PGS Law LLP

Balance Sheet

30 April 2026

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 members acknowledge their responsibilities for complying with the requirements of the Act, 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 financial statements of PGS Law LLP (registered number OC372923) were approved by the Board and authorised for issue on 23 September 2026. They were signed on behalf of the limited liability partnership by:

......................................... K Swan Designated member

Registration number: OC372923

PGS Law 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 issued in May 2024. There are no material departures from FRS102.

General information and basis of accounting

The limited liability partnership is incorporated in England and 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 PGS Law 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 amount

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 as 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 in respect of client service contracts represents the right to consideration earned for the
provision of legal services excluding VAT.

Services provided to clients during the period which at the balance sheet date have not been invoiced to clients, have been recognised in turnover. Turnover recognised is based on an assessment of the fair value of services provided by the balance sheet date as a proportion of the total value of the engagement. Revenue is not recognised on those engagements where the right to receive payment is contingent on factors outside the control of the LLP. Unbilled revenue is included within debtors.

PGS Law LLP

Notes to the Financial Statements

Year Ended 30 April 2026

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.

Unallocated profits and losses are included within Other Reserves.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership 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

Individual fixed assets are initially recorded at cost.

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
Computer Equipment	20% reducing balance basis
Fixtures and fittings	15% reducing balance basis
Long leasehold land and buildings	4.35% straight line basis

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

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Pensions and other post retirement obligations

Defined Contribution Schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

PGS Law LLP

Notes to the Financial Statements

Year Ended 30 April 2026

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 cash flows 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:

Loans

Loans which meet the criteria under FRS 102 to be classed as 'basic financial instruments' are initially recorded at transaction price and subsequently measured at amortised cost using the effective interest method.

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 application of the LLP's accounting policies, the members are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the members have made in the process of applying the LLP's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

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. In respect of contingent work judgement is exercised in determining whether revenue should be recognised. In making this judgement, the designated members have considered the nature of the work undertaken, the historic success rate for that type of work, as well as the specific circumstances of the matters up to the point of signing the accounts. Where the liability has been agreed the unbilled time for the matter is accrued but where the outcome is still uncertain no revenue is recognised in the accounts.

In total the carrying value of accrued income at the balance sheet date was £188,944 (2025 - £177,709).

PGS Law LLP

Notes to the Financial Statements

Year Ended 30 April 2026

3	Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 29 (2025 - 27).

4	Exceptional income

PGS Law LLP has received compensation following the compulsory purchase of their previous office. The LLP started to incur costs in relation to the compulsory purchase in 2016. When costs were approved by the purchaser and compensation for those costs was received by the LLP, the compensation was netted against the related costs in the profit and loss account. When interim compensation was received for capital expenditure, these were not recognised in profit and loss on the basis that the expenditure had not yet been approved by the purchaser.

On 15 April 2024 the purchaser accepted a without prejudice settlement offer from the LLP for the remaining costs. This income is ‘no strings attached’ and does not depend on future expenditure by the LLP. When the settlement offer was accepted, receipt was considered to be virtually certain, so the previously unrecognised income had been recorded in full within ‘other income’ in the year ended 30 April 2024.

In July and September 2024 further amounts not originally included in the settlement offer were received and these have been recognised within 'exceptional income’ in the year ended 30 April 2025.

No further amounts are expected and no amounts were received in the year ended 30 April 2026.

PGS Law LLP

Notes to the Financial Statements

Year Ended 30 April 2026

5	Tangible fixed assets

	Long leasehold land and buildings £	Fixtures and fittings £	Computer equipment £	Total £
Cost
At 1 May 2025	596,610	216,845	447,421	1,260,876
Additions	-	951	5,253	6,204
At 30 April 2026	596,610	217,796	452,674	1,267,080
Depreciation
At 1 May 2025	49,252	174,780	372,928	596,960
Charge for the year	25,940	6,458	15,951	48,349
At 30 April 2026	75,192	181,238	388,879	645,309
Net book value
At 30 April 2026	521,418	36,558	63,795	621,771
At 30 April 2025	547,358	42,065	74,493	663,916