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Registered number: 07454374 PELLYS SOLICITORS LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 MAY 2025
PELLYS SOLICITORS LIMITED REGISTERED NUMBER: 07454374 BALANCE SHEET AS AT 31 MAY 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 6 |  | 26,482 |  | 108,422
Tangible assets | 7 |  | 19,501 |  | 25,856
|  |  | 45,983 |  | 134,278
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 8 | 896,111 |  | 1,252,426 |
Cash at bank and in hand | 9 | 1,618,553 |  | 707,197 |
|  | 2,514,664 |  | 1,959,623 |
Creditors: amounts falling due within one year | 10 | (1,047,676) |  | (633,468) |
Net current assets |  |  | 1,466,988 |  | 1,326,155
Total assets less current liabilities |  |  | 1,512,971 |  | 1,460,433
Creditors: amounts falling due after more than one year | 11 |  | (46,953) |  | (68,729)
Provisions for liabilities |  |  |  |  |
Other provisions | 13 | - |  | (200,000) |
|  |  | - |  | (200,000)
Net assets |  |  | 1,466,018 |  | 1,191,704
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 126 |  | 140
Share premium account |  |  | 189,925 |  | 189,925
Capital redemption reserve |  |  | 49 |  | 35
Profit and loss account |  |  | 1,275,918 |  | 1,001,604
|  |  | 1,466,018 |  | 1,191,704
Page 1
PELLYS SOLICITORS LIMITED REGISTERED NUMBER: 07454374 BALANCE SHEET (CONTINUED) AS AT 31 MAY 2025 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. 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. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
A P Arnold
Director
Date: 8 April 2026
The notes on pages 3 to 12 form part of these financial statements. Page 2
PELLYS SOLICITORS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
1. | General information
Pellys Solicitors Limited is a private company, limited by shares, incorporated in England and Wales, registered number 07454374. The registered office is 10 Market Place, Saffron Walden, Essex, England, CB10 1HR. The prevous accounting period was extended to a 16 month period ending 31 May 2024. The financial statements are rounded to the nearest pound sterling. The significant accounting policies applied in the presentation of these financial statements are set out below. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The historical cost convention has been modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value.
| 2.2 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.3 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset. Page 3
PELLYS SOLICITORS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 2.Accounting policies (continued)
| 2.4 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.5 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.6 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.7 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
| 2.8 | Intangible assets
Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Profit and Loss Account over its useful economic life. Other intangible assets Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. The estimated useful lives range as follows:
|  |  |  | Goodwill | - | 10 | years
Page 4
PELLYS SOLICITORS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 2.Accounting policies (continued)
| 2.9 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, over the following basis. Depreciation is provided on the following basis:
|  |  |  | Office equipment | - | 25% reducing balance
|  |  |  | Computer equipment | - | 25% reducing balance
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Freehold property is carried at fair value at the date of the revaluation less any subsequent impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Balance Sheet date. Fair values are determined from market based evidence. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.10 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.11 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.12 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 5
PELLYS SOLICITORS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 2.Accounting policies (continued)
| 2.13 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.14 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Judgements in applying accounting policies 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.
4. | Employees
| The average monthly number of employees, including directors, during the year was 38 (2024 - 47).
Page 6
PELLYS SOLICITORS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
5. | Exceptional items
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Provision for fraudulent losses | - | 200,000
|  | - | 200,000
| Period to 31 May 2024 In the previous period a shortfall of £8.9m of client money was identified by the directors, which had been misappropriated as part of a third party fraud, but was fully recovered by insurers, less £200,000 which was the excess paid on the policy by the company. This amount was also considered to constitute an exceptional item by virtue of its size and irregular nature.
