Limited Liability Partnership registration number SO307055 (Scotland)
Lindsays LLP
Annual report and financial statements
For the year ended 31 March 2026
Lindsays LLP
Limited liability partnership information
Designated members
David Armstrong
John Bett
Ernest Boath
Gavin Buchan
Kirsty Cooper
Jonathan Cornwell
Lewis Crofts
Andrew Diamond
Ben Doherty
Alistair Duncan
Aileen Entwistle
Alison Fitzgerald
Caroline Fraser
Amanda Frenz
Alastair Goodman
Leanne Gordon
Daniel Gorry
Kenneth Gray
Brent Haywood
Rachel Holt
Nicholas Howie
Grant Johnson
Lynsey Kerr
Helen Kidd
Sandy Lamb
Darren Leahy
Darren Lightfoot
Gregor MacEwan
Caroline Mackintosh
Clare McCarroll
Alison McKee
Ian Mitchell
Angela Morrison
Alison McKay
Lorna McKay
Robert McNab
Derek Nash
Stephanie Nichol
Nicole Noble
Louise Norris
Stephen O'Hare
Gurjit Pall
Lauren Pasi
Kirsty Preston
Keith Rawlinson
Eilidh Robertson
David Rose
Vhari Selfridge
Alastair Smith
Nina Taylor
John Thom
Chris Todd
David Walker
Clare Wilson
David Wood
Kate Wyatt
Lindsays LLP
Limited liability partnership information
LLP registration number
SO307055
Registered office
Caledonian Exchange
19A Canning Street
Edinburgh
EH3 8HE
Auditor
Henderson Loggie LLP
The Vision Building
20 Greenmarket
Dundee
DD1 4QB
Lindsays LLP
Contents
Page
Members' report
1 - 4
Members' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Reconciliation of members' interests
11
Statement of cash flows
12
Notes to the financial statements
13 - 26
Lindsays LLP
Members' report
for the year ended 31 March 2026
- 1 -

The members are pleased to present their report and the financial statements for the year ended 31 March 2026.

Principal activities

The principal activity of the limited liability partnership continued to be the provision of legal services in Scotland.

Review of the Business

Turnover for the year was £29,905,794, an increase from the previous year's figure of £27,477,380.
T he profit for the financial year before members' remuneration also increased, from £9,354,791 to £9,730,024, a performance which the members considered to be satisfactory.
The firm has continued to attract and develop talented lawyers and support staff while cashflow generated from operations improved, resulting in an increase in cash at bank over the financial year of £331,778, with £4,059,320 of cash held at the year end.
This investment in people and increased cashflow underpin the continued delivery of high-quality services to the firm’s wide client base, giving the members confidence that it is in a strong position going forward.
During the year, the firm made a significant investment in new office premises in Perth, demonstrating its continued commitment to the area and confidence in the region’s growth potential.
On 9 June 2026 the firm signed a merger agreement to acquire the partners, staff and assets of Dallas McMillan.

The merger strengthens the firm’s scale and presence within the Glasgow market while broadening the overall service offering to clients. It enhances opportunities for cross‑referrals across practice areas and supports sustainable long‑term growth through a more diversified income base. The integration of experienced partners and staff further reinforces the firm’s capability and capacity to serve clients effectively.

Members' drawings, contributions and repayments

The memb ers' policy on drawings is dependent upon the working capital requirements of the firm. A conservative level of monthly drawings is set at the start of the year and further distributions are made once the results for the year and allocation of profit have been finalised.

The level of memb ers' capital is determined by the memb ers from time to time. Capital is repaid to memb ers on resignation from the firm, subject to the requirements of the members' agreement.

