REGISTERED NUMBER: 12333518 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

FOR

COUSINS TRADING GROUP LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Director

4

Report of the Independent Auditors

6

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Cash Flow Statement

16

Notes to the Consolidated Cash Flow Statement

17

Notes to the Consolidated Financial Statements

18

DIRECTOR:

A E G Cousins

REGISTERED OFFICE:

7 Galliford Road Industrial Estate

Heybridge

Maldon

Essex

CM9 4XD

REGISTERED NUMBER:

12333518 (England and Wales)

AUDITORS:

Sargeant Partnership Limited

Chartered Accountants

and Statutory Auditors

5 White Oak Square

London Road

Swanley

Kent

BR8 7AG

The director presents his strategic report of the company and the group 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 also 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% 32.34%

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 director presents his report with the financial statements of the company and the group for the year ended 31 October 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of a holding company.

DIVIDENDS

Interim dividends per share were paid during the year as follows:

Ordinary £0.01 £0.01

- £166.66666

A Ordinary £0.01 £0.01

- £64.314

The director recommends a final dividend per share as follows:

A Ordinary £0.01 £0.01

- £82.5025

C Ordinary £0.01 £0.01

- £419.28

The total distribution of dividends for the year ended 31 October 2025 will be £ 1,478,628 .

EVENTS SINCE THE END OF THE YEAR

After the year end, a final dividend of £248,861 was approved by the shareholders. The dividend was not recognised as a liability at the reporting date.

DIRECTOR

A E G Cousins held office during the whole of the period from 1 November 2024 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group 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 director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group'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 Trading Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 October 2025 and of the group's 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 group 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 significant doubt on the group's and the parent 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 director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Director 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page four, 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 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 group's and the parent 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 group or the parent company or to cease operations, or has 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

3

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

1,329,815

1,933,504

OPERATING PROFIT

5

2,091,076

2,006,467

Interest receivable and similar income

143,019

85,268

2,234,095

2,091,735

Interest payable and similar expenses

6

1,168

40,350

PROFIT BEFORE TAXATION

2,232,927

2,051,385

Tax on profit

7

591,639

522,542

PROFIT FOR THE FINANCIAL YEAR

1,641,288

1,528,843

Profit attributable to:

Owners of the parent

1,641,288

1,528,843

PROFIT FOR THE YEAR

1,641,288

1,528,843

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,641,288

1,528,843

Total comprehensive income attributable to:

Owners of the parent

1,641,288

1,528,843

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

3,782,260

3,887,097

Investments

13

-

-

3,782,260

3,887,097

CURRENT ASSETS

Stocks

14

6,233,504

5,703,453

Debtors

15

467,265

532,172

Cash at bank and in hand

4,830,605

4,327,408

11,531,374

10,563,033

CREDITORS

Amounts falling due within one year

16

1,865,313

1,187,131

NET CURRENT ASSETS

9,666,061

9,375,902

TOTAL ASSETS LESS CURRENT LIABILITIES

13,448,321

13,262,999

PROVISIONS FOR LIABILITIES

17

109,381

86,719

NET ASSETS

13,338,940

13,176,280

CAPITAL AND RESERVES

Called up share capital

18

120

120

Retained earnings

19

13,338,820

13,176,160

SHAREHOLDERS' FUNDS

13,338,940

13,176,280

The financial statements were approved by the director and authorised for issue on 13 May 2026 and were signed by:

A E G Cousins - Director

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

2,329,180

2,379,270

Investments

13

120

120

2,329,300

2,379,390

CURRENT ASSETS

Debtors

15

6,087,000

6,253,367

Cash at bank

3,758,213

2,284,723

9,845,213

8,538,090

CREDITORS

Amounts falling due within one year

16

1,602,931

634,751

NET CURRENT ASSETS

8,242,282

7,903,339

TOTAL ASSETS LESS CURRENT LIABILITIES

10,571,582

10,282,729

CAPITAL AND RESERVES

Called up share capital

18

120

120

Retained earnings

19

10,571,462

10,282,609

SHAREHOLDERS' FUNDS

10,571,582

10,282,729

Company's profit for the financial year

1,767,481

684,465

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 13 May 2026 and were signed by:

