ACCOUNTS - Final Accounts

Operating profit

The operating profit is stated after charging:

Registered number: OC341068

JAMES COWPER LLP

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

JAMES COWPER LLP

INFORMATION

Designated Members

S L Bedford (resigned 30 June 2026)

A R Peal

S R Staunton

A C Poole

J L Pitt

D P O'Connor

S M Williams

S L Mundy

N R Butler

A R Nicholson

B Ravindrarajah (resigned 14 August 2026)

S Omer-Kaye

J R Baillie

P J Snell

P M Davies

Members

S N Barratt (resigned 30 June 2025)

F M Hawkins

B S McAvoy

M J Bath

A J Cowie

K J Rabindran (appointed 23 June 2026)

LLP registered number

OC341068

Registered office

2 Communications Road, Greenham Business Park, Greenham, Newbury, Berkshire, RG19 6AB

Independent auditors

Sumer Auditco Limited, Lennox House, 3 Pierrepont Street, Bath, BA1 1LB

JAMES COWPER LLP

CONTENTS

	Page
Members' Report	1 - 3
Independent Auditors' Report	4 - 7
Consolidated Statement of Comprehensive Income	8
Consolidated Balance Sheet	9 - 10
LLP Balance Sheet	11
Consolidated Reconciliation of Members' Interests	12
LLP Reconciliation of Members' Interests	13
Consolidated Statement of Cash Flows	14
Notes to the Financial Statements	15 - 32

JAMES COWPER LLP

MEMBERS' REPORT

FOR THE YEAR ENDED 31 MARCH 2026

The Members present their annual report together with the audited financial statements of James Cowper LLP (the "LLP") for the year ended 31 March 2026.

The LLP shortened its accounting period during the year ended 31 March 2025. The previous reporting period therefore covers the 11 months ended 31 March 2025 and the current period comparatives reflect the 12 months ended 31 March 2026. These financial statements are therefore not entirely comparable period to period.

Principal activities

The principal activity of the LLP and its subsidiary undertakings in the year under review was that of accountants and business advisers.

Designated Members

S L Bedford, A R Peal, S R Staunton, A C Poole, J L Pitt, D P O'Connor, S M Williams, S L Mundy, N R Butler, A R Nicholson, B Ravindrarajah, S Omer-Kaye, J R Baillie, P J Snell and P M Davies were designated members of the LLP throughout the year.

Subsequent to the year end, on 30 June 2026, S L Bedford resigned as a designated member.

Subsequent to the year end, on 14 August 2026, B Ravindrarajah resigned as a designated member.

Members

F M Hawkins, B S McAvoy, M J Bath and A J Cowie was a member of the LLP throughout the period.

S N Barratt resigned on 30 June 2025.

Subsequent to the year end, on 23 June 2026, K J Rabindran was appointed as a member.

Members' capital and interests

Each Member's subscription to the capital of the LLP is determined by their share of the profit and is repayable following retirement from the LLP.

Details of changes in Members' capital in the year ended 31 March 2026 are set out in the Reconciliation of Members' Interests.

Members are remunerated from the profits of the LLP and are required to make their own provision for taxation, pensions and other benefits. Profits are allocated and divided between Members after finalisation of the financial statements. Members draw a proportion of their profit shares monthly during the year in which it is made, with the balance of profits being distributed after the year, subject to the cash requirements of the business.

Review of business

As the leading independent practice in the Thames Valley, London and Southampton, James Cowper LLP trading as James Cowper Kreston understands the needs of a diverse range of businesses, individuals, charities and other entities. Central to our philosophy is that clients receive the best service and advice possible to help them succeed in achieving their own objectives.

Our values are core to our approach and these are communicated to all staff.

Our technical excellence across a wide range of our services has once again been acknowledged by many awards and accolades including our success in being short-listed at various prestigious awards in the year. Several partners and senior members of staff are members of national technical committees and international committees for Kreston International.

Page 1

JAMES COWPER LLP

MEMBERS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2026

James Cowper Kreston has met the challenge laid down by tough economic conditions. We have achieved overall growth on turnover mainly from new business as price pressure continues in several of our service lines.

Our goals over the next three to five years continue to focus on growth and a constant improvement of our service delivery. To achieve these we will position our firm in our target markets and promote excellence throughout all of our service lines and sectors.