Designated members

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

James Andrew
(Retired 31 March 2026)
David Armstrong
John Bett
Ernest Boath
Gavin Buchan
Kirsty Cooper
Jonathan Cornwell
Lewis Crofts
(Appointed 1 April 2026)
Alasdair Cummings
(Retired 31 March 2026)
Andrew Diamond
Ben Doherty
Alistair Duncan
John Duncan
(Retired 31 March 2026)
Lindsays LLP
Members' report (continued)
for the year ended 31 March 2026
- 2 -
Aileen Entwistle
(Appointed 18 May 2026)
Alison Fitzgerald
Caroline Fraser
Amanda Frenz
Alastair Goodman
Leanne Gordon
Daniel Gorry
Kenneth Gray
Brent Haywood
Rachel Holt
(Appointed 1 April 2025)
Nicholas Howie
Grant Johnson
Lynsey Kerr
Helen Kidd
Sandy Lamb
Darren Leahy
Darren Lightfoot
(Appointed 1 October 2025)
Gregor MacEwan
(Appointed 1 April 2025)
Caroline Mackintosh
Clare McCarroll
Alison McKee
Ian Mitchell
Angela Morrison
Alison McKay
Lorna McKay
(Appointed 8 April 2026)
Robert McNab
(Appointed 7 January 2026)
Derek Nash
Stephanie Nichol
(Appointed 7 January 2026)
Nicole Noble
Louise Norris
Stephen O'Hare
(Appointed 1 April 2025)
Gurjit Pall
Lauren Pasi
Kirsty Preston
Keith Rawlinson
(Appointed 1 September 2025)
Eilidh Robertson
(Appointed 1 October 2025)
David Rose
Vhari Selfridge
Alastair Smith
(Appointed 1 April 2025)
Nina Taylor
John Thom
Chris Todd
David Walker
Clare Wilson
David Wood
Kate Wyatt
Michael Yellowlees
(Retired 30 September 2025)
Morag Yellowlees
(Retired 30 September 2025)
Lindsays LLP
Members' report (continued)
for the year ended 31 March 2026
- 3 -
Disabled persons

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

Employee involvement

The limited liability partnership’s policy is to consult and discuss with employees, through staff meetings, matters likely to affect employees’ interests.

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

Client engagement

The firm recognises the importance of maintaining strong and responsive relationships with its clients. Engagement is supported through regular communication, feedback mechanisms and ongoing review of client needs, which inform service delivery and strategic decision-making.

This approach supports high levels of client satisfaction and the continued development of long-term client relationships.

Suppliers and vendors

The firm maintains constructive relationships with its suppliers and professional service providers, recognising their role in supporting effective operations. Engagement includes regular communication, performance monitoring and a focus on timely payment practices.

This approach supports continuity of service, access to key resources and alignment with the firm’s operational and strategic requirements.

Auditor

Henderson Loggie LLP were appointed as auditor to the limited liability partnership and in accordance with section 485 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), a resolution proposing that they be re-appointed will be put forward at a general meeting.

Energy and carbon report
This report is provided to summarise the limited liability partnership's environmental reporting in accordance with the UK government's policy on Streamlined Energy and Carbon Reporting (SECR). As the year to 31 March 2026 was the first year the limited liability partnership was required to disclose this information, no comparative figures have been included.

2026
Energy consumption
kWh
Aggregate of energy consumption in the year
516,695
Lindsays LLP
Members' report (continued)
for the year ended 31 March 2026
- 4 -
2026
Emissions of CO2 equivalent
metric tonnes
Scope 1 - direct emissions
- Gas combustion
14.40
- Fuel consumed for owned transport
-
14.40
Scope 2 - indirect emissions
- Electricity purchased
61.40
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the LLP
22.20
Total gross emissions
98.00
Intensity ratio
Tonnes CO2e per full-time employee
0.3
Quantification and reporting methodology

The methodology used to calculate the emissions associated with energy consumption in this report is in line with the SECR legislation and is based on the GHG Reporting Protocols. GHG conversion factors for 2025, as published by the UK Government, were used to determine the carbon dioxide equivalent (CO2e) emissions associated with each type of energy use.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per FTE (headcount), this being considered the principal driver of consumption.

