REGISTERED NUMBER: 04890253 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

FOR

COUSINS MATERIAL HOUSE LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Notes to the Financial Statements

14

DIRECTORS:

A E G Cousins

Mrs C Cousins

REGISTERED OFFICE:

7 Galliford Road Industrial Estate

Heybridge

Maldon

Essex

CM9 4XD

REGISTERED NUMBER:

04890253 (England and Wales)

AUDITORS:

Sargeant Partnership Limited

Chartered Accountants

and Statutory Auditors

5 White Oak Square

London Road

Swanley

Kent

BR8 7AG

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

REVIEW OF BUSINESS

The company performed well during the year with strong revenue growth of £280k on the prior year. The company's bank balance has remained healthy throughout the year and at the year end there was no reliance placed on external funding.

The directors are confident that sales for the 12 months to 31.10.2025 will continue to grow.

PRINCIPAL RISKS AND UNCERTAINTIES

The company's principal financial instruments comprise bank balances, trade creditors and trade debtors. The main purpose of these instruments is to raise funds for the company's operations and to finance the company's operations.

In the course of normal business, the company continually assesses significant risks faced and takes action to mitigate the potential impact. The following risks constitute (in the opinion of the directors) the principal risks and uncertainties currently facing the company:

Operational risks

Information technology

The company's daily operations are increasingly reliant on its information technology systems, particularly with their website sales, payment acceptance, financial control and the provision of management information. Any prolonged or significant failure of these systems could pose a risk to the effective management of the business. The company seeks to minimise the risk by maintaining strong physical control to ensure protection of hardware, software and data, resilience of payment systems.

Reputational risk

Cousins Material House Limited is part of the trading standards Buy With Confidence Scheme. The scheme was set up in response to concerns about 'rogue traders'. The scheme provides consumers with a list of local businesses which have given their commitment to trading fairly.

Forex risk

The company undertakes transactions in multiple currencies. Fluctuations in these currencies pose a risk of foreign exchange loss to the company.

KEY PERFORMANCE INDICATORS

The directors continue to examine all aspects of the business with a view to achieving profitability. Together with senior management, they monitor all other statistical information on a regular basis to ensure that they are aware of any trends and influences on profitability using relevant key performance indicators.

2025 2024

Sales growth/(decline) 2.31% (1.36%)

Gross profit 27.45% 32.37%

In order to maintain growth and competitiveness our margins have fallen marginally below traditional levels.

ON BEHALF OF THE BOARD:

A E G Cousins - Director

13 May 2026

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of dealers of materials, tools and equipment for watch, clock and jewellery repair trades.

DIVIDENDS

The total distribution of dividends for the year ended 31 October 2025 will be £1,350,000.

DIRECTORS

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

A E G Cousins

Mrs C Cousins

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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, Sargeant Partnership Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A E G Cousins - Director

13 May 2026

Opinion

We have audited the financial statements of Cousins Material House Limited (the 'company') for the year ended 31 October 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 October 2025 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

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:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISA's (UK).

In identifying and assessing risks of material misstatement in respect of irregularities including, fraud and non-compliance with laws and regulations, our procedures included the following:

- We obtained an understanding of the legal and regulatory frameworks applicable to the company and the sector in which they operate. We determined that the following laws and regulations were most significant: the Companies Act 2006, the UK Corporate Governance Code and UK corporate taxation laws.

-We obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making inquiries to the management and directors. We corroborated our inquiries through our review of board minutes and papers provided to the audit engagement team.

-We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the audit engagement team included:

a) Identifying and assessing the design effectiveness of controls management has put in place to prevent and detect fraud;

b) Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

c) Challenging assumptions and judgements made by management in its significant accounting estimates;

d) Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations: and

e) Assessing the extent of compliance with the relevant laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Joanne Brown (Senior Statutory Auditor)

for and on behalf of Sargeant Partnership Limited

Chartered Accountants

and Statutory Auditors

5 White Oak Square

London Road

Swanley

Kent

BR8 7AG

20 May 2026

TURNOVER

4

12,462,567

12,181,750

Cost of sales

9,041,676

8,241,779

GROSS PROFIT

3,420,891

3,939,971

Administrative expenses

1,400,482

2,008,589

OPERATING PROFIT

6

2,020,409

1,931,382

Interest receivable and similar income

30,347

33,727

2,050,756

1,965,109

Interest payable and similar expenses

7

391,168

391,707

PROFIT BEFORE TAXATION

1,659,588

1,573,402

Tax on profit

8

435,782

390,524

PROFIT FOR THE FINANCIAL YEAR

1,223,806

1,182,878

PROFIT FOR THE YEAR

1,223,806

1,182,878

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,223,806

1,182,878

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

1,453,080

1,507,827

1,453,080

1,507,827

CURRENT ASSETS

Stocks

13

6,233,504

5,703,453

Debtors

14

1,685,512

768,757

Cash in hand

1,072,392

2,042,685

8,991,408

8,514,895

CREDITORS

Amounts falling due within one year

15

1,567,630

1,042,332

NET CURRENT ASSETS

7,423,778

7,472,563

TOTAL ASSETS LESS CURRENT LIABILITIES

8,876,858

8,980,390

CREDITORS

Amounts falling due after more than one year

16

(6,000,000

)

(6,000,000

)

PROVISIONS FOR LIABILITIES

17

(109,381

)

(86,719

)

NET ASSETS

2,767,477

2,893,671

CAPITAL AND RESERVES

Called up share capital

18

120

120

Retained earnings

19

2,767,357

2,893,551

SHAREHOLDERS' FUNDS

2,767,477

2,893,671

The financial statements were approved by the Board of Directors and authorised for issue on 13 May 2026 and were signed on its behalf by:

A E G Cousins - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 November 2023

120

2,049,173

2,049,293

Changes in equity

Dividends

-

(338,500

)

(338,500

)

Total comprehensive income

-

1,182,878

1,182,878

Balance at 31 October 2024

120

2,893,551

2,893,671

Changes in equity

Dividends

-

(1,350,000

)

(1,350,000

)

Total comprehensive income

-

1,223,806

1,223,806

Balance at 31 October 2025

120

2,767,357

2,767,477

1.	STATUTORY INFORMATION

Cousins Material House Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions

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

•

the requirements of Section 7 Statement of Cash Flows.

