Registration number: 09336286

JCP Solicitors Limited

Contents

Company Information	1
Strategic Report	2
Directors' Report	3 to 4
Statement of Directors' Responsibilities	5
Independent Auditor's Report	6 to 9
Profit and Loss Account	10
Statement of Comprehensive Income	11
Balance Sheet	12
Statement of Changes in Equity	13
Statement of Cash Flows	14
Notes to the Financial Statements	15 to 26

JCP Solicitors Limited

Company Information

Directors

Mrs H Davies Mr K Thomas Mrs L Morgan Mr M K Williams Mr M J Owen Mrs B W Powell Mrs E F Gilroy Mr C Shaw Mr R G Howells Mrs A K Seppman Mr A Meech Mr T W Rees Mr R G Evans

Registered office

Venture Court Waterside Business Park Enterprise Park Swansea SA6 8AH

Auditors

LHP Audit Ltd Statutory AuditorsLlys Deri Parc Pensarn Carmarthen SA31 2NF

JCP Solicitors Limited

Strategic Report for the Year Ended 31 March 2025

The directors present their strategic report for the year ended 31 March 2025.

Principal activity

The principal activity of the company is the provision of legal services.

Fair review of the business

Since establishing in 1990, the company has become one of the best known law firms in Wales with offices based in Swansea, Cardiff, Cowbridge, Caerphilly, Carmarthen, Haverfordwest, and St Davids. In August 2025 the company successfully acquired the long-standing practice of Howe & Spender, further expanding their geographical footprint with enhanced services for the Client base in Port Talbot. The company specialises in providing high quality legal advice to businesses and private clients in the local community and throughout England and Wales including major high street lending institutions, agricultural organisations, public and voluntary sector organisations and well-known private companies alike.

The year ended 31 March 2025 saw an increase in turnover of 6.6% to £10,821,339 as a result of growth of their services. The increase in turnover has also been reflected in an increase in profit before tax of 73.6% to £2,351,411 in 2025 from £1,354,790 in 2024. This increase in profit was anticipated, due to investment in recruitment and technology in 2024 together with a number of innovative initiatives to improve profitability. This has also resulted in the net profit margin increasing from 9.36% in the year ended 31 March 2024 to 16.06% in 2025.

The directors undertake detailed analysis of the company's position during the year and at the year end using turnover and profitability as their key performance indicators.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs	Unit	2025	2024
Revenue	£	10,821,339	10,147,288
Profit before tax	£	2,351,411	1,354,790
Profit before tax	%	21.73	13.35

Principal risks and uncertainties

The legal market is changing rapidly, challenges around areas such as cybercrime and money laundering require constant vigilance. A key risk is the challenge of generating new fee income with increasing competition each year from other law firms and elsewhere.

The directors have prepared updated and sensitised budgets and forecasts for the coming year and are confident that the ambitious growth strategy will be achievable.

Approved and authorised by the Board on 1 October 2025 and signed on its behalf by:
 

......................................... Mrs H Davies Director

JCP Solicitors Limited

Directors' Report for the Year Ended 31 March 2025

The directors present their report and the financial statements for the year ended 31 March 2025.

Directors of the company

The directors who held office during the year were as follows:

Mrs H Davies

Mr K Thomas

Mrs L Morgan

Mr M K Williams

Mr M J Owen

Mrs B W Powell

Mrs E F Gilroy

Mr C Shaw

Mr R G Howells

Mrs A K Seppman

Mr A Meech

Miss M Y Li (ceased 1 April 2025)

Mr T W Rees

Mr R G Evans

Financial instruments

Financial risk management objectives and policies

The company operates a number of risk management policies designed to minimise its exposure to financial risk including key financial controls and targets implemented on every project which are reviewed monthly by the board to ensure that risk is mitigated and opportunities explored fully.

Price risk, credit risk, liquidity risk and cash flow risk

The company actively manages price risk by agreeing terms with clients and suppliers prior to entering into any transactions or contract.

The company operates a number of policies and controls to minimise credit risk. Depending on the legal matter, some work is taken on under a no win no fee basis. All clients of the firm are subject to money laundering checks and where necessary are subject to a detailed credit review prior to any terms being agreed. Directors must authorise any larger value contracts and the company will only conduct business with clients deemed to be credit-worthy.

The company produces detailed management accounts and forecasts, which enable the directors to monitor the cash position and to ensure that there is sufficient liquidity and cash flow to minimise the risk of the company being unable to pay its debts as they fall due.

JCP Solicitors Limited

Directors' Report for the Year Ended 31 March 2025

Interest rate risk

The company utilises a number of financial instruments including bank loans and overdrafts to finance its operations. The primary risk faced by the company as a result of its use of these financial instruments is interest rate risk.