Measures taken to improve energy efficiency

We have implemented targeted operational adjustments to improve energy efficiency across our IT server rooms. Through investments in additional video conferencing facilities we have reduced the level of inter-office travel.

List of members

This report has been approved by the members of the LLP. Persons who were members at any time during the financial year are listed in the public register held by Companies House.

Approved by the members on 19 June 2026 and signed on behalf by:
19 June 2026
Andrew Diamond
Designated Member
Lindsays LLP
Members' responsibilities statement
for the year ended 31 March 2026
- 5 -

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

Company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice. Under company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members 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 limited liability partnership and of the profit or loss of the limited liability partnership for that period. In preparing these financial statements, the members 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 UK 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 limited liability partnership will continue in business.

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Lindsays LLP
Independent auditor's report
to the members of Lindsays LLP
- 6 -
Opinion

We have audited the financial statements of Lindsays LLP (the 'limited liability partnership') for the year ended 31 March 2026 which comprise the statement of comprehensive income, the balance sheet, the reconciliation of members' interests, the statement of cash flows and notes to the financial statements, including 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 limited liability partnership's affairs as at 31 March 2026 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006 as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

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's responsibilities for the audit of the financial statements section of our report. We are independent of the limited liability partnership 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the members' 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 limited liability partnership’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 members 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 members 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.

Lindsays LLP
Independent auditor's report (continued)
to the members of Lindsays LLP
- 7 -
Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 as applied to limited liability partnerships 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

- we have not received all the information and explanations we require for our audit.

Responsibilities of members

As explained more fully in the members' r esponsibilities s tatement, the members 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 members 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 members are responsible for assessing the limited liability partnership'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 members either intend to liquidate the limited liability partnership 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.

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.

As part of our planning process:

- W e enquired of management the systems and controls the LLP has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. Management inform ed us that there were no instances of known, suspected or alleged fraud;

- W e obtained an understanding of the legal and regulatory frameworks applicable to the LLP. We determined that the following were most relevant: Law Society of Scotland regulations and Solicitors Accounts Rules; Data Protection Act 2018; employment law (including payroll and pension regulations), and compliance with the UK Companies Act as applied to LLPs;

- We considered the incentives and opportunities that exist in the LLP, including the extent of management bias, which present a potential for irregularities and fraud to be perpet r ated, and tailored our risk assessment accordingly; and

- Using our knowledge of the LLP, together with the discussions held with management at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

Lindsays LLP
Independent auditor's report (continued)
to the members of Lindsays LLP
- 8 -

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

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

- Reviewing minutes of meetings of members;

- Reading correspondence with regulators including the Solicitors Accounts Rules and the Law Society of Scotland regulations to determine the extent of compliance;

- Challenging assumptions and judgements made by management in their significant accounting estimates, in particular valuation of work in progress, the application of accruals including potential claims provisions and dilapidations, and the application of potential bad debt provisions;

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

- Testing key revenue lines, in particular cut-off, for evidence of management bias; and

- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

Owing to the inherent limitations of an audit, there is unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the 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. The primary responsibility for the prevention and detection of irregularities and fraud rests with the members.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the limited liability partnership's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the limited liability partnership'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 limited liability partnership and the limited liability partnership's members as a body, for our audit work, for this report, or for the opinions we have formed.

Gavin Black (Senior Statutory Auditor)
For and on behalf of Henderson Loggie LLP, Statutory Auditor
Chartered Accountants
The Vision Building
20 Greenmarket
Dundee
DD1 4QB
19 June 2026
Lindsays LLP
Statement of comprehensive income
for the year ended 31 March 2026
- 9 -
2026
2025
Notes
£
£
Turnover
3
29,905,794
27,477,380
Administrative expenses
(22,016,624)
(19,876,354)
Other operating income
345,882
339,926
Operating profit
4
8,235,052
7,940,952
Interest receivable and similar income
8
1,601,365
1,546,714
Interest payable and similar expenses
9
(106,393)
(132,875)
Profit for the financial year before members' remuneration and profit shares
9,730,024
9,354,791
Members' remuneration charged as an expense
7
(9,730,024)
(9,354,791)
Result for the financial year available for discretionary division among members
-
-

