IRIS Accounts Production v25.1.4.42 01218716 Board of Directors 1.4.24 31.3.25 31.3.25 Medium entities true false true true false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary 0.01000 A 0.01000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh012187162024-03-31012187162025-03-31012187162024-04-012025-03-31012187162023-03-31012187162023-04-012024-03-31012187162024-03-3101218716ns15:EnglandWales2024-04-012025-03-3101218716ns14:PoundSterling2024-04-012025-03-3101218716ns10:Director12024-04-012025-03-3101218716ns10:PrivateLimitedCompanyLtd2024-04-012025-03-3101218716ns10:MediumEntities2024-04-012025-03-3101218716ns10:Audited2024-04-012025-03-3101218716ns10:Medium-sizedCompaniesRegimeForDirectorsReport2024-04-012025-03-3101218716ns10:Medium-sizedCompaniesRegimeForAccounts2024-04-012025-03-3101218716ns10:FullAccounts2024-04-012025-03-3101218716ns10:OrdinaryShareClass12024-04-012025-03-3101218716ns10:OrdinaryShareClass22024-04-012025-03-3101218716ns10:Director22024-04-012025-03-3101218716ns10:Director32024-04-012025-03-3101218716ns10:Director42024-04-012025-03-3101218716ns10:Director52024-04-012025-03-3101218716ns10:CompanySecretary12024-04-012025-03-3101218716ns10:RegisteredOffice2024-04-012025-03-3101218716ns5:CurrentFinancialInstruments2025-03-3101218716ns5:CurrentFinancialInstruments2024-03-3101218716ns5:Non-currentFinancialInstruments2025-03-3101218716ns5:Non-currentFinancialInstruments2024-03-3101218716ns5:ShareCapital2025-03-3101218716ns5:ShareCapital2024-03-3101218716ns5:RetainedEarningsAccumulatedLosses2025-03-3101218716ns5:RetainedEarningsAccumulatedLosses2024-03-3101218716ns5:ShareCapital2023-03-3101218716ns5:RetainedEarningsAccumulatedLosses2023-03-3101218716ns5:RetainedEarningsAccumulatedLosses2023-04-012024-03-3101218716ns5:RetainedEarningsAccumulatedLosses2024-04-012025-03-3101218716ns10:HighestPaidDirector2024-04-012025-03-3101218716ns10:HighestPaidDirector2023-04-012024-03-3101218716ns5:OwnedAssets2024-04-012025-03-3101218716ns5:OwnedAssets2023-04-012024-03-3101218716ns5:LeasedAssets2024-04-012025-03-3101218716ns5:LeasedAssets2023-04-012024-03-3101218716ns5:HirePurchaseContracts2024-04-012025-03-3101218716ns5:HirePurchaseContracts2023-04-012024-03-3101218716ns10:OrdinaryShareClass12023-04-012024-03-3101218716ns5:FurnitureFittings2024-03-3101218716ns5:MotorVehicles2024-03-3101218716ns5:FurnitureFittings2024-04-012025-03-3101218716ns5:MotorVehicles2024-04-012025-03-3101218716ns5:FurnitureFittings2025-03-3101218716ns5:MotorVehicles2025-03-3101218716ns5:FurnitureFittings2024-03-3101218716ns5:MotorVehicles2024-03-3101218716ns5:WithinOneYearns5:CurrentFinancialInstruments2025-03-3101218716ns5:WithinOneYearns5:CurrentFinancialInstruments2024-03-3101218716ns5:WithinOneYear2025-03-3101218716ns5:WithinOneYear2024-03-3101218716ns5:DeferredTaxation2024-03-3101218716ns5:DeferredTaxation2025-03-3101218716ns10:OrdinaryShareClass12025-03-3101218716ns10:OrdinaryShareClass22025-03-3101218716ns5:RetainedEarningsAccumulatedLosses2024-03-31012187161ns10:Director12024-03-31012187161ns10:Director12023-03-31012187161ns10:Director12024-04-012025-03-31012187161ns10:Director12023-04-012024-03-31012187161ns10:Director12025-03-31012187161ns10:Director12024-03-31
REGISTERED NUMBER: 01218716 (England and Wales)











Strategic Report, Report of the Directors and

Audited Financial Statements

for the Year Ended 31 March 2025

for

Cousins Limited

Cousins Limited (Registered number: 01218716)

Contents of the Financial Statements
for the Year Ended 31 March 2025










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 10

Statement of Financial Position 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


Cousins Limited

Company Information
for the Year Ended 31 March 2025







DIRECTORS: C F Moloney
R C Cousins
R J L Mobley
A R Wilkinson
V Rawding



SECRETARY: C F Moloney



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



REGISTERED NUMBER: 01218716 (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 Limited (Registered number: 01218716)

Strategic Report
for the Year Ended 31 March 2025


The directors present their strategic report for the year ended 31 March 2025.

