| ● |
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 Auditor’s 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 siginificant 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 other information comprises the information included in the Director’s Report, other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the Director's Report. 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. 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 course of 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 Director’s Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
|
| ● |
the Director’s Report has been prepared in accordance with applicable legal requirements. |
|
| Matters on which we are required to report by exception |
| In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director’s Report. |
|
| ● |
the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the Director's Report and from the requirement to prepare a strategic report. |
|
| Responsibilities of the director |
| As explained more fully in the director’s responsibilities statement set out on page 2, 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 is 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 have no realistic alternative but to do so. |
|
| Auditor’s 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 an auditors report 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. |
| Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below. |
| Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with company legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements of the company. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunites for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the audit engagement team included: |
|
| ● |
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud; |
|
| ● |
Understanding of management's internal controls designed to prevent and detect irregularities, and fraud; |
|
| ● |
Reviewing the company's legal costs to check for non-compliance with laws and regulations and fraud; |
|
| ● |
Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing of expenses; |
|
| ● |
Testing transactions entered into outside of the normal course of the company's business; and |
| ● |
Identifying and testing journal entries, in particular any journal entries with fraud characteristics such as journals with round numbers. |
|
| Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularites occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
| A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. |
|
| 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 an auditors' report 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. |
| Martin Longmore |
| (Senior Statutory Auditor) |
| for and on behalf of Sumer Auditco Limited |
| Statutory Auditor |
| Chartered Accountants |
| Lennox House |
| 3 Pierrepont Street |
| Bath BA1 1LB |
|
| 16 September 2025 |
|
| Cowin Global UK Limited |
| Notes to the Accounts |
| for the year ended 31 December 2024 |
|
|
| 1 |
General Information |
|
|
The company is a private company limited by shares and is incorporated and domiciled in England and Wales. The address of its registered office is Unit 3, Old Mills Court, Old Mills, Paulton, Bristol, BS39 7SW |
|
The presentation currency of the financial statements is Pound Sterling (£) |
|
| 2 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1A, The Financial Reporting Standard applicable in the UK and Republic of Ireland. |
|
Going concern |
|
The financial statements have been prepared using the going concern basis of accounting. Although the company has made a profit in the year, it has made losses in prior years. The company has received assurances from its ultimate parent company, Cowin Global Holding Limited, that they will continue to support the company for a period of at least 12 months from the date of approval of these financial statements. On this basis, the director believes that current and future sources of funding or support will be adequate for the company's needs and therefore the company to be able to continue as a going concern. |
|
|
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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Furniture & Office Equipment |
between 1 year and 5 years |
|
Motor Vehicles |