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

Lindsays LLP
Balance sheet
as at 31 March 2026
- 10 -
2026
2025
Notes
£
£
£
£
Fixed assets
Goodwill
10
115,705
169,107
Other intangible assets
10
483,607
483,451
Total intangible assets
599,312
652,558
Tangible assets
11
877,004
527,039
Investments
12
8,749
8,749
1,485,065
1,188,346
Current assets
Debtors
13
17,247,249
15,322,213
Cash at bank and in hand
4,059,320
3,727,542
21,306,569
19,049,755
Creditors: amounts falling due within one year
14
(7,312,882)
(5,776,693)
Net current assets
13,993,687
13,273,062
Total assets less current liabilities
15,478,752
14,461,408
Creditors: amounts falling due after more than one year
15
(175,000)
(315,000)
Provisions for liabilities
Provisions
17
(757,078)
(627,172)
Net assets attributable to members
14,546,674
13,519,236
Represented by:
Loans and other debts due to members within one year
Members' capital classified as a liability
6,475,000
6,125,000
Other amounts
8,071,674
7,394,236
14,546,674
13,519,236
The financial statements were approved by the members and authorised for issue on 19 June 2026 and are signed on their behalf by:
19 June 2026
Andrew Diamond
Designated member
Limited Liability Partnership registration number SO307055 (Scotland)
Lindsays LLP
Reconciliation of members' interests
for the year ended 31 March 2026
- 11 -
Current financial year
Loans and other debts due to members
Members' capital
Other amounts
Total
£
£
£
Members' interests at 1 April 2025
6,125,000
7,394,236
13,519,236
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
9,730,024
9,730,024
Result for the financial year available for discretionary division among members
-
-
-
Members' interests after loss and remuneration for the year
6,125,000
17,124,260
23,249,260
Introduced by members
1,050,000
-
1,050,000
Repayment of capital
(700,000)
-
(700,000)
Drawings on account and distributions of profit
-
(9,052,586)
(9,052,586)
Members' interests at 31 March 2026
6,475,000
8,071,674
14,546,674
Prior financial year
Loans and other debts due to members
Members' capital
Other amounts
Total
£
£
£
Members' interests at 1 April 2024
6,125,000
5,045,180
11,170,180
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
9,354,791
9,354,791
Result for the financial year available for discretionary division among members
-
-
-
Members' interests after loss and remuneration for the year
6,125,000
14,399,971
20,524,971
Introduced by members
350,000
-
350,000
Repayment of capital
(350,000)
-
(350,000)
Drawings on account and distributions of profit
-
(7,005,735)
(7,005,735)
Members' interests at 31 March 2025
6,125,000
7,394,236
13,519,236
Lindsays LLP
Statement of cash flows
for the year ended 31 March 2026
- 12 -
2026
2025
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
8,124,753
7,922,440
Interest paid
(106,393)
(132,875)
Net cash inflow from operating activities
8,018,360
7,789,565
Investing activities
Purchase of intangible assets
(125,381)
(45,750)
Purchase of tangible fixed assets
(629,114)
(226,003)
Interest received
1,601,365
1,546,714
Net cash generated from investing activities
846,870
1,274,961
Financing activities
Capital introduced by members
1,050,000
350,000
Repayment of capital to members
(700,000)
(350,000)
Payments to members
(9,052,586)
(7,005,735)
Proceeds from new bank loans
3,210,770
2,686,418
Repayment of bank loans
(3,041,636)
(2,523,112)
Net cash used in financing activities
(8,533,452)
(6,842,429)
Net increase in cash and cash equivalents
331,778
2,222,097
Cash and cash equivalents at beginning of year
3,727,542
1,505,445
Cash and cash equivalents at end of year
4,059,320
3,727,542
Lindsays LLP
Notes to the financial statements
for the year ended 31 March 2026
- 13 -
1
Accounting policies
Limited liability partnership information

Lindsays LLP is a limited liability partnership incorporated in Scotland. The registered office is Caledonian Exchange, 19A Canning Street, Edinburgh, EH3 8HE.

