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REGISTERED NUMBER: 08852752 (England and Wales)









COXCO HOLDINGS LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024






COXCO HOLDINGS LIMITED (REGISTERED NUMBER: 08852752)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024




Page

Company Information 1

Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Notes to the Financial Statements 14


COXCO HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTOR: W C Cox





SECRETARY: S N Cox





REGISTERED OFFICE: Burraton Road
Saltash
Cornwall
PL12 6LU





REGISTERED NUMBER: 08852752 (England and Wales)





AUDITORS: WP Audit Services LLP
Chartered Accountant & Statutory Auditor
Chancery House
30 St Johns Road
Woking
Surrey
GU21 7SA

COXCO HOLDINGS LIMITED (REGISTERED NUMBER: 08852752)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The director presents his strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS
The company's trading subsidiary has experienced another successful year of trading, despite fierce market competition. Significant profits continue to be generated despite the tough economic climate, reflective of the strong market position that the trading subsidiary holds. The trading subsidiary continues to refine and diversify its product range to enable it to thrive in a competitive market. The return on investment that Coxco Holdings Limited generates continues to be strong.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risk to the company is linked to the performance of its trading subsidiary. This could manifest by way of an increase in competition in the industry of the supply of power tools and materials to the building and DIY trade as well as any disruptions to the supply chain. The reputation of the trading subsidiary has grown over many years of trading and the director considers the group to be in a strong market position to deal with the increasing competition.

SECTION 172(1) STATEMENT
The director is aware of their duty under s.172 of the Companies Act 2006 to act in the way which they consider, in good faith, would be most likely to promote the success of the company for the benefit of its shareholders.

The director considers it crucial that the whole group maintains a reputation for high standards of business conduct. The director is responsible for setting, monitoring and upholding the culture, values, standards, ethics, brand and reputation of the company. Management drives the embedding of the desired culture throughout the organisation.

GROUP STRUCTURE
Westward Building Services Limited is the 100% owned subsidiary of Coxco Holdings Limited which is the 100% subsidiary of Coxcocapital Limited.

For the year ended 31st December 2024, Group accounts have been prepared by Coxcocapital Limited. Group accounts for the prior year ended 31st December 2023 were prepared by Coxco Holdings Limited, excluding Coxcocapital Limited. Coxcocapital Limited only joined the group, becoming the ultimate parent company, on the 22nd of December 2023 and made its first set of accounts to the 31st December 2024.

FINANCIAL KEY PERFORMANCE INDICATORS
Westward Building Services Limited is the trading entity of the group, trading as a supplier to the building trades. As a supplier to the building trades, sales growth is of particular importance in order to maintain healthy margins. KPIs of the trading entity have been reported below for the 12 months ended 31 December 2024 and the comparative 12 months, in order to provide a meaningful analysis.

The group considers two key performance indicators to be as follows:

Turnover - the financial statements report an increase of 10.79% for 2024 (2023: 6.87% reduction on 2022). The increase in turnover comes from the efforts to strengthen the group's online presence. Whilst turnover has increased, the gross profit margin % has decreased.

Gross profit margin - reported at 18.66% (2023: 20.52%). This reflects the increased competition in the marketplace and pressure on margins in the industry as a whole.

ENVIRONMENT AND SUSTAINABILITY
The group continues with their sustainable approach to business, maintaining their drive to use environmentally friendly or recyclable products where possible. Reducing plastic consumption onsite is something the management team are actively working to achieve.

The trading subsidiary is now keeping a record of tonnes of packaging used so that it can be monitored and targets are set to reduce this.


COXCO HOLDINGS LIMITED (REGISTERED NUMBER: 08852752)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

EMPLOYEE INVOLVEMENT AND EQUAL OPPORTUNITY
All team members undergo a continuous training programme, relevant to their role, to ensure the safety of all customers, suppliers and employees.

The group is committed to non-discriminatory recruitment procedures and practices and all job offers are based on merit taking into account aptitude and capability to carry out the roles as defined in the job specification.

