Registered number:
FOR THE YEAR ENDED 30 APRIL 2024
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JAMES COWPER LLP
INFORMATION
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JAMES COWPER LLP
CONTENTS
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JAMES COWPER LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
The Members present their annual report together with the audited financial statements of James Cowper LLP (the "LLP") for the year ended 30 April 2024.
Principal activities
The principal activity of the LLP and its subsidiary undertakings in the year under review was that of accountants and business advisers.
Designated Members
S L Bedford, A R Peal, S R Staunton, A C Poole, J L Pitt, D P O'Connor, S M Williams, S L Mundy, N R Butler, A R Nicholson, B Ravindrarajah, S Omer-Kaye, J R Baillie and P J Snell were designated members of the LLP throughout the year.
P M Davies was a member of the LLP throughout the year and became a designated member on 1 May 2024.
Members
S N Barratt, F M Hawkins, , B S McAvoy and M J Bath were members of the LLP throughout the year.
M A Savory was a member of the LLP until resigning on 1 May 2023. A J Cowie was appointed as a member of the LLP on 1 May 2024.
Members' capital and interests
Each Member's subscription to the capital of the LLP is determined by their share of the profit and is repayable following retirement from the LLP.
Details of changes in Members' capital in the year ended 30 April 2024 are set out in the Reconciliation of Members' Interests.
Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between Members after finalisation of the financial statements. Members draw a proportion of their profit shares monthly during the year in which it is made, with the balance of profits being distributed after the year, subject to the cash requirements of the business.
Review of business
As the leading independent practice in the Thames Valley, London and Southampton, James Cowper Kreston understands the needs of a diverse range of businesses, individuals, charities and other entities. Central to our philosophy is that clients receive the best service and advice possible to help them succeed in achieving their own objectives.
Our values are core to our approach and these are communicated to all staff.
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JAMES COWPER LLP
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
Our technical excellence across a wide range of our services has once again been acknowledged by many awards and accolades including our success in being short-listed at various prestigious awards in the year. Several partners and senior members of staff are members of national technical committees and international committees for Kreston International.
James Cowper Kreston has met the challenge laid down by tough economic conditions. We have achieved overall growth on turnover mainly from new business as price pressure continues in several of our service lines. Our goals over the next three to five years continue to focus on growth and a constant improvement of our service delivery. To achieve these we will position our firm in our target markets and promote excellence throughout all of our service lines and sectors.
Results for the year and allocation to members
The profit for the year before member's remuneration and profit shares was £10,223,618 (2023: £8,447,672).
Members' responsibilities statement
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 (United Kingdom Accounting Standards and applicable law). 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 LLP and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the Members are required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgments 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 Group will continue in business.
The Members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP and the Group's transactions and disclose with reasonable accuracy at any time the financial position of the Group and to 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 the Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the LLP and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditors
Each of the persons who are Members at the time when this Members' Report is approved has confirmed that:
∙so far as that Member is aware, there is no relevant audit information of which the Group's auditors are unaware, and
∙that Member has taken all the steps that ought to have been taken as a Member in order to be aware of any relevant audit information and to establish that the Group's auditors are aware of that information.
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JAMES COWPER LLP
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
Auditors
The auditors, Sumer Auditco Limited, have indicated their willingness to continue in office. The Designated Members will propose a motion re-appointing the auditors at a meeting of the Members.
This report was approved by the Members and signed on their behalf by:
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JAMES COWPER LLP
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JAMES COWPER LLP
We have audited the financial statements of James Cowper LLP (the 'parent LLP') and its subsidiaries (the 'Group') for the year ended 30 April 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the LLP Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Reconciliation of Members' Interests, the LLP Reconciliation of Members' Interests and the related notes, including a summary of 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).
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
In auditing the financial statements, we have concluded that the Members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent LLP's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Members with respect to going concern are described in the relevant sections of this report.
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JAMES COWPER LLP
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JAMES COWPER LLP (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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 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.
