Company registration number 07950137 (England and Wales)
WATSON RAMSBOTTOM LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
WATSON RAMSBOTTOM LIMITED
COMPANY INFORMATION
Directors
Mr E S Ashworth
Mrs R S Horman-Brown
Mr S P Maher
Mr J S Leach
Ms S J Pollitt
Ms A Caswell
Ms S Isa
Mrs C L Egerton
Ms S J Harwood
(Appointed 1 August 2025)
Ms D M Jarvie
(Appointed 1 August 2025)
Ms R Fisher
(Appointed 1 August 2024)
Company number
07950137
Registered office
25-29 Victoria Street
Blackburn
BB1 6DN
Auditor
MHA
Richard House
9 Winckley Square
Preston
PR1 3HP
WATSON RAMSBOTTOM LIMITED
CONTENTS
Page
Strategic report
1 - 5
Directors' report
6 - 7
Directors' responsibilities statement
8
Independent auditor's report
9 - 11
Profit and loss account
12
Statement of comprehensive income
13
Balance sheet
14
Statement of changes in equity
15
Statement of cash flows
16
Notes to the financial statements
17 - 31
WATSON RAMSBOTTOM LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2025
- 1 -

The directors present the strategic report for the year ended 31 July 2025. The year saw strong progress against our strategy, with material growth in instructions, disciplined investment in people and technology, and continued brand development across our core regions.

Review of the Business

Business Model

We are a full‑service legal practice serving individuals, SMEs and institutional clients primarily across Lancashire and West Yorkshire, with targeted expansion into adjacent regions. We create value by:

- Providing accessible, expert legal services through high‑street locations supported by a secure digital client experience.

- Leveraging specialist teams with accreditations (including Law Society, STEP and Resolution) and a culture grounded in “We are Human” and “We’ve Got Your Back”.

- Investing in practice and client management systems to improve speed, security and client satisfaction.

- Building long‑term relationships that drive repeat instructions and referrals.

Strategy

Our mission is to embody our values while delivering exceptional legal services within the communities we serve. We continue to:

- Expand selectively into geographies and service lines with clear headroom for growth.

- Pursue appropriate acquisitions, particularly where succession gaps create opportunities to sustain local services.

- Harness technology (including AI‑enabled tools) to streamline processes and enhance the client experience.

- Invest in brand awareness across digital and traditional channels to support long‑term, sustainable growth.

This strategy continues to deliver strong results.

Services and delivery

We offer a broad range of legal services through both traditional and modern approaches. We embrace digital channels while tailoring service to client preferences. During the year we:

- Enhanced our secure client portal for intuitive, confidential communications and document exchange.

- Advanced workflow automation and integrations within our practice management platform to improve turnaround times.

- Maintained a high‑street presence to ensure accessibility and a personal touch.

Market

Consolidation within the legal sector and succession issues in traditional practices continue to create opportunities for firms with scale, strong culture and technology investment. We remain disciplined in assessing and executing such opportunities to strengthen regional presence and client service.

WATSON RAMSBOTTOM LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 2 -

Focusing on clients

Trust and expertise remain the foundation of our offer. We strengthened client service capacity and continued to receive recognition through professional accreditations. Client listening (surveys, reviews and complaint root‑cause analysis) informed improvements to communications and process design. Investment in the client portal and secure messaging supports faster updates and enhanced data protection.

Investing in people

Our culture — “We’ve Got Your Back” — starts with our people. We increased investment in training, professional development and leadership programmes; enhanced reward structures aligned to performance and values; and broadened wellbeing and inclusion initiatives. Headcount grew from 238 to 277 during the year, with a substantial increase post year end as a result of the acquisition and new offices, and further growth at existing sites, with total staff numbers now approaching 350.

Investing in marketing and technology

We continued to enhance our digital capabilities and data‑driven marketing, improving search rankings and social engagement. Strong client testimonials and case studies supported conversion into new instructions. Internally, we expanded the use of AI‑enabled tools to improve consistency and turnaround in selected service lines, while maintaining professional judgement and client care at the centre of delivery.

In the community

With offices in key town centres across Lancashire and West Yorkshire, we maintain deep community connections, supporting local businesses and high‑street vitality. We continued support for initiatives including Darwen Youth Zone and regional charities, and we sponsor local sports teams and community events. Our continued headline sponsorship of a local professional football club in the second tier of the English football pyramid strengthened regional presence and brand awareness.