CREDITOR PAYMENT POLICY AND PRACTICE
It is the group's policy that payments to suppliers are made in accordance with those terms and conditions agreed between the group and its suppliers, provided that all trading terms and conditions have been complied with. At the year end, creditor days for the trading subsidiary totalled 34.71 (2023: 38.01) this decrease comes continued efforts to work with suppliers to ensure prompt payments on invoices.

ON BEHALF OF THE BOARD:





W C Cox - Director


20 May 2025

COXCO HOLDINGS LIMITED (REGISTERED NUMBER: 08852752)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 DECEMBER 2024

The director presents his report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of holding the investment in its subsidiary undertaking. The principal activity of its trading subsidiary is that of the sale of building supplies.

DIVIDENDS
An interim dividend of £4,462.23 per share on the Ordinary B £1 shares was paid on 23 October 2024. The director recommends that no final dividend be paid on these shares.

No interim dividend was paid on the Deferred Share Capital £1 shares. The director recommends that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 31 December 2024 will be £ 5,020,009 .

FUTURE DEVELOPMENTS
Following a period of significant online sales growth, up since the year ended 31st December 2021, the group is continuing to develop its online sales offering, focussing on the availability of product ranges to maintain its current market position within the supply of building tools and materials industry.

DIRECTOR
W C Cox held office during the whole of the period from 1 January 2024 to the date of this report.

STAKEHOLDER RELATIONSHIPS & ENGAGEMENTS
The director is responsible for overseeing meaningful engagements with stakeholders, including the workforce, and having regard to their views when taking decisions.

Customer safety and satisfaction are pivotal to the success of the business. The needs, behaviours, and feedback of the customers are collected, assessed and used to develop the long-term strategy of the business.

The director regularly engages directly with suppliers and also receives frequent reporting regarding the business interactions. The director considers the impact to suppliers when making key strategic decisions relating to product ranges or supply and logistics.

The director recognises that the implementation of an effective people strategy and strong culture underpin the effective delivery of the company's strategy and drive strong performance. The director acknowledges the importance of retaining talent and considering the views of the workforce when making decisions and considering the impact of those decisions on said workforce.

DISCLOSURE IN THE STRATEGIC REPORT
Information regarding business performance, risk and KPIs is reported in the strategic report.

ENERGY AND CARBON REPORT
The annual quantity of emissions arising from different sources are as follows for the trading subsidiary:

Scope 1 direct emissions from the burning of fuels for purposes of transport - 13.93 tonnes of C02e (2023: 23.40 tonnes).
Scope 2 indirect emissions from the purchase of electricity or gas for own use - 36.05 tonnes of C02e (2023: 24.59 tonnes).

Total emissions in the year amount to 244,675 kWh (49.98 tCO2e), 2023: 222,235 kWh (47.99 tC02e). This can be analysed as 1.79 tonnes of CO2e per full time employee (2023: 1.71 tonnes) or 0.87 tonnes of CO2e per million pound of turnover (2023: 0.92 tonnes).

The conversion factors used for the current year have been obtained from the Department for Business, Energy and Industrial Strategy available at: https://www.gov.uk/government/publications/greenhouse-gas-reporting-conversion-factors-2024.

The conversion factors used for the prior year have been obtained from the Department for Business, Energy and Industrial Strategy available at: https://www.gov.uk/government/publications/greenhouse-gas-reporting-conversion-factors-2023.

Due to a change in information available the prior year balances have been amended to reflect this.

The group is committed to reducing any negative environmental impact resulting from their activities and continue to promote this ethos throughout their employees by encouraging recycling of all possible materials, reducing usage of single use plastics and encouraging employees to build on their understanding of green matters.


COXCO HOLDINGS LIMITED (REGISTERED NUMBER: 08852752)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 DECEMBER 2024

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the 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 of the profit or loss of the company 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;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained
in the financial statements;
- 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company'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 company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





W C Cox - Director


20 May 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
COXCO HOLDINGS LIMITED

Opinion
We have audited the financial statements of Coxco Holdings Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 company's affairs as at 31 December 2024 and of its 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 company 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 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 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.

