Registration number:
for the
Year Ended 31 August 2025
Myerson Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Myerson Limited
Company Information
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Directors |
J M Evans M A Latif R M Lloyd A G R Maher K Mannering C E Newton J G Perritt J C Reynolds |
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Registered office |
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Auditor |
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Myerson Limited
Strategic Report for the Year Ended 31 August 2025
The directors present their annual report together with the audited financial statements of Myerson Limited (the "Company") for the year ended 31 August 2025.
Principal activity
The principal activity of the company is that of the provision of legal services during the period. The company was dormant in the prior period.
Fair review of the business
On 1 September 2024, Myerson Limited acquired the business and assets of MYSN LLP (formerly known as Myerson Solicitors LLP). The company became an employee-owned business on 6 September 2024, when all the shares of Myerson Limited were sold to Myerson (EOT) Trust Company Limited (acting in its capacity as the sole corporate trustee of the Myerson Employee Ownership Trust, which has, since that date, held all such shares on behalf of the eligible employees of Myerson Limited). This was the first financial year as an employee-owned business, and the new ownership structure has proved to be an initial success, with increased employee engagement. The company continues to provide the highest level of service to its clients and is grateful for their continued support and instructions.
The results for the year, which are set out in the profit and loss account, show turnover of £16,126,264 and a loss before tax of £573,053. The 2024 profit and loss account for MYSN LLP showed turnover of £16,187,267 and a profit before tax of £5,671,929.
The principle reasons for the fall in profitability are the goodwill amortisation of £2,304,457 and key management compensation of £3,652,973, both of which have arisen following the acquisition of MYSN LLP and the subsequent sale of the company to Myerson (EOT) Trust Company Limited. Excluding these amounts would give an adjusted net profit before tax of £5,384,377 which is comparable to the profits generated from the business and assets when owned by MYSN LLP.
At 31 August 2025, the company had net assets of £22,946,632 (2024: £1), this includes goodwill arising on acquisition of £23,044,573. The company had an overdraft of £1,995,073 (2024 - £nil), which is actively managed and reviewed by management.
The company was able to pay an all-staff bonus of £2,500 per full-time equivalent employee in recognition of the company’s overall good financial performance. The directors would like to thank all colleagues for their contribution to the successful change of ownership and for their continued dedication.
Principal risks and uncertainties
Economic instability in the UK and globally (including inflation, high interest rates and geopolitical tensions) continues to present challenges. However, the company’s broad range of services and the markets in which it operates should provide opportunities to mitigate these risks.
Cyber security remains a key risk, given the sensitivity of law firm client data. The company is Cyber Essentials Plus accredited but is not complacent and continues to invest in IT products and services to mitigate risk as far as reasonably possible.
The company continues to monitor and respond to the fast-changing technological environment in which it operates. Artificial intelligence (AI) presents uncertainty for the legal sector but also offers opportunities to improve efficiency and productivity, benefiting clients in the long term. An AI policy is in place to help ensure that client data is protected from large language model (LLM) assimilation.
Talent attraction and retention are of critical importance. The directors believe the company’s employee-owned status, together with a clear vision for the future of the company, provides a competitive differentiation when compared with other law firms that are mostly not employee-owned. New structures have been introduced to increase employee engagement, and the latest engagement survey indicates that colleagues have very high rates of satisfaction working at Myerson.
Regulatory and compliance requirements continue to evolve. The company has established a dedicated Compliance team to actively monitor and mitigate compliance risks and to adopt best industry practices at the earliest opportunity.
Myerson Limited
Strategic Report for the Year Ended 31 August 2025
Approved by the
Director
Myerson Limited
Directors' Report for the Year Ended 31 August 2025
The directors present their report and the financial statements for the year ended 31 August 2025.
Directors of the company
The directors who held office during the year were as follows:
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Financial instruments
Objectives and policies
The company does not actively use financial instruments as part of its financial risk management.
Price risk, credit risk, liquidity risk and cash flow risk
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
The business' principal financial instruments comprise bank balances, work in progress, trade debtors and trade creditors. The main purpose of these instruments is to finance business operations.
In respect of bank balances, liquidity risk is managed by maintaining a continuity of funding. All of the business' cash balances are held in such a way that achieves a competitive rate of interest.