The bank overdraft borrowings at variable rates exposes the company to cash flow interest rate risk, however the directors actively manage the risk by monitoring cash flow to ensure such borrowings are minimised.

The company bank loan borrowings, which are issued at fixed and variable rates, expose the company to fair value interest rate risk. These loans are provided by the company bankers at rates agreed at the start of the loan.

The company does not currently seek to hedge any interest rate risk.
 

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operation existence for the foreseeable future. In making their assessment the directors have reviewed the balance sheet, the likely cash flows of the business and have considered the facilities that are in place at the date of signing the report.

The company meets its day to day working capital requirements from its cash reserves and overdraft facilities if necessary. The directors have analysed the cash flow requirements and have a reasonable expectation that with the continued support of its bankers in the form of facilities levels which it has historically been provided with, the company will be able to continue to operate within those facilities.

The company currently has an overdraft facility in place which has been a long standing arrangement with its bankers. On the basis that the directors have no reason to believe that the facility will not be renewed, the going concern basis is deemed appropriate.

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 1 October 2025 and signed on its behalf by:
 

......................................... Mrs H Davies Director

JCP Solicitors Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors 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 the directors 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

•	select suitable accounting policies and apply them consistently;

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

•	state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

JCP Solicitors Limited

Independent Auditor's Report to the Members of JCP Solicitors Limited

Opinion

We have audited the financial statements of JCP Solicitors Limited (the 'company') for the year ended 31 March 2025, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, 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).

In our opinion the financial statements:

•	give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its 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.

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's 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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

JCP Solicitors Limited

Independent Auditor's Report to the Members of JCP Solicitors Limited

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

•	the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

•	the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

•	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
•	the financial statements are not in agreement with the accounting records and returns; or
•	certain disclosures of directors' remuneration specified by law are not made; or
•	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], the directors 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 directors 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 directors are responsible for assessing the company'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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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

JCP Solicitors Limited

Independent Auditor's Report to the Members of JCP Solicitors Limited

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

•	Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
•	Reviewing minutes of meetings of those charged with governance;
•	Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operation of the entity through enquiry and inspection;
•	Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
•	Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
	Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.

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

JCP Solicitors Limited

Independent Auditor's Report to the Members of JCP Solicitors Limited

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Mr Steven Edwards (Senior Statutory Auditor)
For and on behalf of LHP Audit Ltd, Statutory Auditor
 Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

1 October 2025

JCP Solicitors Limited

Profit and Loss Account for the Year Ended 31 March 2025

	Note	2025 £	2024 £
Turnover	3	10,821,339	10,147,288
Gross profit		10,821,339	10,147,288
Administrative expenses		(9,670,212)	(9,332,302)
Operating profit	4	1,151,127	814,986
Other interest receivable and similar income	5	1,360,004	594,634
Interest payable and similar expenses	6	(159,720)	(54,830)
		1,200,284	539,804
Profit before tax		2,351,411	1,354,790
Tax on profit	10	(613,292)	(404,851)
Profit for the financial year		1,738,119	949,939

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

JCP Solicitors Limited

Statement of Comprehensive Income for the Year Ended 31 March 2025

	2025 £	2024 £
Profit for the year	1,738,119	949,939
Total comprehensive income for the year	1,738,119	949,939

JCP Solicitors Limited

(Registration number: 09336286)
Balance Sheet as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Intangible assets	11	-	165,000
Tangible assets	12	79,491	3,473
		79,491	168,473
Current assets
Debtors	13	6,134,792	6,634,617
Cash at bank and in hand		809	5,350
		6,135,601	6,639,967
Creditors: Amounts falling due within one year	14	(2,080,807)	(3,073,509)
Net current assets		4,054,794	3,566,458
Total assets less current liabilities		4,134,285	3,734,931
Creditors: Amounts falling due after more than one year	14	(1,571,765)	(1,808,525)
Net assets		2,562,520	1,926,406
Capital and reserves
Called up share capital		148	148
Capital redemption reserve		70	70
Retained earnings		2,562,302	1,926,188
Shareholders' funds		2,562,520	1,926,406

Approved and authorised by the Board on 1 October 2025 and signed on its behalf by:
 

......................................... Mrs H Davies Director

JCP Solicitors Limited

Statement of Changes in Equity for the Year Ended 31 March 2025

	Share capital £	Capital redemption reserve £	Retained earnings £	Total £
At 1 April 2024	148	70	1,926,188	1,926,406
Profit for the year	-	-	1,738,119	1,738,119
Dividends	-	-	(1,102,005)	(1,102,005)
At 31 March 2025	148	70	2,562,302	2,562,520