REGISTERED NUMBER: OC362592 (England and Wales)

COX COSTELLO & HORNE PARTNERS LLP

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

M F Cox BSc FCA

Felton & Farnworth Limited

REGISTERED OFFICE:

26 Denbigh Street

London

SW1V 2ER

REGISTERED NUMBER:

OC362592 (England and Wales)

FIXED ASSETS

Intangible assets

4

341

3,837

Tangible assets

5

12,675

18,066

Investments

6

198,298

198,298

211,314

220,201

CURRENT ASSETS

Stocks

159,805

146,839

Debtors

7

279,651

334,306

Cash at bank and in hand

152,346

108,853

591,802

589,998

CREDITORS

Amounts falling due within one year

8

407,872

378,949

NET CURRENT ASSETS

183,930

211,049

TOTAL ASSETS LESS CURRENT LIABILITIES

395,244

431,250

CREDITORS

Amounts falling due after more than one year

9

(175,333

)

(183,333

)

PROVISIONS FOR LIABILITIES

(5,000

)

-

NET ASSETS ATTRIBUTABLE TO MEMBERS

214,911

247,917

LOANS AND OTHER DEBTS DUE TO MEMBERS

10

139,911

172,917

MEMBERS' OTHER INTERESTS

Capital accounts

75,000

75,000

214,911

247,917

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

10

139,911

172,917

Members' other interests

75,000

75,000

214,911

247,917

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2025.

The members acknowledge their responsibilities for:

(a)	ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(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 year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Profit and loss account has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 30 September 2025 and were signed by:

M F Cox BSc FCA - Designated member

1.	STATUTORY INFORMATION

Cox Costello & Horne Partners LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Going concern

The partnership meets its day-to-day working capital requirements through its bank facility. After making enquiries, the members have a reasonable expectation that the partnership has adequate resources to continue in operational existence for the foreseeable future; taken to be 12 months from signing the financial statements. The partnership therefore continues to adopt the going concern basis in preparing its financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on cost

All assets are initially recognised at cost and subsequently carried at cost less accumulated depreciation. The cost of an asset initially recognised includes its purchase price and any cost 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.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments

a) Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

b) Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

c) Cash at bank and in hand

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term 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.

d) Interest income

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

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

Partners' share of profits and drawings

Partners are remunerated solely out of the profits of the firm. The amount of profit to be distributed to partners is determined by the board after the year-end. Partners usually draw a proportion of their expected profit share in 12 monthly instalments during the year in which the profit is earned, with the balance of their share of allocated profits paid in 12 equal instalments starting in April of the subsequent financial year. All payments are made subject to the cash requirements of the business. As partners draw a proportion of their expected profit share during the year before the profits for the year have been determined, divided and allocated to them, by the year-end their personal current accounts with Cox Costello & Horne Partners LLP are in deficit. The total of these accounts is shown in the balance sheet within 'Loans and other debts due to members'. Once the profit for the year has been divided and allocated, the partners' current accounts are in surplus by the amount of their share of the year's profits not already drawn.

Taxation

Taxation on all partnership profits is solely the personal liability of the individual members. Consequently neither taxation nor related deferred taxation arising in respect of the partnership is accounted for in these financial statements.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 15 (2024 - 15 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2024

and 31 March 2025

47,732

AMORTISATION

At 1 April 2024

43,895

Charge for year

3,496

At 31 March 2025

47,391

NET BOOK VALUE

At 31 March 2025

341

At 31 March 2024

3,837

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2024

72,759

Disposals

(36,710

)

At 31 March 2025

36,049

DEPRECIATION

At 1 April 2024

54,693

Charge for year

5,391

Eliminated on disposal

(36,710

)

At 31 March 2025

23,374

NET BOOK VALUE

At 31 March 2025

12,675

At 31 March 2024

18,066

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2024

and 31 March 2025

198,298

NET BOOK VALUE

At 31 March 2025

198,298

At 31 March 2024

198,298

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors

211,396

308,928

Other debtors

68,255

25,378

279,651

334,306

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade creditors

61,437

47,512

Amounts owed to group undertakings

99,627

99,627

Taxation and social security

123,495

108,673

Other creditors

123,313

123,137

407,872

378,949

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans

175,333

183,333

10.

LOANS AND OTHER DEBTS DUE TO MEMBERS

In the event of a winding up the amounts included in "Loans and amounts owed to members" will rank equally with unsecured creditors.