REGISTERED NUMBER: 07629419 (England and Wales)

Group Strategic Report, Report of the Directors and

Audited

Consolidated Financial Statements

for the Year Ended 31 March 2026

for

Cousins Group Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Statement of Financial Position

11

Company Statement of Financial Position

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Statement of Cash Flows

15

Notes to the Consolidated Statement of Cash Flows

16

Notes to the Consolidated Financial Statements

17

DIRECTORS:

R C Cousins

C F Moloney

A R Wilkinson

R J L Mobley

V Rawding

REGISTERED OFFICE:

Suite 440

China Works

Black Prince Road

London

SE1 7SJ

REGISTERED NUMBER:

07629419 (England and Wales)

SENIOR STATUTORY AUDITOR:

Susan Ambrose FCCA FCA

AUDITORS:

Butt Miller

Chartered Accountants and Statutory Auditor

1 Minster Court

Tuscam Way

Camberley

Surrey

GU15 3YY

The directors present their strategic report for the year ended 31 March 2026.

REVIEW OF BUSINESS

Financial overview

The directors are pleased with the financial results for the year ended 31 March 2026, showing a good performance across the period, and across all group companies.

The directors are confident the business is in a strong position to steadily move forward and meet the challenges the future may bring. The directors anticipate securing a substantial volume of new contracts in the near future, positioning the group for sustained success moving forward.

The Cousins group of companies have always targeted, and built working relationships with established, industry recognised clients, due to the volume and nature of work they provide, but also increased financial security. Whilst this is still the case, the directors continue to monitor the situation with large Tier 1 contractors' financial reporting.

31.3.26

31.3.25

31.3.24

Turnover (£million)

14.7m

12.8m

14.7m

Profit before taxation

2.0m

1.1m

1.5m

Profit before taxation percentage

13.5%

8.6%

10.3%

Net assets

3.9m

3.6m

4.3m

The directors continue to drive continuous improvement via the group's accreditation to ISO45001, ISO9001 and IS14001. Our HSEQ Management System is integral to our continued focus on improving the quality and consistency of the service we offer to our clients.

Corporate social responsibility features highly within our group's ethos. We are proud of the work we do as a business to support local charities and pride ourselves on our approach to giving our time and expertise to local projects.

Results

The results for the year are set out on page 9.

PRINCIPAL RISKS AND UNCERTAINTIES

Financial risk management objective

The group uses various financial instruments including loans between group members, cash and other items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the group's operations.

The existence of these financial instruments exposes the group to a number of financial risks, which are described in more detail below.

The main risks are cash flow, credit risk and liquidity risk. The directors review and agree policies for managing each of these risks and they are summarised as follows. These policies have remained unchanged from previous years.

Liquidity risk

The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.

Credit risk

The group's principal financial assets are cash, trade debtors and amounts recoverable on contracts. The credit risk associated with the cash is limited as the counterparties are commercial banks. Credit given to trade debtors is reviewed on a regular basis to ensure credit terms are adhered to. Amounts recoverable on long term contracts are also regularly reviewed to ensure that the balances are not overstated.

Cash flow risk

The directors continually update cash flow forecasts to mitigate cash flow risk and to ensure that a suitable level of liquid funds are available at all times.

ON BEHALF OF THE BOARD:

R J L Mobley - Director

15 July 2026

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2026.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of painting, decorating, building refurbishment and conservation.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2026.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2025 to the date of this report.

R C Cousins

C F Moloney

A R Wilkinson

R J L Mobley

V Rawding

INFORMATION IN THE STRATEGIC REPORT

Information relating to future developments and principal risks and uncertainties is shown in the Strategic Report, under s414C(11) of the Companies Act 2006.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 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 directors are 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 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 group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

R J L Mobley - Director

15 July 2026

Opinion

We have audited the financial statements of Cousins Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2026 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 March 2026 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 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 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 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 Group 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 Group 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 Group 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 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 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 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 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 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 directors either intend to liquidate the group or the parent 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:

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

- The nature of the industry and sector the company is in, its control environment and business performance including the design of the company's policies, key drivers for directors’ remuneration and staff bonus levels;

- Results of our enquiries of management about their own identification and assessment of the risks of irregularities;

- Any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

- The matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

Our procedures to respond to risks identified included the following:

- Enquiries of management and staff concerning actual and potential litigation claims along with any instances of non-compliance with laws.

- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- Obtaining an understanding of provisions and holding discussions with management to understand the basis of recognition or non-recognition of provisions; and

- Considering the risk of fraud through management override of controls; testing the appropriateness of journal entries and other adjustments; checking internal control procedures are being followed as per the company's policies and assessing suitability; assessing the judgements made in making accounting estimates; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

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.

