REGISTERED NUMBER: 12333518 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTOR AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
FOR |
COUSINS TRADING GROUP LIMITED |
REGISTERED NUMBER: 12333518 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTOR AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
FOR |
COUSINS TRADING GROUP LIMITED |
COUSINS TRADING GROUP LIMITED (REGISTERED NUMBER: 12333518) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 10 |
Consolidated Other Comprehensive Income | 11 |
Consolidated Balance Sheet | 12 |
Company Balance Sheet | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Financial Statements | 18 |
COUSINS TRADING GROUP LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
and Statutory Auditors |
5 White Oak Square |
London Road |
Swanley |
Kent |
BR8 7AG |
COUSINS TRADING GROUP LIMITED (REGISTERED NUMBER: 12333518) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
The director presents his strategic report of the company and the group for the year ended 31 October 2024. |
REVIEW OF BUSINESS |
The company performed well during the year with strong revenue growth of £1m on the prior year. The company's bank balance has also remained healthy throughout the year and at the year end there was no reliance placed on external funding. |
The directors are confident that sales for the 12 months to 31.10.2025 will continue to grow. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company's principal financial instruments comprise bank balances, trade creditors and trade debtors. The main purpose of these instruments is to raise funds for the company's operations and to finance the company's operations. |
In the course of normal business, the company continually assesses significant risks faced and takes action to mitigate the potential impact. The following risks constitute (in the opinion of the directors) the principal risks and uncertainties currently facing the company: |
Operational risks |
Information technology |
The company's daily operations are increasingly reliant on its information technology systems, particularly with their website sales, payment acceptance, financial control and the provision of management information. Any prolonged or significant failure of these systems could pose a risk to the effective management of the business. The company seeks to minimise the risk by maintaining strong physical control to ensure protection of hardware, software and data, resilience of payment systems. |
Reputational risk |
Cousins Material House Limited is part of the trading standards Buy With Confidence Scheme. The scheme was set up in response to concerns about 'rogue traders'. The scheme provides consumers with a list of local businesses which have given their commitment to trading fairly. |
Forex risk |
The company undertakes transactions in multiple currencies. Fluctuations in these currencies pose a risk of foreign exchange loss to the company. |
COUSINS TRADING GROUP LIMITED (REGISTERED NUMBER: 12333518) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
KEY PERFORMANCE INDICATORS |
The directors continue to examine all aspects of the business with a view to achieving profitability. Together with senior management, they monitor all other statistical information on a regular basis to ensure that they are aware of any trends and influences on profitability using relevant key performance indicators. |
2024 2023 |
Sales growth/(decline) (1.36)% 4.90% |
Gross profit 32.34% 32.18% |
ON BEHALF OF THE BOARD: |
COUSINS TRADING GROUP LIMITED (REGISTERED NUMBER: 12333518) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
The director presents his report with the financial statements of the company and the group for the year ended 31 October 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of a holding company. |
DIVIDENDS |
An interim dividend of 41.79012345 per share was paid on the Ordinary £0.01 £0.01 shares on 30 April 2024. No dividends were paid on any other classes of shares. |
The total distribution of dividends for the year ended 31 October 2024 will be £ 338,500 . |
DIRECTOR |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is 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 he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
COUSINS TRADING GROUP LIMITED (REGISTERED NUMBER: 12333518) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
AUDITORS |
The auditors, Sargeant Partnership Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
COUSINS TRADING GROUP LIMITED |
Opinion |
We have audited the financial statements of Cousins Trading Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 October 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 director's 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 director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
COUSINS TRADING GROUP LIMITED |
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 Director 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 Director have been prepared in accordance with applicable legal requirements. |
