Company registration number 01763756 (England and Wales)
COUSINS FURNITURE STORES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
COUSINS FURNITURE STORES LIMITED
COMPANY INFORMATION
Directors
Mr R S Shotton
Mr J Shotton
Secretary
Mr M A Steele
Company number
01763756
Registered office
Springfield Industrial Estate
Manchester Street
Oldbury
West Midlands
United Kingdom
B69 4HH
Auditor
bk plus Audit Limited
Azzurri House
Walsall Road
Aldridge
Walsall
England
WS9 0RB
COUSINS FURNITURE STORES LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 25
COUSINS FURNITURE STORES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 1 -

The directors present the strategic report for the year ended 30 June 2025.

Review of the business

Sales order intake in the year to 30 th June 2025 was similar to the previous year, as distortions to consumer behaviour in previous years due to the imposition and subsequent easing of restrictions relating to the Covid pandemic fell out of all comparisons.

In the year to 30 th June 2025, delivered sales to customers were broadly reflective of the stabilised sales order intake but were down 3% on the previous year.

The company continues to invest in and develop its IT and other business systems, including its website, in order to maintain and improve cost control and organisational efficiency that are seen as crucial to the future success and development of the business.

Principal risks and uncertainties

The general performance of the UK economy is the principal risk for the company, and this risk itself is significantly influenced by the current cost of living crisis. The company seeks to manage and minimise this uncertainty by the careful consideration of marketing and advertising strategies, the use of efficient and modern management systems and the provision of high standards of customer service.

Escalation of costs is another risk factor the company manages by maintaining a policy of full ownership of its trading locations and exercising budgetary controls on its cost base.

Foreign currency risk

Some transactions with suppliers are conducted in foreign currencies and the company is therefore exposed to potentially adverse movements in exchange rates. The treasury function of the company attempts to reduce these risks.

Credit risk

The company's principal financial assets are its bank balances and other trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.

Liquidity risk

The company manages its cash resources to ensure the company has sufficient liquid resources to meet the operating needs of the business.

Fixed Assets

Property costs are shown at the cost of acquisition in line with FRS102, rather than current valuations, because of the undue costs of revaluations; however, this has resulted in a considerable understatement in their value on the balance sheet compared to their fair value.

Key performance indicators

The directors monitor the performance of the company by use of the following Key Performance Indicators (“KPI’s”); sales (via orders taken and deliveries made), gross profit margin and the measurement of costs against budgets and previous years.

Gross margin for the year has remained relatively stable, showing a result of 46.94% this year, against 48.16% last year. The reduction in gross profit amount aligns with the reduction in overall sales this year.

Profit before tax for the year was £27,000 against £863,000 last year.

The directors believe it would not be appropriate to include any non-financial KPl's.

COUSINS FURNITURE STORES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 2 -
Other information and explanations

It is difficult to evaluate the medium to long term impact of the current cost of living crisis and the wars in Ukraine and the Middle East, on consumer behaviour but the significant cash deposits held by the company and its ownership of its trading locations place the company in a favourable position to withstand any shocks to the economy. It is the director's view that the likely ongoing impact of these factors does not create a material uncertainty relating to going concern.

On behalf of the board

Mr R S Shotton
Director
14 January 2026
COUSINS FURNITURE STORES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 3 -

The directors present their annual report and financial statements for the year ended 30 June 2025.

Principal activities

The principal activity of the company continued to be that of furniture retailing within the UK, There have been no significant changes in the principal activities in the year and the directors do not anticipate any changes in the future.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr R S Shotton
Mr J Shotton
Auditor

In accordance with the company's articles, a resolution proposing that bk plus Audit Limited be reappointed as auditor of the company will be put at a General Meeting.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of financial risk management.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr R S Shotton
Director
14 January 2026
COUSINS FURNITURE STORES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2025
- 4 -

The directors are responsible for preparing the annual report 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; and

- 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 FURNITURE STORES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF COUSINS FURNITURE STORES LIMITED
- 5 -
Opinion

We have audited the financial statements of Cousins Furniture Stores Limited (the 'company') for the year ended 30 June 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 30 June 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 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual 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 our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

COUSINS FURNITURE STORES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF COUSINS FURNITURE STORES LIMITED (CONTINUED)
- 6 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which 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 directors' r esponsibilities s tatement, 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 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 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.