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together 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 limited liability partnership. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

New or revised Financial Reporting Standards
Amendments to FRS 102 introduced by the Period Review 2024

The amendments to FRS 102 are applicable for accounting periods commencing on or after 1 January 2026, with earlier adoption permitted. The members have opted not to adopt these amendments early, as such, the amendments will be implemented for the accounting year ending 31 March 27.

The most significant amendments are the replacement of Section 23, now renamed ‘Revenue from Contracts with Customers’, and Section 20 ‘Leases’. The other less significant changes are not currently expected to have a material impact. The new revenue and leasing requirements seek to provide greater consistency and alignment with International Financial Reporting Standards, namely IFRS 15 and IFRS 16.

The limited liability partnership is currently planning for the implementation of these changes.

Under the new lease accounting requirements these changes will be applied using the modified retrospective approach which avoids the restatement of comparative figures. The implementation of the changes would see leased assets recognised as Right-of-Use assets on-balance sheet, with a lease liability recognised based on the discounted value of any future commitments, plus payments related to optional extension periods if considered reasonably certain. Exemptions to this approach will be considered for certain short-term leases or low-value assets.

Under the new revenue accounting requirements, management expects these changes to be applied using the modified retrospective approach which avoids the restatement of comparative figures. Management are reviewing the current and expected future revenue transactions to determine the necessary performance obligations, transaction prices, and overall recognition and presentation to ensure compliance with the changes.

As at the date of signing the financial statements, and given the changes relate to future periods, it has been deemed impractical to determine the amounts involved.

Lindsays LLP
Notes to the financial statements (continued)
for the year ended 31 March 2026
1
Accounting policies (continued)
- 14 -
1.2
Going concern

The firm is funded principally by its members in the form of fixed capital and loans and by the cashflows generated from its trading activities. In addition, the limited liability partnership has a committed, undrawn borrowing facility of £1,500,000 with Virgin Money and held £4,059,320 cash at bank and in hand at 31 March 2026.
The firm’s performance has proven to be resilient in the past during adverse trading conditions helped by the fact it provides a full range of legal services within diverse market sectors.
Trading and cashflow projections have been prepared for the next twelve months making prudent assumptions on cost inflation. The firm expects to be able to operate within its available financial facilities for the foreseeable future. Accordingly, the members believe it is appropriate to prepare the financial statements on the going concern basis.

1.3
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

Services provided during the year to clients, which at the balance sheet date have not been billed to clients, have been recognised as turnover in accordance with FRS 102 section 23 'Revenue'. Turnover in this manner is based on an assessment of the fair value of services provided at the balance sheet date as a proportion of the total value of the engagement. Provisions are made against unbilled amounts for those engagements where the right to receive payment is contingent on factors outside the control of the firm. 'Amounts to be billed to clients' are included in debtors. Amounts invoiced in advance are included in accruals and deferred income.

1.4
Members' participating interests

Members' capital is classified as a financial liability in the balance sheet. Interest payable on members' capital is included in 'Members' remuneration charged as an expense' in the profit and loss account.

Non-discretionary profit allocations are included in 'Members' remuneration charged as an expense' in the profit and loss account, whilst discretionary profit allocations are classified as a division of profits within members interests.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment. Amounts payable to members under employment contracts and unavoidable interest on members capital are charged to “members remuneration charged as an expense” in the relevant year.