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 Director. |
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 director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
COUSINS TRADING 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. |
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud |
The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISA's (UK). |
In identifying and assessing risks of material misstatement in respect of irregularities including, fraud and non-compliance with laws and regulations, our procedures included the following: |
- We obtained an understanding of the legal and regulatory frameworks applicable to the company and the sector in which they operate. We determined that the following laws and regulations were most significant: the Companies Act 2006, the UK Corporate Governance Code and UK corporate taxation laws. |
- We obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making inquiries to the management and directors. We corroborated our inquiries through our review of board minutes and papers provided to the audit engagement team. |
- We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the audit engagement team included: |
a) Identifying and assessing the design effectiveness of controls management has put in place to prevent and detect fraud; |
b) Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; |
c) Challenging assumptions and judgements made by management in its significant accounting estimates; |
d) Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations: and |
e) Assessing the extent of compliance with the relevant laws and regulations. |
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 TRADING 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 Auditors |
5 White Oak Square |
London Road |
Swanley |
Kent |
BR8 7AG |
COUSINS TRADING GROUP LIMITED (REGISTERED NUMBER: 12333518) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 | 12,181,750 | 12,349,357 |
Cost of sales | 8,241,779 | 8,375,378 |
GROSS PROFIT | 3,939,971 | 3,973,979 |
Administrative expenses | 1,933,504 | 1,544,853 |
OPERATING PROFIT | 5 | 2,006,467 | 2,429,126 |
Interest receivable and similar income | 85,268 | 26,254 |
2,091,735 | 2,455,380 |
Interest payable and similar expenses | 6 | 40,350 | 54,073 |
PROFIT BEFORE TAXATION | 2,051,385 | 2,401,307 |
Tax on profit | 7 | 522,542 | 549,885 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 1,528,843 | 1,851,422 |
COUSINS TRADING GROUP LIMITED (REGISTERED NUMBER: 12333518) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 1,528,843 | 1,851,422 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,528,843 |
1,851,422 |
Total comprehensive income attributable to: |
Owners of the parent | 1,528,843 | 1,851,422 |
COUSINS TRADING GROUP LIMITED (REGISTERED NUMBER: 12333518) |
CONSOLIDATED BALANCE SHEET |
31 OCTOBER 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | - | - |
Tangible assets | 11 | 3,887,097 | 3,969,254 |
Investments | 12 | - | - |
3,887,097 | 3,969,254 |
CURRENT ASSETS |
Stocks | 13 | 5,703,453 | 5,678,682 |
Debtors | 14 | 401,008 | 205,878 |
Cash at bank and in hand | 4,327,408 | 3,825,523 |
10,431,869 | 9,710,083 |
CREDITORS |
Amounts falling due within one year | 15 | 1,055,967 | 1,612,680 |
NET CURRENT ASSETS | 9,375,902 | 8,097,403 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
13,262,999 |
12,066,657 |
PROVISIONS FOR LIABILITIES | 16 | 86,719 | 80,720 |
NET ASSETS | 13,176,280 | 11,985,937 |
CAPITAL AND RESERVES |
Called up share capital | 17 | 120 | 120 |
Retained earnings | 18 | 13,176,160 | 11,985,817 |
SHAREHOLDERS' FUNDS | 13,176,280 | 11,985,937 |
The financial statements were approved by the director and authorised for issue on 21 March 2025 and were signed by: |
A Cousins - Director |
COUSINS TRADING GROUP LIMITED (REGISTERED NUMBER: 12333518) |
COMPANY BALANCE SHEET |
31 OCTOBER 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Debtors | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 684,465 | 2,075,117 |
The financial statements were approved by the director and authorised for issue on |
COUSINS TRADING GROUP LIMITED (REGISTERED NUMBER: 12333518) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 November 2022 | 120 | 10,408,195 | 10,408,315 |
Changes in equity |
Dividends | - | (273,800 | ) | (273,800 | ) |
Total comprehensive income | - | 1,851,422 | 1,851,422 |
Balance at 31 October 2023 | 120 | 11,985,817 | 11,985,937 |
Changes in equity |
Dividends | - | (338,500 | ) | (338,500 | ) |
Total comprehensive income | - | 1,528,843 | 1,528,843 |
Balance at 31 October 2024 | 120 | 13,176,160 | 13,176,280 |
COUSINS TRADING GROUP LIMITED (REGISTERED NUMBER: 12333518) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 November 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 October 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 October 2024 |
COUSINS TRADING GROUP LIMITED (REGISTERED NUMBER: 12333518) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,328,445 | 2,180,739 |
