The members present their annual report and financial statements for the Period ended 29 November 2023.

The principal activity of the limited liability partnership continued to be that of a law firm.

Performance

The principal activity of Veritas Solicitors LLP during the year was the provision of legal services to both the consumer and commercial sectors. The business continued to make strategic investment in cutting-edge technology, enabling it to increase volumes of consumer financial mis-selling and Housing Disrepair claims, which underpinned the business’s substantial growth and market success.

This success was evidenced by increased volume of cases, and overall, by volume of claims successfully progressed through the litigation process.

Claims update

The volume of Housing Disrepair claims continued to increase and as the maturity of the cases progressed then settlements increased further. Litigation activities increase to ensure matters conclude within reasonable timeframe.

As a result of the increased national awareness of motor finance mis-selling claims the Business is increasingly servicing these and additional strategic litigation avenues are in place to maximise the legal recourse.

Work in Progress

From a financial reporting perspective, in line with accounting policy, no fee income or work in progress (WIP) is recognised where recovery is contingent on the successful outcome of a case. As such, the financial statements do not reflect the underlying value of ongoing matters.

However, on a strategic basis, the current WIP position is highly significant: the estimated value expected to be realised upon successful settlement of existing cases stands at more than £150 million. This represents a substantial pipeline of contingent revenue and a strong indicator of the firm’s long-term growth.

The business operates in an attractive and competitive market which continues to attract new entrants. In order to protect the businesses operating margins, the members are continually seeking new economically attractive claims types to further diversify the businesses current portfolio.

The business is also potentially subject to the risks set out below which are mitigated as indicated.

Operational & IT Risk

Risk

The business relies on its technology and IT systems to automate the running of its cases.

Mitigating factors

The business is looking to improve its IT infrastructure, such as increasing server capacity and upgrade the CRM which will provide enhanced security and efficiency. The business has invested in and trained competent staff to ensure IT systems are regularly monitored and tested.

Professional liability and uninsured risks

Risk

The company provides professional services, predominantly legal advice. Like all providers of professional services, it has a potential liability for negligence, breach of client contract, and other claims by clients.

Mitigating factors

The business is advised by market leading insurance brokers and the members believe that it holds comprehensive professional liability insurance. Any claims are defended strongly by senior members of the business at all stages and external advice is sought where appropriate. The business works hard to ensure its employees provide excellent advice and services to all its clients, underpinned by quality processes and training programs and support.

Growth Risk

Risk

The business’s strategy is to grow processed claims by 40%-50% per annum. The availability of such claims may decrease, or the claims may fail to generate the expected level of economic return.

Mitigating factors

The members expect the growth of housing disrepair claims within the consumer market will continue at pace and that as a result there will be continuing profitable opportunities to grow the business.

The business uses KPI metrics to allow for the continued monitoring of the financial health of the organisation. Management use the following information:

Revenue increased year on year.

2023            2022

£10,025,592        £2,845,376

Technology

The firm has invested significantly in technology and process automation to strengthen the way cases are assessed, managed, and resolved. Every case type is validated through a robust technology-led approval system, ensuring consistency and accuracy from the outset. Once approved, automated workflows are applied across the case lifecycle, enabling faster progression and earlier settlement where appropriate.

This integration of technology not only accelerates resolution for clients but also improves efficiency across the business. As a result of this investment, Veritas Solicitors LLP has established itself as one of the leading firms in the work types it currently undertakes.

HR/ People

The firm continues to focus on its people. Recruitment and retention remain a priority, with an emphasis on attracting talented professionals who can contribute to the firm’s growth and uphold its high standards of service. Ongoing training and development ensure that staff remain aligned with both regulatory requirements and the firm’s culture of innovation. This balance of advanced technology and skilled people provides a strong foundation for sustainable expansion and long-term success.

Veritas has enhanced its Compliance team to ensure that all automated processes are fully verified and that the legal teams within the firm are carrying out their duties to the required standard. Alongside this, the growth in settlements has led to a restructuring and expansion of the finance team, enabling the firm to manage settlements and successful outcomes more efficiently.