REVIEW OF BUSINESS
Financial overview
The directors are pleased with the financial results for the year ended 31 March 2025, showing a good performance across the period, considering the fact that several key contractors went out of business during the period, which led to a reduction in turnover and overall profits.

The directors are confident the business is in a strong position to steadily move forward and meet the challenges the future may bring. The directors anticipate securing a substantial volume of new contracts in the near future, positioning the company for sustained success moving forward.

During the year, the Cousins group has undertaken a transition to employee ownership through the establishment of an Employee Ownership Trust, enabling the acquisition of a controlling shareholding on behalf of employees. This strategic move supports long-term stability, succession planning, and employee engagement.

Cousins 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.

31.3.25 31.3.24 31.3.23

Turnover (£million) 12.8m 14.7m 15.2m
Profit before taxation 1.1m 1.5m 1.2m
Profit before taxation
percentage

8.6%

10.2%

7.9%


Net assets 3.7m 4.3m 3.4m

The directors will continue to invest heavily in strengthening relationships with all our clients and industry partners, as well as the continued investment in staff training through the group's academy to deliver excellence and attract new people to the industry.

These improvements, alongside a strong Statement of Financial Position, provides Cousins Limited with the platform for consistency, growth and ultimately to deliver our clients award winning projects.

The directors will as ever continue to monitor the longer-term effects on the economy and industry, and adapt the company's targets and aspirations to suit.

Results
The results for the year are set out on page 10.


Cousins Limited (Registered number: 01218716)

Strategic Report
for the Year Ended 31 March 2025

PRINCIPAL RISKS AND UNCERTAINTIES
Financial risk management objective
The company uses various financial instruments including loans from group companies, cash and other items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations.

The existence of these financial instruments exposes the company to a number of financial risks, which are described in more detail below.

The main risks arising from the company's financial instruments 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 company 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 company'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


15 August 2025

Cousins Limited (Registered number: 01218716)

Report of the Directors
for the Year Ended 31 March 2025


The directors present their report with the financial statements of the company for the year ended 31 March 2025.

PRINCIPAL ACTIVITY
The principal activity of Cousins Limited is providing painting & decorating services to the construction industry within London, and the South East, targeting major schemes, for major construction contractors, and end user blue chip clients.

DIVIDENDS
An interim dividend of £150 per share on the Ordinary £0.01 shares was paid on 9 October 2024. The directors recommend that no final dividend be paid on these shares.

No interim dividend was paid on the A £0.01 shares. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 31 March 2025 will be £ 1,500,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

C F Moloney
R C Cousins
R J L Mobley
A R Wilkinson
V Rawding

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 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Cousins Limited (Registered number: 01218716)

Report of the Directors
for the Year Ended 31 March 2025


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 company'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 company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





R C Cousins - Director


15 August 2025

Report of the Independent Auditors to the Members of
Cousins Limited


Opinion
We have audited the financial statements of Cousins Limited (the 'company') for the year ended 31 March 2025 which comprise the Statement of Comprehensive Income, Statement of Financial Position, 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 March 2025 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 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 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 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 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 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 Limited


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 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, 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 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 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 company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Cousins 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 company is in, its control environment and business performance including the design of the company'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 company'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 non-compliance;
- 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;
- 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 concerning actual and potential litigation claims along with 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;
- Obtaining an understanding of provisions and holding discussions with management to understand the basis of recognition or non-recognition of provisions; and
- Considering the risk of fraud through management override of controls; testing the appropriateness of journal entries and other adjustments; checking internal control procedures are being followed as per the company's policies 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.