Work in progress is managed in respect of price and liquidity risk by regular billing and monitoring of amounts unbilled. The amounts presented in the balance sheet are net of allowances for recovery rates and time unlikely to be billed.
Trade debtors are managed in respect of credit and cash flow risk by regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.
Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Directors’ indemnity insurance
The Company has maintained qualifying third-party indemnity insurance for the benefit of the directors throughout the year, as permitted by the Companies Act 2006. The insurance provides cover of £1,000,000 in respect of directors’ and officers’ liability.
Myerson Limited
Directors' Report for the Year Ended 31 August 2025
Reappointment of auditors
In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Hazlewoods LLP as auditors of the company is to be proposed at the forthcoming Annual General Meeting.
Approved by the
Director
Myerson Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities 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:
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• |
select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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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.
Myerson Limited
Independent Auditor's Report to the Members of Myerson Limited
Opinion
We have audited the financial statements of Myerson Limited (the 'company') for the year ended 31 August 2025, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 August 2025 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Other matter
The financial statements for the year ended 31 August 2024 were unaudited.
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 original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Myerson Limited
Independent Auditor's Report to the Members of Myerson Limited
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page 6, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Extent to which the audit was capable of detecting irregularities, including fraud
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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We considered the nature of the company’s industry and its control environment and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.
We obtained an understanding of the legal and regulatory framework that the company operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
In common with all audits conducted in accordance with ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
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reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
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performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud; |
Myerson Limited
Independent Auditor's Report to the Members of Myerson Limited
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enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and |
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reading minutes of meetings of those charged with governance. |
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of this 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.
For and on behalf of
Windsor House
Bayshill Road
GL50 3AT
Myerson Limited
Profit and Loss Account for the Year Ended 31 August 2025
|
Note |
2025 |
2024 |
|
|
Turnover |
|
- |
|
|
Amortisation of goodwill |
( |
- |
|
|
Administrative expenses |
( |
- |
|
|
Other operating income |
|
- |
|
|
Operating loss |
(663,328) |
- |
|
|
Other interest receivable and similar income |
|
- |
|
|
Interest payable and similar expenses |
( |
- |
|
|
Loss before tax |
( |
- |
|
|
Tax on (loss)/profit |
( |
- |
|
|
Loss for the financial year |
( |
- |
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above and therefore presents no Statement of Other Comprehensive Income.
Myerson Limited
(Registration number: 15557117)
Balance Sheet as at 31 August 2025
|
Note |
2025 |
2024 |
|
|
Fixed assets |
|||
|
Intangible assets |
|
- |
|
|
Tangible assets |
|
- |
|
|
Investments |
|
- |
|
|
|
- |
||
|
Current assets |
|||
|
Debtors |
|
- |
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
- |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
- |
|
|
Provisions for liabilities |
( |
- |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
1,214 |
1 |
|
|
Share premium reserve |
5,234,573 |
- |
|
|
Retained earnings |
17,710,845 |
- |
|
|
Shareholders' funds |
22,946,632 |
1 |
Approved and authorised by the
Director
Myerson Limited
Statement of Changes in Equity for the Year Ended 31 August 2025
|
Share capital |
Share premium |
Retained earnings |
Total |
|
|
At 1 September 2024 |
|
- |
- |
|
|
Share purchase |
|
|
- |
|
|