Results for the year and allocation to members

The profit for the year ended 31 March 2026 before member's remuneration and profit shares was £11,663,275 (11 months ended 31 March 2025: £11,046,717).

Members' responsibilities statement

The Members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), requires the Members to prepare financial statements for each financial year. Under that law the Members 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, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the Members 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 LLP and the Group and of the profit or loss of the LLP and Group for that period.

In preparing these financial statements, the Members are required to:

∙select suitable accounting policies and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP and Group will continue in business.

The Members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP and the Group's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and Group and to enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the LLP and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Members at the time when this Members' Report is approved has confirmed that:

∙so far as that Member is aware, there is no relevant audit information of which the LLP and Group's auditors are unaware, and

∙that Member has taken all the steps that ought to have been taken as a Member in order to be aware of any relevant audit information and to establish that the LLP and Group's auditors are aware of that information.

Page 2

JAMES COWPER LLP

MEMBERS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2026

Auditors

The auditors, Sumer Auditco Limited, have indicated their willingness to continue in office. The Designated Members will propose a motion re-appointing the auditors at a meeting of the Members.

This report was approved by the Members and signed on their behalf by:

A R Peal

Date: 22 September 2026

Page 3

JAMES COWPER LLP

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JAMES COWPER LLP

Opinion

We have audited the financial statements of James Cowper LLP (the 'Parent LLP') and its subsidiaries (the 'Group') for the year ended 31 March 2026, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the LLP Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Reconciliation of Members' Interests, the LLP Reconciliation of Members' Interests and the related notes, 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 Group's and of the Parent LLP's affairs as at 31 March 2026 and of the Group's 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, as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Members' 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 Group's or the Parent LLP's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Page 4

JAMES COWPER LLP

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JAMES COWPER LLP (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Members are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006, as applied to limited liability partnerships, requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept by the Parent LLP, or returns adequate for our audit have not been received from branches not visited by us; or

∙the Parent LLP financial statements are not in agreement with the accounting records and returns; or

∙we have not received all the information and explanations we require for our audit.

Responsibilities of members

As explained more fully in the Members' Responsibilities Statement set out on page 2, the Members 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 Members 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 Members are responsible for assessing the Group's and the Parent LLP'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 Members either intend to liquidate the Group or the Parent LLP or to cease operations, or have no realistic alternative but to do so.

Page 5

JAMES COWPER LLP

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JAMES COWPER LLP (CONTINUED)

Auditors' 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 Auditors' 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 Group financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Capability of the audit in detecting irregularities, including fraud

Based on our understanding of the Group and industry, we identified that the principal risks of non-compliance with laws and regulations related to health and safety, employment law and company legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements of the Group. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and taxation legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the audit engagement team included:

∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;

∙Understanding of management's internal controls designed to prevent and detect irregularities, and fraud;

∙Reviewing the Group's legal costs to check for non-compliance with laws and regulations and fraud;

∙Review of tax compliance;

∙Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing of expenses;

∙Testing transactions entered into outside of the normal course of the Group's business; and

∙Identifying and testing journal entries, in particular any journal entries with fraud characteristics.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Page 6

JAMES COWPER LLP

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JAMES COWPER LLP (CONTINUED)

Use of our report

This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in an Auditors' 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 LLP and the LLP's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Martin Longmore FCA (Senior Statutory Auditor)

for and on behalf of

Sumer Auditco Limited

Chartered Accountants and Statutory Auditor

Lennox House

3 Pierrepont Street

Bath

BA1 1LB

24 September 2026

Page 7

JAMES COWPER LLP

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2026

	2026	2025
Note	£	£


Turnover	4	33,352,791	28,817,427
Cost of sales		(14,892,759)	(12,393,599)
Gross profit		18,460,032	16,423,828
Administrative expenses		(7,822,653)	(6,651,101)
Operating profit	5	10,637,379	9,772,727
Income from participating interests		1,276,733	1,413,392
Interest receivable and similar income	10	45,729	47,784
Interest payable and similar expenses	11	(33,585)	(26,514)
Profit before tax		11,926,256	11,207,389
Tax on profit	12	(262,981)	(160,672)
Profit before members' remuneration and profit shares		11,663,275	11,046,717

Profit for the year before members' remuneration and profit shares	11,663,275	11,046,717
Members' remuneration charged as an expense	(11,384,767)	(10,955,249)
Non-controlling interests	(278,508)	(91,468)
Profit for the financial period available for discretionary division among members	-	-

There was no other comprehensive income for 2026 (2025: £NIL).

