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Registered number: OC341068










JAMES COWPER LLP










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
JAMES COWPER LLP
 

INFORMATION




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
P J Snell
P M Davies (appointed 1 May 2024)

Members
S N Barratt
F M Hawkins
B S McAvoy
M A Savory (resigned 1 May 2023)
M J Bath
A J Cowie (appointed 1 May 2024)

LLP registered number
OC341068

Registered office
2 Communications RoadGreenham Business ParkGreenhamNewburyBerkshireRG19 6AB

Independent auditors
Sumer Auditco LimitedLennox House3 Pierrepont StreetBathBA1 1LB


 
JAMES COWPER LLP
 

CONTENTS



Page
Members' Report
1 - 3
Independent Auditors' Report
4 - 7
Consolidated Statement of Comprehensive Income
8
Consolidated Balance Sheet
9 - 10
LLP Balance Sheet
11
Consolidated Reconciliation of Members' Interests
12
LLP Reconciliation of Members' Interests
Consolidated Statement of Cash Flows
14
Notes to the Financial Statements
15 - 33


 
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. 
 
Page 1

 
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.
 

Page 2

 
JAMES COWPER LLP
 

MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Auditors
 
 
The auditorsSumer Auditco Limitedhave 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: 






A R Peal

S R Staunton
Date: 23 September 2024
Date: 23 September 2024
Page 3

 
JAMES COWPER LLP
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JAMES COWPER LLP
 

Opinion
 

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 policiesThe 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 Group's and of the parent LLP's affairs as at 30 April 2024 and of the Group's profit 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 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.


Conclusions relating to going concern
 

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.


Page 4

 
JAMES COWPER LLP
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JAMES COWPER LLP (CONTINUED)


Other information
 

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 ReportOur 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.


Matters on which we are required to report by exception
 

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 by the parent LLP, or returns adequate for our audit have not been received from branches not visited by us; or
the parent LLP 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.


Responsibilities of members
 

As explained more fully in the Members' Responsibilities Statement set out on page 1, 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 Group's and the parent LLP'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 Group or the parent LLP or to cease operations, or have no realistic alternative but to do so.


Page 5

 
JAMES COWPER LLP
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JAMES COWPER LLP (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

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:
 
Page 6

 
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.


Use of our 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 2008Our 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.





Martin Longmore FCA (Senior Statutory Auditor)
  
for and on behalf of
Sumer Auditco Limited
 
Chartered Accountants and Statutory Auditor
  
Lennox House
3 Pierrepont Street
Bath
BA1 1LB

23 September 2024
Page 7

 
JAMES COWPER LLP
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 4 
27,886,298
25,020,431

Cost of sales
  
(12,078,325)
(10,708,031)

Gross profit
  
 
15,807,973
 
14,312,400

Administrative expenses
  
(6,836,812)
(6,153,416)

Other operating income
  
-
431

Operating profit
 5 
 
8,971,161
 
8,159,415

Income from participating interests
  
1,478,767
459,350

Interest receivable and similar income
 10 
12,643
779

Interest payable and similar expenses
 11 
(31,522)
(18,828)

Profit before tax
  
 
10,431,049
 
8,600,716

Tax on profit
 12 
(207,431)
(153,044)

Profit before members' remuneration and profit shares
  
 
10,223,618
 
8,447,672

Profit for the year before members' remuneration and profit shares
  
10,223,618
8,447,672

Members' remuneration charged as an expense
  
(10,025,104)
(8,212,099)

Non-controlling interests
  
(198,514)
(235,573)

Profit for the financial year available for discretionary division among members
  
 
-
 
-

  

There was no other comprehensive income for 2024 (2023: £NIL).

The notes on pages 15 to 33 form part of these financial statements.

Page 8

 
JAMES COWPER LLP
REGISTERED NUMBER: OC341068

CONSOLIDATED BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
104,319
146,046

Tangible assets
 15 
746,258
516,522

Investments
 16 
1,000
1,000

  
851,577
663,568

Current assets
  

Debtors: amounts falling due within one year
 17 
7,204,762
7,713,654

Cash at bank and in hand
 18 
3,302,703
1,081,228

  
10,507,465
8,794,882

Creditors: amounts falling due within one year
 19 
(3,979,749)
(3,149,695)

Net current assets
  
 
 
6,527,716
 
 
5,645,187

Total assets less current liabilities
  
7,379,293
6,308,755

  

Creditors: amounts falling due after more than one year
  
(69,737)
(53,354)

Provisions for liabilities
  

Deferred taxation
 22 
(27,970)
(45,568)

  
 
 
(27,970)
 
 
(45,568)

Net assets
  
7,281,586
6,209,833


Capital and reserves
  

Loans and other debts due to members within one year
  

Loans and other debts due to members
 23 
7,250,410
6,094,812

Non-controlling interest
  
31,176
115,021

  
7,281,586
6,209,833


Total members' interests
  

Loans and other debts due to members
 23 
7,250,410
6,094,812


Page 9

 
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: 




A R Peal
S R Staunton
Designated Member
Designated Member


Date: 23 September 2024

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.