Distributions to employee ownership trust |
- |
- |
( |
( |
|
Transfer by special resolution |
- |
(22,953,575) |
22,953,575 |
- |
|
Loss for the year |
- |
- |
(1,297,983) |
(1,297,983) |
|
At 31 August 2025 |
|
|
|
|
|
Share capital |
Total |
|
|
At 12 March 2024 |
|
|
|
At 31 August 2024 |
1 |
1 |
Myerson Limited
Statement of Cash Flows for the Year Ended 31 August 2025
|
Note |
2025 |
2024 |
|
|
Cash flows from operating activities |
|||
|
Loss for the year |
( |
- |
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
|
- |
|
|
Finance income |
( |
- |
|
|
Finance costs |
|
- |
|
|
Investment in associate |
( |
- |
|
|
Income tax expense |
|
- |
|
|
|
- |
||
|
Working capital adjustments |
|||
|
Increase in debtors |
( |
- |
|
|
Increase in debtors due to business combination |
|
- |
|
|
Increase in creditors |
|
- |
|
|
Decrease in creditors due to business combination |
( |
- |
|
|
Net cash flow from operating activities |
|
- |
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
- |
|
|
Acquisitions of tangible assets |
( |
- |
|
|
Acquisitions of tangible assets due to business combination |
|
- |
|
|
Proceeds from issue of ordinary shares, net of issue costs |
- |
|
|
|
Acquisition of intangible assets |
( |
- |
|
|
Acquisition of intangible assets due to business combination |
|
- |
|
|
Net cash flows from investing activities |
|
|
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
- |
|
|
Distributions to employee ownership trust |
( |
- |
|
|
Proceeds from bank borrowing draw downs |
|
- |
|
|
Repayment of bank borrowing |
( |
- |
|
|
Proceeds from other borrowing draw downs |
|
- |
|
|
Repayment of other borrowing |
( |
- |
|
|
Net cash flows from financing activities |
( |
- |
|
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
|
Cash and cash equivalents at 1 September |
|
- |
|
|
Cash and cash equivalents at 31 August |
(1,994,514) |
1 |
|
Myerson Limited
Statement of Cash Flows for the Year Ended 31 August 2025
|
Analysis of changes in net debt |
|
At 1 September 2024 |
Cash flows |
At 31 August 2025 |
|
|
Cash and cash equivalents |
|||
|
Cash |
1 |
558 |
559 |
|
Overdrafts |
- |
(1,995,073) |
(1,995,073) |
|
1 |
(1,994,515) |
(1,994,514) |
|
|
Borrowings |
|||
|
Long term borrowings |
- |
(902,932) |
(902,932) |
|
Short term borrowings |
- |
(667,572) |
(667,572) |
|
- |
(1,570,504) |
(1,570,504) |
|
|
|
( |
( |
|
|
|
|||
Myerson Limited
Notes to the Financial Statements for the Year Ended 31 August 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
|
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value. The prior year financial statements were unaudited.
Consolidated accounts have not been prepared on the basis that all subsidiaries are dormant entities, and therefore there would be no material impact on consolidation.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Critical accounting 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 amounts 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.
Myerson Limited
Notes to the Financial Statements for the Year Ended 31 August 2025
Judgements
In the application of the Company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
Key sources of estimation uncertainty
Amounts recoverable on contracts - significant judgement is applied in assessing the recoverable amount of unbilled work performed on behalf of a client. Time is recorded by fee earners on a client matter basis. If the matter's success is based upon contingent events, and the probability of success has not been met, then such work in progress is not valued until the conditions of recognition have been met. For non-contingent matters, fee earners review and value the time recorded at year end at its recoverable amount. A specific provision is added where balances are not deemed to be recoverable following a subsequent review process. The carrying amount is £3,406,652 (2024 - £Nil).
Bad debt provision - the Company makes a provision for the recoverable value of trade and other debtors, in which a significant judgement is applied. When assessing recoverability of individual debts, management consider factors including current credit rating, ageing profile of the debt and historical experience. The carrying amount is £485,431 (2024 - £Nil).
Revenue recognition
Turnover consists of fees arising from legal services provided. It is stated at the fair value of consideration receivable, excluding value added tax.
Revenue from services is recognised when the Company has performed its obligations and in exchange obtained the right to consideration.
Fee income in respect of contingent fee assignments is recognised in the period when the contingent event occurs and collectability of the fee is assured.
Unbilled fee income on individual assignments is included as amounts recoverable on contracts within debtors.