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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
COXCO HOLDINGS LIMITED


Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page five, 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 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 company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
COXCO HOLDINGS 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

Objectives
The objectives of our audit in respect of fraud, are:
- To identify and assess the risks of material misstatement of the financial statements due to fraud;
- To obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and
- To respond appropriately to instances of fraud or suspected fraud identified during the audit.

However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Audit approach
Our approach was as follows:
- We obtained an understanding of the legal and regulatory requirements applicable to the Company and considered that the most significant are the Consumer Rights Act, the Consumer Protection (Distance Selling) Regulations, the Companies Act 2006, FRS 102, and UK taxation legislation.
- We obtained an understanding of how the Company complies with these requirements by discussions with management and those charged with governance, as well a review of relevant correspondence and certifications.
- We assessed the risk of material misstatement of the financial statements and how it might occur (including the risk of material misstatement due to fraud), by holding discussions with management and those charged with governance.
- We used our knowledge of the Company and the industry in which it operates to determine if management's explanations were consistent with our own conclusions.
- Based on our understanding developed from the above, we designed specific appropriate audit procedures to identify instances of non-compliance with the key laws and regulations which may result in potential fraud. This included making enquiries of management and those charged with governance, investigating unusual or unexpected relationships or movements in figures disclosed in the accounts and remaining alert for any transactions that appeared to be outside the normal course of business.
- Furthermore, as required by auditing standards, and taking into account our overall knowledge of the control environment, we have performed procedures to address the risks of management override of controls and the risk of fraudulent revenue recognition. Procedures such as a review of journal entries and assessing estimates for management bias have enabled us to conclude in this area.

No instances of fraud were identified from the above procedures.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control environment relevant to the audit, in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the Company's internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
COXCO HOLDINGS LIMITED

Context of the ability of the audit to detect fraud or breaches of law or regulation
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remains a risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all 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.

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.




Stephanie Williams (Senior Statutory Auditor)
for and on behalf of WP Audit Services LLP
Chartered Accountant & Statutory Auditor
Chancery House
30 St Johns Road
Woking
Surrey
GU21 7SA

21 May 2025

COXCO HOLDINGS LIMITED (REGISTERED NUMBER: 08852752)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £    £   

TURNOVER 475,000 475,000

Administrative expenses (352,327 ) (344,827 )
OPERATING PROFIT 6 122,673 130,173

Income from shares in group undertakings 3,500,010 4,600,000
Interest receivable and similar income 66,644 82,048
PROFIT BEFORE TAXATION 3,689,327 4,812,221

Tax on profit 7 (55,400 ) (53,848 )
PROFIT FOR THE FINANCIAL YEAR 3,633,927 4,758,373

COXCO HOLDINGS LIMITED (REGISTERED NUMBER: 08852752)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 3,633,927 4,758,373


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 3,633,927 4,758,373

COXCO HOLDINGS LIMITED (REGISTERED NUMBER: 08852752)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 9 500,410 514,607
Investments 10 10,500,000 10,500,000
11,000,410 11,014,607

CURRENT ASSETS
Debtors 11 183 182
Cash at bank 5,034,406 5,478,575
5,034,589 5,478,757
CREDITORS
Amounts falling due within one year 12 5,157,549 4,229,832
NET CURRENT (LIABILITIES)/ASSETS (122,960 ) 1,248,925
TOTAL ASSETS LESS CURRENT LIABILITIES 10,877,450 12,263,532

CAPITAL AND RESERVES
Called up share capital 13 1,126 1,126
Share premium 14 10,498,874 10,498,874
Retained earnings 14 377,450 1,763,532
SHAREHOLDERS' FUNDS 10,877,450 12,263,532

The financial statements were approved by the director and authorised for issue on 20 May 2025 and were signed by:





W C Cox - Director


COXCO HOLDINGS LIMITED (REGISTERED NUMBER: 08852752)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 January 2023 1,126 3,605,160 10,498,874 14,105,160

Changes in equity
Dividends - (6,600,001 ) - (6,600,001 )
Total comprehensive income - 4,758,373 - 4,758,373
Balance at 31 December 2023 1,126 1,763,532 10,498,874 12,263,532

Changes in equity
Dividends - (5,020,009 ) - (5,020,009 )
Total comprehensive income - 3,633,927 - 3,633,927
Balance at 31 December 2024 1,126 377,450 10,498,874 10,877,450

COXCO HOLDINGS LIMITED (REGISTERED NUMBER: 08852752)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1. STATUTORY INFORMATION

Coxco Holdings 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 Company Information page.