Awards and recognition

We maintained our accreditations (including Law Society Lexcel) and received external recognition from professional bodies, including listings in The Legal 500 and The Sunday Times Best Places to Work.

WATSON RAMSBOTTOM LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 3 -
Description of Principal Risks and Uncertainties

The board maintains oversight of risk through regular review and reporting.

Financial management and liquidity

Risk: insufficient liquidity or working capital pressure.

Mitigation: rolling cash‑flow forecasting, prudent headroom, disciplined WIP and debtor management, and regular board oversight.

Macroeconomic environment

Risk: broader economic conditions (taxation, interest rates, consumer confidence) affecting activity levels.

Mitigation: diversified service lines, flexible cost base, scenario planning, and targeted marketing to stabilise demand across cycles.

Competition (including alternative providers and digital entrants)

Risk: margin and volume pressure.

Mitigation: differentiation via service quality, local presence, specialist accreditations, client experience, strong brand and continuous innovation.

People and talent

Risk: constrained legal talent market impacting recruitment and retention.

Mitigation: competitive remuneration and bonuses, learning and development, clear progression pathways, culture and wellbeing focus, and workforce planning.

Regulatory and legal compliance

Risk: failure to meet obligations (including SRA, AML and data protection).

Mitigation: policies and training, file audits, COLP/COFA oversight, accreditations, and incident response planning.

Cyber and data security

Risk: cyber threats and data breaches.

Mitigation: layered security controls, vendor due diligence, staff training and simulations, secure client portal, incident response and disaster recovery.

Operational resilience and technology change

Risk: disruption from system failures or change programmes; reliance on third‑party providers.

Mitigation: change governance, phased deployments, backups and disaster recovery, vendor SLAs and monitoring.

WATSON RAMSBOTTOM LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 4 -

Environmental, employee and human rights information

Environment

Continuing to reduce environmental impact through energy‑efficient offices, reduced paper usage and responsible waste management.

Employees

Commitment to an inclusive, respectful workplace with training and wellbeing initiatives; monitoring of retention, engagement and training hours.

Human rights and modern slavery

Policies and supplier due diligence addressing modern slavery risks, with staff training provided.

Health and safety

Proportionate policies, training, incident reporting and continuous improvement.

Analysis based on Key Performance Indicators

Management continue to monitor and report on top line turnover and EBITDA. EBITDA is defined as profits before interest payable, interest receivable, taxation, depreciation and amortisation.

Turnover - fees billed

2025 - £20,434,131 (39.5% increase on previous year)

2024 - £14,567,286 (12.5% increase on previous year)

2023 - £12,952,444 (25.5% increase on previous year)

2022 - £10,323,475 (26.6% increase on previous year)

2021 - £ 8,157,413 (69.0% increase on previous year)

2020 - £ 4,827,599 (4.8% increase on previous year)

EBITDA

2025 - £3,616,300

2024 - £2,327,400

2023 - £1,940,347

2022 - £1,800,340

2021 - £1,791,814

2020 - £ 997,314

Commentary on performance

Revenue growth in 2025 reflects higher instruction volumes supported by brand investment (including headline sponsorship), improved digital conversion and enhanced capacity. EBITDA growth reflects operational leverage and productivity improvements from process and technology initiatives, partly offset by continued investment in people and marketing. Working capital discipline and cash generation remained a focus, supported by strengthened WIP and debtor management.

Analysis of Development and Performance

During the year we saw a strong increase in new instructions driven by sustained brand activity — including our continued headline sponsorship — and improved digital conversion. We focused on process efficiency and integration within our practice and client management platforms, lifting capacity and improving client experience. Projects initiated in the prior year moved into live use, supporting faster cycle times and improved matter economics. Continued investment in people, training and retention underpinned service quality and culture.

WATSON RAMSBOTTOM LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 5 -

Outlook and post-balance sheet events

After the year end, we completed the acquisition of a local legal services business and opened new offices in two additional geographical areas. These actions have accelerated our growth plans and extended our community reach, with total staff numbers now approaching 350. We expect further benefits as integration progresses and as we continue to invest in technology, people and brand, while pursuing selective opportunities that align with our values, client needs and financial criteria. The directors have considered these events in assessing the company’s going concern and longer‑term prospects.