Interest paid | (40,350 | ) | (54,073 | ) |
Tax paid | (523,125 | ) | (411,548 | ) |
Net cash from operating activities | 764,970 | 1,715,118 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (30,242 | ) | - |
Interest received | 85,268 | 26,254 |
Net cash from investing activities | 55,026 | 26,254 |
Cash flows from financing activities |
Amount introduced by directors | 20,389 | - |
Amount withdrawn by directors | - | (29,780 | ) |
Equity dividends paid | (338,500 | ) | (273,800 | ) |
Net cash from financing activities | (318,111 | ) | (303,580 | ) |
Increase in cash and cash equivalents | 501,885 | 1,437,792 |
Cash and cash equivalents at beginning of year |
2 |
3,825,523 |
2,387,731 |
Cash and cash equivalents at end of year |
2 |
4,327,408 |
3,825,523 |
COUSINS TRADING GROUP LIMITED (REGISTERED NUMBER: 12333518) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 2,051,385 | 2,401,307 |
Depreciation charges | 112,399 | 152,617 |
Finance costs | 40,350 | 54,073 |
Finance income | (85,268 | ) | (26,254 | ) |
2,118,866 | 2,581,743 |
Increase in stocks | (24,771 | ) | (363,242 | ) |
(Increase)/decrease in trade and other debtors | (195,130 | ) | 88,753 |
Decrease in trade and other creditors | (570,520 | ) | (126,515 | ) |
Cash generated from operations | 1,328,445 | 2,180,739 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 October 2024 |
31/10/24 | 1/11/23 |
£ | £ |
Cash and cash equivalents | 4,327,408 | 3,825,523 |
Year ended 31 October 2023 |
31/10/23 | 1/11/22 |
£ | £ |
Cash and cash equivalents | 3,825,523 | 2,387,731 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/11/23 | Cash flow | At 31/10/24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 3,825,523 | 501,885 | 4,327,408 |
3,825,523 | 501,885 | 4,327,408 |
Total | 3,825,523 | 501,885 | 4,327,408 |
COUSINS TRADING GROUP LIMITED (REGISTERED NUMBER: 12333518) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
1. | STATUTORY INFORMATION |
Cousins Trading Group Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The financial statements consolidate the accounts of Cousins Trading Group Limited and Cousins Material House Limited. (subsidiary). |
These conform to group accounting policies. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities in these accounts. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
COUSINS TRADING GROUP LIMITED (REGISTERED NUMBER: 12333518) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Freehold property | - |
Long leasehold | - |
Fixtures and fittings | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
COUSINS TRADING GROUP LIMITED (REGISTERED NUMBER: 12333518) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Functional currency |
The functional currency of the Company is the Great British Pound ("GBP "). And the figures are shown to the nearest pound. |
Cash and cash equivalents |
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short-term deposits with an original maturity date of three months or less. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by geographical market for the year ended 31 October 2023 is given below: |
£ |
United Kingdom | 8,595,339 |
Rest of the World | 3,754,018 |
12,349,357 |
This analysis is not considered to be applicable to the year ended 31 October 2024. |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 1,081,770 | 1,250,390 |
Social security costs | 12,938 | 6,378 |
Other pension costs | 74,500 | 68,317 |
1,169,208 | 1,325,085 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Director |
The average number of employees by undertakings that were proportionately consolidated during the year was 30 (2023 - 33 ) . |
2024 | 2023 |
£ | £ |
Director's remuneration | 111,950 | 64,400 |
COUSINS TRADING GROUP LIMITED (REGISTERED NUMBER: 12333518) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Depreciation - owned assets | 112,399 | 125,119 |
Goodwill amortisation | - | 27,498 |
Auditors' remuneration | 28,322 | 23,800 |
Foreign exchange differences | (12,786 | ) | (12,310 | ) |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Overdue tax | 1,707 | - |
Interest payable | 38,643 | 54,073 |
40,350 | 54,073 |
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 | 516,543 | 552,524 |
Deferred tax | 5,999 | (2,639 | ) |
Tax on profit | 522,542 | 549,885 |
COUSINS TRADING GROUP LIMITED (REGISTERED NUMBER: 12333518) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
7. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax | 2,051,385 | 2,401,307 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 25 %) |
512,846 |
600,327 |
Effects of: |
Expenses not deductible for tax purposes | 1,286 | 1,037 |
Depreciation in excess of capital allowances | 2,411 | 17,923 |
Marginal Relief | - | (61,488 | ) |
Deferred Tax | 5,999 | (2,639 | ) |
Increase in tax debtor | - | (5,275 | ) |
Total tax charge | 522,542 | 549,885 |
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 £1 each |
Interim | - | 110,000 |