Government grants
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Myerson Limited
Notes to the Financial Statements for the Year Ended 31 August 2025
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Fixtures and fittings |
15% reducing balance |
|
Computer equipment |
20% straight line |
|
Leasehold improvements |
5% straight line |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Intangible assets
Goodwill arising on business combination represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
All other intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Goodwill |
10% straight line |
|
Computer software |
25% reducing balance and 20% straight line |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Myerson Limited
Notes to the Financial Statements for the Year Ended 31 August 2025
Trade debtors
Trade debtors are amounts due from clients for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Amounts recoverable on contracts
Amounts recoverable on contracts reflect unbilled fee income recorded at period end at their estimated recoverable amounts. Fee earners are required to record time spent on client assignments and this is used as the basis for the amounts recoverable on contracts. This is then reviewed on a matter-by-matter basis at year end for likely recovery, which then forms the value recognised.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised as incurred and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Distributions
Distributions to the Employee Ownership Trust (“EOT”) are made in accordance with the terms of the Share Purchase Agreement. The Company makes distributions to the EOT to the extent required to enable the EOT to fund distributions to the sellers, to the level the available distributable reserves and cash balances allow.The level and timing of payments to the sellers may be revised from time to time to manage the Company’s cash flows, and distributions to the EOT are adjusted accordingly. The majority of the Company’s reserves are distributable and, accordingly, the directors consider there to be no risk of insufficient reserves to support the required distributions.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Myerson Limited
Notes to the Financial Statements for the Year Ended 31 August 2025
Financial instruments
Classification
Recognition and measurement
Impairment
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Myerson Limited
Notes to the Financial Statements for the Year Ended 31 August 2025
|
Turnover |
The analysis of the company's turnover for the year from continuing operations is as follows:
|
2025 |
2024 |
|
|
Rendering of services |
|
- |
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
|
2025 |
2024 |
|
|
Government grants |
|
- |
|
Other operating income |
|
- |
|
|
- |
|
Operating loss |
Arrived at after charging
|
2025 |
2024 |
|
|
Depreciation expense |
|
- |
|
Amortisation expense |
|
- |
|
Auditor's remuneration |
|
- |
|
Operating lease expense - property |
|
- |
|
Operating lease expense - plant and machinery |
|
- |
|
Other interest receivable and similar income |
|
2025 |
2024 |
|
|
Interest income on bank deposits |
|
- |
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest on bank overdrafts and borrowings |
|
- |
|
Interest on obligations under finance leases and hire purchase contracts |
|
- |
|
Other interest payable |
|
- |
|
|
- |
Myerson Limited
Notes to the Financial Statements for the Year Ended 31 August 2025
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
- |
|
Social security costs |
|
- |
|
Pension costs, defined contribution scheme |
|
- |
|
Other employee expense |
|
- |
|
|
- |
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Fee earners |
|
- |
|
Non-fee earners |
|
- |
|
Partners |
|
- |
|
Directors |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
- |
|
Contributions paid to money purchase schemes |
|
- |
|
1,226,251 |
- |
In respect of the highest paid director:
|
2025 |
2024 |
|
|
Remuneration |
|
- |
|
Company contributions to money purchase pension schemes |
|
- |
Myerson Limited
Notes to the Financial Statements for the Year Ended 31 August 2025
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
|
- |
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
- |
|
Tax expense in the income statement |
|
- |
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Loss before tax |
( |
- |
|
Corporation tax at standard rate |
- |
- |
|
Tax increase from effect of capital allowances, depreciation and amortisation |
|
- |
|
Tax increase from timing differences |
|
- |
|
Total tax charge |
|
- |
Myerson Limited
Notes to the Financial Statements for the Year Ended 31 August 2025
Deferred tax
Deferred tax assets and liabilities
|
2025 |
Asset |
Liability |
|
Fixed asset timing differences |
- |
|
|
Short term timing differences |
- |
( |
|
- |
|
|
2024 |
Asset |
Liability |
|
Fixed asset timing differences |
- |
- |
|
Short term timing differences |
- |
- |
|
- |
- |
|
Intangible assets |
|
Goodwill |
Computer software |
Total |
|
|
Cost |
|||
|
Additions |
|
|
|
|
At 31 August 2025 |
|
|
|
|
Amortisation |
|||
|
Amortisation charge |
|
|
|
|
At 31 August 2025 |
|
|
|
|
Carrying amount |
|||
|
At 31 August 2025 |
|
|
|
|
Tangible assets |
|
Leasehold improvements |
Furniture, fittings and equipment |
Total |
|
|
Cost |
|||
|
Additions |
|
|
|
|
At 31 August 2025 |
|
|
|
|
Depreciation |
|||
|
Charge for the year |
|
|
|
|
At 31 August 2025 |
|
|
|
|
Carrying amount |
|||
|
At 31 August 2025 |
|
|
|
Included within the net book value of land and buildings above is £1,243,925 (2024 - £Nil) in respect of leasehold land and buildings.
