Defeyene Legal Solutions Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 10721979

Defeyene Legal Solutions Limited

Filleted Unaudited Financial Statements

31 December 2024

Defeyene Legal Solutions Limited

Financial Statements

Year ended 31 December 2024

Contents	Page

Officers and professional advisers	1

Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3

Notes to the financial statements	5

Defeyene Legal Solutions Limited

Officers and Professional Advisers

The board of directors	R Chiappini
	F N Emelifeonwu
	S E Esemuede
	E P G Keelan

Registered office	2 Leman Street
	Aldgate Tower
	London
	E1 8FA

Accountants	Complete Accounting Solutions
	Chartered Certified Accountants
	727-729 High Road
	London
	N12 0BP

Defeyene Legal Solutions Limited

Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Defeyene Legal Solutions Limited

Year ended 31 December 2024

As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 December 2024, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

Complete Accounting Solutions Chartered Certified Accountants

727-729 High Road London N12 0BP

Defeyene Legal Solutions Limited

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	5	30,588	15,578
Investments	6	80	–
		--------	--------
		30,668	15,578

Current assets

Debtors	7	2,038,523	244,982
Cash at bank and in hand		789,266	486,587
		------------	---------
		2,827,789	731,569

Creditors: amounts falling due within one year	8	( 3,029,767)	( 4,674,755)
		------------	------------
Net current liabilities		( 201,978)	( 3,943,186)
		---------	------------
Total assets less current liabilities		( 171,310)	( 3,927,608)
		---------	------------
Net liabilities		( 171,310)	( 3,927,608)
		---------	------------

Capital and reserves

Called up share capital	10	316	188
Share premium account		8,941,431	1,888,920
Share options reserve		245,227	–
Profit and loss account		( 9,358,284)	( 5,816,716)
		------------	------------
Shareholders deficit		( 171,310)	( 3,927,608)
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Defeyene Legal Solutions Limited

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 11 September 2025 , and are signed on behalf of the board by:

F N Emelifeonwu

Director

Company registration number: 10721979

Defeyene Legal Solutions Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Leman Street, Aldgate Tower, London, E1 8FA.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date .

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Computer Equipment	-	33% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

Share-based payments

Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value is expensed on a straight-line basis over the vesting period, with a corresponding increase in equity. This is based upon the company's estimate of the shares or share options that will eventually vest which takes into account all vesting conditions and non-market performance conditions, with adjustments being made where new information indicates the number of shares or share options expected to vest differs from previous estimates. Fair value is determined using an appropriate pricing model. All market conditions and non-vesting conditions are taken into account when estimating the fair value of the shares or share options. As long as all other vesting conditions are satisfied, no adjustment is made irrespective of whether market or non-vesting conditions are met. Where the terms of an equity-settled transaction are modified, an expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any increase in the fair value of the transaction, as measured at the date of modification. Where an equity-settled transaction is cancelled or settled, it is treated as if it had vested on the date of cancellation or settlement, and any expense not yet recognised in profit or loss is expensed immediately. Cash-settled share-based payment transactions are measured at the fair value of the liability. Until the liability is settled, the fair value of the liability is re-measured at each reporting date and at the date of settlement, with any changes in fair value recognised in profit or loss for the period.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 70 (2023: 48 ).

5. Tangible assets

	Computer equipment
	£
Cost
At 1 January 2024	30,376
Additions	28,443
Disposals	( 925)
	--------
At 31 December 2024	57,894
	--------
Depreciation
At 1 January 2024	14,798
Charge for the year	12,688
Disposals	( 180)
	--------
At 31 December 2024	27,306
	--------
Carrying amount
At 31 December 2024	30,588
	--------
At 31 December 2023	15,578
	--------

6. Investments

	Shares in group undertakings
	£
Cost
At 1 January 2024	–
Additions	80
	----
At 31 December 2024	80
	----
Impairment
At 1 January 2024 and 31 December 2024	–
	----

Carrying amount
At 31 December 2024	80
	----
At 31 December 2023	–
	----

The amount above represents a 100% shareholding in Defeyene Legal Solutions US Inc., an entity incorporated in The United States of America.

The results of the subsidiary are as follows:

31 December 2024:

Loss £471,516 (USD 592,565)

Capital and reserves £(475,762) (USD (597,901))

31 December 2023:

Loss £4,191 (USD 5,336)

Capital and reserves £9,859 (USD 12,566)

7. Debtors

	2024	2023
	£	£
Trade debtors	1,775,458	155,919
Amounts owed by group undertakings and undertakings in which the company has a participating interest	21,905	14,083
Other debtors	241,160	74,980
	------------	---------
	2,038,523	244,982
	------------	---------

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	126,919	74,213
Accruals and deferred income	2,657,488	699,251
Social security and other taxes	215,042	63,667
Other creditors	30,318	3,837,624
	------------	------------
	3,029,767	4,674,755
	------------	------------

9. Share-based payments

The company runs an EMI/Non-EMI share option scheme. During the year, 2,916,964 options were granted and none were exercised or had lapsed leaving a total of 3,542,773 options at the year end date. The number of participants in the scheme is 22.

The share option expense for the year based upon the number of options vested at the balance sheet date is £245,227.

10. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 0.00001 each	19,930,926	199	18,828,618	188
Seed preferred shares of £ 0.00001 each	6,838,570	68	–	–
Series A shares of £ 0.00001 each	4,862,799	49	–	–
	-------------	----	-------------	----
	31,632,295	316	18,828,618	188
	-------------	----	-------------	----

During the year, the company issued 12,803,677 equity shares for a total consideration of £7,052,639.