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 auditor's 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 extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

From the preliminary stages of the audit, we ensure our understanding of the entity is up to date. This includes, but is not limited to, current knowledge of their activities, the business and control environments, and their compliance with the applicable legal and regulatory frameworks. This information supports our risk identification and the subsequent design of audit procedures to mitigate those risks; ensuring that the audit evidence obtained is sufficient and appropriate to support our opinion.

In response to the risks identified, specific to this entity, we designed procedures which included, but were not limited to:

- Enquiry of management and those charged with governance around actual and potential litigation and claims;

- Reviewing minutes of meetings of those charged with governance, where available;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Auditing the risk of management override of controls, including testing journals entries and other adjustments for appropriateness, and evaluating the business rationale for significant transactions outside the normal course of business.

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.

COUSINS FURNITURE STORES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF COUSINS FURNITURE STORES LIMITED (CONTINUED)
- 7 -
Amy Cotterill ACA (Senior Statutory Auditor)
For and on behalf of bk plus Audit Limited, Statutory Auditor
Chartered Certified Accountants
Azzurri House
Walsall Road
Aldridge
Walsall
WS9 0RB
England
14 January 2026
COUSINS FURNITURE STORES LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
13,998,923
14,494,236
Cost of sales
(7,427,450)
(7,513,630)
Gross profit
6,571,473
6,980,606
Distribution costs
(1,927,963)
(1,804,468)
Administrative expenses
(4,814,710)
(4,569,038)
Other operating income
36,826
60,167
Operating (loss)/profit
5
(134,374)
667,267
Interest receivable and similar income
8
163,716
199,019
Interest payable and similar expenses
9
(2,214)
(2,808)
Profit before taxation
27,128
863,478
Tax on profit
10
33,903
(230,603)
Profit for the financial year
61,031
632,875

The profit and loss account has been prepared on the basis that all operations are continuing operations.

COUSINS FURNITURE STORES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2025
- 9 -
2025
2024
£
£
Profit for the year
61,031
632,875
Other comprehensive income
-
-
Total comprehensive income for the year
61,031
632,875
COUSINS FURNITURE STORES LIMITED
BALANCE SHEET
AS AT
30 JUNE 2025
30 June 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
8,024,299
7,656,623
Current assets
Stocks
13
5,058,551
4,916,662
Debtors
14
544,772
594,361
Cash at bank and in hand
4,046,675
4,597,597
9,649,998
10,108,620
Creditors: amounts falling due within one year
15
(2,790,909)
(2,909,250)
Net current assets
6,859,089
7,199,370
Total assets less current liabilities
14,883,388
14,855,993
Provisions for liabilities
Deferred tax liability
16
232,038
265,674
(232,038)
(265,674)
Net assets
14,651,350
14,590,319
Capital and reserves
Called up share capital
18
127,500
127,500
Capital redemption reserve
22,500
22,500
Profit and loss reserves
14,501,350
14,440,319
Total equity
14,651,350
14,590,319

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 14 January 2026 and are signed on its behalf by:
Mr R S Shotton
Director
Company registration number 01763756 (England and Wales)
COUSINS FURNITURE STORES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 11 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 July 2023
127,500
22,500
13,879,444
14,029,444
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
632,875
632,875
Dividends
11
-
-
(72,000)
(72,000)
Balance at 30 June 2024
127,500
22,500
14,440,319
14,590,319
Year ended 30 June 2025:
Profit and total comprehensive income
-
-
61,031
61,031
Balance at 30 June 2025
127,500
22,500
14,501,350
14,651,350
COUSINS FURNITURE STORES LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
- 12 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
354,376
933,644
Interest paid
(2,214)
(2,808)
Income taxes paid
(203,499)
(295,707)
Net cash inflow from operating activities
148,663
635,129
Investing activities
Purchase of tangible fixed assets
(912,300)
(558,241)
Proceeds from disposal of tangible fixed assets
48,999
500
Interest received
163,716
199,019
Net cash used in investing activities
(699,585)
(358,722)
Financing activities
Dividends paid
-
0
(72,000)
Net cash used in financing activities
-
(72,000)
Net (decrease)/increase in cash and cash equivalents
(550,922)
204,407
Cash and cash equivalents at beginning of year
4,597,597
4,393,190
Cash and cash equivalents at end of year
4,046,675
4,597,597
COUSINS FURNITURE STORES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
- 13 -
1
Accounting policies
Company information

