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Company No: 15367192 (England and Wales)

# THP SOLICITORS LIMITED

### UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 APRIL 2026
PAGES FOR FILING WITH THE REGISTRAR

THP SOLICITORS LIMITED

## UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2026

Contents

THP SOLICITORS LIMITED

## BALANCE SHEET

AS AT 30 APRIL 2026
THP SOLICITORS LIMITED

## BALANCE SHEET (continued)

AS AT 30 APRIL 2026

| Note | 30.04.2026 |  | 30.04.2025
|  | £ |  | £
|  |  |  | Restated - note 3
Fixed assets |  |  |  |
Intangible assets | 5 | 3,200,000 |  | 3,600,000
Tangible assets | 6 | 195,226 |  | 213,115
|  | 3,395,226 |  | 3,813,115
Current assets |  |  |  |
Debtors | 7 | 1,536,357 |  | 1,246,794
Cash at bank and in hand |  | 607,842 |  | 471,563
|  | 2,144,199 |  | 1,718,357
Creditors: amounts falling due within one year | 8 | ( 1,135,323) |  | ( 1,105,391)
Net current assets |  | 1,008,876 |  | 612,966
Total assets less current liabilities |  | 4,404,102 |  | 4,426,081
Creditors: amounts falling due after more than one year | 9 | ( 3,866,263) |  | ( 3,960,000)
Provision for liabilities | 10, 11 | ( 343,071) |  | ( 384,251)
Net assets |  | 194,768 |  | 81,830
Capital and reserves |  |  |  |
Called-up share capital | 12 | 1,000 |  | 1,000
Profit and loss account |  | 193,768 |  | 80,830
Total shareholders' funds |  | 194,768 |  | 81,830

For the financial year ending 30 April 2026 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of THP Solicitors Limited (registered number: 15367192) were approved and authorised for issue by the Board of Directors on 14 August 2026. They were signed on its behalf by:

Ms J Alcock Director |  | Ms R Gaylor Director
Mr R Rodway Director |  | Ms F Watts Director

THP SOLICITORS LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2026
THP SOLICITORS LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2026

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

##### General information and basis of accounting

THP Solicitors Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 9 Chalfont Court, Lower Earley, Reading, Berkshire, RG6 5SY, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Prior year adjustment

Prior period adjustments are recognized retrospectively in accordance with FRS 102. Comparative amounts for the prior period presented are restated so that the financial statements reflect the correction of material errors as if they had never occurred.
The prior period adjustments in these financial statements relate to:
1. The recalculation and correction of the initial goodwill valuation on incorporation and the corresponding adjustment to historical amortization charges.
2. The recognition of unrecorded employer pension contribution liabilities arising from historical salary exchange arrangements.
3. The recognition of a provision for potential excess payments on Professional Indemnity Insurance (PII) claims in respect of prior period works, together with the corresponding tax relief.
4. The recognition of unrecorded deferred tax liabilities in respect of accelerated capital allowances and timing differences.
Full quantitative details and the impact on the financial statements are disclosed in Note 3.

##### Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

##### Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

##### Taxation

Current tax
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.

##### Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill | 10 years straight line

###### Goodwill

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

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements | 3 - 10 years straight line
Fixtures and fittings | 15 % reducing balance
Office equipment | 15 % reducing balance
Computer equipment | 15 % reducing balance

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

##### Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

##### Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

##### Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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

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

##### Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

#### 2. Critical accounting judgements and key sources of estimation uncertainty

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the individual accounting policies above.

#### 3. Prior year adjustment

Reclassification and Adjustment of Goodwill
The initial Goodwill valuation was based on an EBITDA model. To better reflect a legal practice transition, this has been refined to a turnover basis at a value which evaluates long-term fee stability. Under FRS 102, this represents a structural alignment of the day-one transaction baseline, rather than a current-year trading loss. Opening balances have been restated via a Prior Year Adjustment (PYA) to realign the asset value and liability concurrently. The effect of the restatement was to reduce goodwill by £1,600,000 and reduce shareholders' loan accounts by £1,600,000 as at 30 April 2025. As a consequence of the reduction in goodwill, the corresponding amortisation charge has been proportionally recalculated. The cumulative amortisation to the comparative balance sheet date has therefore been reduced by £160,000, resulting in a corresponding increase in retained earnings of £160,000.

