FIDLAW LTD

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

FIDLAW LTD is a private company, limited by shares, incorporated in England & Wales, registered number 12299521 . The registered office is 3rd Floor Portman House, 2, Portman Street, London, W1H 6DU.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Intangible Fixed Assets and Amortisation - Other Intangible

Other intangible asset is a Website development. It is amortised to the profit and loss account over its estimated economic life of 10 years.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Computer Equipment

25% straight line

2.5. Financial Instruments

The company 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 company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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

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.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial 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.

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.

Page 3

Page 4

FIDLAW LTD

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.6. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.7. Taxation

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

2.8. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

2.9. Government Grant

Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.

2.10. Impairments of Fixed Assets

At each reporting period end date, the company 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 company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

2.11. Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2.12. Employee benefits

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 company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 9 (2023: 9)

4. Intangible Assets

	Other
	£
Cost
As at 1 January 2024	5,000

As at 31 December 2024	5,000

Amortisation
As at 1 January 2024	500
Provided during the period	500

As at 31 December 2024	1,000

...CONTINUED

Page 4

Page 5

FIDLAW LTD

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

Net Book Value
As at 31 December 2024	4,000

As at 1 January 2024	4,500

5. Tangible Assets

	Fixtures & Fittings	Computer Equipment	Total
	£	£	£
Cost
As at 1 January 2024	22,643	3,835	26,478

As at 31 December 2024	22,643	3,835	26,478

Depreciation
As at 1 January 2024	22,644	2,154	24,798
Provided during the period	-	1,075	1,075

As at 31 December 2024	22,644	3,229	25,873

Net Book Value
As at 31 December 2024	(1 )	606	605

As at 1 January 2024	(1 )	1,681	1,680

6. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	151,385	138,404
Prepayments and accrued income	22,772	13,790
Other debtors	41,959	28,959

	216,116	181,153

7. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	102,676	29,541
Bank loans and overdrafts	5,556	5,556
Corporation tax	34,654	50,266
Other taxes and social security	17,958	8,020
VAT	18,511	13,094
Net wages	1,536	-
Other creditors	50,652	9,839
Other creditors (1)	-	20,000
Other creditors (2)	-	985
Accruals and deferred income	-	9,250
Directors' loan accounts	40	-

	231,583	146,551

Page 5

Page 6

FIDLAW LTD

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

8. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Bank loans	24,537	30,093

9. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	1,000	1,000

10. Dividends

	2024	2023
	£	£
On equity shares:
Final dividend paid	80,000	50,000

Dividends paid to the directors/shareholders amounted to a total of £80,000.

Page 6

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		4,000		4,500
Tangible Assets	5		605		1,680

			4,605		6,180
CURRENT ASSETS
Debtors	6	216,116		181,153
Cash at bank and in hand		76,420		55,453

		292,536		236,606
Creditors: Amounts Falling Due Within One Year	7	(231,583 )		(146,551 )

NET CURRENT ASSETS (LIABILITIES)			60,953		90,055

TOTAL ASSETS LESS CURRENT LIABILITIES			65,558		96,235

Creditors: Amounts Falling Due After More Than One Year	8		(24,537 )		(30,093 )

NET ASSETS			41,021		66,142

CAPITAL AND RESERVES
Called up share capital	9		1,000		1,000
Profit and Loss Account			40,021		65,142

SHAREHOLDERS' FUNDS			41,021		66,142