The firm’s Training Academy and focused learning programmes have also contributed to a reduction in staff turnover compared to the wider industry. The Academy provides employees with a clear development pathway, equipping them with the knowledge and skills needed to progress to the next stage of their careers within the firm.

The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business.

A member's capital requirement is linked to their share of profit and the financing requirement of the limited liability partnership. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at "par", so the retiring members are repaid their capital at "par".

The designated members who held office during the Period and up to the date of signature of the financial statements were as follows:

AMS Audit Limited were appointed as auditor to the limited liability partnership and in accordance with section 485 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), a resolution proposing that they be re-appointed will be put at a general meeting.

The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice. Under company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members 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 limited liability partnership and of the profit or loss of the limited liability partnership for that period. In preparing these financial statements, the members 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 limited liability partnership will continue in business.

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

We have audited the financial statements of Veritas Solicitors LLP (the 'limited liability partnership') for the Period ended 29 November 2023 which comprise the statement of comprehensive income, the balance sheet, the reconciliation of members' interests, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the limited liability partnership's affairs as at 29 November 2023 and of its loss for the Period 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 as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

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 limited liability partnership 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 members' 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 limited liability partnership’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 members with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The members are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 as applied to limited liability partnerships 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

• we have not received all the information and explanations we require for our audit.

As explained more fully in the members' responsibilities statement, the members 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 members 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 members are responsible for assessing the limited liability partnership'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 members either intend to liquidate the limited liability partnership or to cease operations, or have no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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 LLP and the industry in which it operates, drawing on our broad sector experience, and considered the risk of acts by the LLP that were contrary to these laws and regulations, including fraud. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, SRA regulations, Companies Act 2006 and equivalent local laws and regulations.

We made enquiries of management with regards to compliance with the above laws and regulations and corroborated any necessary evidence to relevant information, for example, minutes of the board meetings, legal reports provided to the LLP and correspondence between the LLP and its solicitors. Audit procedures performed by the engagement team included:

• Discussion with management, including consideration of known or suspected instances of noncompliance with laws and regulations and fraud;

• Review of financial statement disclosures to underlying supporting documentation;

• Challenging assumptions and judgements made by management in their significant accounting estimates;

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, 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, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed 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 are to become aware of it.

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

Other matters which we are required to address

This is the first accounting period for which we have been appointed as auditors of the company and in consequence the prior year figures for the year ended 30 November 2022 are unaudited.

Use of our report

This report is made solely to the limited liability partnership's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the limited liability partnership'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 limited liability partnership and the limited liability partnership's members as a body, for our audit work, for this report, or for the opinions we have formed.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

Veritas Solicitors LLP is a limited liability partnership incorporated in England and Wales. The registered office is Cardinal House, St Mary's Parsonage, Manchester, M3 2LY.

The limited liability partnership's principal activities are disclosed in the Members' Report.

The financial statements are prepared for the period ended 29 November 2023. The reporting period has been shortened by one day from the prior year end of 30 November to align with internal reporting requirements.

As such, despite the reporting period date change the comparative financial information is comparable.

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

These financial statements are prepared on the going concern basis. The members have a reasonable expectation that the limited liability partnershiptrue will continue in operational existence for the foreseeable future. However, the they are aware of certain material uncertainties which may cause doubt on the limited liability partnership's ability to continue as a going concern.

The LLP reported a loss, in accordance with the applied accounting convention, of £7,430,255 during the year and shows net liabilities of £10,180,869 at the balance sheet date.

As noted in the Members Report the LLP operates on a no-win no-fee basis and as such the company incurs costs on these cases upfront which can require funding.

The LLP has in place a primary facility with a third party lender to continue providing working capital finance to enable the current outstanding cases to settle.

In addition to the above, the LLP receives specific disbursement funding loans from a third party and in addition to this has the support of its members, bank and counter parties.

The expected settlement of the cases is far in excess of the net liabilities as shown on the balance sheet and in addition, the members have prepared forecasts and projections and are satisfied that sufficient funding exists to ensure that the LLP is able to meet its debts and obligations as they fall due for a period of at least 12 months from the date of approval of these financial statements.