Additional Pension Contributions
Following a review of the company's pension arrangements, the directors identified that additional employer pension contributions relating to prior periods had not been properly accrued. Under the scheme terms, employees were entitled to receive a 50% share of the Employer's National Insurance savings arising from salary exchange pension contributions, but these payments were omitted. In accordance with FRS 102, this has been corrected by way of a prior year adjustment and the comparative balances have been restated. The effect of the restatement for the period ended 30 April 2025 was to increase administrative expenses by £20,750, increase pension control liabilities within creditors falling due within one year by £20,750, and reduce retained earnings as at 30 April 2025 by £20,750. No adjustment has been made to the corporation tax charge as the liability remained unpaid at the year-end date.

Provision for Excess on Professional Indemnity Insurance (PII) Claims
Following a review of ongoing project works undertaken in prior periods, the directors determined that a probable liability existed for excess payments on Professional Indemnity Insurance (PII) claims that had not been recognised. In accordance with FRS 102, this has been corrected by way of a prior year adjustment and the comparative balances have been restated. The effect of the restatement for the period ended 30 April 2025 was to increase administrative expenses by £95,000, increase provisions for liabilities by £95,000, and reduce retained earnings as at 30 April 2025 by £95,000. As a consequence of this provision, the corporation tax charge for the prior period has been reduced by £23,750, resulting in a corresponding decrease in corporation tax creditors and an increase in retained earnings of £23,750.

Deferred Taxation
Following a review of the company's historical tax position, the directors identified that deferred tax in respect of accelerated capital allowances and timing differences had not been recognised in the prior period. In accordance with FRS 102, this error has been corrected by way of a prior year adjustment and the comparative balances have been restated. The effect of the restatement as at 30 April 2025 was to increase the deferred tax charge in the profit and loss account by £46,251, increase deferred tax liabilities within provisions for liabilities by £46,251, and reduce retained earnings as at 30 April 2025 by £46,251.

|  | As previously reported |  | Adjustment |  | As restated
Year ended 30 April 2025 |  | £ |  | £ |  | £
Intangible assets |  | 5,040,000 |  | (1,440,000) |  | 3,600,000
Creditors: amounts falling due within one year |  | (1,108,392) |  | 3,001 |  | (1,105,391)
Creditors: amounts falling due after more than one year |  | (5,560,000) |  | 1,600,000 |  | (3,960,000)
Provisions for Liabilities |  | (243,000) |  | (141,251) |  | (384,251)
Retained Earnings |  | 59,080 |  | 21,750 |  | 80,830
Administrative expenses |  | (2,893,941) |  | 44,250 |  | (2,849,691)
Tax on profit |  | (226,208) |  | (22,501) |  | (248,709)

#### 4. Employees

| Year ended 30.04.2026 |  | Period from 21.12.2023 to 30.04.2025
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 56 |  | 48

#### 5. Intangible assets

| Goodwill |  | Total
| £ |  | £
Cost |  |  |
At 01 May 2025 | 4,000,000 |  | 4,000,000
At 30 April 2026 | 4,000,000 |  | 4,000,000
Accumulated amortisation |  |  |
At 01 May 2025 | 400,000 |  | 400,000
Charge for the financial year | 400,000 |  | 400,000
At 30 April 2026 | 800,000 |  | 800,000
Net book value |  |  |
At 30 April 2026 | 3,200,000 |  | 3,200,000
At 30 April 2025 | 3,600,000 |  | 3,600,000

#### 6. Tangible assets

| Leasehold improve- ments |  | Fixtures and fittings |  | Office equipment |  | Computer equipment |  | Total
| £ |  | £ |  | £ |  | £ |  | £
Cost |  |  |  |  |  |  |  |  |
At 01 May 2025 | 37,998 |  | 64,766 |  | 21,581 |  | 133,663 |  | 258,008
Additions | 0 |  | 3,614 |  | 0 |  | 22,287 |  | 25,901
At 30 April 2026 | 37,998 |  | 68,380 |  | 21,581 |  | 155,950 |  | 283,909
Accumulated depreciation |  |  |  |  |  |  |  |  |
At 01 May 2025 | 12,726 |  | 9,658 |  | 3,237 |  | 19,272 |  | 44,893
Charge for the financial year | 12,666 |  | 8,487 |  | 2,752 |  | 19,885 |  | 43,790
At 30 April 2026 | 25,392 |  | 18,145 |  | 5,989 |  | 39,157 |  | 88,683
Net book value |  |  |  |  |  |  |  |  |
At 30 April 2026 | 12,606 |  | 50,235 |  | 15,592 |  | 116,793 |  | 195,226
At 30 April 2025 | 25,272 |  | 55,108 |  | 18,344 |  | 114,391 |  | 213,115