between 3 years and 5 years |
|
Plant and machinery |
between 1 year and 5 years |
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
|
|
Work in Progress |
|
Work in Progress is valued at cost which includes an appropriate proportion of directly attributable costs on incomplete finished goods. Provision is made for irrecoverable costs where appropriate. Work in Progress is recognised in the accounts once goods are in transit from the supplier premises even if not received by the company, and where risk and reward of ownership is taken on by the company |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
|
Leased assets |
|
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
|
|
| 3 |
Employees |
2024 |
|
2023 |
| Number |
Number |
|
|
Average number of persons employed by the company |
33 |
|
27 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Tangible fixed assets |
|
|
Furniture and office equipment |
|
Plant and machinery |
|
Motor vehicles |
|
Total |
| £ |
£ |
£ |
£ |
|
Cost |
|
At 1 January 2024 |
16,997 |
|
78,699 |
|
68,742 |
|
164,438 |
|
Additions |
5,749 |
|
10,433 |
|
39,497 |
|
55,679 |
|
At 31 December 2024 |
22,746 |
|
89,132 |
|
108,239 |
|
220,117 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 January 2024 |
14,678 |
|
51,559 |
|
29,811 |
|
96,048 |
|
Charge for the year |
1,960 |
|
13,567 |
|
18,482 |
|
34,009 |
|
At 31 December 2024 |
16,638 |
|
65,126 |
|
48,293 |
|
130,057 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2024 |
6,108 |
|
24,006 |
|
59,946 |
|
90,060 |
|
At 31 December 2023 |
2,319 |
|
27,140 |
|
38,931 |
|
68,390 |
|
|
|
|
|
|
|
|
|
|
Fixed assets held under Hire purchase |
39,497 |
|
|
| 5 |
Stocks |
2024 |
|
2023 |
| £ |
£ |
|
|
Work in Progress |
145,790 |
|
33,964 |
|
Finished Goods and goods for resale |
245,641 |
|
127,938 |
|
|
|
|
|
|
|
391,431 |
|
161,902 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Debtors |
2024 |
|
2023 |
| £ |
£ |
|
|
Trade debtors |
2,874,775 |
|
1,811,621 |
|
Deferred tax asset |
|
|
|
|
146,722 |
|
- |
|
Other debtors |
685,478 |
|
357,510 |
|
|
|
|
|
|
3,706,975 |
|
2,169,131 |
|
|
|
|
|
|
|
|
|
|
|
| 7 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
| £ |
£ |
|
|
Obligations under finance lease and hire purchase contracts |
6,497 |
|
- |
|
Trade creditors |
66,684 |
|
34,131 |
|
Amounts owed to group undertakings |
2,254,219 |
|
1,325,327 |
|
Other taxes and social security costs |
480,938 |
|
300,547 |
|
Deferred income |
145,915 |
|
- |
|
Other creditors |
36,849 |
|
22,001 |
|
|
|
|
|
|
2,991,102 |
|
1,682,006 |
|
| 8 |
Creditors: amounts falling due after one year |
2024 |
|
2023 |
| £ |
£ |
|
|
Obligations under finance lease and hire purchase contracts |
29,197 |
|
- |
|
|
|
|
|
|
|
|
|
|
| 9 |
Other financial commitments |
2024 |
|
2023 |
| £ |
£ |
|
|
Total future minimum payments under non-cancellable operating leases |
|
1,678,214 |
|
323,507 |
|
|
|
|
|
|
|
|
|
|
| 10 |
Related party transactions |
|
|
|
|
|
|
2024 |
|
2023 |
|
|
|
|
|
|
£ |
|
£ |
|
i) Transactions with group companies |
|
Cowin Global Holding Limited |
|
Purchases of materials from group |
2,386,473 |
|
1,271,261 |
|
|
|
|
|
|
|
|
|
|
ii) Transactions with related companies |
|
Cowin Global UK Management Ltd |
|
Receipts received from Cowin Global UK Management Ltd |
6,034,168 |
|
4,847,958 |
|
|
|
|
|
|
|
|
|
|
Payments made to Cowin Global UK Management Ltd |
5,763,843 |
|
4,823,878 |
|
|
|
|
|
|
|
|
|
|
iii) Balances with group companies |
|
Cowin Global Holding Limited |
|
Amounts owed to ultimate parent company |
2,254,219 |
|
1,325,327 |
|
|
|
|
|
|
|
|
|
|
iv) Balances with related companies |
|
|
|
|
|
|
|
|
|
|
Cowin Global UK Management Ltd |
|
Amounts due from related company |
|
|
|
511,591 |
|
241,267 |
|
|
|
|
|
|
|
|
|
|
Cowin Global UK Management Ltd (CGML) provides cash management services to Cowin Global UK Limited (CGL). CGML is 100% owned by the director of CGL. |
|
| 11 |
Controlling party |
|
|
The direct parent company is Cowin Global Trading Limited (which is a 100% subsidiary of Cowin Global Holding Limited) and the ultimate parent company is Cowin Global Holding Limited, which was incorporated in Hong Kong. The address of Cowin Global Holding Limited is 2602 Universal Trade Centre, 3-5A Arbuthnot Road, Central, Hong Kong. |