The members present their annual report and financial statements for the year ended 29 November 2025.

The principal activity of the limited liability partnership continued to be that of a law firm.

Performance

The principal activity of Veritas Solicitors LLP during the year was the provision of legal services to both the consumer and commercial sectors. The business continued to make strategic investment in cutting-edge technology, enabling it to increase volumes of consumer financial mis-selling and Housing Disrepair claims, which underpinned the business’s substantial growth and market success.

This success was evidenced by increased volume of cases, and overall, by volume of claims successfully progressed through the litigation process.

Claims update

The volume of Housing Disrepair claims continued to grow throughout the period, with increasing case maturity driving a corresponding rise in settlements and realised recoveries. Litigation activity intensified as the business proactively progressed matters through the legal process, ensuring claims were advanced efficiently and concluded within appropriate timeframes.

In addition, heightened national awareness surrounding motor finance mis-selling has generated a significant increase in claim volumes within this area. The business has successfully expanded its servicing capabilities to meet this demand and has implemented a number of strategic litigation initiatives designed to maximise legal recovery opportunities and strengthen future revenue generation.

Work in Progress

From a financial reporting perspective, and in accordance with the firm’s accounting policies, neither fee income nor work in progress (WIP) is recognised where recovery remains contingent upon the successful outcome of a case. Consequently, the financial statements do not capture the substantial economic value embedded within the firm’s active caseload.

Notwithstanding this accounting treatment, the underlying WIP position remains exceptionally strong. Based on current assessments, the estimated value expected to be realised from the successful settlement of existing matters exceeds £134 million. This represents a significant reservoir of future revenue, providing strong visibility over long-term earnings potential and reinforcing the scalability and growth prospects of the business.

The business operates within a large, attractive and resilient market that continues to experience strong demand and attract new market participants. To maintain its competitive advantage and protect operating margins, the members actively monitor market developments and emerging legal trends, continually identifying and evaluating new commercially attractive claim categories. This proactive approach supports ongoing portfolio diversification, reduces concentration risk and enhances the business’s ability to capitalise on evolving market opportunities, while ensuring expansion is focused on areas where the business possesses sufficient in-house expertise and operational capability to deliver high-quality outcomes.

By broadening its range of claim types and maintaining a disciplined approach to case acquisition and management, the business is well positioned to deliver sustainable growth while adapting to changes in the legal and regulatory landscape.

As with any business operating within a dynamic legal services environment, certain risks exist. Management maintains a robust risk management framework and has implemented a range of operational, strategic and financial controls designed to mitigate these risks, as outlined below.

Operational & IT Risk

Risk

The business relies on its technology and IT systems to automate the running of its cases.

Mitigating factors

The business is looking to improve its IT infrastructure, such as increasing server capacity and upgrade the CRM which will provide enhanced security and efficiency. The business has invested in and trained competent staff to ensure IT systems are regularly monitored and tested.

Professional liability and uninsured risks

Risk

The company provides professional services, predominantly legal advice. Like all providers of professional services, it has a potential liability for negligence, breach of client contract, and other claims by clients.

Mitigating factors

The business is advised by market leading insurance brokers and the members believe that it holds comprehensive professional liability insurance. Any claims are defended strongly by senior members of the business at all stages and external advice is sought where appropriate. The business works hard to ensure its employees provide excellent advice and services to all its clients, underpinned by quality processes and training programs and support.

Growth Risk

Risk

The business’s strategy is to grow processed claims by 40%-50% per annum. The availability of such claims may decrease, or the claims may fail to generate the expected level of economic return.

Mitigating factors

The members expect the growth of housing disrepair claims within the consumer market will continue at pace and that as a result there will be continuing profitable opportunities to grow the business.

The business uses KPI metrics to allow for the continued monitoring of the financial health of the organisation. Management use the following information:

Revenue remained resilient during the year at £8,980,068 (2024: £9,794,832), reflecting only a modest reduction of 8.3% despite the evolving market environment. The business maintained a strong level of activity while continuing to invest in strategic growth opportunities and case progression.

