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REGISTERED NUMBER: 01339144 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

COWAN RECOVERY LIMITED

| COWAN RECOVERY LIMITED (REGISTERED NUMBER: 01339144) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 4 |

| Report of the Independent Auditors | 6 |

| Statement of Comprehensive Income | 9 |

| Statement of Financial Position | 10 |

| Statement of Changes in Equity | 11 |

| Statement of Cash Flows | 12 |

| Notes to the Statement of Cash Flows | 13 |

| Notes to the Financial Statements | 15 |

| COWAN RECOVERY LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2024

| DIRECTORS: | J A Brice

| S Willers

| D Perry

| T A Jennings

| SECRETARY: | S Willers

| REGISTERED OFFICE: | Church View Chambers

| 38 Market Square

| Toddington

| Bedfordshire

| LU5 6BS

| REGISTERED NUMBER: | 01339144 (England and Wales)

| AUDITORS: | Landers Accountants Ltd

| Church View Chambers

| 38 Market Square

| Toddington

| Bedfordshire

| LU5 6BS

| COWAN RECOVERY LIMITED (REGISTERED NUMBER: 01339144) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

The principal activity of the company in the year under review was that of the recovery and transportation of vehicles.

Results and performance

The results of the company for the year, as set out on the following pages, show a loss on ordinary activities before tax of £-264,100 (2023: £635,498 profit) and shareholders’ funds of £3,163,913 (2023: £3,457,089).

In our opinion the key financial performance indicators are sales growth, gross profit margin and net profit margin. These are as follows for the last three years.

| Sales |  | Gross |  | Net |

| Growth |  | Profit Margin |  | Profit Margin |

| % |  | % |  | % |

2024 |  | 0.5 |  | 27.0 |  | -1.1 |

2023 |  | 20.1 |  | 28.9 |  | 2.6 |

2022 |  | 29.7 |  | 28.3 |  | 0.9 |

PRINCIPAL RISKS AND UNCERTAINTIES

Our principal risks (and responses) are:

- the price of fuel, both from an operational perspective and motoring activity in general which tends to decrease with increased fuel prices (improved loading efficiency and plant acquisition)

- the cost of finance increasing (careful modelling of useful lives of assets)

- not achieving the highest levels of customer service (constant monitoring against customer expectations)

BUSINESS ENVIRONMENT

The market for motor car recovery services is at a mature stage in its development with recent years seeing stagnation in the number of consumers with membership of the recovery services provided by the large motoring clubs and organisations. Such a trend, coupled with the impact of the recent improvements to vehicle security and safety, and technological advances in traffic management on highways, has had a negative impact on revenues for this area.

These conditions have stimulated competition between companies, and have encouraged innovation into new business niches. While price is a factor for all players in the market, having a clear focus on reducing costs and increasing reach are of paramount importance for all those in the market. The internet is currently playing a major role in achieving both aims. Promotional expenditure is up on recent years with the increased use of direct mail and the development of online presence along with more high profile sponsorship which is helping to better target new customers.

| COWAN RECOVERY LIMITED (REGISTERED NUMBER: 01339144) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

STRATEGY

Another mild winter across the UK and Europe saw job numbers fall once again, this being the trend for the start of 4 of the past 5 years (2023 being the exception). Continual cost pressures added to the burden with energy, fuel and wage costs hurting significantly in the first quarter.

Positivity remained as we moved into the year, but forecast of additional workload from the UEFA Euros in Germany through Q2 and Olympics in France into Q3 never came to fruition and all sectors remained flat and laboured until the end of the summer.

As we entered into the final quarter of the year, nothing really changed with another mild end to the year, we decided that we needed to become more agile, changing our approach to work-flow management and move towards contracting more of our work out to our partners, reducing head count and developing a restructure plan to move into 2025 with, appointing a new Director to manager to oversee Business Services.

This plan in well underway at the time of writing this, despite a continued downturn in the first few months of 2025. Changes will take time, but makes us more focussed on targets.

DEVELOPMENTS SINCE YEAR END

The board are resolved to find better ways of ways of reacting to certain lower volume work periods and have implemented specific remedial strategies in early 2025.