Cousins Furniture Stores Limited is a private company limited by shares incorporated in England and Wales. The registered office is Springfield Industrial Estate, Manchester Street, Oldbury, West Midlands, United Kingdom, B69 4HH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line
Plant and equipment
10-20% straight line
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

COUSINS FURNITURE STORES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 14 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

COUSINS FURNITURE STORES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 15 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

COUSINS FURNITURE STORES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 16 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

COUSINS FURNITURE STORES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 17 -
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

As lessor

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Stock provision

Stocks are valued at the lower cost and net realisable value. Net realisable value includes, where necessary, provisions for slow moving and obsolete stocks. Calculation of these provisions requires judgements to be made, which include forecast consumer demand, the promotional, competitive and economic environment and stock loss trends.

COUSINS FURNITURE STORES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 18 -
3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Furniture retailing
13,998,923
14,494,236
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
13,998,923
14,494,236
2025
2024
£
£
Other revenue
Interest income
163,716
199,019
4
Exceptional item
2025
2024
£
£
Expenditure
Exceptional item - Admin costs (incl in Admin range)
-
(296,870)

The exceptional item above consists of rates rebates received during the year of £296,870, following a rates review.

5
Operating (loss)/profit
2025
2024
Operating (loss)/profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(170,165)
(90,784)
Fees payable to the company's auditor for the audit of the company's financial statements
17,500
18,750
Depreciation of owned tangible fixed assets
521,330
521,203
Profit on disposal of tangible fixed assets
(25,705)
(500)
Operating lease charges
345,157
297,852
COUSINS FURNITURE STORES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 19 -
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Directors
2
2
Administration
28
44
Maintenance
-
1
Sales
42
41
Warehouse
23
25
Total
95
113

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
2,523,224
2,640,835
Social security costs
250,783
227,299
Pension costs
44,162
45,967
2,818,169
2,914,101
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
177,099
175,089
Company pension contributions to defined contribution schemes
1,321
1,321
178,420
176,410
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
163,716
199,019
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
163,716
199,019
COUSINS FURNITURE STORES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 20 -
9
Interest payable and similar expenses
2025
2024
£
£
Other finance costs:
Other interest
2,214
2,808
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
-
0
203,766
Adjustments in respect of prior periods
(267)
-
0
Total current tax
(267)
203,766
Deferred tax
Origination and reversal of timing differences
(33,636)
26,837
Total tax (credit)/charge
(33,903)
230,603

The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
27,128
863,478
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
6,782
215,870
Unutilised tax losses carried forward
(5,195)
-
0
Permanent capital allowances in excess of depreciation
(35,223)
-
0
Depreciation on assets not qualifying for tax allowances
-
0
42,233
Other permanent differences
-
0
(27,500)
Under/(over) provided in prior years
(267)
-
0
Taxation (credit)/charge for the year
(33,903)
230,603
11
Dividends
2025
2024
£
£
Interim paid
-
0
72,000
COUSINS FURNITURE STORES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 21 -
12
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2024
8,405,879
5,101,334
657,336
14,164,549
Additions
306,087
366,843
239,370
912,300
Disposals
-
0
-
0
(93,180)
(93,180)
At 30 June 2025
8,711,966
5,468,177
803,526
14,983,669
Depreciation and impairment
At 1 July 2024
2,035,620
3,999,191
473,115
6,507,926
Depreciation charged in the year
168,118
271,750
81,462
521,330
Eliminated in respect of disposals
-
0
-
0
(69,886)
(69,886)
At 30 June 2025
2,203,738
4,270,941
484,691
6,959,370
Carrying amount
At 30 June 2025
6,508,228
1,197,236
318,835
8,024,299
At 30 June 2024
6,370,259
1,102,143
184,221
7,656,623
13
Stocks
2025
2024
£
£
Finished goods and goods for resale
5,058,551
4,916,662

An impairment loss of £625,896 (2024: £665,228) was recognised in cost of sales against stock during the year due to slow-moving and obsolete stock.

