Annual Report & Accounts 2026
72
20. PROVISIONS
Dilapidation £ Professional Indemnity £
Total Provision £
At 31 January 2024
227,945
680,000
907,945
Additional provision in the year
15,730
300,316
316,046
Utilisation of provision
–
(61,756)
(61,756)
At 31 January 2026
243,675
918,560
1,162,235
Additional provision in the year
12,125
218,870
230,995
Utilisation of provision
–
(52,400)
(52,400)
At 31 January 2026
255,800
1,085,030
1,340,830
The dilapidation provision in respect of leased premises in Chancery Lane.
The professional indemnity provision represents the current best estimates of the amounts likely to be needed to settle claims in respect of alleged professional negligence. These are the gross value before any amount is reclaimed from insurers under the Group’s professional indemnity insurance policy. These estimates are subject to a high level of uncertainty as they depend on the outcome of a range of future events and, accordingly, may need to be updated as circumstances evolve. No separate disclosure is made in relation to the detail of any such claims, as to do so would be seriously prejudicial to the position of the Group.
Separately, the Group recognises expected reimbursements from professional indemnity insurance associated with this provision within trade and other receivables (note 17). The table below shows the gross and net position. Professional Indemnity provision
£ Reimbursement asset
£
Net
£
At 31 January 2026
918,560
442,541
476,019
At 31 January 2026
1,085,030
538,148
546,882
The Company has no provisions.
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
20. PROVISIONS
Dilapidation £ Professional Indemnity £
Total Provision £
At 31 January 2024
227,945
680,000
907,945
Additional provision in the year
15,730
300,316
316,046
Utilisation of provision
–
(61,756)
(61,756)
At 31 January 2026
243,675
918,560
1,162,235
Additional provision in the year
12,125
218,870
230,995
Utilisation of provision
–
(52,400)
(52,400)
At 31 January 2026
255,800
1,085,030
1,340,830
The dilapidation provision in respect of leased premises in Chancery Lane.
The professional indemnity provision represents the current best estimates of the amounts likely to be needed to settle claims in respect of alleged professional negligence. These are the gross value before any amount is reclaimed from insurers under the Group’s professional indemnity insurance policy. These estimates are subject to a high level of uncertainty as they depend on the outcome of a range of future events and, accordingly, may need to be updated as circumstances evolve. No separate disclosure is made in relation to the detail of any such claims, as to do so would be seriously prejudicial to the position of the Group.
Separately, the Group recognises expected reimbursements from professional indemnity insurance associated with this provision within trade and other receivables (note 17). The table below shows the gross and net position. Professional Indemnity provision
£ Reimbursement asset
£
Net
£
At 31 January 2026
918,560
442,541
476,019
At 31 January 2026
1,085,030
538,148
546,882
The Company has no provisions.
NOTES TO THE FINANCIAL STATEMENTS CONTINUED