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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: R C Cousins
C F Moloney
A R Wilkinson



SECRETARY: C F Moloney



REGISTERED OFFICE: 1 Minster Court
Tuscam Way
Camberley
Surrey
GU15 3YY



REGISTERED NUMBER: 07629419 (England and Wales)



SENIOR STATUTORY AUDITOR: Susan Ambrose FCCA FCA



AUDITORS: Butt Miller
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:





R C Cousins - Director


30 August 2024

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.

R C Cousins
C F Moloney
A R Wilkinson

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:





R C Cousins - Director


30 August 2024

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.




Susan Ambrose FCCA FCA (Senior Statutory Auditor)
for and on behalf of Butt Miller
Chartered Accountants and Statutory Auditor
1 Minster Court
Tuscam Way
Camberley
Surrey
GU15 3YY

4 September 2024

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 1,190,602 1,885,291
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 - 922,026
Investments 12 358,600 358,600
358,600 1,280,626

CURRENT ASSETS
Debtors 14 - 25,221
Cash at bank and in hand 24,714 1,256
24,714 26,477
CREDITORS
Amounts falling due within one year 15 (146,092 ) (498,824 )
NET CURRENT LIABILITIES (121,378 ) (472,347 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

237,222

808,279

CAPITAL AND RESERVES
Called up share capital 21 200 200
Retained earnings 22 237,022 808,079
SHAREHOLDERS' FUNDS 237,222 808,279

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 30 August 2024 and were signed on its behalf by:





R C Cousins - Director


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 200 377,484 377,684

Changes in equity
Dividends - (450,000 ) (450,000 )
Total comprehensive income - 880,595 880,595
Balance at 31 March 2023 200 808,079 808,279

Changes in equity
Dividends - (900,000 ) (900,000 )
Total comprehensive income - 328,943 328,943
Balance at 31 March 2024 200 237,022 237,222

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost less residual value
Plant and machinery - 10% on reducing balance
Fixtures and fittings - 33.33% on cost, 25% on cost, 25% on reducing balance and at varying rates on cost
Motor vehicles - 25% on cost

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
53 54

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 927,788
Disposals (927,788 )
At 31 March 2024 -
DEPRECIATION
At 1 April 2023 5,762
Charge for year 960
Eliminated on disposal (6,722 )
At 31 March 2024 -
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 922,026

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 358,600
NET BOOK VALUE
At 31 March 2024 358,600
At 31 March 2023 358,600

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

Cousins Limited
Registered office: 1 Minster Court, Tuscam Way, Camberley, Surrey, GU15 3YY
Nature of business: Painting and decorating
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 4,375,584 3,470,101
Profit for the year 1,235,483 841,763

Campbell Smith & Company Limited
Registered office: 1 Minster Court, Tuscam Way, Camberley, Surrey, GU15 3YY
Nature of business: Painting and decorating
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 114,287 120,825
(Loss)/profit for the year (6,538 ) 72,450

Cousins Building & Refurbishment Ltd
Registered office: 1 Minster Court, Tuscam Way, Camberley, Surrey, GU15 3YY
Nature of business: Painting and decorating
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves (52,548 ) (15,262 )
(Loss)/profit for the year (37,286 ) 974,081


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 - - - 25,184
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 - 37
2,621,468 3,113,807 - 25,221

Amounts falling due after more than one year:
Trade debtors 679,960 555,985 - -

Aggregate amounts 3,301,428 3,669,792 - 25,221

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 17) - 492,346 - 492,346
Hire purchase contracts (see note 18) - 6,016 - -
Trade creditors 570,437 652,862 - -
Amounts owed to group undertakings - - 140,592 -
Tax 151,086 257,115 - 1,478
Social security and other taxes 228,739 266,549 - -
Other creditors 110,956 134,666 - -
Accruals and deferred income 160,294 230,697 5,500 5,000
1,221,512 2,040,251 146,092 498,824

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 - 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 - 492,346
Hire purchase contracts - 6,016 - -
- 498,362 - 492,346

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: £    £   
20,000 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 808,079
Profit for the year 328,943
Dividends (900,000 )
At 31 March 2024 237,022


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.