Company registration number 13872283 (England and Wales)
DRISCOLL KINGSTON & CO LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
DRISCOLL KINGSTON & CO LIMITED
COMPANY INFORMATION
Directors
J R Driscoll
K L Kingston
Company number
13872283
Registered office
5 St Paul's Square
1st Floor, No 5 St Paul's Square
Liverpool
United Kingdom
L3 9SJ
Auditor
Mitchell Charlesworth (Audit) Limited
Suites C,D,E, & F
14th Floor The Plaza
100 Old Hall Street
Liverpool
L3 9QJ
DRISCOLL KINGSTON & CO LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 22
DRISCOLL KINGSTON & CO LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 1 -

The directors present the strategic report for the year ended 30 June 2025.

Principal activities

The principal activity of the company was that of a solicitors.

Review of the business

Turnover slowed during the year whilst the business undertook a review of funding lines. Post year end the directors are pleased to announce the business has secured further funding and a decision has been made by the board to diversify into new areas of law, that will only strengthen the company's position in the legal arena. Diversification has been key to the company's growth in the past, and will be a key reason for its continued strength as we move into 202 6.

Principal risks and uncertainties

Legislation changes and funding stability is considered one of the most critical areas of the business. Legislation can have a material impact on the business if this was to change for any reason, along with rapid and significant funding cost increases. In the main the business mitigates the risk of legislation change by ensuring to keep up to date with the changing market place and ensuring it is aware of any potential changes as soon as they arise. Also any short-term price fluctuations are mitigated by forward planning, longer term supply agreements and ensuring a good supply of case levels.

Future outlook

The business has performed well over the previous 12 months of trade and following the year end all indications up to the date of sign off are that the current year will be another good year.

Key performance indicators

The directors consider that the key financial performance indicators of the company are those that communicate the financial performance and strength of the company as a whole, these primarily being turnover and profit margins. As can be seen from the financial statements the directors' believe that the business is performing well and are happy with the current and ongoing KPI results.

On behalf of the board

J R Driscoll
Director
23 March 2026
DRISCOLL KINGSTON & CO LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 2 -

The directors present their annual report and financial statements for the year ended 30 June 2025.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £280,000. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

J R Driscoll
K L Kingston
Auditor

Mitchell Charlesworth (Audit) Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of directors' responsibilities

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors 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 company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Strategic report

In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 the company's S trategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 is noted in the Strategic r eport on page 1.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

DRISCOLL KINGSTON & CO LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 3 -
On behalf of the board
J R Driscoll
Director
23 March 2026
DRISCOLL KINGSTON & CO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DRISCOLL KINGSTON & CO LIMITED
- 4 -
Opinion

We have audited the financial statements of Driscoll Kingston & Co Limited (the 'company') for the year ended 30 June 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, 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 company's affairs as at 30 June 2025 and of its profit for the year 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.

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 company 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 directors' 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 company'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 directors 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 directors 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

DRISCOLL KINGSTON & CO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DRISCOLL KINGSTON & CO LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 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

- certain disclosures of directors' remuneration specified by law are not made; or

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

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors 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 directors 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 directors are responsible for assessing the company'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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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 identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance;

- the company's own assessment of the risks that irregularities may occur either as a result of fraud or error;

- the results of our enquiries of management of their own identification of and assessment of the risks of irregularities;

- any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and

- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and

- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud

DRISCOLL KINGSTON & CO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DRISCOLL KINGSTON & CO LIMITED
- 6 -

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

(i) The presentation of the Profit and Loss Account, (ii) the accounting policy for revenue recognition (iii) amounts recoverable on work in progress, (iv) understatement of creditors, (v) long term borrowings. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.

Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations described above as having a direct effect on the financial statements;

- enquiring of management concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Owing to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company'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 company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

DRISCOLL KINGSTON & CO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DRISCOLL KINGSTON & CO LIMITED
- 7 -
Michael Buxton
Senior Statutory Auditor
For and on behalf of Mitchell Charlesworth (Audit) Limited
23 March 2026
Accountants
Statutory Auditor
Suites C,D,E, & F
14th Floor The Plaza
100 Old Hall Street
Liverpool
L3 9QJ
DRISCOLL KINGSTON & CO LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
6,259,476
7,623,185
Cost of sales
(1,703,825)
(2,234,499)
Gross profit
4,555,651
5,388,686
Administrative expenses
(2,762,678)
(2,155,335)
Operating profit
4
1,792,973
3,233,351
Interest receivable and similar income
7
1,380
1,296
Interest payable and similar expenses
8
(1,543,458)
(2,765,138)
Profit before taxation
250,895
469,509
Tax on profit
9
(80,164)
(131,780)
Profit for the financial year
170,731
337,729

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

DRISCOLL KINGSTON & CO LIMITED
BALANCE SHEET
AS AT
30 JUNE 2025
30 June 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
11
97,252
110,772
Current assets
Debtors
13
17,495,915
17,170,301
Cash at bank and in hand
9,533
7,128
17,505,448
17,177,429
Creditors: amounts falling due within one year
14
(15,815,851)
(15,197,092)
Net current assets
1,689,597
1,980,337
Total assets less current liabilities
1,786,849
2,091,109
Creditors: amounts falling due after more than one year
15
(139,857)
(333,213)
Provisions for liabilities
Deferred tax liability
17
18,444
20,079
(18,444)
(20,079)
Net assets
1,628,548
1,737,817
Capital and reserves
Called up share capital
19
100
100
Profit and loss reserves
1,628,448
1,737,717
Total equity
1,628,548
1,737,817

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 23 March 2026 and are signed on its behalf by:
J R Driscoll
Director
Company registration number 13872283 (England and Wales)
DRISCOLL KINGSTON & CO LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 July 2023
100
1,904,988
1,905,088
Year ended 30 June 2024:
Profit and total comprehensive income
-
337,729
337,729
Dividends
10
-
(505,000)
(505,000)
Balance at 30 June 2024
100
1,737,717
1,737,817
Year ended 30 June 2025:
Profit and total comprehensive income
-
170,731
170,731
Dividends
10
-
(280,000)
(280,000)
Balance at 30 June 2025
100
1,628,448
1,628,548
DRISCOLL KINGSTON & CO LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
- 11 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
21
1,190,066
4,069,015
Interest paid
(1,543,458)
(2,765,138)
Income taxes paid
(312,558)
-
0
Net cash (outflow)/inflow from operating activities
(665,950)
1,303,877
Investing activities
Purchase of tangible fixed assets
(8,534)
(92,992)
Interest received
1,380
1,296
Net cash used in investing activities
(7,154)
(91,696)
Financing activities
Net movement in borrowings
1,854,007
(801,265)
Repayment of bank loans
(891,668)
(750,347)
Dividends paid
(280,000)
(505,000)
Net cash generated from/(used in) financing activities
682,339
(1,266,612)
Net increase/(decrease) in cash and cash equivalents
9,235
(54,431)
Cash and cash equivalents at beginning of year
(113,643)
(59,212)
Cash and cash equivalents at end of year
(104,408)
(113,643)
Relating to:
Cash at bank and in hand
9,533
7,128
Bank overdrafts included in creditors payable within one year
(113,941)
(120,771)
DRISCOLL KINGSTON & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
- 12 -
1
Accounting policies
Company information

Driscoll Kingston & Co Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 St Paul's Square, 1st Floor, No 5 St Paul's Square, Liverpool, United Kingdom, L3 9SJ.

1.1
Accounting convention

These financial statements have been prepared in accordance 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 company. Monetary a mounts 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.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Fee income

Fee income represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.

Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.

Fee income that is contingent on events outside the control of the firm is recognised when the contingent event occurs.

1.5
Tangible fixed assets

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:

Leasehold improvements
In line with terms of lease
Fixtures and fittings
25% reducing balance
Computers
25% reducing balance

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 credited or charged to profit or loss.

DRISCOLL KINGSTON & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 13 -
1.6
Impairment 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.

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.

1.7
Cash and cash equivalents

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.

1.8
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 balance sheet 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.

DRISCOLL KINGSTON & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 14 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

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.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company 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.

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, 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 paymen ts 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. A m ounts 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.

DRISCOLL KINGSTON & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 15 -
Other financial liabilities

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 s ubsequently 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 being measured at fair value th r ough 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
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.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.11
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.