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JAMES COWPER LLP
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JAMES COWPER LLP (CONTINUED)
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 Auditors' 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 Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Capability of the audit in detecting irregularities, including fraud Based on our understanding of the Group and industry, we identified that the principal risks of non-compliance with laws and regulations related to health and safety, employment law and company legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements of the Group. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and taxation legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the audit engagement team included:
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JAMES COWPER LLP
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JAMES COWPER LLP (CONTINUED)
- Discussions with management, including consideration of known or suspected instances of non- compliance with laws and regulations and fraud; - Understanding of management's internal controls designed to prevent and detect irregularities, and fraud; - Reviewing the Group's legal costs to check for non-compliance with laws and regulations and fraud; - Review of tax compliance; - Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing of expenses; - Testing transactions entered into outside of the normal course of the Group's business; and - Identifying and testing journal entries, in particular any journal entries with fraud characteristics such as journals with round numbers.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in an Auditors' 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 LLP and the LLP's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants and Statutory Auditor
Lennox House
3 Pierrepont Street
BA1 1LB
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JAMES COWPER LLP
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
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JAMES COWPER LLP
REGISTERED NUMBER: OC341068
CONSOLIDATED BALANCE SHEET
AS AT 30 APRIL 2024
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JAMES COWPER LLP
REGISTERED NUMBER: OC341068
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024
The financial statements were approved and authorised for issue by the Members and were signed on their behalf by:
The notes on pages 15 to 33 form part of these financial statements.
James Cowper LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Consolidated Statement of Changes in Equity.
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JAMES COWPER LLP
REGISTERED NUMBER: OC341068
LLP BALANCE SHEET
AS AT 30 APRIL 2024
The financial statements were approved and authorised for issue by the Members and were signed on their behalf by:
The notes on pages 15 to 33 form part of these financial statements.
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JAMES COWPER LLP
CONSOLIDATED RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 30 APRIL 2024
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JAMES COWPER LLP
LLP RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 30 APRIL 2024
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JAMES COWPER LLP
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
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JAMES COWPER LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
The principal activity of the LLP and its subsidiary undertakings in the year under review was that of accountants and business advisers.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The LLP has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the LLP and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 May 2014.
Functional and presentation currency
Transactions and balances
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JAMES COWPER LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
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JAMES COWPER LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
A division of profits is the mechanism by which the profits of a Group become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.
An automatic division of profits is one where the Group does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the Group, which it has the unconditional right to avoid making.
The Group divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in the Consolidated Statement of Comprehensive Income.
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JAMES COWPER LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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 disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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JAMES COWPER LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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JAMES COWPER LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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JAMES COWPER LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Tangible fixed assets (see note 15) Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as the remaining life of the asset and projected disposal values. Trade debtors (see note 17) Impairment provisions are recognised when there is objective evidence that the book value may not be recoverable in full. The recoverable amount is assessed annually and the actual recoverable amount may vary depending on a number of factors. Amounts recoverable on contracts (see note 17) Provisions against amounts recoverable on contracts are recognised when there is objective evidence that the carrying value may not be recoverable in full. The recoverable amount is assessed annually and the actual amount recovered post year end may vary depending on a number of factors.
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JAMES COWPER LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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JAMES COWPER LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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JAMES COWPER LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
There are no factors that may affect future tax charges.
The LLP has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent LLP for the year was £
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JAMES COWPER LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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JAMES COWPER LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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JAMES COWPER LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
15.Tangible fixed assets (continued)
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JAMES COWPER LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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JAMES COWPER LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Page 29
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JAMES COWPER LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Page 30
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JAMES COWPER LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Loans and other debts due to members may be further analysed as follows:
Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
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JAMES COWPER LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
As at 30 April 2024 £74,955 (2023: £68,357) was included in other creditors in respect of amounts due to be paid to employees' pension schemes.
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JAMES COWPER LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
The members do not consider there to be one ultimate controlling party.
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