Lindsays LLP
Notes to the financial statements (continued)
for the year ended 31 March 2026
1
Accounting policies (continued)
- 15 -

Remuneration paid to members under a contract to provide services to the LLP is classified as operating cash flows. Any drawings on account or distribution of profits are classified as financing cash flows.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.6
Intangible fixed assets other than goodwill

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

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:

Practice management software
Over 10 years
Practice IT infrastructure
Over 5 years
1.7
Tangible fixed assets

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:

Leasehold improvements
Over the shorter of lease term or expected useful lives
Fixtures and fittings
Over 3 to 5 years
Computers
Over 3 to 5 years

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.

1.8
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and a ny impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Lindsays LLP
Notes to the financial statements (continued)
for the year ended 31 March 2026
1
Accounting policies (continued)
- 16 -
1.9
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The limited liability partnership 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 limited liability partnership's statement of financial position when the limited liability partnership 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

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. 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.

Lindsays LLP
Notes to the financial statements (continued)
for the year ended 31 March 2026
1
Accounting policies (continued)
- 17 -
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 limited liability partnership 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 limited liability partnership 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.12
Taxation

The taxation payable on the profits of the firm is the personal liability of the members. Accordingly, no tax charge is included in the profit and loss account and all payments are charged against members' funds. A retention from profits is held on account for individual members to fund the payment of taxation on behalf of the members. This retention is reflected in loans and other debts due to members and payments are charged against this retention.

1.13
Provisions

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

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

Lindsays LLP
Notes to the financial statements (continued)
for the year ended 31 March 2026
1
Accounting policies (continued)
- 18 -
1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits and post retirement payments to members

The partnership operates a defined contribution pension scheme, with the amount charged to the profit and loss account in respect of pension costs being the contributions payable in the year. Differences between contributions payable in the year and contributions paid are shown in either accruals or prepayments on the balance sheet.

1.16
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

1.17

Professional indemnity insurance and claims

The partnership maintains substantial cover through the insurance market. Provision is made on a case-by-case basis for the estimated costs of defending claims or the uninsured excess of such claims if greater, where it is probable that costs will be incurred.

2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members 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.

Key sources of estimation uncertainty

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.

Work in progress

As part of the year end process management are required to assess the ongoing performance of work in progress. This assessment results in the recognition of income and provisions against ongoing recovery depending on the degree of completion and the likelihood of a fee being raised. These judgements are made using the management's experience as well as a detailed working knowledge of the work being provided to clients.

Lindsays LLP
Notes to the financial statements (continued)
for the year ended 31 March 2026
2
Judgements and key sources of estimation uncertainty (continued)
- 19 -
Trade debt recovery

Credit control is an important function which requires assessment, on an ongoing basis, of the recoverability of amounts due from trade debtors. Where recovery is in doubt, management will adequately provide against this specific debt and will arrive at such conclusions based on the knowledge of the debtor. Management adopt a prudent approach to credit control.

Accruals

Management estimate the requirements for accruals using post year end information and information available from detailed budgets. This includes provisions for dilapidations and claims. This identifies costs and income that are expected to be incurred or received for services provided by and to other parties. This includes the estimation of potential claims provisions which are based upon post year end information and management knowledge of the current status of live claims. Accruals are only released when there is a reasonable expectation that these costs will not be invoiced in the future.

3
Turnover

Turnover represents fee income earned from the provision of legal services in the United Kingdom and is stated net of value added tax

2026
2025
£
£
Turnover analysed by class of business
Rendering of fees for legal services
29,905,794
27,477,380
2026
2025
£
£
Turnover analysed by geographical market
United Kingdom
29,905,794
27,477,380
2026
2025
£
£
Other significant revenue
Interest income
1,601,365
1,546,714
4
Operating profit
2026
2025
Operating profit for the year is stated after charging:
£
£
Exchange losses
6,174
452
Depreciation of owned tangible fixed assets
270,130
274,000
Loss on disposal of tangible fixed assets
9,019
-
Amortisation of intangible assets
178,627
150,455
Operating lease charges
897,338
798,454
Lindsays LLP
Notes to the financial statements (continued)
for the year ended 31 March 2026
- 20 -
5
Auditor's remuneration
2026
2025
Fees payable to the LLP's auditor and associates:
£
£
For audit services
Audit of the financial statements of the LLP
24,250
23,100
6
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2026
2025
Number
Number
Fee earners
159
156
Non-fee earners
163
157
Total
322
313

