David Gray Solicitors LLP

Balance Sheet

30 April 2026

For the year ending 30 April 2026 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships. The designated members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), with respect to accounting records and the preparation of accounts.

The members acknowledge their responsibilities for

(a) ensuring that the LLP keeps accounting records which comply with Section 386 and 387 of the
Companies Act 2006 as applied by the Limited Liability Partnerships Regulations 2008 as modified by
the Limited Liability Partnerships, Partnerships and Groups Regulations 2016.

(b) preparing financial statements which give a true and fair view of the state of affairs of the LLP as at
the end of each financial period and of its profit or loss for the financial period in accordance with the
requirements of section 394 and 395 and which otherwise comply with the requirements of the
Companies Act 2006 as applied by the Limited Liability Partnerships Regulations 2008 as modified by
the Limited Liability Partnerships, Partnerships and Groups Regulations 2016 relating to financial
statement, so far applicable to the LLP.

These financial statements have been prepared and delivered in accordance with the special provisions within Part 15 of the Companies Act 2006, as applied to small limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, and the option not to file a profit and loss account has been taken.

The financial statements of David Gray Solicitors LLP (registered number OC362938) were approved by the members and authorised for issue on 16 September 2026. They were signed on behalf of the limited liability partnership by:

......................................... H E Thomson Designated member

David Gray Solicitors LLP

Notes to the Financial Statements

Year Ended 30 April 2026

1	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, including Section 1A' and the Companies Act 2006, and in accordance with the Statement of Recommended Practice 'Accounting for Limited Liability Partnerships' issued in May 2024. There are no material departures from FRS 102.

General information and basis of accounting

The limited liability partnership is incorporated in England & Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of David Gray Solicitors LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates.

Reclassification of comparative amounts

A prior period adjustment has been applied to the 2025 balance sheet to more appropriately categorise a liability of uncertain timing and amount previously stated within creditors. On review of this balance, it is more appropriately defined as a provision reported on the balance sheet opposed to creditors and has therefore been reclassified accordingly.

The profit for the year has not been affected as a result of this balance sheet reclassification. The impact of adjusting for the provision is a decrease in creditors and an increase in provisions.

Revenue recognition

Turnover represents the value of services rendered during the year (excluding VAT) and comprises both completed work (gross fees billed) and incomplete unbilled work (accrued income and work in progress). All turnover derives from activities in the UK.

Gross fees billed represents the amounts (excluding VAT) derived from the provision of completed work for the clients during the period. In addition, the movement in accrued income and work in progress has been shown as turnover for the period.

Accrued income in respect of matters of a non-contingent nature is calculated based upon the value of work done but not billed at the year end. The value represents the time spent on matters in progress at the firm's billing rates, reduced to a realisable value.

Revenue is not recognised on those engagements where the right to receive payment is contingent on factors outside the control of the LLP.

David Gray Solicitors LLP

Notes to the Financial Statements

Year Ended 30 April 2026

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

Members' remuneration and division of profits

Profits are automatically allocated to members. They are therefore shown as "Members' remuneration charged as an expense" in the Profit and Loss Account in the relevant year. To the extent that they remain unpaid at the year end, they are included within "loans and other debts due to members" in the Balance Sheet.

Taxation

The taxation payable on the LLP's profits is the personal liability of the members, although payment of such liabilities is administered by the LLP on behalf of its members. Consequently, neither LLP taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	25% and 15% reducing balance
Motor vehicles	25% reducing balance

Provisions

Provisions are recognised when the limited liability partnership has an obligation at the reporting date as a result of a past event, it is probable that the limited liability partnership will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Hire purchase and leasing

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Pensions and other post retirement obligations

The business operates a defined contribution pension scheme. Contributions payable for the year are
charged in the profit and loss account.

Insurance arrangements

Substantial insurance cover in respect of professional negligence claims is carried. Cover is principally written through the commercial market. Where appropriate, provision is made for the expected outcome of the claims.

David Gray Solicitors LLP

Notes to the Financial Statements

Year Ended 30 April 2026

Dilapidations

Provision is made for the dilapidations in respect of property leases which contain requirement for the premises to be returned to their original state prior to the conclusion of the lease term.

Financial instruments

Classification

Financial instruments are recognised when the LLP becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cashflows from the asset expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the LLP's obligations are discharged, expire or are cancelled.

The LLP holds the following financial instruments, all of which meet the conditions to be classified as basic instruments:

Bank and cash
Short term debtors and creditors

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment judgements.
 

2	Critical accounting judgements and key sources of estimation uncertainty

In applying the LLP's accounting policies, which are described above, the designated members are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. These estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. The following are the critical judgements, estimates and assumptions that the designated members have made in the process of applying the LLP's accounting policies.

Revenue Recognition
Revenue in relation to unbilled time, excluding contingent fee matters, is recognised in the accounts based upon the judgement of the designated members in respect of expected ultimate recoverability. In undertaking this assessment the designated members consider a range of factors including historical recovery rates and contractual terms. In undertaking this process an adjustment is made to reduce the unbilled time to average recovery rates, and for expected costs to recover.

In total, the carrying value of accrued income at the balance sheet date was £1,195,631 (2025: £897,181)

David Gray Solicitors LLP

Notes to the Financial Statements

Year Ended 30 April 2026

Claims provision
Judgement is exercised in determining whether a provision for claims is required. In making this judgement, the designated members have considered the historic occurrence of claims against the firm and the level of specific claims notified to them at the balance sheet date. If it is determined that a provision is required, an estimate is made of the eventual value of any uninsured claims. In making this estimate, the designated members have considered the specific circumstances of reported claims, the historic level of un-utilised insurance excesses, as well as the historic level of minor claims settled outside of insurance. The carrying value of the claims provision at the balance sheet date was £10,000 (2025: £10,000).

Bad or doubtful debts provision
A provision for bad or doubtful debts in respect of fees issued and disbursement debts is established by the designated members. In making this judgement, the designated members have considered the historic occurrence of bad debts against the firm and the circumstances of debtors at the balance sheet date. The carrying value of the bad or doubtful debt provision at the balance sheet date was £2,507 (2025: £11,718).

3	Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 92 (2025 - 92).

David Gray Solicitors LLP

Notes to the Financial Statements

Year Ended 30 April 2026

4	Tangible fixed assets

	Fixtures and fittings  £	Motor vehicles  £	Total £
Cost
At 1 May 2025	784,834	8,000	792,834
Additions	16,312	-	16,312
Disposals	(30,463)	-	(30,463)
At 30 April 2026	770,683	8,000	778,683
Depreciation
At 1 May 2025	716,847	6,754	723,601
Charge for the year	19,340	312	19,652
Eliminated on disposals	(29,392)	-	(29,392)
At 30 April 2026	706,795	7,066	713,861
Net book value
At 30 April 2026	63,888	934	64,822
At 30 April 2025	67,987	1,246	69,233

5

Debtors

	2026 £	2025 £
Trade debtors	383,704	260,563
Prepayments and accrued income	1,325,633	1,037,235
	1,709,337	1,297,798

6	Creditors: Amounts falling due within one year

	2026  £	2025  £
Trade creditors	73,401	79,238
Taxation and social security	212,926	273,844
Other creditors	761,820	15,533
Accruals and deferred income	126,702	118,524
	1,174,849	487,139