ON BEHALF OF THE BOARD:

J A Brice - Director

18 September 2025

| COWAN RECOVERY LIMITED (REGISTERED NUMBER: 01339144) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS

No interim dividend was paid during the year. The directors recommend a final dividend of o335.2584 per share.

The total distribution of dividends for the year ended 31 December 2024 will be £ 41,907 .

FUTURE DEVELOPMENTS

The business will continue to closely monitor its current operations and will look to further strengthen its resources in these new business lines, at the same time we will carry on with the reshaping of the rescue recovery section to allow us to stay competitive in this ever-changing sector. The development of new online products has allowed a whole new client base to be created.

DIRECTORS

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

J A Brice

S Willers

D Perry

Other changes in directors holding office are as follows:

T A Jennings - appointed 1 June 2024

POLITICAL DONATIONS AND EXPENDITURE

There were no political donations made or political expenditure incurred during the 2024 financial year (2023: £Nil).

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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.

| COWAN RECOVERY LIMITED (REGISTERED NUMBER: 01339144) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2024

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the 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.

AUDITORS

The auditors, Landers Accountants Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

J A Brice - Director

18 September 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

COWAN RECOVERY LIMITED

Opinion

We have audited the financial statements of Cowan Recovery Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

COWAN RECOVERY 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 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.

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.

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:

- Results of our enquiries of management about their own identification and assessment of the risks of irregularities;

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations.

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

COWAN RECOVERY 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.

Robert Brown (Senior Statutory Auditor)

for and on behalf of Landers Accountants Ltd

Church View Chambers

38 Market Square

Toddington

Bedfordshire

LU5 6BS

18 September 2025

| COWAN RECOVERY LIMITED (REGISTERED NUMBER: 01339144) |

STATEMENT OF COMPREHENSIVE

INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

| 31.12.24 |  | 31.12.23

| Notes | £ | £ |

REVENUE | 3 | 24,596,867 |  | 24,467,330 |  |

Cost of sales | 17,956,119 |  | 17,389,520 |  |

GROSS PROFIT | 6,640,748 |  | 7,077,810 |  |

Administrative expenses | 6,742,591 |  | 6,286,685 |  |

(101,843 | ) | 791,125 |  |

Other operating income | 4 | - |  | 1,043 |  |

OPERATING (LOSS)/PROFIT | 6 | (101,843 | ) | 792,168 |  |

Interest receivable and similar income | - |  | 785 |  |

(101,843 | ) | 792,953 |  |

Interest payable and similar expenses | 7 | 162,257 |  | 157,455 |  |

(LOSS)/PROFIT BEFORE TAXATION | (264,100 | ) | 635,498 |  |

Tax on (loss)/profit | 8 | 1,089 |  | 216,425 |  |

(LOSS)/PROFIT FOR THE FINANCIAL YEAR | (265,189 | ) | 419,073 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | (265,189 | ) | 419,073 |  |

| COWAN RECOVERY LIMITED (REGISTERED NUMBER: 01339144) |

STATEMENT OF FINANCIAL POSITION

31 DECEMBER 2024

| 31.12.24 | 31.12.23 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 10 | - |  | - |  |

Property, plant and equipment | 11 | 6,391,951 |  | 6,604,980 |  |

6,391,951 |  | 6,604,980 |  |

CURRENT ASSETS

Inventories | 12 | 64,683 |  | 63,771 |  |

Debtors | 13 | 3,605,642 |  | 4,331,225 |  |

Cash at bank | 442,383 |  | 276,306 |  |

4,112,708 |  | 4,671,302 |  |

CREDITORS

Amounts falling due within one year | 14 | 4,506,729 |  | 4,903,219 |  |

NET CURRENT LIABILITIES | (394,021 | ) | (231,917 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 5,997,930 |  | 6,373,063 |  |

CREDITORS

Amounts falling due after more than one year | 15 | (1,571,575 | ) | (1,654,621 | ) |

PROVISIONS FOR LIABILITIES | 19 | (1,262,442 | ) | (1,261,353 | ) |

NET ASSETS | 3,163,913 |  | 3,457,089 |  |

CAPITAL AND RESERVES

Called up share capital | 20 | 125 |  | 113 |  |

Share premium | 21 | 14,025 |  | 117 |  |

Capital redemption reserve | 21 | 42,000 |  | 42,000 |  |

Retained earnings | 21 | 3,107,763 |  | 3,414,859 |  |

SHAREHOLDERS' FUNDS | 3,163,913 |  | 3,457,089 |  |

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 18 September 2025 and were signed on its behalf by:

