The directors present the strategic report for the year ended 31 August 2025.

Express Solicitors Limited is a specialist claims handling solicitors’ practice, principally but not exclusively representing injured customers throughout England and Wales.

The firm continues to operate a predominantly business-to-consumer model, based on advertising directly to target consumer groups who then engage with the firm through a variety of communication channels. These channels are tailored to the needs of potential customers, including bespoke support for vulnerable customers. The business also maintains a number of business-to-business relationships where this supports strategic objectives.

The firm’s core areas of activity are organised into five specialist departments, namely:

·    Occupiers Liability/Public Liability/Other Personal Injury Claims;

·    Employers Liability Personal Injury Claims;

·    Road Traffic Accident Personal Injury Claims;

·    Clinical Negligence Claims;

·    Consumer/Financial Claims

The year ended 31 August 2025 has been characterised by continued strong operational performance and further progress against the Group’s medium-term growth strategy. The business has continued to invest significantly in marketing activity and in attracting and retaining high-quality legal and non-legal talent. As with prior periods, the firm’s no-win-no-fee model requires substantial upfront investment in staff and overheads, with legal fees realised only upon the successful conclusion of cases.

Management has maintained a strong focus on the efficient progression of claims in order to optimise customer service outcomes, cash conversion and working capital management. Ongoing enhancements to management information, case management processes and performance monitoring have supported improved operational discipline as volumes continue to scale.

During the financial year, the Group completed the acquisitions of UK Law Nationwide and Graham Coffey & Co. These acquisitions are aligned with the Group’s strategic objective of expanding scale within its core personal injury and consumer claims markets, strengthening both caseload volumes and the depth of legal expertise across the business. Integration activities commenced during the year and are progressing in line with the Board’s expectations.

The business has continued to generate new cases efficiently and to assess a range of opportunities to accelerate future growth. While organic growth remains the core focus, the Board continues to actively review selective merger and acquisition opportunities that are strategically and financially accretive.

In support of its longer-term growth strategy, the Group secured a significant external investment in October 2025, with the majority of shares in Express Solicitors Limited sold to Ufenau Capital Partners (“UCP”), a leading European private equity firm with a strong track record of partnering with founder-led professional services businesses. Following completion of the transaction, the Company became part of a new group structure, with Express UKBidco Limited established as the immediate parent company. The introduction of UCP as a long-term, aligned capital partner is expected to accelerate the Group’s organic growth ambitions and provide additional capacity to pursue selective merger and acquisition opportunities. In further support of this strategy, Express UK Bidco Limited has secured a dedicated funding partner to provide committed debt facilities to fund both organic growth and inorganic growth through targeted acquisitions, providing the financial flexibility required to execute the next phase of the Group’s growth plan.

The Board remains confident in the Group’s ability to continue controlled but ambitious growth, underpinned by a strong market position, an experienced management team and an enhanced governance and decision-making framework overseen by the directors.

Legislation

The regulatory environment for personal injury claims continues to evolve, with the Civil Liability Act and the whiplash tariff remaining the most significant recent reforms affecting the sector. During the year, the Government confirmed its intention to increase the whiplash tariff on an inflationary basis, with increases expected to take effect during 2025.

The business undertakes only a limited volume of tariff-based low-value RTA claims. Accordingly, any increase in the tariff is expected to have a modest but positive impact, particularly where the business model includes the recovery of a percentage of legal costs from client compensation.

The Group has, over a number of years, proactively adjusted its marketing strategy to reduce exposure to lower-value tariff cases and to focus on exempt and higher-value RTA matters, as well as Employers’ Liability, Occupiers’ Liability and Public Liability claims. This strategic repositioning has reduced dependency on any single category of work and has strengthened the resilience of underlying profitability.

The directors do not anticipate further material legislative reform in the short to medium term that would adversely affect the business, and note a generally more consumer-focused policy environment.

