REGISTERED NUMBER: NI626853 (Northern Ireland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

FOR

SDM SOLICITORS LIMITED

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

9

DIRECTORS:

G F Breen

A J G Wilson

O Williamson

REGISTERED OFFICE:

38 - 42 Hill Street

Belfast

Co. Antrim

BT1 2LB

REGISTERED NUMBER:

NI626853 (Northern Ireland)

ACCOUNTANTS:

Baker Tilly Mooney Moore

17 Clarendon Road

Belfast

BT1 3BG

BANKERS:

Bank of Ireland

1 Donegall Square South

Belfast

Antrim

BT1 5LR

FIXED ASSETS

Intangible assets

4

19,792

33,792

Tangible assets

5

25,886

37,780

45,678

71,572

CURRENT ASSETS

Debtors

6

1,231,591

1,527,365

Cash at bank and in hand

8,311,642

6,099,344

9,543,233

7,626,709

CREDITORS

Amounts falling due within one year

7

8,158,014

6,938,547

NET CURRENT ASSETS

1,385,219

688,162

TOTAL ASSETS LESS CURRENT LIABILITIES

1,430,897

759,734

CREDITORS

Amounts falling due after more than one year

8

(589,875

)

(10,905

)

PROVISIONS FOR LIABILITIES

(5,484

)

(8,394

)

NET ASSETS

835,538

740,435

CAPITAL AND RESERVES

Called up share capital

11

2

2

Capital redemption reserve

1

1

Retained earnings

835,535

740,432

SHAREHOLDERS' FUNDS

835,538

740,435

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2026 and were signed on its behalf by:

G F Breen - Director

A J G Wilson - Director

1.	STATUTORY INFORMATION

SDM Solicitors Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

In the application of the company’s accounting policies, the directors are required to make judgements,estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following judgements and estimates have had the most significant effect on amounts recognised in the financial statements.

- Carrying value of goodwill

The carrying value of goodwill is assessed annually by the directors with any indicators of impairment considered. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and the business in general.

The directors also consider the amortisation rates and useful lives on an annual basis to ensure there is sufficient evidence to support these and that the estimates remain reasonable.

- Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual value of the assets. The useful economic lives and residual values are reassessed annually.

- Valuation of work in progress

Estimates are made in respect of the valuation of work in progress. When assessing the value of work in progress, factors including current trading experience, historical experience, the time management system in place and profile of bills issued immediately after the year end are considered.

- Recoverability of debtors

Estimates are made in respect of the recoverable value of trade debtors. When assessing the level of provision required, factors including current trading experience, historical experience and the ageing profile of debtors are considered.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2015 was amortised evenly over its estimated useful life of 10 years and is now fully amortised.

In 2022 the company purchased an additional business giving rise to goodwill of £70,000 which is being amortised over its expected useful life of 5 years.

Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the profit and loss in the year.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

10% on cost

Fixtures, fittings & equipment

-

33% on reducing balance

Computer equipment

-

33% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

- Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

- Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate.

- Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

- Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

- Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts 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.

- Derecognition of financial liabilities

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

- 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2024 - 21 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 November 2024

and 31 October 2025

490,000

AMORTISATION

At 1 November 2024

456,208

Amortisation for year

14,000

At 31 October 2025

470,208

NET BOOK VALUE

At 31 October 2025

19,792

At 31 October 2024

33,792

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures,

to

fittings

Computer

property

& equipment

equipment

Totals

£

£

£

£

COST

At 1 November 2024

and 31 October 2025

87,161

41,492

51,836

180,489

DEPRECIATION

At 1 November 2024

57,321

35,859

49,529

142,709

Charge for year

8,716

1,860

1,318

11,894

At 31 October 2025

66,037

37,719

50,847

154,603

NET BOOK VALUE

At 31 October 2025

21,124

3,773

989

25,886

At 31 October 2024

29,840

5,633

2,307

37,780

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.25

31.10.24

£

£

Trade debtors

718,094

895,771

Amounts owed by participating interests

476,009

476,009

Other debtors

37,488

155,585

1,231,591

1,527,365

Included in other debtors is £3,904 (2024: £27,565) due from the directors. This loan is unsecured, interest free and repayable on demand.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.25

31.10.24

£

£

Bank loans and overdrafts (see note 9)

80,644

10,644

Taxation and social security

45,934

201,879

Other creditors

8,031,436

6,726,024

8,158,014

6,938,547

Included in other creditors is £7,935,120 (2024: £6,027,402) of monies due to clients. An equivalent amount is included in cash at bank and in hand.

Also included in other creditors is an amount of £16,647 (2024: £Nil) due to the directors. This loan is unsecured, interest free and repayable on demand.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.25

31.10.24

£

£

Bank loans (see note 9)

589,875

10,905

9.

LOANS

An analysis of the maturity of loans is given below:

31.10.25

31.10.24

£

£

Amounts falling due within one year or on demand:

Bank loans

80,644

10,644

Amounts falling due between one and two years:

Bank loans - 1-2 years

140,708

10,644

31.10.25

31.10.24

£

£

Amounts falling due between two and five years:

Bank loans - 2-5 years

210,000

261

Bank Loans 5+ Years

239,167

-

449,167

261

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.10.25

31.10.24

£

£

Bank loans

670,519

-

At year end, the Governor and Company of the Bank of Ireland holds a fixed and floating charge over the property and the undertakings of the company.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.10.25

31.10.24

value:

£

£

90

B Ordinary

£0.01

-

-

90

C Ordinary

£0.01

1

1

20

D Ordinary

£0.01

1

1

2

2

12.	RELATED PARTY DISCLOSURES

At the year end there was an amount of £476,009 (2024: £476,009) owed from two companies in which the directors have a controlling interest. This loan is unsecured, interest free and repayable on demand.

At the year end a balance of £3,904 (2024: £27,565) was owed from one the directors. This loan is unsecured, interest free and repayable on demand.

At the year end a balance of £16,647 (2024: £Nil) was owed to the directors. This loan is unsecured, interest free and repayable on demand.