On behalf of the board

Mr E S Ashworth
Director
7 April 2026
WATSON RAMSBOTTOM LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2025
- 6 -

The directors present their annual report and financial statements for the year ended 31 July 2025.

Principal activities

The principal activity of the company continued to be that of the provision of legal services.

Results and dividends

The results for the year are set out on page 12.

Ordinary dividends were paid amounting to £710,840. The directors do not recommend payment of a further dividend.

Directors

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

Mr E S Ashworth
Mrs R S Horman-Brown
Mr S P Maher
Mr J S Leach
Ms S J Pollitt
Ms A Caswell
Ms S Isa
Ms S Moore
(Resigned 31 July 2025)
Mrs C L Egerton
Ms S J Harwood
(Appointed 1 August 2025)
Ms D M Jarvie
(Appointed 1 August 2025)
Ms R Fisher
(Appointed 1 August 2024)
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

Auditor

Following the merger of MHA Moore and Smalley into MHA, MHA 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.

WATSON RAMSBOTTOM LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 7 -
Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of the business, principle risk and uncertainties and development and performance.

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.

On behalf of the board
Mr E S Ashworth
Director
7 April 2026
WATSON RAMSBOTTOM LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JULY 2025
- 8 -

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.

WATSON RAMSBOTTOM LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WATSON RAMSBOTTOM LIMITED
- 9 -
Opinion

We have audited the financial statements of Watson Ramsbottom Limited (the 'company') for the year ended 31 July 2025 which comprise the profit and loss account, 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 material 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 31 July 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 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 ethical responsibilities in accordance with those 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.

WATSON RAMSBOTTOM LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WATSON RAMSBOTTOM LIMITED (CONTINUED)
- 10 -

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.

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.

Matters on which we are required to report by exception

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 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:

- Auditing the risk of management override of controls, including testing journal entries and other adjustments for appropriateness;

- Enquiries with management about any known or suspected instances of non-compliance with laws and regulations and fraud;

- Reviewing how management identify and track compliance with key laws and regulations. Scrutinising legal and professional costs incurred for indications of non-compliance and consequential financial implications;

- Auditing the risk of fraud in revenue by way of cut off testing, testing the deferral of income for invoices spanning the year end as well as sales transaction testing to obtain evidence that revenue is complete and recognised in the correct accounting period.

WATSON RAMSBOTTOM LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WATSON RAMSBOTTOM LIMITED (CONTINUED)
- 11 -

Because of 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.

Karen Hain BA FCA
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Preston, United Kingdom
7 April 2026
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)
WATSON RAMSBOTTOM LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JULY 2025
- 12 -
2025
2024
Notes
£
£
Turnover
3
20,434,131
14,567,286
Cost of sales
(6,833,450)
(5,032,589)
Gross profit
13,600,681
9,534,697
Administrative expenses
(10,082,813)
(7,312,546)
Other operating income
14,870
11,350
Operating profit
4
3,532,738
2,233,501
Interest receivable and similar income
8
588,771
487,293
Interest payable and similar expenses
9
(125,039)
(142,042)
Profit before taxation
3,996,470
2,578,752
Tax on profit
10
(1,018,542)
(674,689)
Profit for the financial year
2,977,928
1,904,063