As such the members continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover represents amounts receivable for legal services net of VAT and trade discounts.

On cases were a percentage of damages awarded is added to the fee cost, revenue is recognised once the settlement has been agreed. For cases where the fee is a fixed amount revenue is recognised upon acceptance of liability.

If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the balance sheet date are carried forward as work in progress.

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

For the purpose of the cash flow statement, any drawings on account or distribution of profits are classified as financing cash flows and consistently applied as such.

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

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

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

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

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

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

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

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

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

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

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

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

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

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

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 limited liability partnership after deducting all of its liabilities.

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

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

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

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

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

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

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

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

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

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

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

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

An analysis of the limited liability partnership's turnover is as follows:

The average number of persons (excluding members) employed by the partnership during the Period was:

Their aggregate remuneration comprised:

The long-term loans are secured by fixed and floating charges over the undertaking and all property and assets of the business, in favour of Claim Finance & Administration Co Limited.

The short-term loan of £400,000 is secured by fixed and floating charges over the undertaking and all property and assets of the company, in favour of Denmark Square Ltd.

Amounts owed to Claim Finance & Administration Co Limited are in respect of case funding with maturity dates being the earlier of case settlement or 2 years from drawdown. Interest on the facility is charged at 37% and 39% per annum, but is contingent on the successful resolution of the underlying legal cases during the loan term. As such, any interest that may become payable is conditional and remains unrealised and unaccrued until a triggering event occurs.

Amounts owed to Denmark Square Ltd are in respect of case funding with maturity dates being the 12 months from drawdown. Commission on the facility is charged at 10.8% of the amount drawn down.

The limited liability partnership operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the limited liability partnership in an independently administered fund.

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

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

The partners have identified an adjustment required to the prior year accounts in that work in progress on contingent cases had been recognised on the balance sheet and recognised as income.

The prior year comparative has been amended and this has had the effect of reducing the profit for the comparative year by £9,100,000 and decreasing current assets on the balance sheet by £9,100,000.

Correspondingly this has reduced the reserves at 30 November 2022 by £9,100,000.

The partners have identified an adjustment required to the prior year accounts in that fee income was wrongly recognised as funding facility repayments on the balance sheet and not recognised as income.

The prior year comparative has been amended and this has had the effect of increasing the profit for the comparative year by £2,825,966 and decreasing current assets on the balance sheet by £2,825,966.

Correspondingly this has increased the reserves at 30 November 2022 by £2,825,966.

The partners have identified an adjustment required to the prior year accounts in that goodwill was wrongly recognised and cannot prove it's existence in the business.

The prior year comparative has been amended and this has had the effect of decreasing the profit for the comparative year by £2,045 and decreasing current assets on the balance sheet by £2,045.

Correspondingly this has decreased the reserves at 30 November 2022 by £2,045.

Interest payable on case funding was previously accrued as being payable. As the outcome of the cases cannot be reliably estimated at the balance sheet date, the interest accrued has been removed and restated in the prior period financial statements.

The prior year comparative has been amended and this has had the effect of increasing the profits for the comparative year by £7,861,128 and increasing current assets on the balance sheet by £7,861,128.

Correspondingly this has increased the reserves at 30 November 2022 by £7,861,128.

The partners have identified an adjustment required to the prior year accounts that prepaid disbursements was wrongly recognised and not released where case matters have been completed or closed.

The prior year comparative has been amedned and this has had the effect of reducing the profits for the comparative year by £4,917,336 and decreasing current assets on the balance sheet by £4,917,336.

Correspondingly this has reduced the reserves at 30 November 2022 by £4,917,336.

The partners have identified an adjustment required to the prior year accounts that VAT has been wrongly accounted for income and expenditure, requiring the firm to resubmit previous years VAT returns.

The prior year comparative has been amended and this has had the effect of increasing the profits for the comparative year by £418,054 and increasing current assets on the balance sheet by £418,054.

Correspondingly this has increased the reserves at 30 November 2022 by £418,054.