Myerson Limited
Notes to the Financial Statements for the Year Ended 31 August 2025
|
Investments held as fixed assets |
|
2025 |
2024 |
|
|
Unlisted investments |
|
- |
The investment represents 100% of the share capital of a dormant subsidiary, Myerson Trust Corporation Limited, a company incorporated in the United Kingdom with a registered address at Grosvenor House, 20 Barrington Road, Altrincham, Cheshire, United Kingdom, WA14 1HB.
|
Business combinations |
On
The amounts recognised in respect of the identifiable assets acquired and liabilities assumed are as set out in the table below:
|
Fair value |
|
|
Assets and liabilities acquired |
|
|
Trade debtors and other receivables |
|
|
Fixed assets |
|
|
Trade creditors and other payables |
( |
|
Total identifiable assets |
|
|
Goodwill |
|
|
Total consideration |
28,189,362 |
|
Satisfied by: |
|
|
Share premium |
|
|
|
|
The deferred consideration does not represent an obligation of the Company. It arises from the acquisition of the trade and assets by The Myerson Employee Ownership Trust, which executed the transaction through the Company. Accordingly, no deferred consideration is recognised in these financial statements and the balance has therefore been recognised as share premium in reserves.
|
Debtors |
|
2025 |
2024 |
|
|
Trade debtors |
|
- |
|
Other debtors |
|
- |
|
Amounts recoverable on contracts |
|
- |
|
|
- |
Myerson Limited
Notes to the Financial Statements for the Year Ended 31 August 2025
|
Creditors |
|
Note |
2025 |
2024 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
- |
|
|
Trade creditors |
|
- |
|
|
Social security and other taxes |
|
- |
|
|
Other creditors |
|
- |
|
|
Accruals |
|
- |
|
|
Corporation tax liability |
427,670 |
- |
|
|
|
- |
||
|
Due after one year |
|||
|
Loans and borrowings |
|
- |
|
Loans and borrowings |
Current loans and borrowings
|
2025 |
2024 |
|
|
Bank borrowings |
|
- |
|
Bank overdrafts |
|
- |
|
Other borrowings |
|
- |
|
|
- |
|
Non-current loans and borrowings
|
2025 |
2024 |
|
|
Bank borrowings |
|
- |
|
Other borrowings |
|
- |
|
|
- |
|
The bank borrowings are secured by debentures granted by the company in favour of NatWest, which include fixed and floating charges over the company’s assets in accordance with the bank’s standard security arrangements. These borrowings bear interest at 2.09% per annum above the NatWest base rate.
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £79,302 (2024 - £Nil) were payable to the scheme at the end of the year and are included in creditors.
Myerson Limited
Notes to the Financial Statements for the Year Ended 31 August 2025
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
1,214 |
|
1 |
The ordinary shares have attached to them full capital, dividend and voting rights.
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
- |
|
Later than one year and not later than five years |
|
- |
|
Later than five years |
|
- |
|
|
- |
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Myerson Limited
Notes to the Financial Statements for the Year Ended 31 August 2025
|
Related party transactions |
Key management compensation
|
2025 |
2024 |
|
|
Salaries and other short term employee benefits |
|
- |
|
Employer NIC |
|
- |
|
Post-employment benefits |
|
- |
|
|
- |
Summary of transactions with key management
A number of directors have an interest in the lease of Grosvenor House, as their SIPPs are landlords and the office space is leased to Myerson Limited on an arms length basis. The total expense charged for this lease during the year was £386,764 (2024 - £nil).
|
Off-balance sheet arrangements |
Debenture
C Newton, R Lloyd and M Latif (who are all directors) hold a debenture including fixed and floating charges over the assets of the Company, as security for their interest in distributions being made to Myerson (EOT) Trust Company Limited. The debenture will only be triggered in the event of an insolvency of the LLP or a debt restructuring event.
Fixed and Floating Charge
NatWest hold a fixed and floating charge over all the property or undertaking of the Company.
|
Control |