1.12
Retirement benefits

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

1.13
Leases

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 lease s asset are consumed.

DRISCOLL KINGSTON & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 16 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors 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.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Fee income
6,259,476
7,623,185
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
6,259,476
7,623,185
2025
2024
£
£
Other revenue
Interest income
1,380
1,296
4
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
15,000
11,350
Depreciation of tangible fixed assets
22,054
24,544
Operating lease charges
35,533
11,530
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
64
68
DRISCOLL KINGSTON & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
5
Employees
(Continued)
- 17 -

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
2,207,976
2,276,355
Social security costs
191,836
266,266
Pension costs
34,428
48,149
2,434,240
2,590,770
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
25,140
25,140
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
1,380
1,296
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
1,380
1,296
8
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost
Interest on bank overdrafts and loans
461,517
234,638
Other finance costs
Other interest
1,081,941
2,530,500
1,543,458
2,765,138
DRISCOLL KINGSTON & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 18 -
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
81,799
122,201
Deferred tax
Origination and reversal of timing differences
(1,635)
9,579
Total tax charge
80,164
131,780

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
250,895
469,509
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
62,724
117,377
Tax effect of expenses that are not deductible in determining taxable profit
17,103
16,460
Change in unrecognised deferred tax assets
-
0
921
Other
337
(2,978)
Taxation charge for the year
80,164
131,780
10
Dividends
2025
2024
£
£
Interim paid
280,000
505,000
DRISCOLL KINGSTON & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 19 -
11
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 July 2024
86,659
59,862
56,974
203,495
Additions
(1,746)
10,280
-
0
8,534
At 30 June 2025
84,913
70,142
56,974
212,029
Depreciation and impairment
At 1 July 2024
12,380
42,914
37,429
92,723
Depreciation charged in the year
10,361
8,207
3,486
22,054
At 30 June 2025
22,741
51,121
40,915
114,777
Carrying amount
At 30 June 2025
62,172
19,021
16,059
97,252
At 30 June 2024
74,279
16,948
19,545
110,772
12
Financial instruments
2025
2024
£
£
Carrying amount of financial assets include:
Instruments measured at fair value through profit or loss
17,931,342
17,167,501
Carrying amount of financial liabilities include:
Measured at fair value through profit or loss
- Other financial liabilities
(15,453,293)
(15,038,030)
13
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
3,114,022
3,789,544
Other debtors
10,624,589
10,088,142
Prepayments and accrued income
3,757,304
3,292,615
17,495,915
17,170,301
DRISCOLL KINGSTON & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 20 -
14
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans and overdrafts
16
932,161
677,602
Other borrowings
16
13,701,242
12,806,936
Trade creditors
175,260
168,004
Corporation tax
394,250
625,009
Other taxation and social security
292,163
652,282
Other creditors
17,012
18,377
Accruals and deferred income
303,763
248,882
15,815,851
15,197,092
15
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
16
139,857
333,213
16
Loans and overdrafts
2025
2024
£
£
Bank loans
958,077
890,044
Bank overdrafts
113,941
120,771
Other loans
13,701,242
12,806,936
14,773,260
13,817,751
Payable within one year
14,633,403
13,484,538
Payable after one year
139,857
333,213

The bank and other loans are secured by way of fixed and floating charge in favour of Fenchurch Legal limited, Fenchurch Capital SPV Limited, LFL SPV1 Ltd, Clydesdale Bank PLC over the company and all its assets. Other loans that do not have any charges over the company Admiral Group PLC, Braemar Finance, Clydesdale Bank PLC, Conister Finance & Leasing Ltd, Investec Bank PLC, Kingley, Shire, Siemans, Capify, Christopher Finance Administration Limited, Mardon Hill Capital, Federal Capital and White Oak.