Liquidity

Following the investment by Ufenau Capital Partners and the establishment of Express UKBidco Limited as the new immediate parent company, the Group’s funding structure has been refreshed, with Express UKBidco Limited having secured committed debt facilities through a dedicated funding partner alongside the equity investment. These facilities provide the Group with the financial flexibility to fund both organic growth and selective acquisitions, while maintaining appropriate liquidity and covenant headroom. The Board continues to keep the Group’s capital structure under review to ensure it remains aligned with its growth strategy.

Cash flow

Cash flow remains a key area of focus. Performance is monitored through regular covenant reporting and detailed short- and medium-term cash flow forecasting. Daily cash management procedures are in place, and longer-term forecasts are prepared to ensure adequate liquidity headroom is maintained. The directors expect the business to continue to generate strong cash flows, which will be reinvested to support future growth.

The Board monitors a range of financial and non-financial key performance indicators to assess performance and progress against strategy. Key indicators for the year include:

•    Turnover for the year of £64.9m (2024: £51.8m).

•    Average staff numbers of 806 during the year (2024: 670), with total employees of 813 at 31 August 2025.

•    Case numbers at the year end in excess of 26,400.

•    In excess of 19,000 new cases onboarded during the year.

The business has continued to achieve strong customer satisfaction scores, maintaining high Google and Trustpilot ratings, and continues to be recognised within industry rankings.

The directors consider that, during the year ended 31 August 2025, they have acted in good faith in a way most likely to promote the success of the Company for the benefit of its members as a whole, having regard to the matters set out in section 172(1) of the Companies Act 2006.

In doing so, the Board has had regard, among other matters, to:

•    the likely long-term consequences of decisions;

•    the interests of employees;

•    the need to foster strong relationships with clients, suppliers and funding partners;

•    the impact of the Company’s operations on the community and the environment;

•    the desirability of maintaining a reputation for high standards of business conduct; and

•    the need to act fairly as between members of the Company.

Employees

Employees remain the Group’s most important asset. The business continues to promote an inclusive recruitment policy, valuing skill and ability above all else and actively supporting accessibility and reasonable adjustments throughout the recruitment and employment lifecycle.

The Board maintains regular engagement with employees through formal and informal channels, including management reporting, regular meetings with senior management and partners, internal communications and an annual staff survey. Employee wellbeing initiatives and diversity and inclusion activities continue to be actively supported.

Customers

Customer outcomes and service quality are monitored through detailed management information, partner feedback and regular review of external customer feedback platforms. The Board also engages with the Complaints Partner to ensure that any material issues are understood and addressed appropriately.

Suppliers

Key supplier relationships, including marketing providers, are overseen by responsible partners and reviewed regularly by the Board. The business is committed to maintaining fair and constructive supplier relationships and to meeting its obligations in a timely manner.

Investors and funders

Following the investment by Ufenau Capital Partners during the year, UCP is represented on the Board of the ulitimate parent company, Express UKTopco Limited, and is closely involved in strategic decision-making alongside the existing shareholders, who continue to hold a meaningful stake and remain actively engaged in the leadership of the business. The Board values UCP’s long-term aligned capital and sector expertise as the Group enters its next phase of growth. The Board also recognises the importance of its relationships with external funders, including the dedicated funding partner secured by Express UKBidco Limited to support both organic and inorganic growth, all of whom receive regular performance updates and covenant reporting.

Data management

The Board recognises the critical importance of data security and confidentiality. The Group’s IT infrastructure and data protection framework continue to be overseen at Board level, supported by the Data Protection Officer. Client data is managed using secure, industry-standard systems, and staff receive regular training on GDPR and information security requirements.

Work continues towards enhanced certification and compliance standards, reflecting the Group’s ongoing commitment to best practice in data protection and cyber security.

Environmental, Social and Governance.

The Board remains committed to responsible business practices. Investment continues in initiatives aimed at reducing environmental impact, including energy efficiency measures and support for sustainable transport options.

The business also remains actively engaged with local communities and a number of charitable organisations, reflecting its broader social responsibilities.

Responsibility and accountability

The Board is responsible for the overall management and strategic direction of the Company. As a regulated legal services provider, the Board ensures that the Company’s procedures and controls continue to meet the requirements and expectations of the Solicitors Regulation Authority and other relevant stakeholders.