J A Brice - Director

| COWAN RECOVERY LIMITED (REGISTERED NUMBER: 01339144) |

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

| Called up |  | Capital |

| share |  | Retained |  | Share |  | redemption |  | Total

| capital |  | earnings |  | premium |  | reserve |  | equity

£ | £ | £ | £ | £ |

Balance at 1 January 2023 | 113 |  | 3,013,748 |  | 117 |  | 42,000 |  | 3,055,978 |  |

Changes in equity

Dividends | - |  | (17,962 | ) | - |  | - |  | (17,962 | ) |

Total comprehensive income | - |  | 419,073 |  | - |  | - |  | 419,073 |  |

Balance at 31 December 2023 | 113 |  | 3,414,859 |  | 117 |  | 42,000 |  | 3,457,089 |  |

Changes in equity

Issue of share capital | 12 |  | - |  | 13,908 |  | - |  | 13,920 |  |

Dividends | - |  | (41,907 | ) | - |  | - |  | (41,907 | ) |

Total comprehensive income | - |  | (265,189 | ) | - |  | - |  | (265,189 | ) |

Balance at 31 December 2024 | 125 |  | 3,107,763 |  | 14,025 |  | 42,000 |  | 3,163,913 |  |

| COWAN RECOVERY LIMITED (REGISTERED NUMBER: 01339144) |

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

| 31.12.24 |  | 31.12.23

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 1,344,000 |  | 1,551,573 |  |

Interest paid | (21,773 | ) | (35,315 | ) |

Interest element of hire purchase and finance lease rental payments paid | (140,484 | ) | (122,140 | ) |

Net cash from operating activities | 1,181,743 |  | 1,394,118 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (997,273 | ) | (1,846,239 | ) |

Sale of tangible fixed assets | 341,309 |  | 308,751 |  |

Interest received | - |  | 785 |  |

Net cash from investing activities | (655,964 | ) | (1,536,703 | ) |

Cash flows from financing activities

Loan repayments in year | (232,533 | ) | (189,128 | ) |

Net receipts/(payments) on financing | (11,678 | ) | 463,411 |  |

Share issue | 12 |  | - |  |

Equity dividends paid | (41,907 | ) | (17,962 | ) |

Net cash from financing activities | (286,106 | ) | 256,321 |  |

Increase in cash and cash equivalents | 239,673 |  | 113,736 |  |

Cash and cash equivalents at beginning of year | 2 | (1,452,542 | ) | (1,566,278 | ) |

Cash and cash equivalents at end of year | 2 | (1,212,869 | ) | (1,452,542 | ) |

| COWAN RECOVERY LIMITED (REGISTERED NUMBER: 01339144) |

NOTES TO THE STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

1. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 31.12.24 |  | 31.12.23

£ | £ |

| (Loss)/profit before taxation | (264,100 | ) | 635,498 |  |

| Depreciation charges | 947,681 |  | 1,151,865 |  |

| Profit on disposal of fixed assets | (78,688 | ) | (15,725 | ) |

| Finance costs | 162,257 |  | 157,455 |  |

| Finance income | - |  | (785 | ) |

767,150 |  | 1,928,308 |  |

| Increase in inventories | (912 | ) | (9,881 | ) |

| Decrease/(increase) in trade and other debtors | 725,583 |  | (85,479 | ) |

| Decrease in trade and other creditors | (147,821 | ) | (281,375 | ) |

| Cash generated from operations | 1,344,000 |  | 1,551,573 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

| Year ended 31 December 2024

| 31.12.24 |  | 1.1.24

£ | £ |

| Cash and cash equivalents | 442,383 |  | 276,306 |  |

| Bank overdrafts | (1,655,252 | ) | (1,728,848 | ) |

(1,212,869 | ) | (1,452,542 | ) |

| Year ended 31 December 2023

| 31.12.23 |  | 1.1.23

£ | £ |

| Cash and cash equivalents | 276,306 |  | 159,854 |  |

| Bank overdrafts | (1,728,848 | ) | (1,726,132 | ) |

(1,452,542 | ) | (1,566,278 | ) |

| COWAN RECOVERY LIMITED (REGISTERED NUMBER: 01339144) |

NOTES TO THE STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1.1.24 | Cash flow | At 31.12.24

