COWLEY & SON LIMITED

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—7

1. General Information

COWLEY & SON LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 03040292 . The registered office is Triangle House, 62 Victoria Road, Cirenchester, Gloucestershire, GL7 1ES.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to the profit and loss account over its estimated economic life of .... years.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	No depreciation
Motor Vehicles	15% reducing balance
Fixtures & Fittings	15% reducing balance

2.5. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the . Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.6. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

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COWLEY & SON LIMITED

Notes to the Financial Statements (continued)

For The Year Ended 31 August 2025

2.7. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The 's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 18 (2024: 18)

4. Intangible Assets

	Goodwill
	£
Cost
As at 1 September 2024	65,000

As at 31 August 2025	65,000

Net Book Value
As at 31 August 2025	65,000

As at 1 September 2024	65,000

5. Tangible Assets

	Land & Property
	Freehold	Motor Vehicles	Fixtures & Fittings	Total
	£	£	£	£
Cost
As at 1 September 2024	623,620	337,428	144,325	1,105,373
Additions	-	-	325	325

As at 31 August 2025	623,620	337,428	144,650	1,105,698

Depreciation
As at 1 September 2024	-	125,218	111,799	237,017
Provided during the period	-	31,832	5,093	36,925

As at 31 August 2025	-	157,050	116,892	273,942

...CONTINUED

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COWLEY & SON LIMITED

Notes to the Financial Statements (continued)

For The Year Ended 31 August 2025

Net Book Value
As at 31 August 2025	623,620	180,378	27,758	831,756

As at 1 September 2024	623,620	212,210	32,526	868,356

6. Investments

	Subsidiaries
	£
Cost or Valuation
As at 1 September 2024	1

As at 31 August 2025	1

Provision
As at 1 September 2024	-

As at 31 August 2025	-

Net Book Value
As at 31 August 2025	1

As at 1 September 2024	1

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
Subsidiary undertakings
Churn Properties Limited	Triangle House 62 Victoria Road Cirencester Gloucestershire GL7 1ES United Kingdom	Ordinary	2025 2024 100% 100%

Subsidiary undertakings

Churn Properties Limited

The principal activity of Churn Properties Limited is Property development.

7. Stocks

	2025	2024
	£	£
Stock	2,400	2,400

8. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	7,521	18,788
Amounts owed by participating interests	331,283	295,111
Other debtors	20,278	2,832

	359,082	316,731

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COWLEY & SON LIMITED

Notes to the Financial Statements (continued)

For The Year Ended 31 August 2025

9. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	32,919	32,919
Trade creditors	25,461	21,639
Bank loans and overdrafts	176,442	90,222
Other loans	12,000	12,000
Other creditors	92,004	93,930
Taxation and social security	60,117	134,715

	398,943	385,425

10. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	108,798	141,915
Bank loans	162,141	243,743
Other loans	217,677	70,256

	488,616	455,914

11. Obligations Under Finance Leases and Hire Purchase

	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	32,919	32,919
Later than one year and not later than five years	108,798	141,915

	141,717	174,834

	141,717	174,834

12. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	4	4

13. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 September 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 31 August 2025
	£	£	£	£	£
Mr Nigel Keen	-	4,602	-	-	4,602
Mrs Elizabeth Keen	-	4,602	-	-	4,602
Mr Robert Orford	-	4,602	-	-	4,602
Mrs Christine Orford	-	4,602	-	-	4,602

The above loan is unsecured, interest free and repayable on demand.

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COWLEY & SON LIMITED

Notes to the Financial Statements (continued)

For The Year Ended 31 August 2025

14. Reserves

	Revaluation reserve	Profit and Loss Account
	£	£
As at 1 September 2024	324,960	6,856
Loss for the year and total comprehensive income	-	(51,579 )

As at 31 August 2025	324,960	(44,723 )

15. Related Party Transactions

The following entities are under the common control of the directors N P Keen and R L H Orford:

Matthews Independent Funeral Directors Limited

Churn Properties Limited is the wholly owned subsidiary of Cowley & Son Limited

Cowley pension scheme

At 31 August 2025, Cowley & Son Limited was owed £52,147 (2024 £22,932) from Matthews Independent Funeral Directors Limited.

At 31 August 2025, Cowley & Son Limited was owed £279,135 (2024: £272,179) from Churn Properties Limited.

At 31 August 2025, Cowley & Son Limited owed the Cowley pension scheme £229,677 (2023: £82,256).

All loans are unsecured, interest free and repayable on demand.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		65,000		65,000
Tangible Assets	5		831,756		868,356
Investments	6		1		1

			896,757		933,357
CURRENT ASSETS
Stocks	7	2,400		2,400
Debtors	8	359,082		316,731
Cash at bank and in hand		-		18,910

		361,482		338,041
Creditors: Amounts Falling Due Within One Year	9	(398,943 )		(385,425 )

NET CURRENT ASSETS (LIABILITIES)			(37,461 )		(47,384 )

TOTAL ASSETS LESS CURRENT LIABILITIES			859,296		885,973

Creditors: Amounts Falling Due After More Than One Year	10		(488,616 )		(455,914 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(90,439 )		(98,239 )

NET ASSETS			280,241		331,820

CAPITAL AND RESERVES
Called up share capital	12		4		4
Revaluation reserve	14		324,960		324,960
Profit and Loss Account			(44,723 )		6,856

SHAREHOLDERS' FUNDS			280,241		331,820