REGISTERED NUMBER: 07629419 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Audited |
Consolidated Financial Statements |
for the Year Ended 31 March 2024 |
for |
Cousins Group Limited |
REGISTERED NUMBER: 07629419 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Audited |
Consolidated Financial Statements |
for the Year Ended 31 March 2024 |
for |
Cousins Group Limited |
Cousins Group Limited (Registered number: 07629419) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 10 |
Consolidated Other Comprehensive Income | 11 |
Consolidated Statement of Financial Position | 12 |
Company Statement of Financial Position | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Statement of Cash Flows | 16 |
Notes to the Consolidated Statement of Cash Flows | 17 |
Notes to the Consolidated Financial Statements | 18 |
Cousins Group Limited |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: | Susan Ambrose FCCA FCA |
AUDITORS: |
Chartered Accountants and Statutory Auditor |
1 Minster Court |
Tuscam Way |
Camberley |
Surrey |
GU15 3YY |
Cousins Group Limited (Registered number: 07629419) |
Group Strategic Report |
for the Year Ended 31 March 2024 |
The directors present their strategic report for the year ended 31 March 2024. |
REVIEW OF BUSINESS |
Financial overview |
The directors are pleased with the financial results for the year ended 31 March 2024, showing a good performance across the period, and across all group companies. |
These results are proof that the re-organisation of the business, undertaken in 2022, has been successful in improving the company's performance. |
Furthermore, the directors are confident the business is in a strong position to steadily move forward and meet the challenges the future may bring. |
The Cousins group of companies have always targeted, and built working relationships with established, industry recognised clients, due to the volume and nature of work they provide, but also increased financial security. Whilst this is still the case, the directors continue to monitor the situation with large Tier 1 contractors' financial reporting. |
31.3.24 | 31.3.23 | 31.3.22 | 31.3.21 |
Turnover (£million) | 14.7m | 16.1m | 20.7m | 19.2m |
Profit/(Loss) before taxation | 1.5m | 2.3m | (.6m | ) | 1.5m |
Profit before taxation percentage |
10.3% |
14.3% |
(2.9% |
) |
7.8% |
Net assets | 4.3m | 4.0m | 2.6m | 4.7m |
The directors continue to drive continuous improvement via the group's accreditation to ISO45001, ISO9001 and IS14001. Our HSEQ Management System is integral to our continued focus on improving the quality and consistency of the service we offer to our clients. |
Corporate social responsibility features highly within our group's ethos. We are proud of the work we do as a business to support local charities and pride ourselves on our approach to giving our time and expertise to local projects. An unfortunate effect of the COVID-19 pandemic is our limited ability to drive this, particularly charity work. However, as we now return to our offices full time, our Social Responsibility and Charity committee will be re-formed to drive this, and make up for lost time. This will include the re-launch of Cousins' trade training hubs at various colleges and training facilities. |
Results |
The results for the year are set out on page 10. |
Cousins Group Limited (Registered number: 07629419) |
Group Strategic Report |
for the Year Ended 31 March 2024 |
PRINCIPAL RISKS AND UNCERTAINTIES |
Financial risk management objective |
The group uses various financial instruments including loans between group members, cash and other items, such as trade debtors and trade creditors that arise directly from its operations, and a loan from the bank. The main purpose of these financial instruments is to raise finance for the group's operations. |
The existence of these financial instruments exposes the group to a number of financial risks, which are described in more detail below. |
The main risks are cash flow, credit risk and liquidity risk. The directors review and agree policies for managing each of these risks and they are summarised as follows. These policies have remained unchanged from previous years. |
Liquidity risk |
The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. |
Credit risk |
The group's principal financial assets are cash, trade debtors and amounts recoverable on contracts. The credit risk associated with the cash is limited as the counterparties are commercial banks. Credit given to trade debtors is reviewed on a regular basis to ensure credit terms are adhered to. Amounts recoverable on long term contracts are also regularly reviewed to ensure that the balances are not overstated. |
