Sampson Coward LLP
Annual Report and
Unaudited
Financial Statements
Year Ended 31 March 2025
Registration number: OC343608
Sampson Coward LLP
Contents
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Limited liability partnership information |
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Financial Statements |
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Balance Sheet |
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Notes to the Financial Statements |
Sampson Coward LLP
Limited liability partnership information
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Designated members |
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Registered office |
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Accountants |
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Sampson Coward LLP
Balance Sheet
31 March 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Tangible assets |
32,257 |
21,203 |
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Current assets |
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Debtors |
688,985 |
571,740 |
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Cash and short-term deposits |
895,089 |
707,785 |
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1,584,074 |
1,279,525 |
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Creditors: Amounts falling due within one year |
(497,875) |
(314,737) |
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Net current assets |
1,086,199 |
964,788 |
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Total assets less current liabilities |
1,118,456 |
985,991 |
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Provisions |
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Other provisions |
(110,641) |
(94,926) |
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Net assets attributable to members |
1,007,815 |
891,065 |
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Represented by: |
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Loans and other debts due to members |
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Members' capital classified as a liability |
613,334 |
562,333 |
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Amounts due to members in respect of profits |
394,481 |
328,732 |
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1,007,815 |
891,065 |
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1,007,815 |
891,065 |
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Total members' interests |
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Loans and other debts due to members |
1,007,815 |
891,065 |
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1,007,815 |
891,065 |
Sampson Coward LLP
Balance Sheet
31 March 2025
For the year ending 31 March 2025 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.
(a) ensuring that the LLP keeps accounting records which comply with Section 386 and 387 of the Companies Act 2006 as applied by the Limited Liability Partnerships Regulations 2008.
(b) preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial period and of its profit or loss for the financial period in accordance with the requirements of section 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied by the Limited Liability Partnerships Regulations 2008, so far applicable to the LLP.
The financial statements of Sampson Coward LLP (registered number OC343608) were approved by the Board and authorised for issue on
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Registration number: OC343608
Sampson Coward LLP
Notes to the Financial Statements
Year Ended 31 March 2025
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' , including Section 1A and the Companies Act 2006 and in accordance with the Statement of Recommended Practice 'Accounting for Limited Liability Partnerships' issued in December 2018. There are no material departures from FRS102.
General information and basis of accounting
The limited liability partnership is incorporated in the United Kingdom under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of Sampson Coward LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates.
Revenue recognition
Services provided to clients during the year which, at the balance sheet date, have not been invoiced to clients' have been recognised in turnover in accordance with Financial Reporting Standard 102.
Turnover recognised in this manner is based on an assessment of the fair value of the engagement. Revenue is not recognised on those engagements where the right to receive payments is contingent on factors outside the control of the Limited Liability Partnership. Unbilled revenue is included within debtors.
Members' remuneration and division of profits
Profits are automatically allocated to members. They are therefore shown as "Members' remuneration charged as an expense" in the Profit and Loss account in the relevant year. To the extent that they remain unpaid at the year end, they are included within "loans and other debts due to members" in the Balance Sheet.
Taxation
The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.
Sampson Coward LLP
Notes to the Financial Statements
Year Ended 31 March 2025
Tangible fixed assets
Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment.
Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
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Asset class |
Depreciation method and rate |
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Land and buildings |
20% reducing balance |
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Fixtures and fittings |
25% and 10% straight line |
Stock, work in progress and long term contracts
Work in progress is calculated based upon the value of work done but not billed at the year end. The value represents the time spent on matters in progress at the firm's billing rates, reduced to a realisable value.
Provisions
Provisions are recognised when the limited liability partnership has an obligation at the reporting date as a result of a past event, it is probable that the limited liability partnership will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Hire purchase and leasing
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Rentals payable under operating leases are charged in the profit and loss on a straight line basis over the lease term.
Insurance arrangements
The LLP holds insurance cover in order to protect against the impact of professional negligence claims. Where appropriate the LLP makes provisions for the expected outcomes of these claims.
Sampson Coward LLP
Notes to the Financial Statements
Year Ended 31 March 2025
Financial instruments
The company has chosen to apply the recognition and measurement principles in FRS102.
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company's obligations are discharged, expire or are cancelled.
The LLP holds the following financial instruments:
Basic financial assets comprise short term trade and other debtors and cash and bank balances.
Basic financial liabilities comprise short term trade and other creditors and bank loans.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
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Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was
Sampson Coward LLP
Notes to the Financial Statements
Year Ended 31 March 2025
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Tangible fixed assets |
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Short leasehold land and buildings |
Fixtures and fittings |
Total |
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Cost |
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At 1 April 2024 |
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Additions |
- |
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At 31 March 2025 |
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Depreciation |
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At 1 April 2024 |
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Charge for the year |
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At 31 March 2025 |
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Net book value |
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At 31 March 2025 |
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At 31 March 2024 |
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Debtors |
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2025 |
2024 |
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Trade debtors |
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Prepayments and accrued income |
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688,985 |
571,740 |
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Creditors: Amounts falling due within one year |
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2025 |
2024 |
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Bank loans |
235,320 |
105,622 |
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Trade creditors |
36,748 |
20,414 |
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Taxation and social security |
187,216 |
171,664 |
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Accruals and deferred income |
38,591 |
17,037 |
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497,875 |
314,737 |
Capital loans and other debts due to members rank pari passu with creditors, in accordance with the members' agreement. There are no restrictions on the members' ability to reduce the amount of members' other interests.
Sampson Coward LLP
Notes to the Financial Statements
Year Ended 31 March 2025
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £214,574 (2024 - £219,126).
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Provisions |
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Dilapidations provision |
Other provisions |
Total |
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At 1 April 2024 |
84,927 |
10,000 |
94,927 |
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Increase/(decrease) in existing provisions |
15,714 |
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15,714 |
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At 31 March 2025 |
100,641 |
10,000 |
110,641 |
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