Preparation of consolidated financial statements

The financial statements contain information about Cousins Material House Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Cousins Trading Group Limited, 7 Galliford Road Industrial Estate, Heybridge, Maldon, Essex, England, CM9 4XD.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Turnover represents the fair value of the consideration received or receivable for the sale of goods and

provision of services in the ordinary course of the company's principal activity. Turnover excludes

value added tax.

The company recognises revenue when (a) the significant risks and rewards of ownership have been

transferred to the buyer, (b) the company retains no continuing involvement or control over the goods,

(c) the amount of revenue can be measured reliably and (d) it is probable that future economic

benefits will flow to the entity.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Long leasehold

-

2% per annum on cost

Fixtures and fittings

-

25% per annum on cost and 25% per annum on reducing balance

Computer software

-

33% per annum on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

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.

Functional currency

The functional currency of the Company is the Great British Pound ("GBP "). And the figures are shown to the nearest pound.

Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short-term deposits with an original maturity date of three months or less.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCE

In the application of the group'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.

There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities in these accounts.

4.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2025

2024

as restated

£

£

United Kingdom

8,231,675

8,081,303

Rest of the World

4,230,892

4,100,447

12,462,567

12,181,750

5.	EMPLOYEES AND DIRECTORS

2025

2024

as restated

£

£

Wages and salaries

1,148,791

1,081,770

Social security costs

7,640

12,938

Other pension costs

37,499

74,500

1,193,930

1,169,208

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

2025

2024

as restated

Employees

31

30

2025

2024

as restated

£

£

Directors' remuneration

66,082

111,950

6.	OPERATING PROFIT

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

2025

2024

as restated

£

£

Depreciation - owned assets

54,747

62,309

Auditors' remuneration

18,000

18,000

Foreign exchange differences

(56,896

)

(12,786

)

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

as restated

£

£

Overdue tax

1,168

1,707

Interest on Intercompany Loan

390,000

390,000

391,168

391,707

8.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

as restated

£

£

Current tax:

UK corporation tax

413,120

384,525

Deferred tax

22,662

5,999

Tax on profit

435,782

390,524

Reconciliation of total tax charge included in profit and loss

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

2025

2024

as restated

£

£

Profit before tax

1,659,588

1,573,402

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

414,897

393,351

Effects of:

Expenses not deductible for tax purposes

893

1,287

Capital allowances in excess of depreciation

(2,670

)

(10,113

)

allowances

refunds written off

Deferred tax

22,662

5,999

Total tax charge

435,782

390,524

9.

DIVIDENDS

2025

2024

as restated

£

£

Ordinary shares of £1 each

Interim

1,350,000

338,500

10.	PRIOR YEAR ADJUSTMENT

During the year, the company identified that amounts previously included within creditors represented advance payments to suppliers. These balances have been reclassified to debtors to better reflect the substance of the transactions.

Comparative figures have been re-presented accordingly. This reclassification has no impact on profit, net assets or cash flows.

The reclassification increased both debtors and creditors by £131,164 at 31 October 2024.

11.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 November 2024

and 31 October 2025

550,002

AMORTISATION

At 1 November 2024

and 31 October 2025

550,002

NET BOOK VALUE

At 31 October 2025

-

At 31 October 2024

-

12.	TANGIBLE FIXED ASSETS

Fixtures

Long

and

Computer

leasehold

fittings

software

Totals

£

£

£

£

COST

At 1 November 2024

1,495,693

191,041

86,043

1,772,777

Disposals

-

(7,703

)

-

(7,703

)

At 31 October 2025

1,495,693

183,338

86,043

1,765,074

DEPRECIATION

At 1 November 2024

74,785

135,295

54,870

264,950

Charge for year

29,914

13,937

10,896

54,747

Eliminated on disposal

-

(7,703

)

-

(7,703

)

At 31 October 2025

104,699

141,529

65,766

311,994

NET BOOK VALUE

At 31 October 2025

1,390,994

41,809

20,277

1,453,080

At 31 October 2024

1,420,908

55,746

31,173

1,507,827

13.

STOCKS

2025

2024

as restated

£

£

Stocks

6,233,504

5,703,453

14.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

as restated

£

£

Trade debtors

109,798

90,617

Amounts owed by group undertakings

1,305,247

489,952

Staff loans

-

1,850

Prepayments

270,467

186,338

1,685,512

768,757

15.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

as restated

£

£

Trade creditors

820,914

510,886

Tax

149,121

228,352

Social security and other taxes

24,027

21,711

VAT

34,690

144,259

Other creditors

4,489

9,277

Credit Card

4,666

1,855

Directors' loan accounts

487,515

46,646

Accruals and deferred income

42,208

79,346

1,567,630

1,042,332

16.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

as restated

£

£

Amounts owed to group undertakings

6,000,000

6,000,000

17.	PROVISIONS FOR LIABILITIES

2025

2024

as restated

£

£

Deferred tax

Accelerated capital allowances

109,381

86,719