Cash flow risk |
The directors continually update cash flow forecasts to mitigate cash flow risk and to ensure that a suitable level of liquid funds are available at all times. |
ON BEHALF OF THE BOARD: |
Cousins Group Limited (Registered number: 07629419) |
Report of the Directors |
for the Year Ended 31 March 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of painting, decorating, building refurbishment and conservation. |
DIVIDENDS |
Interim dividends per share were paid as follows: |
£30 | - 20 June 2023 |
£15 | - 30 January 2024 |
£45 |
The directors recommend that no final dividend be paid. |
The total distribution of dividends for the year ended 31 March 2024 will be £ 900,000 . |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
INFORMATION IN THE STRATEGIC REPORT |
Information relating to future developments and principal risks and uncertainties is shown in the Strategic Report, under s414C(11) of the Companies Act 2006. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements 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 company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Cousins Group Limited (Registered number: 07629419) |
Report of the Directors |
for the Year Ended 31 March 2024 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Cousins Group Limited |
Opinion |
We have audited the financial statements of Cousins Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 group's and of the parent company affairs as at 31 March 2024 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. |
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 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 directors' 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 and the parent company'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 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 in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 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. |
Opinions on other matters 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Cousins Group Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company 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 four, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Cousins Group Limited |
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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: |
- The nature of the industry and sector the group is in. Its control environment and business performance including the design of the group's policies, key drivers for directors' remuneration and staff bonus levels; |
- Results of our enquiries of management about their own identification and assessment of the risks of irregularities; |
- Any matters we identified having obtained and reviewed the group's documentation of their policies and procedures relating to: |
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance; |
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and |
- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. |
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. |
Our procedures to respond to risks identified included the following: |
- Enquiries of management and staff including concerning actual and potential litigation and claims and any instances of non-compliance with laws. |
- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
- Obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of provisions; and |
- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; checking internal controls are being followed are per group policy and assessing suitability; assessing the judgements made in making accounting estimates; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. 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 Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Cousins Group 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 a Report of the Auditors 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. |
for and on behalf of |
Chartered Accountants and Statutory Auditor |
1 Minster Court |
Tuscam Way |
Camberley |
Surrey |
GU15 3YY |
Cousins Group Limited (Registered number: 07629419) |
Consolidated Income Statement |
for the Year Ended 31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 14,738,010 | 16,062,199 |
Cost of sales | (9,700,638 | ) | (10,130,644 | ) |
GROSS PROFIT | 5,037,372 | 5,931,555 |
Administrative expenses | (3,582,041 | ) | (3,610,969 | ) |
OPERATING PROFIT | 5 | 1,455,331 | 2,320,586 |
Interest receivable and similar income | 79,251 | 6,775 |