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 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

18 August 2025

Cousins Limited (Registered number: 01218716)

Statement of Comprehensive Income
for the Year Ended 31 March 2025

2025 2024
Notes £    £   

TURNOVER 12,809,479 14,740,621

Cost of sales (8,390,432 ) (9,671,311 )
GROSS PROFIT 4,419,047 5,069,310

Administrative expenses (3,383,876 ) (3,581,071 )
OPERATING PROFIT 4 1,035,171 1,488,239

Interest receivable and similar income 75,642 79,247
1,110,813 1,567,486

Interest payable and similar expenses 5 - (86 )
PROFIT BEFORE TAXATION 1,110,813 1,567,400

Tax on profit 6 (291,192 ) (331,917 )
PROFIT FOR THE FINANCIAL YEAR 819,621 1,235,483

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

819,621

1,235,483

Cousins Limited (Registered number: 01218716)

Statement of Financial Position
31 March 2025

2025 2024
Notes £    £   
FIXED ASSETS
Tangible assets 8 112,627 107,801

CURRENT ASSETS
Stocks 9 1,119 1,119
Debtors 10 3,181,406 3,435,720
Cash at bank 1,558,797 2,149,451
4,741,322 5,586,290
CREDITORS
Amounts falling due within one year 11 (1,053,731 ) (1,196,428 )
NET CURRENT ASSETS 3,687,591 4,389,862
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,800,218

4,497,663

CREDITORS
Amounts falling due after more than one
year

12

(81,773

)

(100,492

)

PROVISIONS FOR LIABILITIES 15 (23,240 ) (21,587 )
NET ASSETS 3,695,205 4,375,584

CAPITAL AND RESERVES
Called up share capital 16 108 108
Retained earnings 17 3,695,097 4,375,476
SHAREHOLDERS' FUNDS 3,695,205 4,375,584

The financial statements were approved by the Board of Directors and authorised for issue on 15 August 2025 and were signed on its behalf by:





R C Cousins - Director


Cousins Limited (Registered number: 01218716)

Statement of Changes in Equity
for the Year Ended 31 March 2025

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2023 108 3,469,993 3,470,101

Changes in equity
Dividends - (330,000 ) (330,000 )
Total comprehensive income - 1,235,483 1,235,483
Balance at 31 March 2024 108 4,375,476 4,375,584

Changes in equity
Dividends - (1,500,000 ) (1,500,000 )
Total comprehensive income - 819,621 819,621
Balance at 31 March 2025 108 3,695,097 3,695,205

Cousins Limited (Registered number: 01218716)

Notes to the Financial Statements
for the Year Ended 31 March 2025


1. STATUTORY INFORMATION

Cousins 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. 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.

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.

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

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.

Fixtures and fittings- 20% and 33% 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 Statement of Comprehensive Income.

Gains and losses on disposals are determined by comparing the sales proceeds with the carrying amount and are recognised within 'administrative expenses' in the Statement of Comprehensive Income.

Stocks
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 Limited (Registered number: 01218716)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income 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.

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 Statement of Comprehensive Income 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 to the Statement of Comprehensive Income on a straight line basis over the lease term.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions are charged to the Statement of Comprehensive Income 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 Limited (Registered number: 01218716)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025


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 8)

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
2025 2024
£    £   
Wages and salaries 3,134,867 3,307,465
Social security costs 358,816 406,943
Other pension costs 101,305 115,998
3,594,988 3,830,406

The average number of employees during the year was as follows:
2025 2024

Directors 5 5
Administration 23 25
Operations 23 23
51 53

2025 2024
£    £   
Directors' remuneration 807,115 942,155
Directors' pension contributions to money purchase schemes 37,221 54,989

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

Money purchase schemes 3 5

Information regarding the highest paid director is as follows:
2025 2024
£    £   
Emoluments etc 217,512 221,410
Pension contributions to money purchase schemes 9,710 9,336

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2025 2024
£    £   
Other operating leases 114,425 110,033
Depreciation - owned assets 50,767 36,589
Depreciation - assets on hire purchase contracts or finance leases - 6,792
Profit on disposal of fixed assets (32,500 ) (5,888 )
Auditors' remuneration 22,000 10,500

Cousins Limited (Registered number: 01218716)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025


5. INTEREST PAYABLE AND SIMILAR EXPENSES
2025 2024
£    £   
Hire purchase - 86

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2025 2024
£    £   
Current tax:
UK corporation tax 289,539 328,698

Deferred tax 1,653 3,219
Tax on profit 291,192 331,917

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:

2025 2024
£    £   
Profit before tax 1,110,813 1,567,400
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2024 - 25%)