Technology

The firm has invested significantly in technology and process automation to strengthen the way cases are assessed, managed, and resolved. Every case type is validated through a robust technology-led approval system, ensuring consistency and accuracy from the outset. Once approved, automated workflows are applied across the case lifecycle, enabling faster progression and earlier settlement where appropriate.

This integration of technology not only accelerates resolution for clients but also improves efficiency across the business. As a result of this investment, Veritas Solicitors LLP has established itself as one of the leading firms in the work types it currently undertakes.

HR/ People

The firm continues to focus on its people. Recruitment and retention remain a priority, with an emphasis on attracting talented professionals who can contribute to the firm’s growth and uphold its high standards of service. Ongoing training and development ensure that staff remain aligned with both regulatory requirements and the firm’s culture of innovation. This balance of advanced technology and skilled people provides a strong foundation for sustainable expansion and long-term success.

Veritas has enhanced its Compliance team to ensure that all automated processes are fully verified and that the legal teams within the firm are carrying out their duties to the required standard. Alongside this, the growth in settlements has led to a restructuring and expansion of the finance team, enabling the firm to manage settlements and successful outcomes more efficiently.

The firm’s Training Academy and focused learning programmes have also contributed to a reduction in staff turnover compared to the wider industry. The Academy provides employees with a clear development pathway, equipping them with the knowledge and skills needed to progress to the next stage of their careers within the firm.

The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business.

A member's capital requirement is linked to their share of profit and the financing requirement of the limited liability partnership. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at "par", so the retiring members are repaid their capital at "par".

The designated members who held office during the year and up to the date of signature of the financial statements were as follows:

In accordance with the limited liability partnership's membership agreement, a notice proposing that AMS Audit Limited be reappointed as auditor of the limited liability partnership will be put at a general meeting.

The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice. Under company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the limited liability partnership and of the profit or loss of the limited liability partnership for that period. In preparing these financial statements, the members are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the limited liability partnership will continue in business.

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

We have audited the financial statements of Veritas Solicitors LLP (the 'limited liability partnership') for the year ended 29 November 2025 which comprise the statement of comprehensive income, the balance sheet, the reconciliation of members' interests, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the limited liability partnership's affairs as at 29 November 2025 and of its loss for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance 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.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the limited liability partnership in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of matter

We draw attention to note 1.2 to the financial statements, which explains that the members intend to transfer the trade and substantially all of the operating assets of the limited liability partnership to Veritas Lex Limited, a company under common ownership, within twelve months of the date of approval of the financial statements. Following completion of the transfer, the limited liability partnership is expected to cease carrying on its existing trade.

As a result, the members have concluded that it is not appropriate to prepare the financial statements on a going concern basis and the financial statements have therefore been prepared on a basis other than going concern. As explained in note 1.2, the members have considered the impact of the proposed transfer and cessation of the limited liability partnership's trade on the carrying values of its assets and the amounts recognised in respect of its liabilities, commitments, employee obligations and provisions and have concluded that no adjustments to the amounts recognised in the financial statements are required as a result of preparing the financial statements on this basis.

Our opinion is not modified in respect of this matter.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The members are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 as applied to limited liability partnerships requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we require for our audit.

As explained more fully in the members' responsibilities statement, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the members are responsible for assessing the limited liability partnership's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the limited liability partnership or to cease operations, or have no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We gained an understanding of the legal and regulatory framework applicable to the LLP and the industry in which it operates, drawing on our broad sector experience, and considered the risk of acts by the LLP that were contrary to these laws and regulations, including fraud. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, SRA regulations, Companies Act 2006 and equivalent local laws and regulations.

We made enquiries of management with regards to compliance with the above laws and regulations and corroborated any necessary evidence to relevant information, for example, minutes of the board meetings, legal reports provided to the LLP and correspondence between the LLP and its solicitors. Audit procedures performed by the engagement team included:

• Discussion with management, including consideration of known or suspected instances of noncompliance with laws and regulations and fraud;

• Review of financial statement disclosures to underlying supporting documentation;

• Challenging assumptions and judgements made by management in their significant accounting estimates;

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the limited liability partnership's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the limited liability partnership's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the limited liability partnership and the limited liability partnership's members as a body, for our audit work, for this report, or for the opinions we have formed.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

Veritas Solicitors LLP is a limited liability partnership incorporated in England and Wales. The registered office is Cardinal House, St Mary's Parsonage, Manchester, M3 2LY.