DRISCOLL KINGSTON & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 21 -
17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Tax losses
18,444
20,079
2025
Movements in the year:
£
Liability at 1 July 2024
20,079
Credit to other comprehensive income
(1,635)
Liability at 30 June 2025
18,444

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

18
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
34,428
48,149

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

19
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
DRISCOLL KINGSTON & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 22 -
20
Operating lease commitments
As lessee

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

2025
2024
£
£
Within 1 year
122,291
124,619
Years 2-5
394,278
510,363
After 5 years
286,000
373,000
21
Cash generated from operations
2025
2024
£
£
Profit after taxation
170,731
337,729
Adjustments for:
Taxation charged
80,164
131,780
Finance costs
1,543,458
2,765,138
Investment income
(1,380)
(1,296)
Depreciation and impairment of tangible fixed assets
22,054
24,544
Movements in working capital:
(Increase)/decrease in debtors
(325,614)
483,905
(Decrease)/increase in creditors
(299,347)
327,215
Cash generated from operations
1,190,066
4,069,015
22
Analysis of changes in net debt
1 July 2024
Cash flows
30 June 2025
£
£
£
Cash at bank and in hand
7,128
2,405
9,533
Bank overdrafts
(120,771)
6,830
(113,941)
(113,643)
9,235
(104,408)
Borrowings excluding overdrafts
(13,696,980)
(962,339)
(14,659,319)
(13,810,623)
(953,104)
(14,763,727)
2025-06-30 2024-07-01 false false false CCH Software CCH Accounts Production 2025.300 J R Driscoll K L Kingston 13872283 2024-07-01 2025-06-30 13872283 bus:Director1 2024-07-01 2025-06-30 13872283 bus:Director2 2024-07-01 2025-06-30 13872283 bus:RegisteredOffice 2024-07-01 2025-06-30 13872283 2025-06-30 13872283 2023-07-01 2024-06-30 13872283 core:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 13872283 core:RetainedEarningsAccumulatedLosses 2024-07-01 2025-06-30 13872283 2024-06-30 13872283 core:LeaseholdImprovements 2025-06-30 13872283 core:FurnitureFittings 2025-06-30 13872283 core:ComputerEquipment 2025-06-30 13872283 core:LeaseholdImprovements 2024-06-30 13872283 core:FurnitureFittings 2024-06-30 13872283 core:ComputerEquipment 2024-06-30 13872283 core:CurrentFinancialInstruments 2025-06-30 13872283 core:CurrentFinancialInstruments 2024-06-30 13872283 core:Non-currentFinancialInstruments 2025-06-30 13872283 core:Non-currentFinancialInstruments 2024-06-30 13872283 core:ShareCapital 2025-06-30 13872283 core:ShareCapital 2024-06-30 13872283 core:RetainedEarningsAccumulatedLosses 2025-06-30 13872283 core:RetainedEarningsAccumulatedLosses 2024-06-30 13872283 core:ShareCapital 2023-06-30 13872283 core:RetainedEarningsAccumulatedLosses 2023-06-30 13872283 core:ShareCapitalOrdinaryShareClass1 2025-06-30 13872283 core:ShareCapitalOrdinaryShareClass1 2024-06-30 13872283 1 2024-07-01 2025-06-30 13872283 1 2023-07-01 2024-06-30 13872283 2024-06-30 13872283 2023-06-30 13872283 core:WithinOneYear 2025-06-30 13872283 core:WithinOneYear 2024-06-30 13872283 core:LeaseholdImprovements 2024-07-01 2025-06-30 13872283 core:FurnitureFittings 2024-07-01 2025-06-30 13872283 core:ComputerEquipment 2024-07-01 2025-06-30 13872283 core:UKTax 2024-07-01 2025-06-30 13872283 core:UKTax 2023-07-01 2024-06-30 13872283 core:LeaseholdImprovements 2024-06-30 13872283 core:FurnitureFittings 2024-06-30 13872283 core:ComputerEquipment 2024-06-30 13872283 bus:OrdinaryShareClass1 2024-07-01 2025-06-30 13872283 bus:OrdinaryShareClass1 2025-06-30 13872283 bus:OrdinaryShareClass1 2024-06-30 13872283 core:BetweenTwoFiveYears 2025-06-30 13872283 core:BetweenTwoFiveYears 2024-06-30 13872283 core:MoreThanFiveYears 2025-06-30 13872283 bus:PrivateLimitedCompanyLtd 2024-07-01 2025-06-30 13872283 bus:FRS102 2024-07-01 2025-06-30 13872283 bus:Audited 2024-07-01 2025-06-30 13872283 bus:FullAccounts 2024-07-01 2025-06-30 xbrli:pure xbrli:shares iso4217:GBP