November 2023 |
| 10. | FIXED ASSET INVESTMENTS |
| Unlisted |
| investments |
| £ |
| COST |
| At 1 December 2023 |
| Additions |
| Impairments | ( |
) |
| Reclassification/transfer | ( |
) |
| At 30 November 2024 |
| NET BOOK VALUE |
| At 30 November 2024 |
| At 30 November 2023 |
| Acuity Law Limited (Registered number: 07545730) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 November 2024 |
| 10. | FIXED ASSET INVESTMENTS - continued |
| The company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Subsidiaries |
| Registered office: 3 Assembly Square, Britannia Quay, Cardiff, Wales, CF10 4PL |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 | 2023 |
| £ | £ |
| Aggregate capital and reserves |
| Registered office: 3 Assembly Square, Britannia Quay, Cardiff, Wales, CF10 4PL |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 | 2023 |
| £ | £ |
| Aggregate capital and reserves |
| Registered office: 3 Assembly Square, Britannia Quay, Cardiff, Wales, CF10 4PL |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 | 2023 |
| £ | £ |
| Aggregate capital and reserves |
| Acuity Law Limited (Registered number: 07545730) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 November 2024 |
| 10. | FIXED ASSET INVESTMENTS - continued |
| Registered office: 3 Assembly Square, Britannia Quay, Cardiff, Wales, CF10 4PL |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 | 2023 |
| £ | £ |
| Aggregate capital and reserves |
| Loss for the year | ( |
) |
| Registered office: 3 Assembly Square, Britannia Quay, Cardiff, Wales, CF10 4PL |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 | 2023 |
| £ | £ |
| Aggregate capital and reserves |
| (Loss)/profit for the year | ( |
) |
| Associated company |
| Registered office: 21 Ganton Street, London, England, W1F 9BN |
| Nature of business: |
| % |
| Class of shares: | holding |
| £ | £ |
| Aggregate capital and reserves |
| (Loss)/profit for the year | ( |
) |
| 11. | WORK IN PROGRESS |
| 2024 | 2023 |
| £ | £ |
| Work-in-progress |
| Acuity Law Limited (Registered number: 07545730) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 November 2024 |
| 12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Prepayments and accrued income |
| 13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts (see note 15) |
| Trade creditors |
| Amounts owed to group undertakings |
| Corporation tax |
| Social security and other taxes |
| VAT | 476,507 | 900,259 |
| Other creditors |
| Accruals and deferred income |
| 14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans (see note 15) |
| Other creditors |
| 15. | LOANS |
| The CBIL bank loan is repayable from May 22 for a period of 60 months with the interest rate applicable being 2.51% above the Bank of England base rate. |
| Acuity Law Limited (Registered number: 07545730) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 November 2024 |
| 16. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| 17. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred tax | 60,000 | 65,000 |
| Deferred tax |
| £ |
| Balance at 1 December 2023 |
| Provided during year | ( |
) |
| Balance at 30 November 2024 |
| The deferred tax liability relates to accelerated capital allowances. |
| 18. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 2,926 | 2,926 |
| 19. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 December 2023 |
| Profit for the year |
| Dividends | ( |
) |
| At 30 November 2024 |
| Acuity Law Limited (Registered number: 07545730) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 November 2024 |
| 20. | ULTIMATE PARENT COMPANY |
| The company's ultimate parent company is Acuity Law Holdings Limited, a company registered in England and Wales, whose registered office is the same as the company's. Acuity Law Holdings Limited prepare consolidated financial statements. |
| 21. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 30 November 2024 and 30 November 2023: |
| 2024 | 2023 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| 22. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Acuity Law Limited (Registered number: 07545730) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 November 2024 |
| 22. | RELATED PARTY DISCLOSURES - continued |
| a) Related parties : - |
| Aeron Properties Limited |
| ai) Loans to related parties |
| Net value | Balance |
| of supply | owed |
| in year | at year end |
| £ | £ |
| 2024 |
| Related parties | - | - |
| 2023 |
| Related parties | 34,167 | 50,000 |
| b) Associates :- |
| Adam Street Advisers Limited |
| bi) Rental of property to related parties |
| Net value | Balance |
| of supply | owed |
| in year | at year end |
| £ | £ |
| 2024 |
| Associates | 40,000 | - |
| 2023 |
| Associates | 40,000 | - |