Page 10

 
JAMES COWPER LLP
REGISTERED NUMBER: OC341068

LLP BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
104,319
146,046

Tangible assets
 15 
533,067
321,041

Investments
 16 
1,111
1,111

  
638,497
468,198

Current assets
  

Debtors: amounts falling due within one year
 17 
7,835,974
8,227,589

Cash at bank and in hand
 18 
3,292,145
1,062,226

  
11,128,119
9,289,815

Creditors: amounts falling due within one year
 19 
(4,660,378)
(3,875,813)

Net current assets
  
 
 
6,467,741
 
 
5,414,002

Total assets less current liabilities
  
7,106,238
5,882,200

Creditors: amounts falling due after more than one year
  
(69,737)
(53,354)

Net assets
  
7,036,501
5,828,846


Represented by:
  

Loans and other debts due to members within one year
  

Loans and other debts due to members
7,036,501
5,828,846

  
7,036,501
5,828,846


Total members' interests
  

Loans and other debts due to members
  
7,036,501
5,828,846


The financial statements were approved and authorised for issue by the Members and were signed on their behalf by: 




A R Peal
S R Staunton
Designated Member
Designated Member


Date: 23 September 2024

The notes on pages 15 to 33 form part of these financial statements.

Page 11

 
JAMES COWPER LLP
 

CONSOLIDATED RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 30 APRIL 2024




DEBT
Loans and other debts due to members less any amounts due from members in debtors
Other amounts
Total

£
£

Members' interests after profit for the year
5,183,939
5,183,939

Other division of profits
8,212,099
8,212,099

Amounts introduced by members
125,000
125,000

Drawings
(7,156,226)
(7,156,226)

Repayment of debt
(270,000)
(270,000)

Amounts due to members
6,094,812
6,094,812

Balance at 30 April 2023
6,094,812
6,094,812

Members' interests after profit for the year
6,094,812
6,094,812

Other division of profits
10,025,104
10,025,104

Amounts introduced by members
610,000
610,000

Drawings
(9,190,506)
(9,190,506)

Repayment of debt
(289,000)
(289,000)

Amounts due to members
7,250,410
7,250,410

Balance at 30 April 2024 
7,250,410
7,250,410

Page 12

 
JAMES COWPER LLP
 

LLP RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 30 APRIL 2024





DEBT
Loans and other debts due to members less any amounts due from members in debtors

Other amounts
Total

£
£

Members' interests after profit for the year 
5,007,003
5,007,003

Other division of profits 
8,123,069
8,123,069

Amounts introduced by members 
125,000
125,000

Drawings 
(7,156,226)
(7,156,226)

Repayment of debt 
(270,000)
(270,000)

Amounts due to members 
5,828,846
5,828,846

Balance at 30 April 2023
5,828,846
5,828,846

Members' interests after profit for the year 
5,828,846
5,828,846

Other division of profits 
10,077,161
10,077,161

Amounts introduced by members 
610,000
610,000

Drawings 
(9,190,506)
(9,190,506)

Repayment of debt 
(289,000)
(289,000)

Amounts due to members 
7,036,501
7,036,501

Balance at 30 April 2024

7,036,501
7,036,501

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

Page 13

 
JAMES COWPER LLP
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
£
£


Members' remuneration charged as an expense
10,223,618
8,447,672

Adjustments for:
-
-

Amortisation of intangible assets
41,727
41,727

Depreciation of tangible assets
192,522
185,651

Interest paid
31,522
18,828

Interest received
(12,643)
(779)

Taxation charge
207,431
153,044

Decrease/(increase) in debtors
508,892
(614,484)

Increase in creditors
322,467
547,868

Corporation tax (paid)
(135,997)
(176,499)

Net cash generated from operating activities before transactions with members

11,379,539
8,603,028


Cash flows from investing activities

Purchase of tangible fixed assets
(422,258)
(200,229)

Interest received
12,643
779

HP interest paid
(30,919)
(13,590)

Net cash from investing activities

(440,534)
(213,040)

Cash flows from financing activities

New secured loans
433,614
256,333

Interest paid
(603)
(5,238)

Dividends paid to non-controlling interests
(281,035)
-

Members' capital contributed
610,000
125,000

Members' capital repaid
(289,000)
(270,000)

Drawings paid to members
(9,190,506)
(7,315,835)

Net cash used in financing activities
(8,717,530)
(7,209,740)

Net increase in cash and cash equivalents
2,221,475
1,180,248

Cash and cash equivalents at beginning of year
1,081,228
(99,020)

Cash and cash equivalents at the end of year
3,302,703
1,081,228


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,302,703
1,081,228

3,302,703
1,081,228


The notes on pages 15 to 33 form part of these financial statements.

