FD LAW LIMITED


Directors	BIGELOW, Philip Edward
	DOVER, Geoff
	HIRSHFELD, Beth Sarah


Registered Address	Temple Chambers 3-7 Temple Avenue
	Suite 208-209
	London
	EC4Y 0DA


Registered Number	10290745 (England and Wales)

Notes to the Financial Statements
for the period ended 31 December 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The financial statements cover the 15-month period from 1 October 2024 to 31 December 2025. As a result, the comparative figures presented in these financial statements (which cover the 12-month period from 1 October 2023 to 30 September 2024) are not directly comparable to the current period figures.

Basis of preparation

The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

The financial statements cover the 15-month period from 1 October 2024 to 31 December 2025.  As a result, the comparative figures presented in these financial statements (which cover the 12-month period from 1 October 2023 to 30 September 2024) are not directly comparable to the current period figures.

	Going concern
	The financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational existence for the foreseeable future, being a period of not less than twelve months from the date of approval of these financial statements. For the period ended 31 December 2025 the company reports net liabilities of £1,803,147. This position is substantially attributable to income relating to the company's business activity in the motor finance claims process (MVFC), which has not been recognised in these financial statements because it does not currently meet the recognition criteria for revenue under FRS 102 - namely that it must be probable that the economic benefits will flow to the company, with the amount reliably measurable. The pool of eligible claims and the timetable for their settlement are not yet known, on this basis, the recognition threshold is not met at the balance sheet date, notwithstanding that the directors expect this work to generate economic value for the company in due course. Consistent with this, the related financing costs have also not been recognised. This is a timing difference rather than a permanent exclusion: the income will be brought into account in the period in which the recognition criteria are met. The company's net current liability and net liability positions are managed with the continued financial support of its related party lender, Heirloom Fair Legal LLC, which has confirmed its intention to continue providing financial support to the company for at least twelve months from the date of approval of these financial statements, and not to seek repayment of amounts currently owed where this would jeopardise the company's ability to continue as a going concern. On this basis, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, and continue to adopt the going concern basis in preparing these financial statements.

Going concern

The financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational existence for the foreseeable future, being a period of not less than twelve months from the date of approval of these financial statements.

For the period ended 31 December 2025 the company reports net liabilities of £1,803,147. This position is substantially attributable to income relating to the company's business activity in the motor finance claims process (MVFC), which has not been recognised in these financial statements because it does not currently meet the recognition criteria for revenue under FRS 102 - namely that it must be probable that the economic benefits will flow to the company, with the amount reliably measurable.

The pool of eligible claims and the timetable for their settlement are not yet known, on this basis, the recognition threshold is not met at the balance sheet date, notwithstanding that the directors expect this work to generate economic value for the company in due course. Consistent with this, the related financing costs have also not been recognised. This is a timing difference rather than a permanent exclusion: the income will be brought into account in the period in which the recognition criteria are met.

The company's net current liability and net liability positions are managed with the continued financial support of its related party lender, Heirloom Fair Legal LLC, which has confirmed its intention to continue providing financial support to the company for at least twelve months from the date of approval of these financial statements, and not to seek repayment of amounts currently owed where this would jeopardise the company's ability to continue as a going concern.

On this basis, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, and continue to adopt the going concern basis in preparing these financial statements.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

	Revenue from rendering of services
	Revenue from the rendering of services is recognised in the period in which the services are provided, by reference to the stage of completion of the transaction at the reporting date, provided that the outcome of the transaction can be estimated reliably. Stage of completion is assessed by reference to the work performed and costs incurred to date as a proportion of total expected costs. Revenue is only recognised to the extent that it is probable that the economic benefits associated with the transaction will flow to the company and the amount of revenue can be measured reliably. Where the outcome of a transaction cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable. Where the amount and timing of income cannot yet be reliably estimated, no revenue is recognised until the recognition criteria above are met.

Revenue from rendering of services

Revenue from the rendering of services is recognised in the period in which the services are provided, by reference to the stage of completion of the transaction at the reporting date, provided that the outcome of the transaction can be estimated reliably. Stage of completion is assessed by reference to the work performed and costs incurred to date as a proportion of total expected costs.

Revenue is only recognised to the extent that it is probable that the economic benefits associated with the transaction will flow to the company and the amount of revenue can be measured reliably. Where the outcome of a transaction cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

Where the amount and timing of income cannot yet be reliably estimated, no revenue is recognised until the recognition criteria above are met.

	Employee benefits
	Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

Employee benefits

Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Intangible assets
	Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.

	Tangible fixed assets and depreciation
	All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Tangible fixed assets and depreciation

All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:


		Straight line (years)
	Office Equipment	3

	Stocks and work in progress
	Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.

Stocks and work in progress

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss.

Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.

2.	Average number of employees


		2025		2024
	Average number of employees during the year	18		15

3.	Intangible assets

	Other	Total
	£	£
Cost or valuation
At 01 October 24	24,110	24,110
Additions	13,278	13,278
At 31 December 25	37,388	37,388
Amortisation and impairment
At 01 October 24	20,092	20,092
Charge for year	5,730	5,730
At 31 December 25	25,822	25,822
Net book value
At 31 December 25	11,566	11,566
At 30 September 24	4,018	4,018

4.	Tangible fixed assets

	Office Equipment	Total
	£	£
Cost or valuation
At 01 October 24	6,544	6,544
Additions	1,234	1,234
At 31 December 25	7,778	7,778
Depreciation and impairment
At 01 October 24	1,071	1,071
Charge for year	2,121	2,121
At 31 December 25	3,192	3,192
Net book value
At 31 December 25	4,586	4,586
At 30 September 24	5,473	5,473

5.	Stocks
	The closing stocks balance of £541,961 relates entirely to capitalised costs incurred in respect of the company's business activity in the motor finance claims process.

	2025	2024
	£	£
Work in progress	541,961	426,755
Total	541,961	426,755

6.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	228,031	114,392
Bank borrowings and overdrafts	5,802	70,111
Amounts owed to related parties	1,025,322	-
Taxation and social security	9,977	53,316
Other creditors	11,212	64,623
Total	1,280,344	302,442

7.	Creditors: amounts due after one year

	2025	2024
	£	£
Bank borrowings and overdrafts	43,950	67,704
Amounts owed to related parties	1,500,000	-
Total	1,543,950	67,704

8.	Provisions for liabilities

	2025	2024
	£	£
Net deferred tax liability (asset)	2,373	2,373
Total	2,373	2,373

	Notes	31 Dec 2025		30 Sep 2024
		£	£	£	£
Fixed assets
Intangible assets	3		11,566		4,018
Tangible assets	4		4,586		5,473
			16,152		9,491
Current assets
Stocks	5	541,961		426,755
Debtors		445,330		143,891
Cash at bank and on hand		20,077		36,128
		1,007,368		606,774
Creditors amounts falling due within one year	6	(1,280,344)		(302,442)
Net current assets (liabilities)			(272,976)		304,332
Total assets less current liabilities			(256,824)		313,823
Creditors amounts falling due after one year	7		(1,543,950)		(67,704)
Provisions for liabilities	8		(2,373)		(2,373)
Net assets			(1,803,147)		243,746
Capital and reserves
Called up share capital			54		54
Profit and loss account			(1,803,201)		243,692
Shareholders' funds			(1,803,147)		243,746