Their aggregate remuneration comprised:

2026
2025
£
£
Wages and salaries
11,465,350
10,634,966
Social security costs
1,490,049
1,113,524
Pension costs
548,521
516,253
13,503,920
12,264,743
7
Members' remuneration
2026
2025
Number
Number
Average number of members during the year
54
52
2026
2025
£
£
Profit attributable to the member with the highest entitlement
356,989
378,654
Average members' remuneration
180,186
179,900
Lindsays LLP
Notes to the financial statements (continued)
for the year ended 31 March 2026
- 21 -
8
Interest receivable and similar income
2026
2025
£
£
Interest income
Interest on bank deposits
1,601,365
1,546,714
2026
2025
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
1,601,365
1,546,714
9
Interest payable and similar expenses
2026
2025
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
106,393
132,875
10
Intangible fixed assets
Goodwill
Practice management software
Practice IT infrastructure
Total
£
£
£
£
Cost
At 1 April 2025
267,010
482,993
270,437
1,020,440
Additions
-
950
124,431
125,381
At 31 March 2026
267,010
483,943
394,868
1,145,821
Amortisation and impairment
At 1 April 2025
97,903
168,181
101,798
367,882
Amortisation charged for the year
53,402
48,349
76,876
178,627
At 31 March 2026
151,305
216,530
178,674
546,509
Carrying amount
At 31 March 2026
115,705
267,413
216,194
599,312
At 31 March 2025
169,107
314,812
168,639
652,558
Lindsays LLP
Notes to the financial statements (continued)
for the year ended 31 March 2026
- 22 -
11
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 April 2025
1,380,170
635,143
1,431,538
3,446,851
Additions
90,042
138,940
400,132
629,114
Disposals
(17,924)
(7,914)
(382,784)
(408,622)
At 31 March 2026
1,452,288
766,169
1,448,886
3,667,343
Depreciation and impairment
At 1 April 2025
1,194,777
563,805
1,161,230
2,919,812
Depreciation charged in the year
73,566
53,286
143,278
270,130
Eliminated in respect of disposals
(12,059)
(7,836)
(379,708)
(399,603)
At 31 March 2026
1,256,284
609,255
924,800
2,790,339
Carrying amount
At 31 March 2026
196,004
156,914
524,086
877,004
At 31 March 2025
185,393
71,338
270,308
527,039
12
Fixed asset investments
2026
2025
£
£
Unlisted investments
8,749
8,749
Fixed asset investments not carried at market value

The firm owns one Ordinary A class share in Tayside Solicitors Property Centre Holdings Limited, a company registered in Scotland. The investment is held at cost.

13
Debtors
2026
2025
Amounts falling due within one year:
£
£
Trade debtors
6,835,531
6,052,353
Amounts to be billed to clients
8,643,185
7,564,672
Other debtors
7,906
6,443
Prepayments and accrued income
1,760,627
1,698,745
17,247,249
15,322,213
Lindsays LLP
Notes to the financial statements (continued)
for the year ended 31 March 2026
- 23 -
14
Creditors: amounts falling due within one year
2026
2025
Notes
£
£
Bank loans
16
1,853,556
1,544,422
Trade creditors
2,067,109
1,026,478
Other taxation and social security
1,316,817
1,251,436
Other creditors
175,000
175,000
Accruals and deferred income
1,900,400
1,779,357
7,312,882
5,776,693
15
Creditors: amounts falling due after more than one year
2026
2025
Notes
£
£
Bank loans
16
175,000
315,000
16
Loans and overdrafts
2026
2025
£
£
Bank loans
2,028,556
1,859,422
Payable within one year
1,853,556
1,544,422
Payable after one year
175,000
315,000

The loans are secured by a floating charge.