A E G Cousins - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 November 2023

120

11,985,817

11,985,937

Changes in equity

Dividends

-

(338,500

)

(338,500

)

Total comprehensive income

-

1,528,843

1,528,843

Balance at 31 October 2024

120

13,176,160

13,176,280

Changes in equity

Dividends

-

(1,478,628

)

(1,478,628

)

Total comprehensive income

-

1,641,288

1,641,288

Balance at 31 October 2025

120

13,338,820

13,338,940

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 November 2023

120

9,936,644

9,936,764

Changes in equity

Dividends

-

(338,500

)

(338,500

)

Total comprehensive income

-

684,465

684,465

Balance at 31 October 2024

120

10,282,609

10,282,729

Changes in equity

Dividends

-

(1,478,628

)

(1,478,628

)

Total comprehensive income

-

1,767,481

1,767,481

Balance at 31 October 2025

120

10,571,462

10,571,582

Cash flows from operating activities

Cash generated from operations

1

2,023,474

1,328,445

Interest paid

(1,168

)

(40,350

)

Tax paid

(624,369

)

(523,125

)

Net cash from operating activities

1,397,937

764,970

Cash flows from investing activities

Purchase of tangible fixed assets

-

(30,242

)

Interest received

143,019

85,268

Net cash from investing activities

143,019

55,026

Cash flows from financing activities

Amount introduced by directors

440,869

20,389

Equity dividends paid

(1,478,628

)

(338,500

)

Net cash from financing activities

(1,037,759

)

(318,111

)

Increase in cash and cash equivalents

503,197

501,885

Cash and cash equivalents at beginning of year

2

4,327,408

3,825,523

Cash and cash equivalents at end of year

2

4,830,605

4,327,408

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

as restated

£

£

Profit before taxation

2,232,927

2,051,385

Depreciation charges

104,837

112,399

Finance costs

1,168

40,350

Finance income

(143,019

)

(85,268

)

2,195,913

2,118,866

Increase in stocks

(530,051

)

(24,771

)

Decrease/(increase) in trade and other debtors

64,907

(326,293

)

Increase/(decrease) in trade and other creditors

292,705

(439,357

)

Cash generated from operations

2,023,474

1,328,445

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 October 2025

31/10/25

1/11/24

£

£

Cash and cash equivalents

4,830,605

4,327,408

Year ended 31 October 2024

31/10/24

1/11/23

as restated

£

£

Cash and cash equivalents

4,327,408

3,825,523

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/11/24

Cash flow

At 31/10/25

£

£

£

Net cash

Cash at bank and in hand

4,327,408

503,197

4,830,605

4,327,408

503,197

4,830,605

Total

4,327,408

503,197

4,830,605

1.	STATUTORY INFORMATION

Cousins Trading Group 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 General 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.

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

Basis of consolidation

The financial statements consolidate the accounts of Cousins Trading Group Limited and Cousins Material House Limited. (subsidiary).

These conform to group accounting policies.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Critical accounting judgements and key sources of estimation uncertainty

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.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 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.

Freehold property

-

2% per annum on cost and not provided

Long leasehold

-

2% per annum on cost

Fixtures and fittings

-

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

Computer equipment

-

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

Dividends

Dividends are recognised when they become legally payable. Interim dividends are recognised when paid. Final dividends are recognised when approved by the shareholders at an annual general meeting.

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.

TURNOVER

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

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

4.	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

Director

1

1

The average number of employees by undertakings that were proportionately consolidated during the year was 31 (2024 - 30 ) .

2025

2024

as restated

£

£

Director's remuneration

66,082

111,950