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

WATSON RAMSBOTTOM LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2025
- 13 -
2025
2024
£
£
Profit for the year
2,977,928
1,904,063
Other comprehensive income
-
-
Total comprehensive income for the year
2,977,928
1,904,063
WATSON RAMSBOTTOM LIMITED
BALANCE SHEET
AS AT
31 JULY 2025
31 July 2025
- 14 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
12
42,157
50,056
Tangible assets
13
1,482,617
1,344,532
1,524,774
1,394,588
Current assets
Debtors
14
5,659,279
4,989,266
Cash at bank and in hand
1,458,373
1,156,804
7,117,652
6,146,070
Creditors: amounts falling due within one year
15
(3,992,422)
(4,994,237)
Net current assets
3,125,230
1,151,833
Total assets less current liabilities
4,650,004
2,546,421
Creditors: amounts falling due after more than one year
16
(33,277)
(101,361)
Provisions for liabilities
Claims provision
19
55,000
59,146
Deferred tax liability
20
8,739
100,014
(63,739)
(159,160)
Net assets
4,552,988
2,285,900
Capital and reserves
Called up share capital
22
211
211
Capital redemption reserve
189
189
Profit and loss reserves
4,552,588
2,285,500
Total equity
4,552,988
2,285,900
The financial statements were approved by the board of directors and authorised for issue on 7 April 2026 and are signed on its behalf by:
Mr E S Ashworth
Director
Company Registration No. 07950137
WATSON RAMSBOTTOM LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2025
- 15 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 August 2023
211
189
1,177,473
1,177,873
Year ended 31 July 2024:
Profit and total comprehensive income
-
-
1,904,063
1,904,063
Dividends
11
-
-
(796,036)
(796,036)
Balance at 31 July 2024
211
189
2,285,500
2,285,900
Year ended 31 July 2025:
Profit and total comprehensive income
-
-
2,977,928
2,977,928
Dividends
11
-
-
(710,840)
(710,840)
Balance at 31 July 2025
211
189
4,552,588
4,552,988
WATSON RAMSBOTTOM LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2025
- 16 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
3,965,774
1,983,212
Interest paid
(125,039)
(142,042)
Income taxes paid
(1,303,123)
(492,542)
Net cash inflow from operating activities
2,537,612
1,348,628
Investing activities
Purchase of tangible fixed assets
(213,748)
(76,910)
Proceeds from disposal of tangible fixed assets
-
53,130
Interest received
588,771
487,293
Net cash generated from investing activities
375,023
463,513
Financing activities
Movement on directors loan accounts
(942,509)
(1,030,794)
Proceeds from borrowings
-
0
1,064,476
Repayment of borrowings
(709,650)
(616,603)
Repayment of bank loans
(142,638)
(155,605)
Payment of finance leases obligations
(11,028)
(4,880)
Dividends paid
(710,840)
(796,036)
Net cash used in financing activities
(2,516,665)
(1,539,442)
Net increase in cash and cash equivalents
395,970
272,699
Cash and cash equivalents at beginning of year
943,537
670,838
Cash and cash equivalents at end of year
1,339,507
943,537
Relating to:
Cash at bank and in hand
1,458,373
1,156,804
Bank overdrafts included in creditors payable within one year
(118,866)
(213,267)
WATSON RAMSBOTTOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
- 17 -
1
Accounting policies
Company information

Watson Ramsbottom Limited is a private company limited by shares incorporated in England and Wales. The registered office is 25-29 Victoria Street, Blackburn, BB1 6DN.

1.1
Basis of preparation

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
Revenue

The company recognises revenue from the following major sources:

- Legal fee income

All fee income invoices are payable on receipt.

Legal fee income

Turnover for services represents the fair value of legal services provided during the year on client assignments. Fair value reflects the amount expected to be recoverable from clients and is based on time spent, expertise and skills provided, and expenses incurred. Fee income is stated net of Value Added Tax,the consideration and the nominal amount interest received is recognised as interest income.

Legal services provided to clients during the year which, at the balance sheet date, have not been invoiced to clients, have been recognised as fee income in accordance with Section 23 Revenue of Financial Reporting Standard 102. When the outcome of a transaction can be reliably estimated, fees are recognised by reference to the stage of completion and anticipated recovery at the balance sheet date.

Unbilled fee income is included as stated at fair value where the right to consideration has been obtained. Provision is made against unbilled amounts on those engagements where the right to receive payments is contingent on other factors outside the control of the company.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which the directors believe to be 10 years.

WATSON RAMSBOTTOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
1
Accounting policies
(Continued)
- 18 -
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets over their useful lives on the following bases:

Land and buildings
1% straight line
Fixtures, fittings & equipment
15% reducing balance
Computer equipment
25% reducing balance/straight line
Motor vehicles
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.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.

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.

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.

WATSON RAMSBOTTOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
1
Accounting policies
(Continued)
- 19 -
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 trade creditors and bank loans, 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.

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.

WATSON RAMSBOTTOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
1
Accounting policies
(Continued)
- 20 -
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.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

WATSON RAMSBOTTOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
1
Accounting policies
(Continued)
- 21 -
1.12
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.