D Ordinary £0.01 shares of £0.01 each |
Interim | - | 40,950 |
E Ordinary £0.01 shares of £0.01 each |
Interim | - | 40,950 |
F Ordinary £0.01 shares of £0.01 each |
Interim | - | 40,950 |
G Ordinary £0.01 shares of £0.01 each |
Interim | - | 40,950 |
Ordinary £0.01 shares of £0.01 each |
Interim | 338,500 | - |
338,500 | 273,800 |
COUSINS TRADING GROUP LIMITED (REGISTERED NUMBER: 12333518) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 November 2023 |
and 31 October 2024 | 550,002 |
AMORTISATION |
At 1 November 2023 |
and 31 October 2024 | 550,002 |
NET BOOK VALUE |
At 31 October 2024 | - |
At 31 October 2023 | - |
11. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | Long | and | Computer |
property | leasehold | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 November 2023 | 2,504,495 | 1,495,693 | 191,041 | 55,801 | 4,247,030 |
Additions | - | - | - | 30,242 | 30,242 |
At 31 October 2024 | 2,504,495 | 1,495,693 | 191,041 | 86,043 | 4,277,272 |
DEPRECIATION |
At 1 November 2023 | 75,135 | 44,871 | 114,842 | 42,928 | 277,776 |
Charge for year | 50,090 | 29,914 | 20,453 | 11,942 | 112,399 |
At 31 October 2024 | 125,225 | 74,785 | 135,295 | 54,870 | 390,175 |
NET BOOK VALUE |
At 31 October 2024 | 2,379,270 | 1,420,908 | 55,746 | 31,173 | 3,887,097 |
At 31 October 2023 | 2,429,360 | 1,450,822 | 76,199 | 12,873 | 3,969,254 |
COUSINS TRADING GROUP LIMITED (REGISTERED NUMBER: 12333518) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
11. | TANGIBLE FIXED ASSETS - continued |
Company |
Freehold |
property |
£ |
COST |
At 1 November 2023 |
and 31 October 2024 |
DEPRECIATION |
At 1 November 2023 |
Charge for year |
At 31 October 2024 |
NET BOOK VALUE |
At 31 October 2024 |
At 31 October 2023 |
12. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 November 2023 |
and 31 October 2024 |
NET BOOK VALUE |
At 31 October 2024 |
At 31 October 2023 |
13. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Stocks | 5,703,453 | 5,678,682 |
COUSINS TRADING GROUP LIMITED (REGISTERED NUMBER: 12333518) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
14. | DEBTORS |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 90,617 | 144,483 |
Other debtors | 253,367 | - |
Staff Loans | 1,850 | 12,135 | - | - |
Prepayments | 55,174 | 49,260 |
401,008 | 205,878 |
Amounts falling due after more than one | year: |
Amounts owed by group undertakings | - | - |
Aggregate amounts | 401,008 | 205,878 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade creditors | 379,790 | 494,812 |
Amounts owed to group undertakings | - | - |
Tax | 360,370 | 366,952 |
Social security and other taxes | 21,711 | 23,175 |
VAT | 150,972 | 124,438 | 6,713 | 6,800 |
Other creditors | 9,277 | 426,199 |
Credit Card | 1,855 | (93 | ) | - | - |
Directors' loan accounts | 46,646 | 26,257 | - | - |
Accruals and deferred income | 85,346 | 150,940 |
1,055,967 | 1,612,680 |
16. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 86,719 | 80,720 |
COUSINS TRADING GROUP LIMITED (REGISTERED NUMBER: 12333518) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
16. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred |
tax |
£ |
Balance at 1 November 2023 | 80,720 |
Accelerated capital allowances | 5,999 |
Balance at 31 October 2024 | 86,719 |
Deferred tax all relates to Cousins Material House Limited. |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
NIL | Ordinary | £1 | - | 80 |
NIL | A Ordinary | £1 | - | 20 |
NIL | B Ordinary | £1 | - | 2 |
NIL | C Ordinary | £1 | - | 2 |
375 | D Ordinary £0.01 | £0.01 | 4 | 4 |
375 | E Ordinary £0.01 | £0.01 | 4 | 4 |
375 | F Ordinary £0.01 | £0.01 | 4 | 4 |
375 | G Ordinary £0.01 | £0.01 | 4 | 4 |
8,100 | Ordinary £0.01 | £0.01 | 80 | - |
2,000 | A Ordinary £0.01 | £0.01 | 20 | - |
200 | B Ordinary £0.01 | £0.01 | 2 | - |
200 | C Ordinary £0.01 | £0.01 | 2 | - |
120 | 120 |
Allotted, Issued and fully paid: |
Number: | Class: | Nominal Value: | 2023 | 2022 |
81 | Ordinary | £1 | 81 | 81 |
20 | A Ordinary | £1 | 20 | 20 |
2 | B Ordinary | £1 | 2 | 2 |
2 | C Ordinary | £1 | 2 | 2 |
375 | D Ordinary £0.01 | £0.01 | 3.75 | 3.75 |
375 | E Ordinary £0.01 | £0.01 | 3.75 | 3.75 |
375 | F Ordinary £0.01 | £0.01 | 3.75 | 3.75 |
375 | G Ordinary £0.01 | £0.01 | 3.75 | 3.75 |
120 | 120 |
COUSINS TRADING GROUP LIMITED (REGISTERED NUMBER: 12333518) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
18. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 November 2023 | 11,985,817 |
Profit for the year | 1,528,843 |
Dividends | (338,500 | ) |
At 31 October 2024 | 13,176,160 |
Company |
Retained |
earnings |
£ |
At 1 November 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 October 2024 |
19. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
At the balance sheet date, the company owed Mr A Cousins £46,646 (2023: £26,257). |
20. | RELATED PARTY DISCLOSURES |
At the balance sheet date the company owes C Cousins £nil (2023: £418,891) |
21. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is A Cousins by virtue of his shareholding. |