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COMPANY REGISTRATION NUMBER: 02755783

Ungoed-Thomas & King Limited

Filleted Unaudited Financial Statements

31 December 2025

Ungoed-Thomas & King Limited

Financial Statements

Year ended 31 December 2025

CONTENTS | PAGE

Officers and professional advisers | 1

Statement of financial position | 2

Notes to the financial statements | 4

Ungoed-Thomas & King Limited

Officers and Professional Advisers

The board of directors | Mr R A Lewis (Resigned on 31st January 2026)
| Mr H A F Bruce
| Mr C Kirby
| Mrs R P Lewis

Company secretary | Mrs R P Lewis

Registered office | The Quay
| Carmarthen
| Carmarthenshire
| SA31 3LN

Accountants | James & Uzzell Ltd
| Chartered Certified Accountants
| Axis 15, Axis Court
| Mallard Way
| Riverside Business Park
| Swansea
| SA7 0AJ

Ungoed-Thomas & King Limited

Statement of Financial Position

31 December 2025

| 2025 | 2024
Note | £ | £

FIXED ASSETS

Tangible assets | 7 | 3,275 | 6,237

CURRENT ASSETS

Stocks | 8 | 1,692 | 1,692
Debtors | 9 | 454,681 | 466,866
Cash at bank and in hand | 97,412 | 37,737
| --------- | ---------
| 553,785 | 506,295

CREDITORS: amounts falling due within one year | 10 | 318,736 | 270,101
| --------- | ---------
NET CURRENT ASSETS | 235,049 | 236,194
| --------- | ---------
TOTAL ASSETS LESS CURRENT LIABILITIES | 238,324 | 242,431

PROVISIONS

Taxation including deferred tax | 818 | 1,560
| --------- | ---------
NET ASSETS | 237,506 | 240,871
| --------- | ---------

CAPITAL AND RESERVES

Called up share capital | 11 | 53,332 | 53,332
Share premium account | 91,754 | 91,754
Profit and loss account | 92,420 | 95,785
| --------- | ---------
SHAREHOLDERS FUNDS | 237,506 | 240,871
| --------- | ---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2025 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 year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Ungoed-Thomas & King Limited

Statement of Financial Position (continued)

31 December 2025
These financial statements were approved by the board of directors and authorised for issue on 6 August 2026 , and are signed on behalf of the board by:
Mrs R P Lewis
Director
Company registration number: 02755783

Ungoed-Thomas & King Limited

Notes to the Financial Statements

Year ended 31 December 2025
1. GENERAL INFORMATION
Ungoed-Thomas & King Limited is a private company limited by shares incorporated in England & Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements. The nature of the company's operations and principal activities are provision of legal services
2. STATEMENT OF COMPLIANCE
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102)', Section 1A for Small Entities and the Companies Act 2006.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements and its comparative period is 12 months. These financial statements only include the results of the individual entity made up to 31 December 2025. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
Going concern
The directors have considered the future trading position of the company and are confident that the going concern principle can be applied to the financial statements.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
Critical accounting estimates and assumptions
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below
(i) 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 values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.
(ii) Impairment of debtors
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.
(iii) Goodwill and intangible fixed assets
Accounting standards require the recognition of intangible assets as part of a business combination. The methods used to value such intangible assets require the use of estimates. Future results are impacted by the amortisation periods adopted and changes to the estimated useful lives would result in different effects on the profit and loss account and balance sheet. Goodwill is amortised and tested at least annually for impairment along with finite lives of intangible assets and other assets. Tests for impairment are based on subjective assumptions.
(iv) Provisions
Estimates are used in determining the value of provisions when recognised. This will be based on historical information, known expectations and reasonable outcomes
(v) Going Concern
The assessment of going concern may include the use of critical judgements in respect of impact of various external factors such as political, economic and social issues. Material uncertainties are considered in this regard
(vi) Accrued Income
Accrued income is valued at selling price and measured by reference to the stage of completion at the balance sheet date.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Leases
Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
Work in progress
Work in progress is valued at selling price. Work in progress on a contingency basis is valued at the lower of cost and net realisable value.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: i) Rendering of services When the outcome of a transaction can be estimated reliably, turnover from solicitor services is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured differently based on the service provided. Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable. ii) Accrued income Work in progress is valued at selling price in lines with FRS 102. Work in progress on a contingency basis is valued at the lower of cost and net realisable value. iii) Interest receivable Interest income is recognised using the effective interest method.
Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
Goodwill
Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. The period chosen for writing off goodwill is 5 years. Provision is made for any impairment.
Intangible assets
Intangible assets acquired separately from a business are capitalised at cost. Intangible assets acquired on business combinations are capitalised separately from goodwill if the fair value can be measured reliably on initial recognition. Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated. Intangible assets are amortised on a straight line basis over their useful lives. Provision is made for any impairment.
Tangible assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

