The Institute of Legal Finance & Management Filleted accounts for Companies House (small and micro)

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 .