£ | £ | £ |

| Net cash |

| Cash at bank | 276,306 |  | 166,077 |  | 442,383 |  |

| Bank overdrafts | (1,728,848 | ) | 73,596 |  | (1,655,252 | ) |

(1,452,542 | ) | 239,673 |  | (1,212,869 | ) |

| Debt

| Hire purchase and finance leases | (2,110,817 | ) | 11,678 |  | (2,099,139 | ) |

| Debts falling due within 1 year | (196,813 | ) | 96,813 |  | (100,000 | ) |

| Debts falling due after 1 year | (180,566 | ) | 138,899 |  | (41,667 | ) |

(2,488,196 | ) | 247,390 |  | (2,240,806 | ) |

| Total | (3,940,738 | ) | 487,063 |  | (3,453,675 | ) |

| COWAN RECOVERY LIMITED (REGISTERED NUMBER: 01339144) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1. | COMPANY INFORMATION

| Cowan Recovery Limited is a private company, limited by shares, registered in England and Wales. Its registered office is Church View Chambers, 38 Market Square, Toddington, Dunstable, Bedfordshire, LU5 6BS.

| Its principal place of business is Newport Pagnell, Buckinghamshire, MK16 8YR.

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 and on a going concern basis.

| The presentation currency is £ sterling.

| Turnover

| Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its useful life to the end of 2023.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

| Improvements to property | - | over the term of the lease

| Plant and machinery | - | at variable rates on reducing balance

| Fixtures and fittings | - | 20% on reducing balance

| Motor vehicles | - | 25% on reducing balance

| Fixed assets are initially recorded at cost.

| The assets are carried at cost less accumulated depreciation and impairment.

| Assets are removed from the statement of financial position on disposal or when it is withdrawn from use and no future economic benefits are expected from its disposal.

| Inventories

| Inventories are valued at the lower of cost and selling price less cost to sell. Cost is calculated on a first in, first out basis and includes all costs to purchase, and other costs incurred in bringing the inventories to their present location and condition.

| When the inventory's market value drops below its book value on the balance sheet an impairment correction is undertaken.

| COWAN RECOVERY LIMITED (REGISTERED NUMBER: 01339144) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

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 that have been enacted or substantively enacted by the statement of financial position date.

| 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.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

| Leases

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

| Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| COWAN RECOVERY LIMITED (REGISTERED NUMBER: 01339144) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| Invoice discounting

| Amounts due in respect of invoice discounting are included within current liabilities. The company can use this facility to draw down a percentage of the value of certain sales invoices. The management and collection of trade debtors remains with the company.

| Financial instruments

| Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3. | REVENUE

| The revenue and loss (2023 - profit) before taxation are attributable to the one principal activity of the company.

| An analysis of revenue by geographical market is given below:

| 31.12.24 |  | 31.12.23

£ | £ |

| United Kingdom | 22,424,329 |  | 21,761,536 |  |

| Europe | 2,172,538 |  | 2,705,794 |  |

24,596,867 |  | 24,467,330 |  |

4. | OTHER OPERATING INCOME

| 31.12.24 |  | 31.12.23

£ | £ |

| Sundry receipts | - |  | 1,043 |  |

5. | EMPLOYEES AND DIRECTORS

| 31.12.24 |  | 31.12.23

£ | £ |

| Wages and salaries | 6,104,554 |  | 5,470,290 |  |

| Social security costs | 695,533 |  | 563,051 |  |

| Other pension costs | 179,105 |  | 134,577 |  |

6,979,192 |  | 6,167,918 |  |

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

| 31.12.24 |  | 31.12.23

| Number of directors | 4 |  | 3 |  |

| Number of operational staff | 150 |  | 142 |  |

154 |  | 145 |  |

| COWAN RECOVERY LIMITED (REGISTERED NUMBER: 01339144) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

5. | EMPLOYEES AND DIRECTORS - continued

| 31.12.24 |  | 31.12.23

£ | £ |

| Directors' remuneration | 342,543 |  | 368,582 |  |

| Directors' pension contributions to money purchase schemes | 17,621 |  | 9,123 |  |

