SCULLION LAW LIMITED


Directors	SCULLION, Nicholas Jonathan
	SCULLION, Nicholas James


Registered Address	Caledonia House
	89 Seaward Street
	Glasgow
	G41 1HJ


Registered Number	SC406372 (Scotland)

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

1.	Accounting policies

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

	Basis of preparation
	The financial statements have been prepared under the historical cost convention on a going concern basis 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.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	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 rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

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 rendering of services.

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Employee benefits
	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 obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Employee benefits

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 obligation. 

Contributions to defined contribution plans are expensed in the period to which they relate.  Amounts not paid are shown in accruals in the Statement of Financial Position.  The assets of the plan are held separately from the company in independently administered funds.

	Current taxation
	Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	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 initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Goodwill: Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Income Statement over its useful economic life. Goodwill represents sums paid in connection with the acquisition of businesses. The sum paid in connection with the incorporation of the former firm Nicholas J Scullion & Co is being amortised evenly over its estimated useful life of 20 years. Sums paid in connection with the acquisition of other small practices are fully amortised within the year of acquisition.

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Goodwill:
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Income Statement over its useful economic life.

Goodwill represents sums paid in connection with the acquisition of businesses. The sum paid in connection with the incorporation of the former firm Nicholas J Scullion & Co is being amortised evenly over its estimated useful life of 20 years. Sums paid in connection with the acquisition of other small practices are fully amortised within the year of acquisition.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. 

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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement

Depreciation is provided on all tangible fixed assets as follows:


	Reducing balance (%)	Straight line (years)
Land and buildings	-	10
Fixtures and fittings	-	6.67
Vehicles	25	-
Office Equipment	-	4

	Finance leases and hire purchase contracts
	Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.

Finance leases and hire purchase contracts

Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease

Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.

	Financial instruments
	The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.	Average number of employees


		2025		2024
	Average number of employees during the year	47		45

3.	Intangible assets

	Goodwill	Total
	£	£
Cost or valuation
At 01 January 25	1,565,000	1,565,000
At 31 December 25	1,565,000	1,565,000
Amortisation and impairment
At 01 January 25	1,015,000	1,015,000
Charge for year	75,000	75,000
At 31 December 25	1,090,000	1,090,000
Net book value
At 31 December 25	475,000	475,000
At 31 December 24	550,000	550,000

4.	Tangible fixed assets

	Land & buildings	Vehicles	Fixtures & fittings	Office Equipment	Total
	£	£	£	£	£
Cost or valuation
At 01 January 25	110,865	60,685	47,343	155,166	374,059
Additions	-	-	1,296	888	2,184
At 31 December 25	110,865	60,685	48,639	156,054	376,243
Depreciation and impairment
At 01 January 25	109,991	28,514	47,342	143,035	328,882
Charge for year	250	8,043	194	6,173	14,660
At 31 December 25	110,241	36,557	47,536	149,208	343,542
Net book value
At 31 December 25	624	24,128	1,103	6,846	32,701
At 31 December 24	874	32,171	1	12,131	45,177

5.	Debtors: amounts due within one year

	2025	2024
	£	£
Trade debtors / trade receivables	369,935	186,734
Other debtors	824,313	346,062
Prepayments and accrued income	349,083	346,276
Total	1,543,331	879,072

6.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	7,919	32,920
Bank borrowings and overdrafts	-	40,000
Taxation and social security	557,710	506,993
Finance lease and HP contracts	25,831	7,149
Other creditors	10,682	8,552
Accrued liabilities and deferred income	130,161	54,726
Total	732,303	650,340


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Bank borrowings and overdrafts are secured by fixed and floating charges over the assets of the company. Hire purchase creditor is secured over the respective asset to which they relate.

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

Bank borrowings and overdrafts are secured by fixed and floating charges over the assets of the company.

Hire purchase creditor is secured over the respective asset to which they relate.

7.	Creditors: amounts due after one year

	2025	2024
	£	£
Bank borrowings and overdrafts	-	33,334
Other creditors	-	25,831
Total	-	59,165


	Bank borrowings and overdrafts are secured by fixed and floating charges over the assets of the company. Other creditors consist of Finance lease and HP contracts of £nil (2024 - £25,831). Hire purchase creditor is secured over the respective asset to which they relate.

8.	Obligations under finance leases

		2025		2024
		£		£
	Finance lease and HP contracts	25,831		32,981

9.	Provisions for liabilities

	2025	2024
	£	£
Net deferred tax liability (asset)	1,700	3,700
Total	1,700	3,700

10.	Pension commitments
	The pension cost charge represents contributions payable by the company to the fund and amounted to £96,750 (2024 - £57,773). Contributions totalling £10,682 (2024 - £8,552) were payable to the fund at the reporting date and are included in creditors.

11.	Other commitments
	At 31 December 2025 the company had future minimum lease payments under non-cancellable operating leases of £nil (2024 - £2,968).

12.	Directors advances, credits and guarantees
	On 1 January 2025 a Director owed the Company £28,893. During the period this director was advanced a further £287 and repaid £29,180. As at 31 December 2025 this Director owed the Company £448. Interest of £448 was charged on this loan. On 1 January 2025 a Director owed the Company £228,801. During the period this director was advanced a further £918,669 and repaid £482,168. As at 31 December 2025 this Director owed the Company £684,814. Interest of £19,512 was charged on this loan.

12.

Directors advances, credits and guarantees

On 1 January 2025 a Director owed the Company £28,893. During the period this director was advanced a further £287 and repaid £29,180. As at 31 December 2025 this Director owed the Company £448. Interest of £448 was charged on this loan.

On 1 January 2025 a Director owed the Company £228,801. During the period this director was advanced a further £918,669 and repaid £482,168. As at 31 December 2025 this Director owed the Company £684,814. Interest of £19,512 was charged on this loan.

13.	Further information regarding the company's financial position
	In respect of these Financial Statements the comparative trade debtors and other creditors figures have been altered to correctly reflect certain underlying balances, both figures have been reduced by £82,440. These alterations have not affected the overall position of the company, with the net asset position being unaffected.

	Notes	2025		2024
		£	£	£	£
Fixed assets
Intangible assets	3		475,000		550,000
Tangible assets	4		32,701		45,177
			507,701		595,177
Current assets
Debtors	5	1,543,331		879,072
Cash at bank and on hand		924,517		1,037,254
		2,467,848		1,916,326
Creditors amounts falling due within one year	6	(732,303)		(650,340)
Net current assets (liabilities)			1,735,545		1,265,986
Total assets less current liabilities			2,243,246		1,861,163
Creditors amounts falling due after one year	7		-		(59,165)
Provisions for liabilities	9		(1,700)		(3,700)
Net assets			2,241,546		1,798,298
Capital and reserves
Called up share capital			102		102
Profit and loss account			2,241,444		1,798,196
Shareholders' funds			2,241,546		1,798,298