On behalf of the board

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

The principal activity of the company and group continued to be that of Personal injury solicitors

specialising in Accident at work claims, RTA claims, Personal Injury claims and Clinical Negligence claims.

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

Ordinary dividends were paid amounting to £375,390. The directors do not recommend payment of a further dividend.

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

The business continues to invest in the development of its own website in order to drive direct customers

to the business. The business also invests heavily in the continued development of its claim management

system ‘Proclaim’. The in house Proclaim development team continually looks to streamline processes and

increase the efficiency and usability of the system in order to aid the ever-growing workforce and

caseload.

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 group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Details of how the board have consulted and interacted with employees can be found within the section

172 paragraph within the strategic report.

The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.

MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and has used the 2020 UK Government's Conversion Factors for Company Reporting.

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per full time employee.

The owners and employees at Express take climate change issues and the business’s and the employees’

personal responsibility seriously. The topic is regularly reviewed at Board level and suggestions from staff

and staff committees are encouraged and regularly reviewed/implemented.

Specific Initiatives over the last few years include:

• Heavy investment in the refurbishment of the newly acquired Headquarters included stripping out the entire gas boiler and heating system and replacing them with modern, efficient reverse-cycle air conditioning (air source heat pumps). This is a much more efficient form of heating and cooling. As well as being more environmentally friendly, it is also more cost effective for the business long term.

• As part of Headquarters refurbishment, a large number of single glazed windows were replaced with double glazed windows. Preventing unnecessary heat loss through old uninsulated glazing.

• All of the buildings’ lighting have been changed from fluorescent to more efficient LED units. All of the business’s computer monitors are energy efficient, modern LCD type.

• Driven of course by the response to the Covid pandemic, and the high growth over past few years we have expanded the number of days that people can permanently work from home. The vast majority of employees work a 3/2 pattern, i.e. in the office 50% of the time and working from home 50% of the time. This has obviously had a corresponding reduction in travel to work journeys and therefore a lowering of the carbon footprint.

• There have been 9 electric vehicle charging points installed at the head offices to enable staff to charge their electric vehicles.

• Staff have also the opportunity to join company's electric vehicle scheme.

The group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group'strue

strategic report information required by Large and Medium-sized Companies and Groups (Accounts and

Reports) Regulations 2008.

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 auditor of the company 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 auditor of the company is aware of that information.

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

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 group and parent company, and of the profit or loss of the group 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;

• state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

We have audited the financial statements of Express Solicitors Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company 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 group's and the parent company's affairs as at 31 August 2025 and of the group's loss 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 group and parent 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 group's and parent 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' report 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 group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

• the parent company 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.

As explained more fully in the directors' responsibilities statement, 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 group and parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

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:

• Enquiry of management and those charged with governance around actual and potential litigation and claims;

• Enquiry of entity staff to identify any instances of non-compliance with laws and regulations;

• Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rational of significant transactions outside the normal course of business and reviewing accounting estimates for bias:

• Reviewing minutes of meetings of those charged with governance;

• Auditing the risk of fraud in revenue by performing testing on a sample of revenue transactions and testing the cut off of revenue at the year end; and

• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

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 for the financial statements is located 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 parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,083,853 (2024 - £3,845,312 loss).

Express Solicitors Limited (“the company”) is a private company limited by shares domiciled and incorporated in England and Wales. The registered office is South Court, 1 Sharston Road, Manchester, M22 4SN.

The group consists of Express Solicitors Limited and all of its subsidiaries.

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 amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial liabilities at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where

the parent of that group prepares publicly available consolidated financial statements, including this

company, which are intended to give a true and fair view of the assets, liabilities, financial position

and profit or loss of the group. The company has therefore taken advantage of exemptions from the

following disclosure requirements for parent company information presented within the consolidated

financial statements:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: The disclosure requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b), 11.48(c), 12.26, 12.27, 12.29(a), 12.29(b), and 12.29A;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

The consolidated group financial statements consist of the financial statements of the parent company Express Solicitors Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 August 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

At the time of approving the financial statements, the directors have a reasonable expectation that the group and parent company have adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover is recognised at the fair value of the consideration received or receivable for the provision

of legal services provided in the normal course of business, and is shown net of VAT and other sales

related taxes. Revenue is recognised as earned at the point, and to the extent that, the respective

group company obtains a fair right to consideration in exchange for its performance under the

contract.