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


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied, to all the years presented, unless otherwise stated.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

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 companies within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of management charges and rental income.

Rental income from operating leases (net of any incentives given to the lessees) is recognised on a straight-line basis over the lease term. Where rentals are received in advance of the relevant period, the income is deferred until consideration is earned.

COXCO HOLDINGS LIMITED (REGISTERED NUMBER: 08852752)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets under the cost model are stated art a historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses wether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceed the recoverable amount.

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

Depreciation is provided on the following bases:

Freehold property50 years
Plant and machinery8 years
Fixtures and fittingsNot depreciated

Note that the fixtures and fittings with a cost of £44,933 are not being depreciated as these are considered to be collectibles, with a residual value in excess of the original cost.

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

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

Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in profit or loss.

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Creditors
Short term creditors are measured at the transaction price.

Investments in subsidiaries
Investments in subsidiary undertakings are shown at cost with impairment losses recognised in profit or loss. The director reviews the investments for impairment on an annual basis.


COXCO HOLDINGS LIMITED (REGISTERED NUMBER: 08852752)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

3. ACCOUNTING POLICIES - continued
Taxation
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

The tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

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
Short- term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred.

Provisions for liabilities
Provisions are recognised when the Company has a present (legal or constructive) obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

The amount recognised as a provision is the best estimate of the consideration required to settle the present recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance costs in profit or loss in the period it arises.

Cash and cash equivalents
Cash and cash equivalents includes cash at bank and in hand, deposits held at call with banks and other short term highly liquid investments with original maturities of three months or less.

Dividends
Dividends are recognised when they become legally payable.

4. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for the assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The estimates and assumptions made by management in the course of preparing the financial statements are set out below:

(i) Useful economic life and residual values of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

COXCO HOLDINGS LIMITED (REGISTERED NUMBER: 08852752)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 274,000 274,000
Social security costs 33,921 34,359
307,921 308,359

The average number of employees during the year was as follows:
2024 2023

Administration 2 2

2024 2023
£    £   
Director's remuneration 240,000 240,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 240,000 240,000

The above represents gross salary only. In addition, the company made pension contributions on behalf of the director to the value of £10,000 (2023: £10,000).

The director received benefits in kind during the 2024 year, paid by Westward Building Services Limited, to the value of £36,324 (2023: £94,825).

6. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 14,197 16,809
Auditors' remuneration 4,000 4,932
Other advisory services 9,767 -
Taxation compliance services 750 750
Other non- audit services 1,460 1,799

COXCO HOLDINGS LIMITED (REGISTERED NUMBER: 08852752)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

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 54,000 53,800
Over/under provision of PY CT 1,400 48

Tax on profit 55,400 53,848

UK corporation tax has been charged at 25% (2023 - 23.52%).

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 3,689,327 4,812,221
Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 -
23.520%)

922,332

1,131,834

Effects of:
Expenses not deductible for tax purposes 3,399 -
Income not taxable for tax purposes (875,003 ) (1,081,907 )
Depreciation in excess of capital allowances 3,315 3,873
Adjustments to tax charge in respect of previous periods 1,400 48
Rounding (43 ) -
Total tax charge 55,400 53,848

The main UK CT rate increased from 1 April 2023 to 25% for companies generating profits chargeable to corporation tax in excess of £250,000 per year, split across all associated companies. Therefore, company profits made for the first three months of the previous financial year, from 1 January 2023 to 31 March 2023, were taxed at 19%, with all profits thereafter at being taxed at 25%. This has given rise to an effective tax rate of 23.52% for the previous period.