277,703

391,850

Effects of:
Expenses not deductible for tax purposes 23,600 17,886
Capital allowances in excess of depreciation (9,778 ) (9,295 )
Adjustments to tax charge in respect of previous periods - (58,388 )
Group relieved loss utilised (1,986 ) (13,355 )
Movement in deferred tax 1,653 3,219

Total tax charge 291,192 331,917

7. DIVIDENDS
2025 2024
£    £   
Ordinary shares of £0.01 each
Interim 1,500,000 330,000

Cousins Limited (Registered number: 01218716)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025


8. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 April 2024 322,096 250,623 572,719
Additions 4,904 50,689 55,593
Disposals - (132,570 ) (132,570 )
At 31 March 2025 327,000 168,742 495,742
DEPRECIATION
At 1 April 2024 296,466 168,452 464,918
Charge for year 16,455 34,312 50,767
Eliminated on disposal - (132,570 ) (132,570 )
At 31 March 2025 312,921 70,194 383,115
NET BOOK VALUE
At 31 March 2025 14,079 98,548 112,627
At 31 March 2024 25,630 82,171 107,801

9. STOCKS
2025 2024
£    £   
Stocks 1,119 1,119

10. DEBTORS
2025 2024
£    £   
Amounts falling due within one year:
Trade debtors 438,918 324,720
Amounts owed by group undertakings 217,619 147,203
Amounts recoverable on
contracts 1,762,835 1,987,865
Prepayments and other debtors 104,188 224,937
Directors' current accounts - 1,968
VAT 51,062 69,067
2,574,622 2,755,760

Amounts falling due after more than one year:
Trade debtors 606,784 679,960

Aggregate amounts 3,181,406 3,435,720

Cousins Limited (Registered number: 01218716)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025


11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Trade creditors 261,024 515,712
Amounts owed to group undertakings 40,406 41,791
Tax 193,116 151,086
Social security and other taxes 206,119 228,739
Other creditors 123,917 110,956
Accruals and deferred income 229,149 148,144
1,053,731 1,196,428

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2025 2024
£    £   
Other creditors 81,773 100,492

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2025 2024
£    £   
Within one year 56,106 53,875

Total operating lease payments made during the year amounted to £114,425 (2024: £108,230).

14. SECURED DEBTS

During the year Barclays Bank Plc held a fixed and floating charge over the undertaking and its assets present and future. This charge was satisfied after the year end.

15. PROVISIONS FOR LIABILITIES
2025 2024
£    £   
Deferred tax 23,240 21,587

Deferred
tax
£   
Balance at 1 April 2024 21,587
Capital allowances in advance 1,653
Balance at 31 March 2025 23,240

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2025 2024
value: £    £   
10,000 Ordinary £0.01 100 100
750 A £0.01 8 8
108 108

Cousins Limited (Registered number: 01218716)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025


16. CALLED UP SHARE CAPITAL - continued

Ordinary shares have the following rights:

Voting: One vote per share.
Dividends:Such amount per share as the directors may from time to time declare on that class.
Capital: Rights to the first £6.8 million and not less than 80% of any surplus.

A shares have the following rights:

Voting: No voting rights.
Dividends:Such amount per share as the directors may from time to time declare on that class.
Capital: Rights per share up to 0.01% of any excess over £6.8 million, subject to a limit to be determined
by the directors.

17. RESERVES
Retained
earnings
£   

At 1 April 2024 4,375,476
Profit for the year 819,621
Dividends (1,500,000 )
At 31 March 2025 3,695,097

18. ULTIMATE PARENT COMPANY

The ultimate controlling party is Cousins Employee Ownership Trust. The immediate and ultimate parent company is Cousins Group Limited which is the parent company of the largest and smallest group for which consolidated accounts are prepared. Cousins Group Limited is registered at 1 Minster Court, Tuscam Way, Camberley, Surrey, GU15 3YY.

19. CONTINGENT LIABILITIES

During the year the bank held an unlimited supported cross-guarantee between all four group companies.

20. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2025 and 31 March 2024:

2025 2024
£    £   
R C Cousins
Balance outstanding at start of year 1,968 -
Amounts advanced 2,065 2,967
Amounts repaid (4,033 ) (999 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 1,968

Short term loans to the directors are interest free, unsecured and any overdrawn balances are cleared within nine months of the year end.

Cousins Limited (Registered number: 01218716)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025


21. RELATED PARTY DISCLOSURES

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.