The notes on pages 15 to 32 form part of these financial statements.

Page 8

JAMES COWPER LLP

REGISTERED NUMBER: OC341068

CONSOLIDATED BALANCE SHEET

AS AT 31 MARCH 2026

		2026		2025
Note		£		£

Fixed assets
Intangible assets	14		24,342		66,069
Tangible assets	15		1,629,415		1,175,626
Investments	16		1,001		1,001
			1,654,758		1,242,696
Current assets
Debtors: amounts falling due within one year	17	9,288,159		10,025,482
Cash at bank and in hand	18	944,245		1,247,622
		10,232,404		11,273,104
Creditors: amounts falling due within one year	19	(3,922,042)		(4,299,730)
Net current assets			6,310,362		6,973,374
Total assets less current liabilities			7,965,120		8,216,070

Creditors: amounts falling due after more than one year	20		(508,222)		(250,609)

Net assets			7,456,898		7,965,461

Capital and reserves
Loans and other debts due to members within one year
Loans and other debts due to members	22	7,429,958	7,938,110
Non-controlling interest		26,940	27,351
		7,456,898	7,965,461

Total members' interests
Loans and other debts due to members	22	7,429,958	7,938,110

Page 9

JAMES COWPER LLP

REGISTERED NUMBER: OC341068

CONSOLIDATED 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:

A R Peal

Designated Member

Date: 22 September 2026

The notes on pages 15 to 32 form part of these financial statements.

James Cowper 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 Consolidated Statement of Changes in Equity.

Page 10

JAMES COWPER LLP

REGISTERED NUMBER: OC341068

LLP BALANCE SHEET

AS AT 31 MARCH 2026

		2026		2025
Note		£		£

Fixed assets
Intangible assets	14		24,342		66,069
Tangible assets	15		1,629,415		1,175,626
Investments	16		1,009		1,009
			1,654,766		1,242,704
Current assets
Debtors: amounts falling due within one year	17	9,069,444		9,851,792
Cash at bank and in hand	18	940,514		1,242,591
		10,009,958		11,094,383
Creditors: amounts falling due within one year	19	(3,871,550)		(4,246,931)
Net current assets			6,138,408		6,847,452
Total assets less current liabilities			7,793,174		8,090,156
Creditors: amounts falling due after more than one year	20		(508,222)		(250,609)
Net assets			7,284,952		7,839,547

Represented by:
Loans and other debts due to members within one year
Loans and other debts due to members		7,284,952	7,839,547
	22	7,284,952	7,839,547

Total members' interests
Loans and other debts due to members	22	7,284,952	7,839,547

The financial statements were approved and authorised for issue by the Members and were signed on their behalf by:

A R Peal

Designated Member

Date: 22 September 2026

The notes on pages 15 to 32 form part of these financial statements.

Page 11

JAMES COWPER LLP

CONSOLIDATED RECONCILIATION OF MEMBERS' INTERESTS

FOR THE YEAR ENDED 31 MARCH 2026


	DEBT Loans and other debts due to members less any amounts due from members in debtors
	Other amounts	Total
	£	£
Members' interests after profit for the year	7,250,410	7,250,410
Other division of profits	10,955,249	10,955,249
Amounts introduced by members	460,000	460,000
Drawings on account and distribution of profit	(10,721,549)	(10,721,549)
Repayment of debt	(6,000)	(6,000)
Amounts due to members	7,938,110	7,938,110
Amounts due from members	-	-
Balance at 31 March 2025	7,938,110	7,938,110
Members' interests after profit for the year	7,938,110	7,938,110
Members' remuneration charged as an expense	11,384,767	11,384,767
Amounts introduced by members	70,000	70,000
Drawings on account and distribution of profit	(11,902,919)	(11,902,919)
Repayment of debt	(60,000)	(60,000)
Amounts due to members	7,429,958	7,429,958
Amounts due from members	-	-
Balance at 31 March 2026	7,429,958	7,429,958