Turnover in respect to service charges due from the members to meet expenditure incurred in the accounts period and is shown net of VAT. Turnover is recognised upon the service being completed. Deferred income represents the service charges invoices in advance together with any surplus unspent funds that will be utilised to offset costs in future accounting periods.

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

Turnover in respect of services provided to clients which have been recognised but not invoiced by

the balance sheet date is included in debtors as 'Amounts recoverable on contracts'.

Interest received from defendants is recognised upon receipt.

Commission and other income is recognised as earned when the company obtains a right to

consideration.

Goodwill represents the excess of the cost of acquisition of a business 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 is 5-10 years.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

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:

The property included within leasehold land and buildings has not been depreciated as refurbishments have been ongoing during the year enhancing the value of the property.

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 recognised in the profit and loss account.

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

At each reporting period end date, the group 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).

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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, 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.

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.

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

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 group after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the group 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 group.

The tax expense represents the sum of the tax currently payable and deferred 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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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.

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group 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 is 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.

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.

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

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 leased asset are consumed.

In the application of the group’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.

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

Determination of whether any provision should be included in the financial statements in respect of any ongoing insurance or other claims against the company.

A specific provision is made against certain debts where the directors are not of the opinion that the debt is not fully recoverable.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

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 per the system multiplied by average recovery rates over historic cases closed.

In assessing whether accrued income is recognised as amounts recoverable on contracts, management are required to make judgements in determining the point at which the contingency is resolved and when the fair value can be measured reliably. Where a case is contingent at the balance sheet date, no revenue is recognised, where an entitlement to income is certain, it is recognised at selling price or estimated selling price based on an analysis of historic recovery rates. The directors review historical trends to ensure that the method for accounting for the amounts recoverable on contracts is the most accurate for each claim group.

Determination of the valuation of goodwill requires the directors' view of the key underlying factors that affect the valuation of the business including future performance levels, cost of capital and cost of replacing such assets.

Tangible and intangible fixed assets are depreciated and amortised over their useful economic lives respectively. The actual useful lives of assets are assessed annually and will vary depending on a number of factors. In assessing the lives of all assets, factors such as technological advancement and current trading levels are taken into account.

Provisions are made for dilapidations in respect of leased premises. The recognition and

measurement of these provisions require estimates to be made in respect of uncertain events and amounts, with the key sources of estimation uncertainty and the judgement that has the most significant effect on the amounts recognised being in relation to the amount and timing of future cash flows required to settle any restoration obligation, and to a lesser extent the discount rate applied to those estimated cash flows. Any difference between expectations and the actual future liability will be accounted for in the period when such determination is made.

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

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2024 - 3).

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:

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.

Goodwill arose in period on the acquisition of UK Law Nationwide Limited and Graham Coffey and Co. The directors are of the opinion that the fair value of assets and liabilities acquired approximated to their carrying book value, accordingly a fair value table note has not been presented.

More information on impairment movements in the year is given in note 13.

The amortisation is recognised in administrative expenses in the statement of comprehensive

income.

Tangible fixed assets with a carrying amount of £nil (2024 - £1,681,093) have been pledged to secure borrowings of the company.

Assets within IT equipment have been reclassified in the current year to better reflect the nature of the asset.

During the prior year, the company hived up the trade of three of its subsidiaries, and impaired the cost.

Details of the company's subsidiaries at 31 August 2025 are as follows:

The registered office addresses of the above subsidiaries are the same as the registered office for this company.

Parent company guarantee

Express Solicitors Limited has, in accordance with s479C of the Companies Act 2006, provided a guarantee of the liabilities of its subsidiary Injury Lawyers 4U Limited (company registration number 04570846; registered in England and Wales) which permits the subsidiary not to obtain an audit of its individual financial statements for the period ended 31 August 2025, in accordance with the exemptions conferred by s479A of the Companies Act 2006.  The registered office of the subsidiary is South Court, 1 Sharston Road, Manchester, England, M22 4SN.