6. | Intangible assets
|  | Goodwill
|  | £
| Cost |
| At 1 June 2024 | 789,445
| At 31 May 2025 | 789,445
| Amortisation |
| At 1 June 2024 | 681,023
| Charge for the year on owned assets | 81,940
| At 31 May 2025 | 762,963
| Net book value |
| At 31 May 2025 | 26,482
| At 31 May 2024 | 108,422
Page 7
PELLYS SOLICITORS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
7. | Tangible fixed assets
|  | Motor vehicles | Office equipment | Computer equipment | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 June 2024 | 2,642 | 26,082 | 28,153 | 56,877
| Additions | - | - | 2,788 | 2,788
| Disposals | (2,642) | - | - | (2,642)
| At 31 May 2025 | - | 26,082 | 30,941 | 57,023
| Depreciation |  |  |  |
| At 1 June 2024 | - | 15,306 | 15,715 | 31,021
| Charge for the year on owned assets | 661 | 2,694 | 3,807 | 7,162
| Disposals | (661) | - | - | (661)
| At 31 May 2025 | - | 18,000 | 19,522 | 37,522
| Net book value |  |  |  |
| At 31 May 2025 | - | 8,082 | 11,419 | 19,501
| At 31 May 2024 | 2,642 | 10,776 | 12,438 | 25,856
8. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 256,733 | 236,891
| Work in progress | 375,268 | 563,841
| Other debtors | 45,420 | 285,177
| Prepayments and accrued income | 214,779 | 162,606
| Tax recoverable | 3,911 | 3,911
|  | 896,111 | 1,252,426
Page 8
PELLYS SOLICITORS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
9. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 1,618,553 | 707,197
| Less: bank overdrafts | - | (2,370)
|  | 1,618,553 | 704,827
10. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank overdrafts | - | 2,370
| Bank loans | 21,776 | 20,713
| Trade creditors | 55,060 | 47,003
| Corporation tax | 400,262 | 220,914
| Other taxation and social security | 236,375 | 212,727
| Obligations under finance lease | 147,970 | -
| Other creditors | 12,588 | 10,666
| Accruals and deferred income | 173,645 | 119,075
|  | 1,047,676 | 633,468
| The following liabilities were secured:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 21,776 | 20,713
|  | 21,776 | 20,713
| Details of security provided:
Bank loans are secured by a fixed and floating charge against the Company's assets. Page 9
PELLYS SOLICITORS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
11. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 46,953 | 68,729
|  | 46,953 | 68,729
| The following liabilities were secured:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 46,953 | 68,729
|  | 46,953 | 68,729
| Details of security provided:
Bank loans are secured by a fixed and floating charge against the Company's assets.
12. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 21,776 | 20,713
| Amounts falling due 1-2 years |  |
| Bank loans | 46,953 | 68,729
|  | 68,729 | 89,442
Page 10
PELLYS SOLICITORS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
13. | Provisions
|  | Other provision
|  | £
| At 1 June 2024 | 200,000
| Utilised in year | (200,000)
| At 31 May 2025 | -
| During the accounts preparation for the year ended 31 January 2023, the company identified that funds, held within an office bank account controlled by external professional advisers to the company, had been misappropriated. At 31 January 2023, the company's directors were of the opinion that the full value of these funds amounting to £200,000 would be irrecoverable. As a result, a provision was created in respect of the amount, which by virtue of its size and irregular nature is considered to constitute an exceptional item. During 2025 as the mattter was now settled, the provision was written off against the office bank account, as no funds were recovered in respect of this account.
14. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £34,346 (2024 - £78,605). Contributions totalling £7,362 (2024 - £4,883) were payable to the fund at the balance sheet date and are included in creditors
15. | Commitments under operating leases
| At 31 May 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Total lease commitments | 380,845 | 481,255
|  | 380,845 | 481,255
Page 11
PELLYS SOLICITORS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
16. | Transactions with directors
Included in other debtors is an amount of £31,482 (2024 - £73,873) owed to the company by A Arnold, a director of the company. During the year dividends of £150,000 were paid to shareholders.
Page 12