The limited liability partnership's principal activities are disclosed in the Members' Report.

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in May 2024, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Following the restructuring of the LLP's funding arrangements, the members intend to incorporate the LLP's business. The trade and substantially all of the operating assets of Veritas Solicitors LLP are expected to be transferred to Veritas Lex Limited, a company under common ownership, within twelve months of the date of approval of these financial statements. Following completion of the transfer, the LLP is expected to cease carrying on its existing trade.true

Accordingly, the members have concluded that it is not appropriate to prepare the financial statements on a going concern basis. The financial statements have therefore been prepared on a basis other than going concern.

In preparing the financial statements on this basis, the members have considered the impact of the proposed transfer and cessation of the LLP's trade on the carrying values of its assets and the amounts recognised in respect of its liabilities, commitments, employee obligations and provisions. The members have concluded that no adjustments to the amounts recognised in these financial statements are required as a result of preparing the financial statements on a basis other than going concern.

Turnover represents amounts receivable for legal services net of VAT and trade discounts.

On cases were a percentage of damages awarded is added to the fee cost, revenue is recognised once the settlement has been agreed. For cases where the fee is a fixed amount revenue is recognised upon acceptance of liability.

If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the balance sheet date are carried forward as work in progress.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. Members' participation rights, including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits or movements in the liability to non-working members in respect of future profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant period’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

Profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment and the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense and presented as members remuneration charged as an expense in arriving at the result for the relevant year. To the extent that they remain unpaid at the period end, they are shown as liabilities.

Whilst the members’ agreement does not differentiate between profits and losses for profit sharing purposes, it does stipulate that the LLP cannot demand additional contributions from members, and as a result the LLP does not have an unconditional right to demand payment from members for losses. Therefore, to the extent that losses exceed the balance on capital and current accounts, they are not recognised as a recoverable asset and so remain within equity until such time as profits are generated to set them against.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as 'Loans and other debts due to members' to the extent they exceed debts due from a specific member.

The members’ participation rights that are classified as liabilities are repayable upon demand or at short notice (eg upon termination of membership), and as such whilst they are financing transactions, the effect of discounting is considered immaterial and so they are not discounted to present value.

Where members do not provide any substantive services, to the extent that profits are liabilities, the automatic right to a share of the LLP’s profits is treated as a return on capital which is the right to share in the future profits of the LLP. The capital contributed by such members is initially recognised at fair value, with the fair value being equal to the amount subscribed. Subsequently, the capital contribution is measured at fair value and remeasured at each period end.

The LLP agreement does not provide the LLP with any rights to recover amounts paid to members, and amounts paid are treated as distributions rather than drawings on account. The LLP considers whether the corresponding distribution forms part of members’ remuneration charged as an expense or represents a discretionary division of profit made during the period. Where the LLP could have chosen never to divide the associated profits, the distribution is accounted for as a discretionary division of profit, and not reported in profit or loss. Conversely, where the distribution is of profits that are subject to automatic division then a liability in respect of those profits will already have been recognised, with the corresponding expense forming part of members’ remuneration charged as an expense, and the distribution will reduce that liability.

For the purpose of the cash flow statement, any drawings on account or distribution of profits are classified as financing cash flows and consistently applied as such.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The LLP receives funding from external finance providers to support the costs of legal case matters. Under the updated terms of these arrangements, interest is contingent and becomes payable only when the relevant legal cases successfully conclude. The total interest that will become payable cannot be known with certainty until each case is resolved, as the duration and outcome of cases vary significantly.