Page 12

JAMES COWPER LLP

LLP RECONCILIATION OF MEMBERS' INTERESTS

FOR THE YEAR ENDED 31 MARCH 2026


	DEBT Loans and other debts due to members less any amounts due from members in debtors
	Other amounts	Total
	£	£
Members' interests after profit for the year	7,036,501	7,036,501
Other division of profits	11,070,595	11,070,595
Amounts introduced by members	460,000	460,000
Drawings on account and distribution of profit	(10,721,549)	(10,721,549)
Repayment of debt	(6,000)	(6,000)
Amounts due to members	7,839,547	7,839,547
Amounts due from members	-	-
Balance at 31 March 2025	7,839,547	7,839,547
Members' interests after profit for the year	7,839,547	7,839,547
Members' remuneration charged as an expense	11,338,324	11,338,324
Amounts introduced by members	70,000	70,000
Drawings on account and distribution of profit	(11,902,919)	(11,902,919)
Repayment of debt	(60,000)	(60,000)
Amounts due to members	7,284,952	7,284,952
Amounts due from members	-	-
Balance at 31 March 2026	7,284,952	7,284,952

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

Page 13

JAMES COWPER LLP

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2026

			2026	2025
			£	£



Proft for the year before members' remuneration and profit shares	11,663,275	11,046,717
Amortisation of goodwill	41,727	38,250
Depreciation of tangible assets	299,822	219,893
Interest paid	33,585	26,514
Interest received	(45,729)	(47,784)
Taxation charge	262,981	160,672
Decrease/(increase) in debtors	737,323	(2,820,719)
(Decrease)/increase in creditors	(457,748)	712,319
Corporation tax (paid)	(210,861)	(202,150)
Net cash generated from operating activities before transactions with members	12,324,375	9,133,712

Cash flows from investing activities
Purchase of tangible fixed assets	(753,611)	(649,261)
Interest received	45,729	47,784
HP interest paid	-	(26,212)
Net cash from investing activities	(707,882)	(627,689)
Cash flows from financing activities
New loans	580,000	473,000
Repayment of loans	(294,448)	(670,960)
Interest paid	(33,585)	(302)
Dividends paid to non-controlling interests	(278,918)	(95,293)
Members' capital contributed	70,000	460,000
Members' capital repaid	(60,000)	(6,000)
Drawings paid to members	(11,902,919)	(10,721,549)
Net cash used in financing activities	(11,919,870)	(10,561,104)
Net (decrease)/increase in cash and cash equivalents	(303,377)	(2,055,081)
Cash and cash equivalents at beginning of year	1,247,622	3,302,703
Cash and cash equivalents at the end of year	944,245	1,247,622

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	944,245	1,247,622
	944,245	1,247,622

The notes on pages 15 to 32 form part of these financial statements.

Page 14

JAMES COWPER LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

1.	General information

The principal activity of the LLP and its subsidiary undertakings in the year under review was that of accountants and business advisers.

2.Accounting policies

2.1

Basis of preparation of financial statements

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 Liability Partnerships".

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The LLP has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the LLP and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group entities are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 May 2014.

2.3

Foreign currency translation

Functional and presentation currency

The LLP's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 15

JAMES COWPER LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group 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.

2.5

Amounts recoverable on contract

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.

2.6

Operating leases: the Group as lessee

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

2.7

Interest income

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

2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 16

JAMES COWPER LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

2.11

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the LLP and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 17

JAMES COWPER LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.12

Division and distribution of profits

A division of profits is the mechanism by which the profits of a Group 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 Group 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 Group, which it has the unconditional right to avoid making.

The Group divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in the Consolidated Statement of Comprehensive Income.

2.13

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.14

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure 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.

Page 18

JAMES COWPER LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.14

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short leasehold property	-	over the period of the lease
Fixtures & fittings	-	between 10% and 20% straight line
Office equipment	-	33% straight line
Computer equipment	-	between 20% and 33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.16

Debtors

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.

2.17

Cash and cash equivalents

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

2.18

Creditors

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.

Page 19

JAMES COWPER LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.19

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 20

JAMES COWPER LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgments (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Tangible fixed assets (see note 15)

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as the remaining life of the asset and projected disposal values.

Trade debtors (see note 17)

Impairment provisions are recognised when there is objective evidence that the book value may not be recoverable in full. The recoverable amount is assessed annually and the actual recoverable amount may vary depending on a number of factors.

