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Registered number: OC440841
JAMES COWPER KRESTON AUDIT LLP
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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JAMES COWPER KRESTON AUDIT LLP
REGISTERED NUMBER: OC440841
BALANCE SHEET
AS AT 31 MARCH 2026
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Debtors: amounts falling due within one year
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Creditors: Amounts Falling Due Within One Year
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Total assets less current liabilities
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Loans and other debts due to members within one year
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Members' capital classified as equity
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Loans and other debts due to members
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The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.
Page 1
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JAMES COWPER KRESTON AUDIT LLP
REGISTERED NUMBER: OC440841
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2026
The financial statements were approved and authorised for issue by the members and were signed on their behalf by:
The notes on pages 3 to 6 form part of these financial statements.
James Cowper Kreston Audit 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 Statement of Changes in Equity.
Page 2
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JAMES COWPER KRESTON AUDIT LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
James Cowper Kreston Audit LLP is a limited liability partnership incorporated in England and Wales.
The partnerships registered office address is 2 Communications Road, Greenham Business Park, Newbury, Berkshire, RG19 6AB.
2.Accounting policies
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Basis of preparation of financial statements
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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 Liabilities Partnerships'. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The LLP's functional and presentational currency is GBP.
The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP 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 LLP 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.
Page 3
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JAMES COWPER KRESTON AUDIT LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
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Amounts recoverable on contract
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Amounts recoverable on contract represent the amount by which revenue recognised on contracts exceeds amounts invoiced to customers at the reporting date.
Revenue from long-term contracts is recognised over time by reference to the stage of completion of the contract activity at the reporting date, where the outcome of the contract can be estimated reliably. The stage of completion is measured using a method that best reflects the transfer of goods or services to the customer, such as costs incurred to date as a percentage of total estimated contract costs, achievement of contractual milestones, or surveys of work performed.
Where the cumulative revenue recognised exceeds amounts invoiced, the difference is recognised within debtors as amounts recoverable on contract. Amounts recoverable on contract are stated at the amount expected to be realised and are reviewed for recoverability at each reporting date.
Where it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised immediately in the profit and loss account.
Amounts recoverable on contract are derecognised when the related invoice is raised or cash is received from the customer.
Interest income is recognised in profit or loss using the effective interest method.
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Division and distribution of profits
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A division of profits is the mechanism by which the profits of an LLP 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 LLP 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 LLP, which it has the unconditional right to avoid making.
The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in .
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.
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Cash and cash equivalents
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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.
Page 4
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JAMES COWPER KRESTON AUDIT LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
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.
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The LLP has no employees (2025 - Nil).
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Amounts recoverable on long-term contracts
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Cash and cash equivalents
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Creditors: amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Page 5
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JAMES COWPER KRESTON AUDIT LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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Related party transactions
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On 1 January 2023, an entity related by common members, James Cowper LLP, transferred its audit business and assets to the LLP for £822,802 to enable the Group headed by James Cowper LLP to more easily comply with the various audit regulatory requirements. At the same time, the LLP entered into a service agreement with James Cowper LLP for it to provide the LLP with audit and other services.
During the year ended 31 March 2026, the LLP incurred fees relating to services provided of £11,214,398 (period ended 31 March 2025: £8,784,595) from James Cowper LLP. As at 31 March 2026, the LLP owed £2,291,108 being £4,628,241 “Amounts due to members” less the £2,337,133 'Other debtors’' amount (2025: £2,557,479) to James Cowper LLP. These amounts are repayable within 30 days, unsecured and non-interest bearing.
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The LLP is under the control of its designated members. The members do not consider there to be one ultimate controlling party.
The auditors' report on the financial statements for the year ended 31 March 2026 was unqualified.
The audit report was signed on 24 September 2026 by Martin Longmore (FCA) (Senior statutory auditor) on behalf of Sumer Auditco Limited.
Page 6
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