At the reporting date, management has recognised an accrual for interest payable based on an estimated average interest rate applied to the number of cases completed during the financial year. This average rate is derived from historical case outcomes and observed interest charges on concluded matters. It represents management’s best estimate of the interest attributable to the current reporting period. The accrual recognised at the year end amounts to £3,929,318 (2024: £7,655,841).

The LLP incurs disbursements in progressing legal case matters, which are expected to be recoverable upon successful resolution of those cases. The estimation depends on judgement‑based procedures including reliance on third‑party funding data, identifying settled cases, and assessing recoverability, there is inherent uncertainty in the valuation of prepaid disbursements. Actual recoveries may differ from estimates if case outcomes or timings change. The balance recognised at the year end amounts to £16,990,487 (2024: £15,914,947).

The LLP occupies office premises that have been recently refurbished to a modern standard and expects to vacate the property within the next 12 months due to the landlord’s intention to sell the building. The assessment of any dilapidations provision depends on judgement‑based considerations, including reviewing lease obligations and evaluating the current condition of the premises relative to the state at initial occupation. As no structural changes have been made since refurbishment and the condition of the office is considered equal to or better than when first rented, management has concluded that no dilapidations obligation exists at the reporting date. There is inherent uncertainty in this assessment, and actual outcomes may differ should lease obligations be interpreted differently or property conditions change upon exit.

An analysis of the limited liability partnership's turnover is as follows:

The average number of persons (excluding members) employed by the partnership during the year was:

Their aggregate remuneration comprised:

The long-term loans are secured by fixed and floating charges over the undertaking and all property and assets of the business, in favour of Claim Finance & Administration Co Limited.

The short-term loan of £400,000 is secured by fixed and floating charges over the undertaking and all property and assets of the company, in favour of Denmark Square Ltd (trading as Money & Co).

Amounts owed to Claim Finance & Administration Co Limited are in respect of case funding with maturity dates being the earlier of case settlement or 2 years from drawdown. Interest on the facility is charged at 37% and 39% per annum, but is contingent on the successful resolution of the underlying legal cases during the loan term. As such, any interest that may become payable is conditional and remains unrealised and unaccrued until a triggering event occurs.

Amounts owed to Denmark Square Ltd are in respect of case funding with maturity dates being the 12 months from drawdown. Commission on the facility is charged at 10.8% of the amount drawn down. . At the balance sheet date, the remaining balance was £283,120.

The company has an outstanding loan with White Oak, repayable over 24 months in equal instalments and bearing interest at 28% per annum. At the balance sheet date, the remaining balance was £21,876.

During the year, the company entered into a finance agreement with Close Brothers to fund its Professional Indemnity Insurance premium of £99,985. The loan is repayable over 12 months and carries a fixed interest rate of 4.5% per annum. At the balance sheet date, the outstanding balance on the loan amounted to £83,321.

The company has a loan with Premium Credit relating to the financing of insurance premiums. The original loan value was £100,000, repayable over 12 months at a fixed interest rate of 4.6% per annum. The outstanding balance at the balance sheet date was £83,333

The limited liability partnership operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the limited liability partnership in an independently administered fund.

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

Loan interest

The LLP has entered into litigation funding arrangements to support the costs of ongoing legal case matters. Under the terms of these facilities, interest is contingent and becomes payable only when the relevant legal case is successfully concluded. Until that point, no present obligation exists, and the total interest that may become payable cannot be determined reliably due to variations in case outcomes, durations and settlement values.

In line with the terms of the funding arrangements, interest is not accrued over the term of the loan, as the obligation to settle interest does not crystallise until the successful resolution of the underlying case. Any potential obligation prior to this point is therefore treated as a contingent liability.

The amount of contingent interest at the reporting date is uncertain and depends on factors including:

• the number and timing of cases expected to conclude successfully;

• the contractual interest terms applicable to each funded matter; and

• the eventual outcomes achieved on those cases.

As a result, the final interest payable may differ significantly from any indications based on case progress at the reporting date. Management monitors the status of funded cases on an ongoing basis and will recognise interest when the obligation becomes unavoidable.