Page 14

 
JAMES COWPER LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

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

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Basis of consolidation

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.

 
2.3

Foreign currency translation

Functional and presentation currency

The LLP's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 15

 
JAMES COWPER LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 16

 
JAMES COWPER LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the LLP and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.11

Division and distribution of profits

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.

Page 17

 
JAMES COWPER LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.12

Intangible assets

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 the Group's share 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 Consolidated Statement of Comprehensive Income over its useful economic life.

Other 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.

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.

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

Short leasehold property
-
over the period of the lease
Fixtures & fittings
-
between 10% and 20% straight line
Office equipment
-
33% straight line
Computer equipment
-
between 20% and 33% straight line

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.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 18

 
JAMES COWPER LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 19

 
JAMES COWPER LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.19

Financial instruments

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.

Page 20

 
JAMES COWPER LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgments (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
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. 


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Services
27,886,298
25,020,431


All turnover arose within the United Kingdom.


5.


Operating loss

The operating loss is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
192,522
185,651

Amortisation of intangible assets
41,727
41,727

Other operating lease rentals
639,885
584,809

Defined contribution pension cost
441,432
387,859

Page 21

 
JAMES COWPER LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Auditors' remuneration

During the year, the Group obtained the following services from the LLP's auditors:


2024
2023
£
£

Fees payable to the LLP's auditors for the audit of the consolidated and parent LLP's financial statements
25,000
18,000


7.


Employees

Staff costs were as follows:


Group
Group
LLP
LLP
2024
2023
2024
2023
£
£
£
£

Wages and salaries
9,790,405
8,596,940
8,322,719
7,326,087

Social security costs
1,023,290
921,951
878,052
793,044

Cost of defined contribution scheme
441,432
387,859
378,149
333,040

11,255,127
9,906,750
9,578,920
8,452,171


The average monthly number of persons (including Members with contracts of employment) employed during the year was as follows:


        2024
        2023
            No.
            No.







Fee earners
180
161



Non fee earning staff
38
34

218
195

Page 22

 
JAMES COWPER LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Members' remuneration and information in relation to members

2024
2023
Number
Number

The average number of members during the year was
20
23

2024
2023
£
£


Members' remuneration charged as an expense
10,025,104
8,212,104


The amount of profit attributable to the member with the largest entitlement was
694,775
529,050


During the year retirement benefits were accruing to no members (2023 - nil) in respect of defined contribution pension schemes.


9.


Income from participating interests

2024
2023
£
£



Income from participating interests
1,478,767
459,350


10.


Interest receivable

2024
2023
£
£


Other interest receivable
12,643
779


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
603
5,238

Finance leases and hire purchase contracts
30,919
13,590

31,522
18,828

Page 23

 
JAMES COWPER LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

12.


Taxation - Group


2024
2023
£
£

Corporation tax


Current tax on profits for the year
225,029
135,446

Total current tax
225,029
135,446

Deferred tax


Origination and reversal of timing differences
(17,598)
17,598

Total deferred tax
(17,598)
17,598


Taxation on profit on ordinary activities
207,431
153,044

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
10,431,049
8,600,716

Less: amounts subject to personal taxation
(10,232,557)
(7,879,035)


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
49,629
137,119

Effects of:


Fixed asset differences
157,802
15,925

Total tax charge for the year
207,431
153,044


Factors that may affect future tax charges

There are no factors that may affect future tax charges.


13.


Parent LLP profit for the year

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 £10,077,161 (2023 - £7,879,035).

Page 24

 
JAMES COWPER LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

14.


Intangible assets

Group and LLP





Goodwill

£



Cost


At 1 May 2023
1,511,478



At 30 April 2024

1,511,478



Amortisation


At 1 May 2023
1,365,432


Charge for the year on owned assets
41,727



At 30 April 2024

1,407,159



Net book value



At 30 April 2024
104,319



At 30 April 2023
146,046



Page 25

 
JAMES COWPER LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

15.


