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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: S R Berry
R L Sellek
H Hitchcock





SECRETARY: Acuity Secretaries Limited





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





REGISTERED NUMBER: 07545730 (England and Wales)





AUDITORS: BPU Limited
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:





R L Sellek - Director


1 August 2025

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.

S R Berry
R L Sellek
H Hitchcock

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:





R L Sellek - Director


1 August 2025

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.




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

1 August 2025

Acuity Law Limited (Registered number: 07545730)

Profit & Loss Account
for the Year Ended 30 November 2024

2024 2023
Notes £ £

TURNOVER 16,227,079 16,655,793

Cost of sales (9,514,173 ) (9,371,501 )
GROSS PROFIT 6,712,906 7,284,292

Administrative expenses (4,745,235 ) (5,406,830 )
1,967,671 1,877,462

Other operating income 40,000 40,000
OPERATING PROFIT 3 2,007,671 1,917,462

Impairment of investment 4 (388,357 ) -
1,619,314 1,917,462

Interest receivable & similar income 204,396 85,049
1,823,710 2,002,511

Interest payable and similar expenses 5 (111,547 ) (127,340 )
PROFIT BEFORE TAXATION 1,712,163 1,875,171

Tax on profit 6 (445,613 ) (524,457 )
PROFIT FOR THE FINANCIAL YEAR 1,266,550 1,350,714

Acuity Law Limited (Registered number: 07545730)

Other Comprehensive Income
for the Year Ended 30 November 2024

2024 2023
Notes £ £

PROFIT FOR THE YEAR 1,266,550 1,350,714


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,266,550

1,350,714

Acuity Law Limited (Registered number: 07545730)

Balance Sheet
30 November 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible assets 8 793,162 -
Tangible assets 9 243,922 267,921
Investments 10 255,000 1,413,933
1,292,084 1,681,854

CURRENT ASSETS
Work in progress 11 2,701,100 1,937,822
Debtors 12 7,236,236 6,911,794
Cash at bank 558,002 1,847,687
10,495,338 10,697,303
CREDITORS
Amounts falling due within one year 13 3,315,036 4,044,637
NET CURRENT ASSETS 7,180,302 6,652,666
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,472,386

8,334,520

CREDITORS
Amounts falling due after more than
one year

14

(611,974

)

(757,352

)

PROVISIONS FOR LIABILITIES 17 (60,000 ) (65,000 )
NET ASSETS 7,800,412 7,512,168

CAPITAL AND RESERVES
Called up share capital 18 2,926 2,926
Retained earnings 19 7,797,486 7,509,242
SHAREHOLDERS' FUNDS 7,800,412 7,512,168

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 1 August 2025 and were signed on its behalf by:





R L Sellek - Director


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 2,926 6,658,528 6,661,454

Changes in equity
Dividends - (500,000 ) (500,000 )
Total comprehensive income - 1,350,714 1,350,714
Balance at 30 November 2023 2,926 7,509,242 7,512,168

Changes in equity
Dividends - (978,306 ) (978,306 )
Total comprehensive income - 1,266,550 1,266,550
Balance at 30 November 2024 2,926 7,797,486 7,800,412

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

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

Work in progress
Income due in respect of contracts for uninvoiced ongoing services is recognised by reference to the stage of completion at the year end. The amount of uninvoiced services is shown in the balance sheet as work in progress. Where work is undertaken on a no win no fee basis (also known as conditional fee arrangements) and the outcome is uncertain at the balance sheet date no income is recognised.


Acuity Law 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

20242023
£   £   
Wages and salaries6,769,9667,304,983
Social security costs804,316833,427
Other pension costs299,205266,462
7,873,4878,404,872

The average number of employees during the year was as follows:20242023

Employees118120


Acuity Law Limited (Registered number: 07545730)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024


2024 2023
£ £
Directors' remuneration 601,677 943,104
Directors' pension contributions to money purchase schemes 23,561 34,083

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 5

Information regarding the highest paid director is as follows:
2024 2023
£ £
Emoluments etc 278,344 262,500
Pension contributions to money purchase schemes 8,750 8,750

3. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£ £
Depreciation - owned assets 95,033 83,761
Loss on disposal of fixed assets 4,398 -
Goodwill amortisation - 176,667
Audit fees 24,500 25,000
Auditors' fees non audit work 63,393 19,744
Operating Leases - Land and buildings 565,261 572,916
Operating Leases - Equipment Hire 32,444 37,596

4. EXCEPTIONAL ITEMS
2024 2023
£ £
Impairment of investment (388,357 ) -

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 87,941 103,216
Other interest 23,606 24,124
111,547 127,340

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 450,613 520,457

Deferred tax (5,000 ) 4,000
Tax on profit 445,613 524,457

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 1,712,163 1,875,171
Profit multiplied by the standard rate of corporation tax in the
UK of 25% (2023 - 23.011%)