1,534,582 | 2,327,361 |
Interest payable and similar expenses | 6 | (12,057 | ) | (22,906 | ) |
PROFIT BEFORE TAXATION | 1,522,525 | 2,304,455 |
Tax on profit | 7 | (331,923 | ) | (419,164 | ) |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 1,190,602 | 1,885,291 |
Cousins Group Limited (Registered number: 07629419) |
Consolidated Other Comprehensive Income |
for the Year Ended 31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 1,190,602 | 1,885,291 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,190,602 |
1,885,291 |
Total comprehensive income attributable to: |
Owners of the parent | 1,190,602 | 1,885,291 |
Cousins Group Limited (Registered number: 07629419) |
Consolidated Statement of Financial Position |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | - | - |
Tangible assets | 11 | 107,803 | 1,000,553 |
Investments | 12 | - | - |
107,803 | 1,000,553 |
CURRENT ASSETS |
Stocks | 13 | 1,119 | 1,119 |
Debtors | 14 | 3,301,428 | 3,669,792 |
Cash at bank and in hand | 2,249,188 | 1,504,346 |
5,551,735 | 5,175,257 |
CREDITORS |
Amounts falling due within one year | 15 | (1,221,512 | ) | (2,040,251 | ) |
NET CURRENT ASSETS | 4,330,223 | 3,135,006 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
4,438,026 |
4,135,559 |
CREDITORS |
Amounts falling due after more than one year |
16 |
(100,492 |
) |
(91,846 |
) |
PROVISIONS FOR LIABILITIES | 20 | (21,587 | ) | (18,368 | ) |
NET ASSETS | 4,315,947 | 4,025,345 |
CAPITAL AND RESERVES |
Called up share capital | 21 | 200 | 200 |
Retained earnings | 22 | 4,315,739 | 4,025,137 |
SHAREHOLDERS' FUNDS | 4,315,939 | 4,025,337 |
NON-CONTROLLING INTERESTS | 23 | 8 | 8 |
TOTAL EQUITY | 4,315,947 | 4,025,345 |
The financial statements were approved by the Board of Directors and authorised for issue on 30 August 2024 and were signed on its behalf by: |
R C Cousins - Director |
Cousins Group Limited (Registered number: 07629419) |
Company Statement of Financial Position |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Debtors | 14 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 15 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Retained earnings | 22 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 328,943 | 880,595 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Cousins Group Limited (Registered number: 07629419) |
Consolidated Statement of Changes in Equity |
for the Year Ended 31 March 2024 |
Called up |
share | Retained | Non-controlling | Total |
capital | earnings | Total | interests | equity |
£ | £ | £ | £ | £ |
Balance at 1 April 2022 | 200 | 2,589,846 | 2,590,046 | 8 | 2,590,054 |
Changes in equity |
Dividends | - | (450,000 | ) | (450,000 | ) | - | (450,000 | ) |
Total comprehensive income | - | 1,885,291 | 1,885,291 | - | 1,885,291 |
Balance at 31 March 2023 | 200 | 4,025,137 | 4,025,337 | 8 | 4,025,345 |
Changes in equity |
Dividends | - | (900,000 | ) | (900,000 | ) | - | (900,000 | ) |
Total comprehensive income | - | 1,190,602 | 1,190,602 | - | 1,190,602 |
Balance at 31 March 2024 | 200 | 4,315,739 | 4,315,939 | 8 | 4,315,947 |
Cousins Group Limited (Registered number: 07629419) |
Company Statement of Changes in Equity |
for the Year Ended 31 March 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2024 |
Cousins Group Limited (Registered number: 07629419) |
Consolidated Statement of Cash Flows |
for the Year Ended 31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,643,893 | 980,841 |
Interest paid | (11,971 | ) | (22,314 | ) |
Interest element of hire purchase payments paid |
(86 |
) |
(592 |
) |
Interest received | - | 6,775 |
Tax paid | (434,733 | ) | (156,004 | ) |
Taxation refund | - | 68,454 |
Net cash from operating activities | 1,197,103 | 877,160 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (72,657 | ) | (57,273 | ) |
Sale of tangible fixed assets | 941,475 | - |
Interest received | 79,251 | - |
Net cash from investing activities | 948,069 | (57,273 | ) |
Cash flows from financing activities |
Loan repayments in year | (492,346 | ) | (34,869 | ) |
Capital repayments in year | (6,016 | ) | (11,612 | ) |
Amount introduced by directors | 999 | 250,105 |
Amount withdrawn by directors | (2,967 | ) | (254,334 | ) |
Equity dividends paid | (900,000 | ) | (450,000 | ) |
Net cash from financing activities | (1,400,330 | ) | (500,710 | ) |
Increase in cash and cash equivalents | 744,842 | 319,177 |
Cash and cash equivalents at beginning of year |
2 |
1,504,346 |
1,185,169 |
Cash and cash equivalents at end of year |
2 |
2,249,188 |
1,504,346 |
Cousins Group Limited (Registered number: 07629419) |
