8 27 November 2025 false false false false false false false false false false true false false false false false false No description of principal activity 2024-07-01 Sage Accounts Production Advanced 2024 - FRS102_2024 59,721 2,433 62,154 45,262 5,929 51,191 10,963 14,459 xbrli:pure xbrli:shares iso4217:GBP 10245337 2024-07-01 2025-06-30 10245337 2025-06-30 10245337 2024-06-30 10245337 2023-07-01 2024-06-30 10245337 2024-06-30 10245337 2023-06-30 10245337 bus:Director16 2024-07-01 2025-06-30 10245337 core:WithinOneYear 2025-06-30 10245337 core:WithinOneYear 2024-06-30 10245337 core:RetainedEarningsAccumulatedLosses 2025-06-30 10245337 core:RetainedEarningsAccumulatedLosses 2024-06-30 10245337 core:BetweenOneFiveYears 2025-06-30 10245337 core:BetweenOneFiveYears 2024-06-30 10245337 core:MoreThanFiveYears 2024-06-30 10245337 bus:Director1 2024-07-01 2025-06-30 10245337 bus:SmallEntities 2024-07-01 2025-06-30 10245337 bus:Audited 2024-07-01 2025-06-30 10245337 bus:SmallCompaniesRegimeForAccounts 2024-07-01 2025-06-30 10245337 bus:CompanyLimitedByGuarantee 2024-07-01 2025-06-30 10245337 bus:FullAccounts 2024-07-01 2025-06-30 10245337 core:OfficeEquipment 2024-06-30 10245337 core:OfficeEquipment 2024-07-01 2025-06-30 10245337 core:OfficeEquipment 2025-06-30
COMPANY REGISTRATION NUMBER: 10245337

The Institute of Legal Finance & Management

Company Limited by Guarantee

Filleted Financial Statements

30 June 2025

The Institute of Legal Finance & Management

Company Limited by Guarantee

Financial Statements

Year ended 30 June 2025

Contents | Page

Statement of financial position | 1

Notes to the financial statements | 2

The Institute of Legal Finance & Management

Company Limited by Guarantee

Statement of Financial Position

30 June 2025

| 2025 | 2024
Note | £ | £ | £

Fixed assets

Tangible assets | 6 |  | 10,963 | 14,459

Current assets

Debtors | 7 | 53,866 |  | 47,570
Cash at bank and in hand | 253,715 |  | 270,779
| --------- |  | ---------
| 307,581 |  | 318,349

Creditors: amounts falling due within one year | 8 | 103,745 |  | 86,099
| --------- |  | ---------
Net current assets |  | 203,836 | 232,250
|  | --------- | ---------
Total assets less current liabilities |  | 214,799 | 246,709
|  | --------- | ---------
Net assets |  | 214,799 | 246,709
|  | --------- | ---------

Capital and reserves

Profit and loss account |  | 214,799 | 246,709
|  | --------- | ---------
Reserves |  | 214,799 | 246,709
|  | --------- | ---------

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 income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 27 November 2025 , and are signed on behalf of the board by:

V J Williams |
Director |

Company registration number: 10245337

The Institute of Legal Finance & Management

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 30 June 2025
1. General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Suite 2, First Floor, River House, 1 Maidstone Road, Sidcup, Kent, DA14 5RH, England.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis. Although the company incurred a loss during the year, the directors have considered the company's financial position and are satisfied that it remains appropriate to prepare the financial statements on a going concern basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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. Revenue from member subscriptions is recognised in the year that they are received with an adjustment made at the end of each reporting date to accrue income into the correct period. Revenue received in relation to courses, seminars and advertising are all recognised when the courses and exams take place.
Income tax
Current tax is recognised on the bank interest received by the company in the current period. 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:

| Equipment | - | 3 - 5 year straight line

Depreciation on the assets is charged over 3 - 5 years straight line basis, however there are three items of equipment within fixed assets (office chairs) which are depreciated over 10 years.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Company limited by guarantee
The company is a company limited by guarantee. The members of the company are persons whose name is entered in the Register of Members of the Institute and Membership shall be construed accordingly. The liability in respect of the guarantee is limited to £1 for each member.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2024: 8 ).
The Directors acting as officers of the Company are not paid and are excluded from the employee numbers above.
6. Tangible assets

| Equipment | Total
| £ | £
Cost |  |
At 1 July 2024 | 59,721 | 59,721
Additions | 2,433 | 2,433
| -------- | --------
At 30 June 2025 | 62,154 | 62,154
| -------- | --------
Depreciation |  |
At 1 July 2024 | 45,262 | 45,262
Charge for the year | 5,929 | 5,929
| -------- | --------
At 30 June 2025 | 51,191 | 51,191
| -------- | --------
Carrying amount |  |
At 30 June 2025 | 10,963 | 10,963
| -------- | --------
At 30 June 2024 | 14,459 | 14,459
| -------- | --------

7. Debtors

| 2025 | 2024
| £ | £
Trade debtors | 30,746 | 24,972
Other debtors | 23,120 | 22,598
| -------- | --------
| 53,866 | 47,570
| -------- | --------

8. Creditors: amounts falling due within one year

| 2025 | 2024
| £ | £
Trade creditors | 9,197 | 5,717
Corporation tax | 1,329 | 1,362
Social security and other taxes | 6,647 | 9,980
Other creditors | 86,572 | 69,040
| --------- | --------
| 103,745 | 86,099
| --------- | --------

9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:

| 2025 | 2024
| £ | £
Not later than 1 year | 12,338 | 8,380
Later than 1 year and not later than 5 years | 44,211 | 33,520
Later than 5 years | – | 41,900
| -------- | --------
| 56,549 | 83,800
| -------- | --------

10. Summary audit opinion
The auditor's report dated 27 November 2025 was unqualified .
The senior statutory auditor was Colin Reid FCA , for and on behalf of Burgess Hodgson Audit Limited .