Tangible fixed assets

Group






Short term leasehold property
Fixtures & fittings
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 May 2023
605,033
233,067
105,420
738,621
1,682,141


Additions
132,854
149,696
4,835
134,873
422,258


Disposals
-
(43,299)
-
(363,455)
(406,754)



At 30 April 2024

737,887
339,464
110,255
510,039
1,697,645



Depreciation


At 1 May 2023
328,874
190,839
102,766
543,140
1,165,619


Charge for the year on owned assets
53,161
19,745
2,453
117,163
192,522


Disposals
-
(43,299)
-
(363,455)
(406,754)



At 30 April 2024

382,035
167,285
105,219
296,848
951,387



Net book value



At 30 April 2024
355,852
172,179
5,036
213,191
746,258



At 30 April 2023
276,159
42,228
2,654
195,481
516,522

Page 26

 
JAMES COWPER LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

           15.Tangible fixed assets (continued)


LLP






Short term leasehold property
Fixtures & fittings
Office equipment
Total

£
£
£
£

Cost or valuation


At 1 May 2023
537,273
233,067
105,420
875,760


Additions
132,854
149,696
4,835
287,385


Disposals
-
(43,299)
-
(43,299)



At 30 April 2024

670,127
339,464
110,255
1,119,846



Depreciation


At 1 May 2023
261,114
190,839
102,766
554,719


Charge for the year on owned assets
53,161
19,745
2,453
75,359


Disposals
-
(43,299)
-
(43,299)



At 30 April 2024

314,275
167,285
105,219
586,779



Net book value



At 30 April 2024
355,852
172,179
5,036
533,067



At 30 April 2023
276,159
42,228
2,654
321,041





The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Short leasehold
355,852
276,159


Page 27

 
JAMES COWPER LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

16.


Fixed asset investments

LLP





Investments in subsidiary companies
Other fixed asset investments
Total

£
£
£



Cost or valuation


At 1 May 2023
111
1,000
1,111



At 30 April 2024
111
1,000
1,111




Other fixed asset investments represent an investment in James Cowper Kreston Audit LLP.


Subsidiary undertakings


The following were subsidiary undertakings of the LLP:

Name

Registered office

Class of shares

Holding

JC Payroll Services Limited
2 Communications Road, Greenham Business Park, Newbury, Berkshire, England, RG19 6AB
Ordinary
100%
James Cowper Services Limited
2 Communications Road, Greenham Business Park, Newbury, Berkshire, England, RG19 6AB
Ordinary
100%
James Cowper Kreston Corporate Finance Limited
2 Communications Road, Greenham Business Park, Newbury, Berkshire, England, RG19 6AB
Ordinary
55%
James Cowper Trustees Limited
2 Communications Road, Greenham Business Park, Newbury, Berkshire, England, RG19 6AB
Ordinary
100%
JC XP Limited
2 Communications Road, Greenham Business Park, Newbury, Berkshire, England, RG19 6AB
Ordinary
100%
James Cowper Kreston CF Limited
2 Communications Road, Greenham Business Park, Newbury, Berkshire, England, RG19 6AB
Ordinary
55%

Page 28

 
JAMES COWPER LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

17.


Debtors

Group
Group
LLP
LLP
2024
2023
2024
2023
£
£
£
£

Trade debtors
3,013,858
2,924,605
2,744,657
2,640,535

Amounts owed by group undertakings
-
-
1,269,713
1,246,369

Amounts owed by joint ventures and associated undertakings
1,319,545
1,878,984
1,319,545
1,878,984

Other debtors
59,192
38,546
25,946
1,099

Prepayments and accrued income
1,193,849
1,166,352
857,795
755,434

Amounts recoverable on contracts
1,618,318
1,705,168
1,618,318
1,705,168

7,204,762
7,713,655
7,835,974
8,227,589



18.


Cash and cash equivalents

Group
Group
LLP
LLP
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
3,302,703
1,081,228
3,292,145
1,062,226



19.


Creditors: Amounts falling due within one year

Group
Group
LLP
LLP
2024
2023
2024
2023
£
£
£
£

Bank loans
620,210
202,979
620,210
202,979

Trade creditors
642,994
539,332
491,107
338,409

Amounts owed to group undertakings
-
-
1,336,710
1,171,751

Corporation tax
224,480
135,448
-
-

Other taxation and social security
784,519
695,471
727,264
649,853

Other creditors
346,503
189,409
122,432
122,829

Accruals and deferred income
1,361,043
1,387,056
1,362,655
1,389,992

3,979,749
3,149,695
4,660,378
3,875,813


Details of security provided:
The bank has an unlimited debenture over the assets of James Cowper LLP. 

Page 29

 
JAMES COWPER LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

20.