The Revolving credit facility of £8,000,000 (2024: £8,000,000) included in bank loans is secured against the assets of the company.

Included in bank loans is £3,275,239 (2024: £3,205,490) secured by a legal mortgage over the company's registered office.

The dilapidations provision reflects the anticipated costs associated with potential rectification of leased sites under the terms of the lease or licence agreement.

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

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

Each class of shares has full voting rights, the right to receive dividends and no right to participate in a distribution of capital, except on winding up.

The capital redemption reserve includes any share redemptions out of distributable profits.

Profit and loss reserves

Retained earnings includes all current and prior period retained profits and losses, less dividends payable to shareholders.

The capital contribution reserve is the difference arising on the initial recognition of interest free loans where loans are measured at the present value of future cashflows, discounted at the market rate of interest for similar loans.

The company has provided a guarantee of £450,000 (2024: £450,000) to an unincorporated partnership under common ownership in respect of a loan for the purchase of property.

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

On 1 November 2025, 100% of the issued share capital was transferred to Express Ukbidco Limited (See note 32)

On 3 November 2025, both the debenture and legal charge securities were satisfied as per Companies House.

Following the year end, a bank loan with the value as at 31 August 2025 of £3,121,221 was repaid in advance of the contractual repayment date.

Following the year end, MWH Holdings Limited and Michael W Halsall Exp Limited have been dissolved. Jefferies Exp Limited has entered into liquidation post year end.

Subsequent to the year end, the group acquired 100% of the issued share capital of Aegis Legal on 27 April 2026 and Smooth Law on 6 May 2026. Both entities are standalone acquisitions with no subsidiary undertakings.

Post year end all Directors Loan Accounts have been cleared.

During the year the group received income of £660,000 (2024 - £1,838,450) in respect of Ontime Reports Limited, a company in which Mr J T Maxey has a controlling interest. Of this, management and support costs received of £660,000 (2024 - £660,000) is reported within 'Other Operating Income' and the balance representing directly recharged wages and employers social security contributions, consultancy and other operating costs are netted off against expenditure incurred.

All recharges were made on an arms length basis. At the year end, £3,883,782(2024 - £3,019,152) was owed to Ontime Reports Limited.

The company occupies premises where the directors have a personal interest. At the year end, £79,292 (2024 - £5,978) was owed to RP & JM Property Partnership.

During the year the group received income of £nil (2024 - £20,426) and incurred expenditure of £nil (2024 - £1,499) in respect of Express Solicitors Partnership, a company in which Express Solicitors Limited have a controlling interest.

At the year end, £nil (2024 - £240,235) was owed from Express Solicitors Partnership.

At the year end, £489,723 (2024 - £984,390) and £1,385,325 (2024 - £1,100,000) was owed to Right Shield Insurance Limited and High Ocean Limited respectively. These companies are registered in Guernsey in which Mr J T Maxey's close family and Mr D A Slade have controlling interests.

At the year end, the company owed a director £1,441,259 (2024 - £2,344,833) in respect of a directors' loan to the company £954,175 included in long term creditors, the balance of £487,084 included in creditors due in less than 1 year. A director also owed the company £755,860 (2024 - £386,092) in respect of a directors' loan account, included in other debtors.

The company was controlled throughout the current and prior period, by its majority shareholder, Mr J T Maxey.

On 31 October 2025, the company’s ownership passed from Mr J T Maxey to Express Ukbidco Limited under a sale and purchase agreement.

The 31 August 2024 year end figures have been restated as a result of a prior year adjustment relating to a subsidiary previously excluded from consolidation. Due to a transfer of A Shares in March 2024, the Company gained majority control over Injury Lawyers 4U Limited, but this change in control was not recognised until after the accounts had been filed. As a result, the prior year Group comparatives have been restated to recognise the consolidation of Injury Lawyers 4U Limited trading from 11 March 2024 onwards, along with the 31 August 2024 balance sheet figures.