Amounts recoverable on contracts (see note 17)

Provisions against amounts recoverable on contracts are recognised when there is objective evidence that the carrying value may not be recoverable in full. The recoverable amount is assessed annually and the actual amount recovered post year end may vary depending on a number of factors.

Turnover

An analysis of turnover by class of business is as follows:
	2026	2025
	£	£

	Services	33,352,791	28,817,427

All turnover arose within the United Kingdom.

Depreciation of tangible fixed assets	299,822	219,893
Amortisation of goodwill	41,727	38,250
Other operating lease rentals	871,683	683,400
Defined contribution pension cost	561,604	452,197

Page 21

JAMES COWPER LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

Fees payable to the LLP's auditors for the audit of the consolidated and Parent LLP's financial statements

35,500

33,000

7.	Employees
	Staff costs were as follows:

Group	Group	LLP	LLP
2026	2025	2026	2025
£	£	£	£

Wages and salaries	11,664,929	9,949,263	11,226,670	8,577,106
Social security costs	1,539,401	1,056,933	1,482,374	922,161
Cost of defined contribution scheme	561,604	452,197	538,291	395,250
	13,765,934	11,458,393	13,247,335	9,894,517

The average monthly number of persons (including Members with contracts of employment) employed during the year was as follows:

	2026	2025
	No.	No.

Fee earners	195	192
Non fee earning staff	41	42

	236	234

Page 22

JAMES COWPER LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

8.	Members' remuneration and information in relation to members
		2026	2025
		Number	Number

	The average number of members during the year was	19	20

					2026	2025
					£	£

	Members' remuneration charged as an expense	11,384,767	10,955,249

	The amount of profit attributable to the member with the largest entitlement was	780,768	736,274

During the year retirement benefits were accruing to no members (2025 - nil) in respect of defined contribution pension schemes.

9.	Income from participating interests
		2026	2025
		£	£

	Income from participating interests and group companies	1,276,733	1,413,392

10.	Interest receivable
		2026	2025
		£	£

Other interest receivable

45,729

47,784

11.	Interest payable and similar expenses
		2026	2025
		£	£

Bank interest payable	653	302
Finance leases and hire purchase contracts	32,932	26,212
	33,585	26,514

Page 23

JAMES COWPER LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

Corporation tax
Current tax on profits for the year	262,981	188,642
Total current tax	262,981	188,642

Deferred tax
Origination and reversal of timing differences	-	(27,970)
Total deferred tax	-	(27,970)


		262,981	160,672

	Profit on ordinary activities before tax	11,926,256	11,207,389
	Less: amounts subject to personal taxation	(11,624,318)	(10,837,883)

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2025 - 25%)	76,545	92,377
Effects of:
Fixed asset differences	186,436	68,295
Total tax charge for the year	262,981	160,672

Factors that may affect future tax charges

There are no factors that may affect future tax charges.

13.	Parent LLP profit for the year

The LLP has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent LLP for the year was £11,338,322 (11 months ended 31 March 2025 - £11,070,595).

Page 24

JAMES COWPER LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

14.	Intangible assets
	Group and LLP

		Goodwill
		£

	At 1 April 2025	1,511,478
	At 31 March 2026	1,511,478

	At 1 April 2025	1,445,409
	Charge for the year	41,727
	At 31 March 2026	1,487,136
	Net book value
	At 31 March 2026	24,342
	At 31 March 2025	66,069

Page 25

JAMES COWPER LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

15.	Tangible fixed assets
	Group

	Short term leasehold property	Fixtures & fittings	Office equipment	Computer equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 April 2025	1,137,434	467,931	113,459	628,082	2,346,906
Additions	510,403	97,965	2,344	142,899	753,611
Disposals	-	(80,529)	(94,658)	(53,393)	(228,580)
At 31 March 2026	1,647,837	485,367	21,145	717,588	2,871,937
Depreciation
At 1 April 2025	445,333	193,581	108,227	424,139	1,171,280
Charge for the year on owned assets	116,759	41,601	3,504	137,958	299,822
Disposals	-	(80,529)	(94,658)	(53,393)	(228,580)
At 31 March 2026	562,092	154,653	17,073	508,704	1,242,522
Net book value
At 31 March 2026	1,085,745	330,714	4,072	208,884	1,629,415
At 31 March 2025	692,101	274,350	5,232	203,943	1,175,626