14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
216,351
263,483
Other debtors
226,939
241,239
Prepayments and accrued income
101,482
89,639
544,772
594,361
COUSINS FURNITURE STORES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 22 -
15
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
913,076
755,223
Corporation tax
-
0
203,766
Other taxation and social security
378,173
358,210
Other creditors
1,188,545
1,325,483
Accruals and deferred income
311,115
266,568
2,790,909
2,909,250
16
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
232,038
265,674
2025
Movements in the year:
£
Liability at 1 July 2024
265,674
Credit to profit or loss
(33,636)
Liability at 30 June 2025
232,038

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

17
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
44,162
45,967

The company operates a defined contribution pension scheme for all qualifying employees.

The assets of the scheme are held separately from those of the company in an independently administered fund.

COUSINS FURNITURE STORES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 23 -
18
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
85,000
85,000
85,000
85,000
A Ordinary shares of £1 each
42,500
42,500
42,500
42,500
127,500
127,500
127,500
127,500

The company has two classes of shares which carry the following rights:

Voting:

The ordinary shares hold the right to one vote per share whilst the ordinary A shares do not hold the right to vote.

Dividends:

The directors have the discretion to pay dividends up to £50,000 to the holders of the ordinary A shares without paying a dividend on the ordinary shares.

Should they not take this option then the holders of the ordinary A shares shall be entitled to receive a dividend of one quarter of the dividend paid to the holders of the ordinary shares in respect of any dividends paid on each share.

Liquidation:

On a return of assets on liquidation there shall be paid to the holders of the ordinary A shares one quarter of the amount paid to the holders of the ordinary shares in respect of each share held by them.

In all other respects the ordinary shares and the ordinary A shares rank pari passu.

19
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within 1 year
377,500
345,000
Years 2-5
1,210,000
1,200,000
After 5 years
325,000
25,000
1,912,500
1,570,000
COUSINS FURNITURE STORES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 24 -
20
Related party transactions
Payments to key management personnel

The payments made to key management personnel is as follows.

2025
2024
£
£
Aggregate compensation
230,833
265,602
Other information

The company leases land and buildings from Cousins of Birmingham Executive Pension Scheme, Johnston Pension Trustee Scheme and Robert Shotton.

The rent charged during the year from Robert Shotton amounted to £240,000 (2024: £240,000) and accrued rent outstanding amounted to £225,000 (2024: £120,000).

The rent charged during the year from the Johnston Pension Trustees Scheme amounted to £58,354 (2024: £58,354) and prepaid rent amounted to £14,276 (2024: £14,172).

Included in other creditors are amounts due to R S Shotton for £15,788. At the year end, the interest outstanding with respect to the loan for R S Shotton was £12,382 (2024: £10,514).

Trade debtors include the amount £86,939 (2024: £47,514) in respect of sales of goods to directors and family members.

21
Directors' transactions

Dividends totalling £0 (2024 - £72,000) were paid in the year in respect of shares held by the company's directors and family members.

22
Cash generated from operations
2025
2024
£
£
Profit after taxation
61,031
632,875
Adjustments for:
Taxation (credited)/charged
(33,903)
230,603
Finance costs
2,214
2,808
Investment income
(163,716)
(199,019)
Gain on disposal of tangible fixed assets
(25,705)
(500)
Depreciation and impairment of tangible fixed assets
521,330
521,203
Movements in working capital:
(Increase)/decrease in stocks
(141,889)
244,869
Decrease/(increase) in debtors
49,589
(3,124)
Increase/(decrease) in creditors
85,425
(496,071)
Cash generated from operations
354,376
933,644
COUSINS FURNITURE STORES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 25 -
23
Analysis of changes in net funds
1 July 2024
Cash flows
30 June 2025
£
£
£
Cash at bank and in hand
4,597,597
(550,922)
4,046,675
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