Creditors: Amounts falling due after more than one year

Group
Group
LLP
LLP
2024
2023
2024
2023
£
£
£
£

Bank loans
69,737
53,354
69,737
53,354





21.


Financial instruments

Group
Group
LLP
LLP
2024
2023
2024
2023
£
£
£
£

Financial assets

Cash and cash equivilants
3,302,703
1,081,228
3,292,145
1,062,226

Financial assets that are debt instruments measured at amortised cost
6,010,913
6,613,862
6,978,179
7,538,714

9,313,616
7,695,090
10,270,324
8,600,940


Financial liabilities

Financial liabilities measured at amortised cost
(2,399,345)
(2,252,860)
(3,754,370)
(3,160,044)


Financial assets that are debt instruments measured at amortised cost comprise trade debtors, amounts owed by group undertakings and other participating interests, other debtors and amounts recoverable on contracts.


Financial liabilities measured at amortised cost comprise bank overdrafts, bank loans, trade creditors,  amounts owed to group undertakings, other creditors and accruals.

Page 30

 
JAMES COWPER LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

22.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
(45,568)
(27,970)


Credited/(charged) to profit or loss
17,598
(17,598)



At end of year
(27,970)
(45,568)

The provision for deferred taxation is made up as follows:

Group
Group
2024
2023
£
£

Accelerated capital allowances
(27,970)
(45,568)

(27,970)
(45,568)


23.


Loans and other debts due to members


Group
Group
LLP
LLP
2024
2023
2024
2023
£
£
£
£


Other amounts due to members
7,250,410
6,094,812
7,036,501
5,828,846


Loans and other debts due to members may be further analysed as follows:

Group
Group
LLP
LLP
2024
2023
2024
2023
£
£
£
£


Members capital treated as debt
2,681,000
2,360,000
2,681,000
2,360,000

Amounts due to members
4,569,410
3,734,812
4,355,501
3,468,846

7,250,410
6,094,812
7,036,501
5,828,846

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.

Page 31

 
JAMES COWPER LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

24.


Analysis of net debt (Group)




At 1 May 2023
Arising from cash flows
At 30 April 2024
£

£

£

Cash at bank and in hand

1,081,228

2,221,475

3,302,703

Borrowings due within 1 year

(271,336)

(348,874)

(620,210)

Borrowings due after 1 year

(53,354)

(16,383)

(69,737)

Net debt (before members' debt)
756,538
1,856,218
2,612,756

Loans and other debts due to members




Other amounts due to members
(6,094,812)

(684,671)

(6,779,483)

Net debt


(5,338,274)
1,171,547
(4,166,727)


25.


Pension commitments

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.


26.


Commitments under operating leases

At 30 April 2024 the Group and the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
LLP
LLP
2024
2023
2024
2023
£
£
£
£

Land and buildings

Not later than 1 year
498,403
501,647
478,403
442,033

Later than 1 year and not later than 5 years
763,071
973,648
763,071
973,648

Later than 5 years
850,854
1,013,553
850,884
1,013,553

2,112,328
2,488,848
2,092,358
2,429,234

Group
Group
LLP
LLP
2024
2023
2024
2023
£
£
£
£

Other leases

Not later than 1 year
91,885
62,574
91,885
62,574

Later than 1 year and not later than 5 years
55,355
63,457
55,355
63,457

147,240
126,031
147,240
126,031

Page 32

 
JAMES COWPER LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

27.


Related party transactions

The Members have elected to take advantage of the exemption available to them under FRS 102 in respect of transactions with other group companies, where 100% of the capital of the LLP is held within the Group.
On 1 January 2023, the Group transferred its audit business to a separate legal entity related by common members, James Cowper Kreston Audit LLP, to enable the Group to more easily comply with the various audit regulatory requirements. The Group transferred the audit business and its assets for £822,802 to James Cowper Kreston Audit LLP. At the same time of the transfer, the Group entered into a service agreement with James Cowper Kreston Audit LLP to provide it with audit and other services.
During the year ended 30 April 2024, the Group received fees relating to services provided of £7,678,524 (2023: £2,376,981) to James Cowper Kreston Audit LLP. As at 30 April 2024, the Group was owed £845,200 (2023: £1,878,984) from James Cowper Kreston Audit LLP. 
During the year ended 30 April 2024, the LLP received fees relating to services provided of £436,700 (2023: £434,401) to James Cowper Kreston Corporate Finance Limited. As at 30 April 2024, the LLP  owed £93,100 (2023: £216,108) to James Cowper Kreston Corporate Finance Limited. 


28.


Controlling party

The members do not consider there to be one ultimate controlling party.

Page 33