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

| Money purchase schemes | 3 |  | 3 |  |

| Information regarding the highest paid director is as follows:

| 31.12.24 |  | 31.12.23

£ | £ |

| Emoluments etc | 118,420 |  | 134,799 |  |

| Pension contributions to money purchase schemes | 6,264 |  | 3,159 |  |

6. | OPERATING (LOSS)/PROFIT

| The operating loss (2023 - operating profit) is stated after charging/(crediting):

| 31.12.24 |  | 31.12.23

£ | £ |

| Depreciation - owned assets | 524,179 |  | 572,655 |  |

| Depreciation - assets on hire purchase contracts and finance leases | 423,502 |  | 542,460 |  |

| Profit on disposal of fixed assets | (78,688 | ) | (15,725 | ) |

| Goodwill amortisation | - |  | 36,750 |  |

| Auditors remuneration | 24,400 |  | 20,000 |  |

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 31.12.24 |  | 31.12.23

£ | £ |

| Bank interest | 21,773 |  | 35,315 |  |

| Hire purchase and leasing | 140,484 |  | 122,140 |  |

162,257 |  | 157,455 |  |

| COWAN RECOVERY LIMITED (REGISTERED NUMBER: 01339144) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

8. | TAXATION

| Analysis of the tax charge

| The tax charge on the loss for the year was as follows:

| 31.12.24 |  | 31.12.23

£ | £ |

| Deferred tax | 1,089 |  | 216,425 |  |

| Tax on (loss)/profit | 1,089 |  | 216,425 |  |

| 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 higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 31.12.24 |  | 31.12.23

£ | £ |

| (Loss)/profit before tax | (264,100 | ) | 635,498 |  |

| (Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.520%) | (66,025 | ) | 149,469 |  |

| Effects of:

| Expenses not deductible for tax purposes | 4,363 |  | 1,897 |  |

| Capital allowances in excess of depreciation | - |  | (151,366 | ) |

| Depreciation in excess of capital allowances | 61,662 |  | - |  |

| Deferred tax: origination and reversal of timing differences | 1,089 |  | 216,425 |  |

| Total tax charge | 1,089 |  | 216,425 |  |

9. | DIVIDENDS

| 31.12.24 |  | 31.12.23

£ | £ |

| Final | 41,907 |  | 17,962 |  |

| COWAN RECOVERY LIMITED (REGISTERED NUMBER: 01339144) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

10. | INTANGIBLE FIXED ASSETS

| Goodwill

£ |

| COST

| At 1 January 2024

| and 31 December 2024 | 90,000 |  |

| AMORTISATION

| At 1 January 2024

| and 31 December 2024 | 90,000 |  |

| NET BOOK VALUE

| At 31 December 2024 | - |  |

| At 31 December 2023 | - |  |

11. | PROPERTY, PLANT AND EQUIPMENT

| Improvements |  | Fixtures |

| to |  | Plant and |  | and |  | Motor |

| property |  | machinery |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 January 2024 | 302,250 |  | 11,564,991 |  | 433,175 |  | 166,215 |  | 12,466,631 |  |

| Additions | - |  | 936,281 |  | 32,521 |  | 28,471 |  | 997,273 |  |

| Disposals | - |  | (498,733 | ) | - |  | (25,261 | ) | (523,994 | ) |

| At 31 December 2024 | 302,250 |  | 12,002,539 |  | 465,696 |  | 169,425 |  | 12,939,910 |  |

| DEPRECIATION

| At 1 January 2024 | 236,029 |  | 5,278,969 |  | 262,150 |  | 84,503 |  | 5,861,651 |  |

| Charge for year | 14,573 |  | 871,452 |  | 39,341 |  | 22,315 |  | 947,681 |  |

| Eliminated on disposal | - |  | (240,989 | ) | - |  | (20,384 | ) | (261,373 | ) |

| At 31 December 2024 | 250,602 |  | 5,909,432 |  | 301,491 |  | 86,434 |  | 6,547,959 |  |