428,041

431,496

Effects of:
Expenses not deductible for tax purposes 124,145 49,785
Capital allowances in excess of depreciation - (5,226 )
Depreciation in excess of capital allowances 11,901 -
Adjustments to tax charge in respect of previous periods (113,474 ) 3,749
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 978,306 500,000

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 1,300,000
Disposals (1,300,000 )
Reclassification/transfer 793,162
At 30 November 2024 793,162
AMORTISATION
At 1 December 2023 1,300,000
Eliminated on disposal (1,300,000 )
At 30 November 2024 -
NET BOOK VALUE
At 30 November 2024 793,162
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 377,083 438,831 815,914
Additions 27,623 47,809 75,432
Disposals (9,160 ) - (9,160 )
At 30 November 2024 395,546 486,640 882,186
DEPRECIATION
At 1 December 2023 221,031 326,962 547,993
Charge for year 27,088 67,945 95,033
Eliminated on disposal (4,762 ) - (4,762 )
At 30 November 2024 243,357 394,907 638,264
NET BOOK VALUE
At 30 November 2024 152,189 91,733 243,922
At 30 November 2023 156,052 111,869 267,921

10. FIXED ASSET INVESTMENTS
Unlisted
investments
£
COST
At 1 December 2023 1,413,933
Additions 22,586
Impairments (388,357 )
Reclassification/transfer (793,162 )
At 30 November 2024 255,000
NET BOOK VALUE
At 30 November 2024 255,000
At 30 November 2023 1,413,933

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

Adam Street Group Limited
Registered office: 3 Assembly Square, Britannia Quay, Cardiff, Wales, CF10 4PL
Nature of business: Dormant
%
Class of shares: holding
£1 Ordinary shares 100.00
2024 2023
£ £
Aggregate capital and reserves 1 1

Maple & Black Law Limited
Registered office: 3 Assembly Square, Britannia Quay, Cardiff, Wales, CF10 4PL
Nature of business: Dormant
%
Class of shares: holding
£1 Ordinary shares 100.00
2024 2023
£ £
Aggregate capital and reserves 2 2

New LL Limited
Registered office: 3 Assembly Square, Britannia Quay, Cardiff, Wales, CF10 4PL
Nature of business: Dormant
%
Class of shares: holding
£1 Ordinary shares 100.00
2024 2023
£ £
Aggregate capital and reserves 1 1

Acuity Law Limited (Registered number: 07545730)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024


10. FIXED ASSET INVESTMENTS - continued

Acuity Project Solutions Limited
Registered office: 3 Assembly Square, Britannia Quay, Cardiff, Wales, CF10 4PL
Nature of business: Holding company
%
Class of shares: holding
£1 Ordinary shares 100.00
2024 2023
£ £
Aggregate capital and reserves 200 377
Loss for the year (177 ) -

Goodman Grant Solicitors Limited
Registered office: 3 Assembly Square, Britannia Quay, Cardiff, Wales, CF10 4PL
Nature of business: Solicitors
%
Class of shares: holding
£1 Ordinary shares 100.00
2024 2023
£ £
Aggregate capital and reserves 1 764,306
(Loss)/profit for the year (14,482 ) 162,307

Associated company

Adam Street Advisers Limited
Registered office: 21 Ganton Street, London, England, W1F 9BN
Nature of business: Financial management
%
Class of shares: holding
£1 Ordinary 25.00
31/5/24 31/5/23
£ £
Aggregate capital and reserves 130,272 227,517
(Loss)/profit for the year (97,245 ) 38,614

11. WORK IN PROGRESS
2024 2023
£ £
Work-in-progress 2,701,100 1,937,822

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 3,771,263 3,838,586
Amounts owed by group undertakings 2,226,245 2,146,617
Other debtors 98,829 100,123
Prepayments and accrued income 1,139,899 826,468
7,236,236 6,911,794

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts (see note 15)
300,000

300,000
Trade creditors 283,136 308,593
Amounts owed to group undertakings 155,542 -
Corporation tax 421,962 533,384
Social security and other taxes 209,849 210,853
VAT 476,507 900,259
Other creditors 681,819 471,602
Accruals and deferred income 786,221 1,319,946
3,315,036 4,044,637

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£ £
Bank loans (see note 15) 425,000 725,000
Other creditors 186,974 32,352
611,974 757,352

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 312,026 544,884
Between one and five years 544,046 615,216
856,072 1,160,100

17. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Deferred tax 60,000 65,000

Deferred tax
£
Balance at 1 December 2023 65,000
Provided during year (5,000 )
Balance at 30 November 2024 60,000

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: £ £
2,926 Ordinary £1 2,926 2,926

19. RESERVES
Retained
earnings
£

At 1 December 2023 7,509,242
Profit for the year 1,266,550
Dividends (978,306 )
At 30 November 2024 7,797,486

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
£ £
S R Berry
Balance outstanding at start of year 686 686
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 686 686

H Hitchcock
Balance outstanding at start of year 14,286 14,286
Amounts advanced 167,351 -
Amounts repaid (168,388 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 13,249 14,286

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 -