Page 26

JAMES COWPER LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

15.Tangible fixed assets (continued)

	LLP

	Short term leasehold property	Fixtures & fittings	Office equipment	Computer equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 April 2025	1,069,674	467,931	113,459	203,943	1,855,007
Additions	510,403	97,965	2,344	142,899	753,611
Disposals	-	(80,529)	(94,658)	(53,393)	(228,580)
At 31 March 2026	1,580,077	485,367	21,145	293,449	2,380,038
Depreciation
At 1 April 2025	377,573	193,581	108,227	-	679,381
Charge for the year on owned assets	116,759	41,601	3,504	137,958	299,822
Disposals	-	(80,529)	(94,658)	(53,393)	(228,580)
At 31 March 2026	494,332	154,653	17,073	84,565	750,623
Net book value
At 31 March 2026	1,085,745	330,714	4,072	208,884	1,629,415
At 31 March 2025	692,101	274,350	5,232	203,943	1,175,626

The net book value of land and buildings may be further analysed as follows:
	2026	2025
	£	£

	Short leasehold	1,085,745	692,101

Page 27

JAMES COWPER LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

16.	Fixed asset investments

	LLP

	Investments in subsidiary companies	Other fixed asset investments	Total
	£	£	£
Cost or valuation
At 1 April 2025	9	1,000	1,009
At 31 March 2026	9	1,000	1,009

Other fixed asset investments represent an investment in James Cowper Kreston Audit LLP.

Subsidiary undertakings
The following were subsidiary undertakings of the LLP:
Name	Registered office	Class of shares	Holding

JC Payroll Services Limited	2 Communications Road, Greenham Business Park, Newbury, Berkshire, England, RG19 6AB	Ordinary	100%
James Cowper Services Limited	2 Communications Road, Greenham Business Park, Newbury, Berkshire, England, RG19 6AB	Ordinary	100%
James Cowper Kreston Corporate Finance Limited	2 Communications Road, Greenham Business Park, Newbury, Berkshire, England, RG19 6AB	Ordinary	55%
James Cowper Trustees Limited	2 Communications Road, Greenham Business Park, Newbury, Berkshire, England, RG19 6AB	Ordinary	100%
JC Payroll Solutions Limited	2 Communications Road, Greenham Business Park, Newbury, Berkshire, England, RG19 6AB	Ordinary	100%

JC Payroll Solutions Limited is a wholly owned subsidiary of JC Payroll Services Limited and is therefore an indirect subsidiary undertaking of the LLP.

Page 28

JAMES COWPER LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

17.

Debtors

Group	Group	LLP	LLP
2026	2025	2026	2025
£	£	£	£

Trade debtors	3,343,900	4,079,979	3,128,856	3,788,498
Amounts owed by group undertakings	-	-	-	135,744
Amounts owed by joint ventures and associated undertakings	2,291,108	2,557,479	2,291,108	2,557,479
Other debtors	177,655	34,679	177,655	33,412
Prepayments and accrued income	1,810,002	1,718,043	1,806,331	1,701,357
Amounts recoverable on contracts	1,665,494	1,635,302	1,665,494	1,635,302
	9,288,159	10,025,482	9,069,444	9,851,792

Amounts owed by group undertakings are repayable on demand, unsecured and non-interest bearing.

18.	Cash and cash equivalents
		Group	Group	LLP	LLP
		2026	2025	2026	2025
		£	£	£	£

	Cash at bank and in hand	944,245	1,247,622	940,514	1,242,591

19.	Creditors: Amounts falling due within one year
		Group	Group	LLP	LLP
		2026	2025	2026	2025
		£	£	£	£

Bank loans	269,333	241,378	269,333	241,378
Trade creditors	600,468	777,410	591,727	766,870
Amounts owed to group undertakings	-	-	307,571	168,566
Corporation tax	263,092	210,972	-	91,256
Other taxation and social security	1,294,499	1,532,322	1,223,866	1,458,284
Other creditors	17,113	103,365	1,516	86,294
Accruals and deferred income	1,477,537	1,434,283	1,477,537	1,434,283
	3,922,042	4,299,730	3,871,550	4,246,931

Amounts owed to group undertakings are repayable on demand, unsecured and non-interest bearing.

