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Registered number: 08432710
MORIARTY LAW LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2025
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MORIARTY LAW LIMITED
REGISTERED NUMBER: 08432710
BALANCE SHEET
AS AT 31 DECEMBER 2025
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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MORIARTY LAW LIMITED
REGISTERED NUMBER: 08432710
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2025
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 March 2026.
The notes on pages 4 to 16 form part of these financial statements.
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MORIARTY LAW LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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Comprehensive income for the year
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Shares cancelled during the year
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Contributions by and distributions to owners
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Dividends: Equity capital
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Comprehensive income for the year
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Movement on share based remuneration
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Contributions by and distributions to owners
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Dividends: Equity capital
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The notes on pages 4 to 16 form part of these financial statements.
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MORIARTY LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The company is a private company limited by shares and is incorporated in England and Wales, registration number 08432710. The address of its registered office is Cobb House, 2-4 Oyster Lane, Byfleet, Surrey, KT14 7DU.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
In the prior period the Company early adopted the FRS 102 'Periodic Review 2024 amendments' in the preparation of these financial statements from the transition date of 1 January 2024.
The following principal accounting policies have been applied:
Effect of adoption of the FRS102 'Periodic Review 2024 Amendment' at transition date of 1 January 2024 in the prior year
Revenue comprises of commissions and court fees awards on debt recovery services. Revenue represents the amount of consideration to which the Company is expected to be entitled in exchange for transferring the promised services to its customers.
The Company recognises its revenue comprises of commissions and court fees awards on debt recovery services based on the following five step model:
• Identify the contract(s) with the customer.
• Identify the performance obligations in the contract.
• Determine the transaction price.
• Allocate the transaction price to the performance obligations.
• Recognise revenue when or as a performance obligation is satisfied.
If an entity transfers services to a customer before the customer pays consideration (or before payment is due), the entity shall recognise a contract asset, excluding any amounts presented as a trade receivable.
If an entity has received consideration (or consideration is due) from the customer before the entity transfers services to the customer, the entity shall recognise a contract liability when the payment is made or the payment is due.
The Company has chosen not to adopt the practical expedient transition treatment allowed by FRS102 'Periodic Review 2024 Amendment'.
The sole performance obligation of the Company is the provision of a debt recovery legal service which is considered to be satisfied when the required legal service provided to its clients has been fulfilled.
There is no impact from the adoption of the FRS102 'Periodic Review 2024 Amendment' on how revenue has been recognised by the Company due to the simple nature of its trade contracts with its customers. Transfers of services to a customer before the customer pays consideration previously
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MORIARTY LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
recognised as Accrued income has now been recognised as a Contract Asset from the transition date. A reclassification of Contract asset from Prepayments and Accrued income has been made in the comparative figures - see Note 13.
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Operating leases: the Company as lessee
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Effect of adoption of the FRS102 'Periodic Review 2024 Amendment' at transition date of 1 January 2024 in the prior year
The Company assesses whether a contract is or contains a lease, at inception of a contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For the short-term leases or leases of low value assets, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
The lease liability is initially measured from the transition date at the present value of the lease payments that are not paid at the commencement date of 1 May 2023, discounted by using the rate implicit in the lease. For right of use assets, the weighted average lessee’s incremental borrowing rate applied to the lease liabilities is 7.2%.
Lease payments included in the measurement of the lease liability comprise fixed lease payments, less any lease incentives.
The lease liability is included in Creditors on the Balance sheet.
The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.
The right-of-use assets comprise the initial measurement at a value equivalent to the corresponding lease liability at the transition date. They are subsequently measured at cost less accumulated depreciation and impairment losses.
Right-of-use assets are depreciated over the remaining lease term and useful life of the underlying asset.
The Company has chosen not to adopt the practical expedient transition treatment allowed by FRS102 'Periodic Review 2024 Amendment'.
The adoption of the FRS102 'Periodic Review 2024 Amendment' on operating leases has not resulted in a prior year adjustment to the comparative figures.
Interest income is recognised in profit or loss using the effective interest method.
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MORIARTY LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
Where shares or shares options are awarded to employees, the fair value of the shares or options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of shares or options that eventually vest. Market vesting conditions are factored into the fair value of the share or options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of the awarded shares or options are modified before they vest, the increase in the fair value of these awards, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
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MORIARTY LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Investment property rented to other group entities and accounted for under the cost model is stated at historical cost less accumulated depreciation and any accumulated impairment losses.
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
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MORIARTY LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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Over the term of the lease from 'FRS102 Periodic Review 2024 Amendment' transition date of 1 January 2024
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
Increases in provisions are generally charged as an expense to profit or loss.