| Property Improvements | - | 10% straight line
| Plant and Machinery | - | 25% straight line

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 25 (2024: 26 ).
5. CLIENT LEDGER BALANCES

|  | 2025 | 2024
|  | £ | £
| Balance per ledgers | 10,142,110 | 6,535,229
| Balance per bank | (10,142,110) | (6,535,229)
|  | ------------- | ------------
| Difference | – | –
|  | ------------- | ------------

6. INTANGIBLE ASSETS

| Goodwill | Development costs | Total
| £ | £ | £
Cost |  |  |
At 1 January 2025 and 31 December 2025 | 850,000 | 3,500 | 853,500
| --------- | ------ | ---------
Amortisation |  |  |
At 1 January 2025 and 31 December 2025 | 850,000 | 3,500 | 853,500
| --------- | ------ | ---------
Carrying amount |  |  |
At 31 December 2025 | – | – | –
| --------- | ------ | ---------
At 31 December 2024 | – | – | –
| --------- | ------ | ---------

7. TANGIBLE ASSETS

| Property Improvements | Plant and machinery | Total
| £ | £ | £
Cost |  |  |
At 1 January 2025 and 31 December 2025 | 40,549 | 315,014 | 355,563
| -------- | --------- | ---------
Depreciation |  |  |
At 1 January 2025 | 40,549 | 308,777 | 349,326
Charge for the year | – | 2,962 | 2,962
| -------- | --------- | ---------
At 31 December 2025 | 40,549 | 311,739 | 352,288
| -------- | --------- | ---------
Carrying amount |  |  |
At 31 December 2025 | – | 3,275 | 3,275
| -------- | --------- | ---------
At 31 December 2024 | – | 6,237 | 6,237
| -------- | --------- | ---------

8. STOCKS

| 2025 | 2024
| £ | £
Work in progress | 1,692 | 1,692
| ------ | ------

9. DEBTORS

| 2025 | 2024
| £ | £
Trade debtors | 93,056 | 92,433
Directors loan account | 4,985 | –
Accrued Income | 254,421 | 286,419
Other debtors | 102,219 | 88,014
| --------- | ---------
| 454,681 | 466,866
| --------- | ---------

10. CREDITORS: amounts falling due within one year

| 2025 | 2024
| £ | £
Bank loans and overdrafts | 105,365 | 94,476
Corporation tax | 81,907 | 66,337
Social security and other taxes | 59,708 | 46,125
Other creditors | 71,756 | 63,163
| --------- | ---------
| 318,736 | 270,101
| --------- | ---------

Aggregate secured liabilities amount to £7,613 and is secured by a fixed charge over the companies assets. (2024: £nil).
11. CALLED UP SHARE CAPITAL
Issued, called up and fully paid

| 2025 | 2024
| No. | £ | No. | £
Ordinary 'A' shares of £ 1 each | 14,035 | 14,035 | 14,035 | 14,035
Ordinary 'B' shares of £ 1 each | 11,229 | 11,229 | 11,229 | 11,229
Ordinary 'C' shares of £ 1 each | 14,034 | 14,034 | 14,034 | 14,034
Ordinary 'D' shares of £ 1 each | 14,034 | 14,034 | 14,034 | 14,034
| -------- | -------- | -------- | --------
| 53,332 | 53,332 | 53,332 | 53,332
| -------- | -------- | -------- | --------

12. OTHER FINANCIAL COMMITMENTS
Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £285,478 (2024: £330,855).
13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
The amount owed to the company from the directors is £4,985 (2024:£9 CR). There is no interest charged to this balance.