The bank has an unlimited debenture over all of the assets of James Cowper LLP.

Page 29

JAMES COWPER LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

20.	Creditors: Amounts falling due after more than one year
		Group	Group	LLP	LLP
		2026	2025	2026	2025
		£	£	£	£

	Bank loans	508,222	250,609	508,222	250,609

21.	Financial instruments
		Group	Group	LLP	LLP
		2026	2025	2026	2025
		£	£	£	£

Financial assets
Cash and cash equivalents	944,245	1,247,622	1,247,622	1,242,591
Financial assets that are debt instruments measured at amortised cost	7,481,157	8,307,439	8,307,439	8,150,435
	8,425,402	9,555,061	9,555,061	9,393,026

	Financial liabilities
	Financial liabilities measured at amortised cost	(2,083,335)	(2,265,607)	(2,366,482)	(2,348,963)

	Financial assets that are debt instruments measured at amortised cost comprise trade debtors, amounts owed by group undertakings and other participating interests, other debtors and amounts recoverable on contracts.
	Financial liabilities measured at amortised cost comprise bank overdrafts, bank loans, trade creditors, amounts owed to group undertakings, other creditors and accruals.

Page 30

JAMES COWPER LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

22.	Loans and other debts due to members

		Group	Group	LLP	LLP
		2026	2025	2026	2025
		£	£	£	£


	Other amounts due to members	7,429,958	7,938,110	7,284,952	7,839,547

Loans and other debts due to members may be further analysed as follows:

Group	Group	LLP	LLP
2026	2025	2026	2025
£	£	£	£


Members capital treated as debt	3,145,000	3,135,000	3,145,000	3,135,000
Amounts due to members	4,284,958	4,803,110	4,139,952	4,704,547
	7,429,958	7,938,110	7,284,952	7,839,547

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.

23.	Analysis of net debt (Group)

		At 1 April 2025	Arising from cash flows	At 31 March 2026
		£	£	£

Cash at bank and in hand	1,247,622	(303,377)	944,245
Borrowings due within 1 year	(241,378)	(27,738)	(269,116)
Borrowings due after 1 year	(250,609)	(257,613)	(508,222)
Net debt (before members' debt)	755,635	(588,728)	166,907
Loans and other debts due to members
Other amounts due to members	(7,938,110)	508,152	(7,429,958)
Net debt	(7,182,475)	(80,576)	(7,263,051)

24.	Pension commitments

As at 31 March 2026 £nil (2025: £83,353) was included in other creditors in respect of amounts due to be paid to employees' pension schemes.

Page 31

JAMES COWPER LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

25.	Commitments under operating leases
	At 31 March 2026 the Group and the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group	LLP	LLP
		2026	2025	2026	2025
		£	£	£	£

Land and buildings
Not later than 1 year	539,735	581,284	539,735	581,284
Later than 1 year and not later than 5 years	2,502,011	1,361,318	2,502,011	1,361,318
Later than 5 years	2,167,241	1,638,070	2,167,241	1,638,070
	5,208,987	3,580,672	5,208,987	3,580,672

Group	Group	LLP	LLP
2026	2025	2026	2025
£	£	£	£

Other leases
Not later than 1 year	106,690	99,063	106,690	99,063
Later than 1 year and not later than 5 years	101,334	93,861	101,334	93,861
	208,024	192,924	208,024	192,924

26.

Related party transactions

The Members have elected to take advantage of the exemption available to them under FRS 102 in respect of transactions with other group companies, where 100% of the capital of the LLP is held within the Group.

During the year ended 31 March 2026, the Group received fees relating to services provided of £11,214,398 (Period ended 31 March 2025: £8,784,595) to James Cowper Kreston Audit LLP. As at 31 March 2026, the Group was owed £2,291,108 (2025: £2,557,479) from James Cowper Kreston Audit LLP. These amounts are repayable within 30 days, unsecured and non-interest bearing.

During the year ended 31 March 2026, the LLP received fees relating to services provided of £222,050 (Period ended 31 March 2025: £104,660) to James Cowper Kreston Corporate Finance Limited. As at 31 March 2026, the LLP owed £185,125 (2025: £61,343) to James Cowper Kreston Corporate Finance Limited.

27.	Controlling party

The members do not consider there to be one ultimate controlling party.

Page 32