VAT penalties and interest

The entity is currently subject to an ongoing investigation by HMRC in relation to historic delays in the submission of VAT returns caused by issues beyond the entity's control.  Returns are now fully up to date, consequently, penalties and interest are expected to arise once the outstanding VAT returns have been reviewed by HMRC. However, under the applicable regulatory framework, any obligation to settle such amounts does not crystallise until HMRC has completed its assessment and formally issued the relevant determinations.

Until that point, no present obligation exists, and the total amount that may become payable cannot be determined reliably. Accordingly, no provision has been recognised in the financial statements, and any potential exposure is treated as a contingent liability.

The amount of any penalties and interest at the reporting date is uncertain and depend on factors including:

• the nature and outcome of HMRC’s assessment and any mitigating factors applied; and

• the timing and completeness of the entity’s submissions.

As a result, the final liability may differ materially from any indicative estimate at the reporting date. Management is actively managing the submission process and will recognise a provision when a present obligation arises and the amount can be measured reliably.

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Funding arrangement restructure

Subsequent to the reporting date, the LLP entered into advanced negotiations in relation to a significant restructuring of certain litigation funding arrangements.

The proposed transaction involves the transfer of certain rights to future proceeds from lender-funded claims in consideration for the restructuring and settlement of associated existing funding obligations. The LLP will continue to service the underlying claims following completion of the proposed transaction.

At the date these financial statements were approved, the proposed transaction was substantially complete, with the transaction agreements having been signed and awaiting formal release. Consequently, no adjustment has been made to the amounts recognised at 30 November 2025.

The transaction is expected to have a significant effect on the LLP's future funding arrangements and financial position. As the final terms and financial consequences remain subject to completion, it is not currently practicable to reliably quantify the financial effect

Proposed transfer of business

Following the restructuring of the funding arrangements, the members intend to incorporate the LLP's business. It is intended that the trade and substantially all of the operating assets of Veritas Solicitors LLP will be transferred to Veritas Lex Limited, a company under common ownership.

The transfer is expected to complete within twelve months of the date of approval of these financial statements, following which the LLP is expected to cease carrying on its existing trade.

The proposed transfer and the members' intention to cease the LLP's existing trade have been taken into account in determining the appropriate basis of preparation of these financial statements.

The members have determined that as a result of the intention to cease the trade of the LLP within twelve months, the financial statements should be prepared on a basis other than a going concern, see note 1.2 for further details on how this impacts the financial statements.

Other debtors

Included in other debtors at 30 November 2025 is £13,799,002 due from I Quote Limited. The balance arose from trading transactions and funds advanced for working capital. It is unsecured, carries no interest and has no fixed repayment date.

I Quote Limited made payments to the LLP after the year end, reducing the balance by £748,079 by 28 February 2026. I Quote Limited have since informed the LLP that its current cash flow does not permit further payments. The members consider that this change in circumstances arose after the reporting date. It is therefore a non-adjusting event and no provision has been made in these financial statements.

The members are in discussion with I Quote Limited about the timing and amount of future repayments. As those discussions are ongoing, the members are not yet able to make a reliable estimate of the financial effect of this event, which could be up to the full outstanding balance. Any impairment will be recognised in the financial statements for the year ending 30 November 2026.

During the year, the partners identified that a balance of £938,559 had become due to a lender in the prior year. This liability was incorrectly included within other debtors and, as a result, both debtors and creditors were misstated in the prior year financial statements.

The comparative figures have been restated to reclassify the balance to the appropriate balance sheet category. This adjustment affects presentation only and has no impact on profit, retained earnings, or net assets.

Given the materiality of the balance, the reclassification has been reflected as a prior year adjustment to ensure the financial statements present the underlying transactions appropriately.

During the year, the company identified that business rates relating to prior accounting periods had not been fully accrued in the financial statements. Accordingly, an additional accrual of £153,390 has been recognised in the current year. Management has assessed the impact of the omission and concluded that the adjustment represents the recognition of an obligation existing at the reporting date in accordance with FRS 102. The associated expense has been recognised within administrative expenses and the corresponding liability is included within accruals.