1.13
Retirement benefits

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

1.14
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

As lessor

When the company acts as a lessor, a lease is classified as a finance lease whenever it transfers substantially all the risks and rewards of ownership of the underlying asset to the lessee, either at the end of the lease term or for the major part of the economic life of the asset. All other leases are classified as operating leases. If an arrangement contains both lease and non-lease components, the company allocates the consideration in the contract to the two elements.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

WATSON RAMSBOTTOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 22 -
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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Unbilled revenue

The value of unbilled revenue is derived on the basis of estimates and assumptions regarding the fair value of unbilled time recorded to matters at the year end. The valuation of unbilled revenue involves significant judgement and affects the amount of revenue recognised. The valuation is based on an estimate of the amount expected to be recoverable from clients on unbilled items based on such factors as time spent on the job or the fees already raised in relation to work already performed. The finance department review historical trends to ensure that the method for accounting for the amounts recoverable on contracts is the most accurate for each matter.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Fee income
20,434,131
14,567,286
2025
2024
£
£
Other revenue
Interest income
588,771
487,293
4
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
75,663
86,000
(Profit)/loss on disposal of tangible fixed assets
-
19,203
Amortisation of intangible assets
7,899
7,899
Operating lease charges
340,065
288,165
WATSON RAMSBOTTOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 23 -
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
22,100
18,500
6
Employees

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

2025
2024
Number
Number
Directors
10
10
Fee earners
109
122
Support staff
158
106
Total
277
238

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
9,236,698
6,983,768
Social security costs
924,854
655,791
Pension costs
497,048
428,407
10,658,600
8,067,966
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
494,718
379,645
Company pension contributions to defined contribution schemes
336,918
298,072
831,636
677,717
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
120,876
80,431
WATSON RAMSBOTTOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 24 -
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
583,133
485,139
Other interest income
5,638
2,154
Total income
588,771
487,293
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
583,133
485,139
9
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost
Interest on bank overdrafts and loans
7,723
25,610
Other interest on financial liabilities
115,584
45,008
123,307
70,618
Other finance costs
Interest on finance leases and hire purchase contracts
1,732
61,683
Other interest
-
0
9,741
125,039
142,042
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
1,109,817
630,187
Deferred tax
Origination and reversal of timing differences
(91,275)
44,502
Total tax charge
1,018,542
674,689
WATSON RAMSBOTTOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
10
Taxation
(Continued)
- 25 -

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
3,996,470
2,578,752
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
999,118
644,688
Tax effect of expenses that are not deductible in determining taxable profit
27,437
10,138
Depreciation on assets not qualifying for tax allowances
4,773
7,446
Deferred tax adjustments in respect of prior years
(12,514)
12,417
Additional deduction for land remediation expenditure
(272)
-
0
Taxation charge for the year
1,018,542
674,689
11
Dividends
2025
2024
£
£
Final paid
710,840
796,036
12
Intangible fixed assets
Goodwill
£
Cost
At 1 August 2024 and 31 July 2025
870,994
Amortisation and impairment
At 1 August 2024
820,938
Amortisation charged for the year
7,899
At 31 July 2025
828,837
Carrying amount
At 31 July 2025
42,157
At 31 July 2024
50,056
WATSON RAMSBOTTOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 26 -
13
Tangible fixed assets
Land and buildings
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 August 2024
1,137,853
165,587
418,716
65,930
1,788,086
Additions
163,753
49,995
-
0
-
0
213,748
At 31 July 2025
1,301,606
215,582
418,716
65,930
2,001,834
Depreciation and impairment
At 1 August 2024
73,623
74,991
280,356
14,584
443,554
Depreciation charged in the year
13,213
15,022
34,591
12,837
75,663
At 31 July 2025
86,836
90,013
314,947
27,421
519,217
Carrying amount
At 31 July 2025
1,214,770
125,569
103,769
38,509
1,482,617
At 31 July 2024
1,064,230
90,596
138,360
51,346
1,344,532
14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,221,774
1,010,011
Gross amounts owed by contract customers
1,455,146
1,347,680
Other debtors
2,132,184
1,474,622
Prepayments and accrued income
850,175
1,156,953
5,659,279
4,989,266
15
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans and overdrafts
17
118,866
355,905
Obligations under finance leases
18
11,995
10,495
Other borrowings
17
55,556
709,650
Trade creditors
1,164,246
1,161,487
Corporation tax
219,014
412,320
Other taxation and social security
829,179
729,580
Other creditors
49,685
655,191
Accruals and deferred income
1,543,881
959,609
3,992,422
4,994,237
WATSON RAMSBOTTOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
15
Creditors: amounts falling due within one year
(Continued)
- 27 -

Obligations under finance leases are secured by a fixed charge over the assets to which they relate.

