Ungoed-Thomas & King Limited Filleted accounts for Companies House (small and micro)

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.