The LLP has four active bank loans at the year end as detailed below:

The first loan of £1,600,000 is repaid monthly, expires in August 2026 and attracts interest at 2.5% over the Bank of England base rate.

The second loan of £230,223 is repaid monthly, expires in October 2026 and attracts interest at 2.9%.

The third loan of £414,503 is repaid monthly, expires in October 2026 and attracts interest at 2.9%.

The forth loan of £700,000, is repaid quarterly, expires in May 2028 and attracts interest at 3% over the Bank of England base rate.

Lindsays LLP
Notes to the financial statements (continued)
for the year ended 31 March 2026
- 24 -
17
Provisions for liabilities
2026
2025
£
£
Office dilapidations
757,078
627,172
Movements on provisions:
Office dilapidations
£
At 1 April 2025
627,172
Additional provisions in the year
129,906
At 31 March 2026
757,078
18
Retirement benefit schemes
2026
2025
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
548,521
516,253

The limited liability partnership operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the limited liability partnership in an independently administered fund.

19
Financial commitments, guarantees and contingent liabilities

In the normal course of business, Lindsays LLP may receive claims for alleged negligence. Substantial insurance cover is carried in respect of professional negligence, and cover is written through the commercial market. Where appropriate, provision is made for the costs arising from such claims. Taking account of expected insurance recoveries, claims notified are not expected to give rise to any material unprovided liability.

20
Operating lease commitments
Lessee

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

2026
2025
£
£
Within one year
981,742
917,576
Between two and five years
3,570,810
3,139,159
In over five years
1,107,188
1,232,514
5,659,740
5,289,249
Lindsays LLP
Notes to the financial statements (continued)
for the year ended 31 March 2026
- 25 -
21
Capital commitments

At 31 March 2026 the limited liability partnership had capital commitments as follows:

2026
2025
£
£
Contracted for but not provided in the financial statements:
Acquisition of tangible fixed assets
-
123,006
22
Events after the reporting date

On 9 June 2026 the firm signed a merger agreement to acquire the partners, staff and assets of Dallas McMillan.

The merger strengthens the firm’s scale and presence within the Glasgow market while broadening the overall service offering to clients. It enhances opportunities for cross‑referrals across practice areas and supports sustainable long‑term growth through a more diversified income base. The integration of experienced partners and staff further reinforces the firm’s capability and capacity to serve clients effectively.

23
Related party transactions
Remuneration of key management personnel

The total remuneration of the members of the LLP and the management team, who are considered to be the key management personnel of the LLP was £2,150,967 (2025 - £1,819,708).

24
Cash generated from operations
2026
2025
£
£
Profit after taxation
9,730,024
9,354,791
Adjustments for:
Finance costs recognised in profit or loss
106,393
132,875
Investment income recognised in profit or loss
(1,601,365)
(1,546,714)
Loss on disposal of tangible fixed assets
9,019
-
Amortisation and impairment of intangible assets
178,627
150,455
Depreciation and impairment of tangible fixed assets
270,130
274,000
Increase in provisions
129,906
38,997
Movements in working capital:
Increase in debtors
(1,925,036)
(288,730)
Increase/(decrease) in creditors
1,227,055
(193,234)
Cash generated from operations
8,124,753
7,922,440
Lindsays LLP
Notes to the financial statements (continued)
for the year ended 31 March 2026
- 26 -
25
Analysis of changes in net funds
1 April 2025
Cash flows
31 March 2026
£
£
£
Cash at bank and in hand
3,727,542
331,778
4,059,320
Borrowings excluding overdrafts
(1,859,422)
(169,134)
(2,028,556)
Balances before members' debt
1,868,120
162,644
2,030,764
Loans and other debts due to members:
- Members' capital
(6,125,000)
(350,000)
(6,475,000)
- Other amounts due to members
(7,394,236)
(677,438)
(8,071,674)
Balances including members' debt
(11,651,116)
(864,794)
(12,515,910)
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