8. DIVIDENDS
2024 2023
£    £   
Ordinary B shares of £1 each
Interim 5,020,009 6,600,001

COXCO HOLDINGS LIMITED (REGISTERED NUMBER: 08852752)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

9. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
COST
At 1 January 2024
and 31 December 2024 580,000 41,640 44,933 666,573
DEPRECIATION
At 1 January 2024 113,139 38,827 - 151,966
Charge for year 11,604 2,593 - 14,197
At 31 December 2024 124,743 41,420 - 166,163
NET BOOK VALUE
At 31 December 2024 455,257 220 44,933 500,410
At 31 December 2023 466,861 2,813 44,933 514,607

10. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2024
and 31 December 2024 10,500,000
NET BOOK VALUE
At 31 December 2024 10,500,000
At 31 December 2023 10,500,000

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Westward Building Services Limited
Registered office: Burraton Road, Saltash, Cornwall, PL12 6LU
Nature of business: Supply of building tools and materials
%
Class of shares: holding
Ordinary 100.00

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Prepayments and accrued income 183 182

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed to group undertakings 5,046,487 4,111,157
Tax 54,000 53,800
Social security and other taxes 13,808 13,846
VAT 21,824 22,529
Other creditors 1,470 7,270
Accruals and deferred income 19,960 21,230
5,157,549 4,229,832

COXCO HOLDINGS LIMITED (REGISTERED NUMBER: 08852752)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,125 Ordinary B £1 1,125 1,125
1 Deferred Share Capital £1 1 1
1,126 1,126

The Ordinary Shares have attached to them voting rights, dividend rights and capital distribution (including on winding up) rights, they do not confer any right of redemption.

The deferred shares have no dividend or voting rights and entitle the holder to receive the nominal value on each share held by them on a return of capital, liquidation or winding up of the company of otherwise. They do not confer any rights of redemption.

14. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2024 1,763,532 10,498,874 12,262,406
Profit for the year 3,633,927 3,633,927
Dividends (5,020,009 ) (5,020,009 )
At 31 December 2024 377,450 10,498,874 10,876,324

15. ULTIMATE PARENT COMPANY

Coxcocapital Limited is regarded by the director as being the company's ultimate parent company.

On the 22nd of December 2023 the shareholders of Coxco Holding Limited transferred their shares to a new holding company, Coxcocapital Limited (Registered number: 15355297), a company incorporated in England and Wales, in exchange for 224 £1 Ordinary Shares in Coxcocapital Limited, £39,686,400 in redeemable preference shares and £6,600,001 in cash consideration.

As the Ultimate Parent Company was incorporated on the 16th December 2023, the first set of published financial statements will be for the period ended 31st December 2024. As such, group consolidated accounts for the prior period were prepared to 31st December 2023 by Coxco Holdings Limited.

16. RELATED PARTY DISCLOSURES

During the prior year, on 22nd December 2023, the director and his spouse sold their shares in the company for a mixture of equity shares and redeemable preference shares in the new ultimate parent company, Coxcocapital Limited. Initial cash consideration was also payable to the director and his spouse of £6,600,001 by Coxcocapital Limited.

The director's loan account balance was transferred to the parent company as part of the restructure, and therefore was nil at both the current and preceding year ends.

During the current year, repayments of loans were made to the director and director's spouse by Coxco Holdings Limited totalling £3,305,597, on behalf of Coxcocapital Limited (2023: £5,421,029).

Amounts were repaid to the company by the director and his spouse of £Nil this year (2023: £7,120).

17. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party by virtue of the shareholding structure of Coxcocapital Limited.

COXCO HOLDINGS LIMITED (REGISTERED NUMBER: 08852752)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

18. OPERATING LEASE ARRANGEMENTS FOR LESSORS

There is an operating lease arrangement in place with the trading subsidiary, Westward Building Services Limited, whereby the subsidiary is due to pay minimum lease payments under non-cancellable operating leases as follows to the company:


2024 2023
£    £   
Within one year 55,000 55,000
Between one and five years 220,000 220,000
In more than five years 233,750 288,750


508,750 563,750

The entire net book value of Freehold Property is used in operating lease lessor arrangements.