| NET BOOK VALUE

| At 31 December 2024 | 51,648 |  | 6,093,107 |  | 164,205 |  | 82,991 |  | 6,391,951 |  |

| At 31 December 2023 | 66,221 |  | 6,286,022 |  | 171,025 |  | 81,712 |  | 6,604,980 |  |

| COWAN RECOVERY LIMITED (REGISTERED NUMBER: 01339144) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

11. | PROPERTY, PLANT AND EQUIPMENT - continued

| Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows:

| Plant and

| machinery

£ |

| COST

| At 1 January 2024 | 4,107,585 |  |

| Additions | 827,680 |  |

| Transfer to ownership | (3,713,932 | ) |

| At 31 December 2024 | 1,221,333 |  |

| DEPRECIATION

| At 1 January 2024 | 1,931,854 |  |

| Charge for year | 423,502 |  |

| Transfer to ownership | (2,010,452 | ) |

| At 31 December 2024 | 344,904 |  |

| NET BOOK VALUE

| At 31 December 2024 | 876,429 |  |

| At 31 December 2023 | 2,175,731 |  |

12. | INVENTORIES

| 31.12.24 |  | 31.12.23

£ | £ |

| Inventories - raw materials | 64,683 |  | 63,771 |  |

13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.12.24 |  | 31.12.23

£ | £ |

| Trade debtors | 3,267,813 |  | 3,800,432 |  |

| Prepayments and accrued income | 337,829 |  | 530,793 |  |

3,605,642 |  | 4,331,225 |  |

| COWAN RECOVERY LIMITED (REGISTERED NUMBER: 01339144) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.12.24 |  | 31.12.23

£ | £ |

| Bank loans and overdrafts (see note 16) | 1,655,252 |  | 1,825,661 |  |

| Other loans (see note 16) | 100,000 |  | 100,000 |  |

| Hire purchase contracts and finance leases (see note 17) | 569,231 |  | 636,762 |  |

| Trade creditors | 1,120,577 |  | 1,304,396 |  |

| Amounts owed to group undertakings | 229,090 |  | 241,982 |  |

| Social security and other taxes | 159,406 |  | 170,545 |  |

| VAT | 412,658 |  | 277,376 |  |

| Other creditors | 3,395 |  | 3,463 |  |

| Accruals and deferred income | 257,120 |  | 343,034 |  |

4,506,729 |  | 4,903,219 |  |

15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| 31.12.24 |  | 31.12.23

£ | £ |

| Bank loans (see note 16) | - |  | 38,899 |  |

| Other loans (see note 16) | 41,667 |  | 141,667 |  |

| Hire purchase contracts and finance leases (see note 17) | 1,529,908 |  | 1,474,055 |  |

1,571,575 |  | 1,654,621 |  |

16. | LOANS

| An analysis of the maturity of loans is given below:

| 31.12.24 |  | 31.12.23

£ | £ |

| Amounts falling due within one year or on demand:

| Bank overdrafts | 1,655,252 |  | 1,728,848 |  |

| Bank loans | - |  | 96,813 |  |

| Other loans | 100,000 |  | 100,000 |  |

1,755,252 |  | 1,925,661 |  |

| Amounts falling due between one and two years:

| Bank loans - 1-2 years | - |  | 38,899 |  |

| Other loans - 1-2 years | 41,667 |  | 100,000 |  |

41,667 |  | 138,899 |  |

| COWAN RECOVERY LIMITED (REGISTERED NUMBER: 01339144) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

16. | LOANS - continued

| 31.12.24 |  | 31.12.23

£ | £ |

| Amounts falling due between two and five years:

| Other loans - 2-5 years | - |  | 41,667 |  |

17. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase contracts |  | Finance leases |

| 31.12.24 |  | 31.12.23 |  | 31.12.24 |  | 31.12.23 |

£ | £ | £ | £ |

| Net obligations repayable:

| Within one year | 500,715 |  | 461,809 |  | 68,516 |  | 174,953 |  |

| Between one and five years | 1,308,173 |  | 1,137,506 |  | 221,735 |  | 336,549 |  |