#### 7. Debtors

| 30.04.2026 |  | 30.04.2025
| £ |  | £
Trade debtors | 390,088 |  | 305,172
Prepayments and accrued income | 1,146,269 |  | 941,622
| 1,536,357 |  | 1,246,794

#### 8. Creditors: amounts falling due within one year

| 30.04.2026 |  | 30.04.2025
| £ |  | £
Bank loans | 309,788 |  | 0
Trade creditors | 24,150 |  | 11,966
Corporation tax | 157,466 |  | 202,458
Other taxation and social security | 277,982 |  | 297,575
Other creditors | 365,937 |  | 593,392
| 1,135,323 |  | 1,105,391

#### 9. Creditors: amounts falling due after more than one year

| 30.04.2026 |  | 30.04.2025
| £ |  | £
Bank loans | 103,263 |  | 0
Amounts owed to directors | 3,763,000 |  | 3,960,000
| 3,866,263 |  | 3,960,000

There are no amounts included above in respect of which any security has been given by the small entity.

#### 10. Provision for liabilities

| 30.04.2026 |  | 30.04.2025
| £ |  | £
Deferred tax | 45,071 |  | 46,251
Other provisions | 298,000 |  | 338,000
| 343,071 |  | 384,251

Other

Dilapidations Provision
The provision represents the directors' best estimate of the costs expected to be incurred in meeting the company's obligations to reinstate leased premises at the end of the lease term. The provision is based on current estimates of the work required and may be revised as further information becomes available. As at 30 April 2026, the carrying amount of the dilapidations provision was £243,000 (2025: £243,000).
PII Claims Excess Provision
The provision represents the directors' best estimate of potential excess payable on Professional Indemnity Insurance (PII) claims in respect of project works undertaken prior to the balance sheet date. The provision reflects costs where an outflow of economic benefit is considered probable. Following a review, this provision has been recognised by way of a prior period adjustment (see Note 3). As at 30 April 2026, the provision recognized in respect of these claims was £55,000 (2025: £95,000).

#### 11. Deferred tax

| 30.04.2026 |  | 30.04.2025
| £ |  | £
At the beginning of financial year/period | ( 46,251) |  | 0
Credited/(charged) to the Profit and Loss Account | 1,180 |  | ( 46,251)
At the end of financial year/period | ( 45,071) |  | ( 46,251)

#### 12. Called-up share capital

| 30.04.2026 |  | 30.04.2025
| £ |  | £
Allotted, called-up and fully-paid |  |  |
25,000 A1 ordinary shares of £ 0.01 each | 250 |  | 250
25,000 A2 ordinary shares of £ 0.01 each | 250 |  | 250
25,000 A3 ordinary shares of £ 0.01 each | 250 |  | 250
25,000 A4 ordinary shares of £ 0.01 each | 250 |  | 250
| 1,000 |  | 1,000

#### 13. Financial commitments

Commitments

| 30.04.2026 |  | 30.04.2025
| £ |  | £
Total future minimum lease payments under non-cancellable operating leases | 290,431 |  | 353,871

#### 14. Related party transactions

Transactions with the entity's directors

Included in creditors due within one year is a balance of £73,811 (2025: £318,152) owed to the directors.
Included in creditors due after more than one year is a balance of £3,763,000 (2025: £3,960,000) owed to the directors. These amounts arose on incorporation of the business from a LLP to a limited company on 1 May 2024 and represent consideration for goodwill transferred to the company. The balances are unsecured and repayable in instalments between the financial period ending 30 April 2026 and 30 April 2030.
Interest is payable at 15% per annum on the first £247,500 of each director’s loan from 6 April 2025 until the final instalment date. Interest accrues on a daily basis and is added annually to the principal amount on the interest repayment date, with payment due each year on 5 April. The remaining balances are interest free.
During the period, the company rented office premises from Bell Street Freehold Limited, a company jointly owned by three of the directors of THP Solicitors Limited.
Transactions with Bell Street Freehold Limited during the period were as follows:
Rent Expense: Included in administrative expenses is rent payable of £46,800 (2025: £46,800) in respect of the office premises. The rental terms were negotiated on an arm's-length basis and reflect commercial market rates.
Outstanding Balances: At the balance sheet date, there were no outstanding balances owed to or from Bell Street Freehold Limited (2025: £Nil).