Notes to the Consolidated Statement of Cash Flows |
for the Year Ended 31 March 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 1,522,525 | 2,304,455 |
Depreciation charges | 44,341 | 62,464 |
Profit on disposal of fixed assets | (20,409 | ) | - |
Decrease in contracts | 426,855 | 218,823 |
Finance costs | 12,057 | 22,906 |
Finance income | (79,251 | ) | (6,775 | ) |
1,906,118 | 2,601,873 |
Decrease in stocks | - | 31,076 |
Increase in trade and other debtors | (56,523 | ) | (40,454 | ) |
Decrease in trade and other creditors | (205,702 | ) | (1,611,654 | ) |
Cash generated from operations | 1,643,893 | 980,841 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 31 March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 2,249,188 | 1,504,346 |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 1,504,346 | 1,185,169 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,504,346 | 744,842 | 2,249,188 |
1,504,346 | 744,842 | 2,249,188 |
Debt |
Finance leases | (6,016 | ) | 6,016 | - |
Debts falling due within 1 year | (492,346 | ) | 492,346 | - |
(498,362 | ) | 498,362 | - |
Total | 1,005,984 | 1,243,204 | 2,249,188 |
Cousins Group Limited (Registered number: 07629419) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Cousins Group Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated accounts incorporate the accounts of all subsidiary undertakings made up to the statement of financial position date prepared in accordance with the group's accounting policies. The acquisition method of accounting is used to consolidate the results of subsidiaries within the group. Goodwill arising on consolidation is written off in equal instalments over its useful economic life. |
Turnover |
Turnover represents amounts invoiced during the year, excluding value added tax and trade discounts. |
Profit is recognised on long term contracts, if the final outcome can be assessed with reasonable certainty, by including in the Consolidated Income Statement, turnover and related costs as contract activity progresses. Turnover is calculated by a surveyor's valuation less any provisions for non-recovery. |
Long term contracts |
Amounts recoverable on long term contracts, which are included within debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
The assets' residual values, useful lives and depreciation methods are reviewed by the directors annually, and adjusted prospectively if there is an indication of a significant change since the last reporting date. Any impairment losses are recognised within 'administrative expenses' in the Consolidated Income Statement. |
Gains and losses on disposals are determined by comparing the sales proceeds with the carrying amount and are recognised within 'administrative expenses' in the Consolidated Income Statement. |
Stock |
Stocks are valued at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving items. The cost formula used is the first in, first out method. |
Financial instruments |
Financial instruments are recognised initially at the transaction price. Any that are not payable within twelve months are amortised using the effective interest method less any provision for impairment. |
Cousins Group Limited (Registered number: 07629419) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Investments |
Fixed asset investments are stated at cost less provision for diminution in value. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Consolidated Income Statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. |
Rentals payable under operating leases are charged against income on a straight line basis over the lease term. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution scheme and also contributes to privately administered pension plans. Contributions are charged to the Consolidated Income Statement in the period to which they relate. |
Judgements in applying accounting policies |
In preparing these financial statements, the directors have made the following judgements: |
To determine whether leases entered into by the company are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis. |
To determine whether there are indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching a decision include the state of repair and the expected future performance of the asset. |
To determine whether provisions such as deferred tax or bad debt provision are required. The directors looked at the likelihood of these provisions crystallising by assessing all the information available at the time in determining their decision. |