16
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Obligations under finance leases
18
33,277
45,805
Other borrowings
17
-
0
55,556
33,277
101,361

Obligations under finance leases are secured by a fixed charge over the assets to which they relate.

17
Loans and overdrafts
2025
2024
£
£
Bank loans
-
0
142,638
Bank overdrafts
118,866
213,267
Other loans
55,556
765,206
174,422
1,121,111
Payable within one year
174,422
1,065,555
Payable after one year
-
0
55,556

Bank loans and overdrafts are secured by a first legal charge over the following properties; 31 and 31A Victoria Street, Blackburn and 33-39 Railway Road, Darwen.

There is a debenture in place with Barclays Bank Plc containing fixed and floating charges over the assets of the company.

18
Finance lease obligations
2025
2024
Amounts due:
£
£
Within one year
11,995
10,495
After more than one year
33,277
45,805
45,272
56,300
WATSON RAMSBOTTOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
18
Finance lease obligations
(Continued)
- 28 -
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
11,995
10,495
In two to five years
33,277
45,805
45,272
56,300

Finance lease payments represent rentals payable by the company for company cars. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

19
Provisions for liabilities
2025
2024
£
£
Claims provision
55,000
59,146
Movements on provisions:
Claims provision
£
At 1 August 2024
59,146
Additional provisions in the year
999
Reversal of provision
(5,145)
At 31 July 2025
55,000
20
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
8,739
100,014
WATSON RAMSBOTTOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
20
Deferred taxation
(Continued)
- 29 -
2025
Movements in the year:
£
Liability at 1 August 2024
100,014
Credit to profit or loss
(91,275)
Liability at 31 July 2025
8,739
21
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
497,048
428,407

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.

22
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
D Ordinary shares of 1p each
1
1
-
0
-
0
E Ordinary shares of 1p each
1
1
-
0
-
0
F Ordinary shares of 1p each
1
1
-
0
-
0
G Ordinary shares of 1p each
1
1
-
-
Ordinary shares of 0.1p each
211,600
211,600
211
211
23
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2025
2024
£
£
Aggregate compensation
1,032,940
802,413
Transactions with related parties

During the year the company entered into the following transactions with related parties:

WATSON RAMSBOTTOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
23
Related party transactions
(Continued)
- 30 -
Purchases
Purchases
2025
2024
£
£
Entities with common control
195,469
179,908
Other related parties
5,000
91,810

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due from related parties
£
£
Entities over which the entity has control, joint control or significant influence
1,670,013
1,292,460
24
Directors' transactions

Dividends totalling £710,840 (2024 - £796,036) were paid in the year in respect of shares held by the company's directors.

25
Cash generated from operations
2025
2024
£
£
Profit for the year after tax
2,977,928
1,904,063
Adjustments for:
Taxation charged
1,018,542
674,689
Finance costs
125,039
142,042
Investment income
(588,771)
(487,293)
(Gain)/loss on disposal of tangible fixed assets
-
19,203
Amortisation and impairment of intangible assets
7,899
7,899
Depreciation and impairment of tangible fixed assets
75,663
86,000
(Decrease)/increase in provisions
(4,146)
20,501
Movements in working capital:
Increase in debtors
(333,010)
(997,360)
Increase in creditors
686,630
613,468
Cash generated from operations
3,965,774
1,983,212
WATSON RAMSBOTTOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 31 -
26
Analysis of changes in net funds/(debt)
1 August 2024
Cash flows
31 July 2025
£
£
£
Cash at bank and in hand
1,156,804
301,569
1,458,373
Bank overdrafts
(213,267)
94,401
(118,866)
943,537
395,970
1,339,507
Borrowings excluding overdrafts
(907,844)
852,288
(55,556)
Lease liabilities
(56,300)
11,028
(45,272)
(20,607)
1,259,286
1,238,679
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