Sampson Coward LLP

Notes to the Financial Statements

Year Ended 31 March 2026

1	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 May 2024. 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.

Reclassification of comparative amounts

A prior period adjustment has been applied to the 2025 balance sheet to more appropriately categorise a liability of uncertain timing and amount previously stated within creditors. On review of this balance, it is more appropriately defined as a provision reported on the balance sheet opposed to creditors and has therefore been reclassfied accordingly. The profit for the year has not been affected as a result of this balance sheet reclassification. The impact of adjusting for the provision is a decrease in creditors and an increase in provisions.

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.

Sampson Coward LLP

Notes to the Financial Statements

Year Ended 31 March 2026

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.

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:

Asset class	Depreciation method and rate
Land and buildings	20% reducing balance
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 2026

Financial instruments

Classification

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.

2	Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 35 (2025 - 31).

Sampson Coward LLP

Notes to the Financial Statements

Year Ended 31 March 2026

3	Tangible fixed assets

	Short leasehold land and buildings £	Fixtures and fittings  £	Total £
Cost
At 1 April 2025	7,927	177,719	185,646
Additions	-	15,837	15,837
Disposals	-	(34,875)	(34,875)
At 31 March 2026	7,927	158,681	166,608
Depreciation
At 1 April 2025	7,382	146,007	153,389
Charge for the year	109	14,537	14,646
Eliminated on disposals	-	(34,334)	(34,334)
At 31 March 2026	7,491	126,210	133,701
Net book value
At 31 March 2026	436	32,471	32,907
At 31 March 2025	545	31,712	32,257

4

Debtors

	2026  £	2025  £
Trade debtors	386,463	264,532
Prepayments and accrued income	207,603	424,453
	594,066	688,985

5	Creditors: Amounts falling due within one year

	2026  £	(As restated) 2025  £
Bank loans	-	235,320
Trade creditors	30,466	36,748
Taxation and social security	197,766	187,216
Accruals and deferred income	18,143	17,677
	246,375	476,961