To determine the recoverability of long term contracts. The directors based their judgement on surveyors' valuations, less any provision for non-recovery or additional costs, based on information available at the time. |
Cousins Group Limited (Registered number: 07629419) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Key sources of estimation uncertainties |
Tangible fixed assets are depreciated over their estimated useful lives taking into account residual values where appropriate. The actual lives may depend on a number of factors including technological innovations, product life cycles and replacement policies. (See note 11). |
The directors make an estimate of recoverable value of trade, other debtors and long term contracts. When assessing impairment, the directors consider factors including the current credit rating of the debtor, the ageing profile, the stage and status of the job and historical experience. |
3. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 3,307,465 | 3,393,570 |
Social security costs | 407,066 | 439,262 |
Other pension costs | 115,998 | 110,181 |
3,830,529 | 3,943,013 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Directors | 5 | 5 |
Administration | 25 | 26 |
Operations | 23 | 23 |
The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2023 - NIL). |
4. | DIRECTORS' EMOLUMENTS |
2024 | 2023 |
£ | £ |
Directors' remuneration | 942,155 | 944,283 |
Directors' pension contributions to money purchase schemes | 54,989 | 37,885 |
Compensation to director for loss of office | - | 36,674 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 5 | 4 |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Emoluments etc | 221,410 | 219,619 |
Pension contributions to money purchase schemes | 9,336 | 8,850 |
Cousins Group Limited (Registered number: 07629419) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Other operating leases | 110,033 | 97,462 |
Depreciation - owned assets | 37,549 | 48,879 |
Depreciation - assets on hire purchase contracts | 6,792 | 13,585 |
Profit on disposal of fixed assets | (20,409 | ) | - |
Auditors' remuneration | 21,200 | 20,500 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank loan interest | 11,971 | 22,314 |
Hire purchase | 86 | 592 |
12,057 | 22,906 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | 328,704 | 413,119 |
Deferred tax | 3,219 | 6,045 |
Tax on profit | 331,923 | 419,164 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax | 1,522,525 | 2,304,455 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
380,631 |
437,846 |
Effects of: |
Expenses not deductible for tax purposes | 17,190 | 17,336 |
Capital allowances in excess of depreciation | (12,685 | ) | (1,534 | ) |
Utilisation of tax losses | 1,951 | (27,913 | ) |
Movement in deferred tax | 3,219 | 6,045 |
Items removed on consolidation | - | (12,616 | ) |
Adjustments to tax charge in respect of previous periods | (58,383 | ) | - |
Total tax charge | 331,923 | 419,164 |
Cousins Group Limited (Registered number: 07629419) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
9. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of 1p each |
Interim | 900,000 | 450,000 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 | (20,116 | ) |
AMORTISATION |
At 1 April 2023 |
and 31 March 2024 | (20,116 | ) |
NET BOOK VALUE |
At 31 March 2024 | - |
At 31 March 2023 | - |
11. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2023 | 927,788 | 500 | 319,968 | 205,732 | 1,453,988 |
Additions | - | - | 5,283 | 67,374 | 72,657 |
Disposals | (927,788 | ) | - | - | (22,483 | ) | (950,271 | ) |
At 31 March 2024 | - | 500 | 325,251 | 250,623 | 576,374 |
DEPRECIATION |
At 1 April 2023 | 5,762 | 500 | 274,665 | 172,508 | 453,435 |
Charge for year | 960 | - | 24,954 | 18,427 | 44,341 |
Eliminated on disposal | (6,722 | ) | - | - | (22,483 | ) | (29,205 | ) |
At 31 March 2024 | - | 500 | 299,619 | 168,452 | 468,571 |
NET BOOK VALUE |
At 31 March 2024 | - | - | 25,632 | 82,171 | 107,803 |
At 31 March 2023 | 922,026 | - | 45,303 | 33,224 | 1,000,553 |
Cousins Group Limited (Registered number: 07629419) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
11. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 April 2023 | 54,340 |
Transfer to ownership | (54,340 | ) |
At 31 March 2024 | - |
DEPRECIATION |
At 1 April 2023 | 47,548 |
Charge for year | 6,792 |
Transfer to ownership | (54,340 | ) |
At 31 March 2024 | - |
NET BOOK VALUE |
At 31 March 2024 | - |
At 31 March 2023 | 6,792 |
Company |
Freehold |
property |
£ |
COST |
At 1 April 2023 |
Disposals | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Cousins Group Limited (Registered number: 07629419) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
12. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Subsidiaries |
Registered office: 1 Minster Court, Tuscam Way, Camberley, Surrey, GU15 3YY |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: 1 Minster Court, Tuscam Way, Camberley, Surrey, GU15 3YY |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
(Loss)/profit for the year | ( |
) |
Registered office: 1 Minster Court, Tuscam Way, Camberley, Surrey, GU15 3YY |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
(Loss)/profit for the year | ( |
) |
Cousins Group Limited (Registered number: 07629419) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
13. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Stocks | 1,119 | 1,119 |
14. | DEBTORS |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 337,446 | 367,523 |
Amounts owed by group undertakings | - | - |
Amounts recoverable on |
contracts | 1,987,865 | 2,414,720 |
Prepayments and other debtors | 224,937 | 198,924 |
Director's current account | 1,968 | - | - | - |
VAT | 69,252 | 132,640 |
2,621,468 | 3,113,807 |
Amounts falling due after more than one | year: |
Trade debtors | 679,960 | 555,985 |
Aggregate amounts | 3,301,428 | 3,669,792 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans (see note 17) | - | 492,346 |
Hire purchase contracts (see note 18) | - | 6,016 |
Trade creditors | 570,437 | 652,862 |
Amounts owed to group undertakings | - | - |
Tax | 151,086 | 257,115 |
Social security and other taxes | 228,739 | 266,549 |
Other creditors | 110,956 | 134,666 |
Accruals and deferred income | 160,294 | 230,697 |
1,221,512 | 2,040,251 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2024 | 2023 |
£ | £ |
Other creditors | 100,492 | 91,846 |
Cousins Group Limited (Registered number: 07629419) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
17. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank loan | - | 492,346 |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year | - | 6,016 |
Group |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year | 53,875 | 50,403 |
Total operating lease payments made during the year amounted to £108,230 (2023: £99,323). |
19. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans | - | 492,346 |
Hire purchase contracts | - | 6,016 | - | - |
- | 498,362 |
Barclays Bank Plc has a fixed and floating charge over the undertaking and its assets present and future. |
The hire purchase contracts are secured on the assets held under these contracts. |
20. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
£ | £ |
Deferred tax | 21,587 | 18,368 |
Cousins Group Limited (Registered number: 07629419) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
20. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2023 | 18,368 |
Capital allowances in advance | 3,219 |
Balance at 31 March 2024 | 21,587 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | 1p | 200 | 200 |
Ordinary shares have full rights relating to voting, dividends and distributions. |
22. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 April 2023 | 4,025,137 |
Profit for the year | 1,190,602 |
Dividends | (900,000 | ) |
At 31 March 2024 | 4,315,739 |
Company |
Retained |
earnings |
£ |
At 1 April 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 March 2024 |
23. | NON-CONTROLLING INTERESTS |
Non-controlling interests represents growth shares issued for Cousins Limited. The shares were issued at par on 10 December 2018 and have capital rights of up to 0.01% on reserves above £6.8 million. |
24. | CONTINGENT LIABILITIES |
The bank holds an unlimited supported cross-guarantee between all four group companies. |
Cousins Group Limited (Registered number: 07629419) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
25. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023: |
2024 | 2023 |
£ | £ |
R C Cousins |
Balance outstanding at start of year | - | - |
Amounts advanced | 2,967 | 85,014 |
Amounts repaid | (999 | ) | (85,014 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 1,968 | - |
Ms C F Moloney |
Balance outstanding at start of year | - | (1,000 | ) |
Amounts advanced | - | 86,014 |
Amounts repaid | - | (85,014 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | - | - |
B J Doherty |
Balance outstanding at start of year | - | (3,229 | ) |
Amounts advanced | - | 83,306 |
Amounts repaid | - | (80,077 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | - | - |
Short term loans to the directors are interest free and any overdrawn balances are cleared within nine months of the year end. |
26. | ULTIMATE CONTROLLING PARTY |
The controlling party is R C Cousins. |