1,808,888 |  | 1,599,315 |  | 290,251 |  | 511,502 |  |

| Non-cancellable |

| operating leases |

| 31.12.24 |  | 31.12.23

£ | £ |

| Within one year | 498,707 |  | 342,306 |  |

| Between one and five years | 879,338 |  | 536,744 |  |

| In more than five years | 350,000 |  | - |  |

1,728,045 |  | 879,050 |  |

18. | SECURED DEBTS

| The following secured debts are included within creditors:

| 31.12.24 |  | 31.12.23

£ | £ |

| Bank overdrafts | 1,655,252 |  | 1,728,848 |  |

| Bank loans | - |  | 135,712 |  |

| Hire purchase contracts and finance leases | 2,099,139 |  | 2,110,817 |  |

3,754,391 |  | 3,975,377 |  |

| The bank holds an all assets debenture dated 7th July 2011 incorporating a fixed and floating charge over all current and future assets of the company.

| COWAN RECOVERY LIMITED (REGISTERED NUMBER: 01339144) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

19. | PROVISIONS FOR LIABILITIES

| 31.12.24 |  | 31.12.23

£ | £ |

| Deferred tax | 1,262,442 |  | 1,261,353 |  |

| Deferred |

| tax |

£ |

| Balance at 1 January 2024 | 1,261,353 |  |

| Profit and loss movement | 1,089 |  |

| Balance at 31 December 2024 | 1,262,442 |  |

20. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.12.24 |  | 31.12.23

| value: | £ | £ |

| 125 | Ordinary | £1 | 125 |  | 113 |  |

| 12 Ordinary shares of £1 were issued during the year for cash of £ 13,920 .

21. | RESERVES

| Capital |

| Retained |  | Share |  | redemption |

| earnings |  | premium |  | reserve |  | Totals

£ | £ | £ | £ |

| At 1 January 2024 | 3,414,859 |  | 117 |  | 42,000 |  | 3,456,976 |  |

| Deficit for the year | (265,189 | ) | (265,189 | ) |

| Dividends | (41,907 | ) | (41,907 | ) |

| Cash share issue | - |  | 13,908 |  | - |  | 13,908 |  |

| At 31 December 2024 | 3,107,763 |  | 14,025 |  | 42,000 |  | 3,163,788 |  |

22. | ULTIMATE PARENT COMPANY

| Cowan Group Limited is regarded by the directors as being the company's ultimate parent company.

| The company is an 80% owned subsidiary of Cowan Group Limited, a private limited company registered in England and Wales. Its registered office is Century House, 1 The Lakes, Northampton, United Kingdom, NN4 7HD.

| Its principal place of business is Newport Pagnell, Buckinghamshire, MK16 8YR.

| Cowan Group Limited is wholly owned by both the August Settlement and Bear Settlement trusts.

| Group accounts can be obtained from https://www.gov.uk/get-information-about-a-company

| COWAN RECOVERY LIMITED (REGISTERED NUMBER: 01339144) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

23. | RELATED PARTY DISCLOSURES

| At the balance sheet date the company owed the parent company Cowan Group Limited £26,637 (2023: £26,637).

| During the year, the company purchased services amounting to £3,434,265 (2023: £3,250,342) and made sales amounting to £465,369 (2023: £799,695) with CMG Heavy Rescue Limited. A related group company that was owed £202,453 (2023: £215,345) at the period end.

| During the year, the company purchased services amounting to £288,768 (2023: £224,374) with Brice Automotive Limited, a company owned by a director. At the period end Cowan Recovery Limited owed Brice Automotive Limited £15,606 (2023: £21,206).

| No interest or charges have been, or are agreed to be charged on these amounts and they are repayable on demand.

| All transactions were undertaken at market value.

24. | KEY MANAGEMENT PERSONNEL COMPENSATION

| The total remuneration of key management personnel in 2024 (including salaries and other benefits) was £399,143 (2023:£414,212).

25. | GOING CONCERN

| The company has met its day-to-day working capital requirements through an invoice discounting facility and the use of finance lease agreements to fund assets.

| The company's weekly and monthly forecasts and projections prepared by the directors, taking account of reasonable possible changes in trading performance and historic seasonal trends, show that the company is able to operate within the level of its current facility.

| Therefore the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and they continue to adopt the going concern basis in preparing the annual report and accounts.