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MORIARTY LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Contract assets
Contract assets are initially measured at cost, which include any costs that relate to satisfied or partially satisfied performance obligations are expensed. They are subsequently measured at the lower of cost or recoverable amount, with any impairment losses recognised in profit or loss.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts
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MORIARTY LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Financial instruments (continued)
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discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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The average monthly number of employees, including directors, during the year was 68 (2024: 63).
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MORIARTY LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Charge for the year on owned assets
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MORIARTY LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Due after more than one year
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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MORIARTY LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Minimum lease payments on right of use assets fall due as follows:
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The above lease liability in relation to the office lease was initially recognised at the transition date of 1 January 2024 as a result of the adoption of the FRS102 'Periodic Review 2024 Amendment' in the prior year. Lease payments in total of £28,481 has been excluded from the calculation of the lease liability as they were made before the transition date.
A discounting rate of 7.2% has been applied in the calculation of the lease liability included in creditors as shown in Note 7 and Note 8. The above minimum lease payments represent the full lease payment excluding any discounting.
The cash outflow for leases in the year was £50,130 (2024 - £50,130).
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MORIARTY LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Allotted, called up and fully paid
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100 (2024 - 100) 'A' Ordinary shares of £0.10 each
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1 (2024 - 1) 'B' Ordinary share of £0.10
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Ordinary 'A' shares entitle the shareholder to full voting rights, dividends and participation in a distribution.
Ordinary 'B' shares entitle the shareholder to dividends at the rate of 4% of the capital paid up on such shares in preference to any dividend declared or payable on the 'A' Ordinary shares. The 'B' Ordinary shareholder is not entitled to participation in a distribution, nor the right to vote or to receive notice of a general meeting of the company or to attend such meetings.
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MORIARTY LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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During the year, the Company was a subsidiary of the parent company, Jefferson Capital Holdings LLC, where some of the Company's employees were included in a long term incentive plan managed by the parent company. This plan included time based and performance based incentives over a period of time, which only vested upon a change of control of the Group if and when applicable distribution thresholds were achieved.
In June 2025 the parent Group underwent a reorganisation, whereby Jefferson Capital, Inc. became the ultimate parent company of the Group and immediately following this reorganisation, Jefferson Capital, Inc. completed its initial public offering of a proportion of its holdings at a public offering price of $15 per share on the New York Stock Exchange (Nasdaq).
As part of the Group Reorganisation and the Initial Public Offering, the Group replaced the long term incentive plan with a certain proportion of this vesting on the day of the public offering resulting in immediate shares being issued at the public offer price of $15 per share to the same employees of the Company together with a new share based remuneration scheme involving the issue of Restricted Stock Unit ("RSU") awards by Jefferson Capital, Inc also granted at the public offer price of $15 per unit.
The RSU's issued vest on a time basis subject to certain vesting conditions. In so doing, any unvested time based incentives from the old plan were replaced by RSU's that vest over a three year period between April 2026 and April 2028. Similarly, any unvested performance based incentives that were 'in the money' were replaced by RSU's that also vest over a three year period from June 2026 to June 2028.
The Company has recognised the cost of the shares that vested immediately on the public offer date which were issued to these employees at a value of £595,450. These are included within exceptional administration expenses in the profit and loss account and disclosed in Note 5 of these financial statements.
The Company has similarly accounted for the cost of the RSU awards that vest on a time basis subject to vesting conditions, the cost of which is £715,641 in this financial year and included within exceptional administration expenses in the profit and loss account and disclosed in Note 5 of these financial statements.
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Weighted average exercise price (pence)
2025
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Weighted average exercise price
(pence)
2024
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Outstanding at the beginning of the year
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Forfeited during the year
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Outstanding at the end of the year
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MORIARTY LAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £245,994 (2024 - £206,331). Contributions totalling £21,190 (2024 - £16,560) were payable to the fund at the balance sheet date and are included in creditors.
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Related party transactions
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During the year, the Company paid consultancy fees in total of £146,681 (2024 - £141,733) to a company director.
During the year, a company director received vested shares in the value of £123,288 issued by the Company's ultimate parent under the Group's share based remuneration scheme. At the balance sheet date, the Company was owed £57,509 (2024 - £nil) by a company director which was repaid after the year end.
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The Company's immediate parent company is JCIA Holdings, LLC, by virtue of their 100% shareholding. The ultimate parent company is Jefferson Capital, Inc.
The Company's results for the year are included in the consolidated financial statements of CL Holding LLC, which is the smallest group of undertakings to prepare consolidated financial statements.
The registered office for all parent companies is 600 South Highway 169, Suite 1575, Minneapolis, MN, 55426, United States of America.
The auditors' report on the financial statements for the year ended 31 December 2025 was unqualified.
The audit report was signed on 20 March 2026 by Shilen Manek FCA, FCCA (Senior statutory auditor) on behalf of Sumer Auditco Limited.
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