Susan Ambrose FCCA FCA (Senior Statutory Auditor)

for and on behalf of Butt Miller

Chartered Accountants and Statutory Auditor

1 Minster Court

Tuscam Way

Camberley

Surrey

GU15 3YY

22 July 2026

TURNOVER

14,737,941

12,853,722

Cost of sales

(9,259,623

)

(8,417,284

)

GROSS PROFIT

5,478,318

4,436,438

Administrative expenses

(3,532,975

)

(3,409,278

)

OPERATING PROFIT

5

1,945,343

1,027,160

Interest receivable and similar income

40,418

75,649

PROFIT BEFORE TAXATION

1,985,761

1,102,809

Tax on profit

6

(496,334

)

(291,297

)

PROFIT FOR THE FINANCIAL YEAR

1,489,427

811,512

Profit attributable to:

Owners of the parent

1,489,427

811,512

PROFIT FOR THE YEAR

1,489,427

811,512

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,489,427

811,512

Total comprehensive income attributable to:

Owners of the parent

1,489,427

811,512

FIXED ASSETS

Intangible assets

8

-

-

Tangible assets

9

77,440

112,629

Investments

10

-

-

77,440

112,629

CURRENT ASSETS

Stocks

11

-

1,119

Debtors

12

3,716,262

2,971,502

Cash at bank and in hand

1,779,832

1,653,910

5,496,094

4,626,531

CREDITORS

Amounts falling due within one year

13

(1,568,400

)

(1,062,308

)

NET CURRENT ASSETS

3,927,694

3,564,223

TOTAL ASSETS LESS CURRENT LIABILITIES

4,005,134

3,676,852

CREDITORS

Amounts falling due after more than one year

14

(79,028

)

(81,773

)

PROVISIONS FOR LIABILITIES

16

(14,840

)

(23,240

)

NET ASSETS

3,911,266

3,571,839

CAPITAL AND RESERVES

Called up share capital

17

200

200

Retained earnings

18

3,911,058

3,571,631

SHAREHOLDERS' FUNDS

3,911,258

3,571,831

NON-CONTROLLING INTERESTS

19

8

8

TOTAL EQUITY

3,911,266

3,571,839

The financial statements were approved by the Board of Directors and authorised for issue on 15 July 2026 and were signed on its behalf by:

R J L Mobley - Director

FIXED ASSETS

Intangible assets

8

-

-

Tangible assets

9

-

-

Investments

10

358,600

358,600

358,600

358,600

CURRENT ASSETS

Debtors

12

-

35

Cash at bank and in hand

10,784

17,949

10,784

17,984

CREDITORS

Amounts falling due within one year

13

(202,592

)

(202,592

)

NET CURRENT LIABILITIES

(191,808

)

(184,608

)

TOTAL ASSETS LESS CURRENT LIABILITIES

166,792

173,992

CAPITAL AND RESERVES

Called up share capital

17

200

200

Retained earnings

18

166,592

173,792

SHAREHOLDERS' FUNDS

166,792

173,992

Company's profit for the financial year

1,142,800

1,492,390

The financial statements were approved by the Board of Directors and authorised for issue on 15 July 2026 and were signed on its behalf by:

R J L Mobley - Director

Called up

share

Retained

Non-controlling

Total

capital

earnings

Total

interests

equity

£

£

£

£

£

Balance at 1 April 2024

200

4,315,739

4,315,939

8

4,315,947

Changes in equity

Total comprehensive income

-

811,512

811,512

-

811,512

Capital contribution EOT

-

(1,555,620

)

(1,555,620

)

-

(1,555,620

)

Balance at 31 March 2025

200

3,571,631

3,571,831

8

3,571,839

Changes in equity

Total comprehensive income

-

1,489,427

1,489,427

-

1,489,427

Capital contribution EOT

-

(1,150,000

)

(1,150,000

)

-

(1,150,000

)

Balance at 31 March 2026

200

3,911,058

3,911,258

8

3,911,266

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2024

200

237,022

237,222

Changes in equity

Total comprehensive income

-

1,492,390

1,492,390

Capital contribution EOT

-

(1,555,620

)

(1,555,620

)

Balance at 31 March 2025

200

173,792

173,992

Changes in equity

Total comprehensive income

-

1,142,800

1,142,800

Capital contribution EOT

-

(1,150,000

)

(1,150,000

)

Balance at 31 March 2026

200

166,592

166,792

Cash flows from operating activities

Cash generated from operations

1

1,676,716

1,153,326

Tax paid

(426,577

)

(247,508

)

Net cash from operating activities

1,250,139

905,818

Cash flows from investing activities

Purchase of tangible fixed assets

(13,743

)

(55,593

)

Sale of tangible fixed assets

-

32,500

Interest received

40,418

75,649

Net cash from investing activities

26,675

52,556

Cash flows from financing activities

Amount introduced by directors

-

4,033

Amount withdrawn by directors

(892

)

(2,065

)

Capital contribution EOT

(1,150,000

)

(1,555,620

)

Net cash from financing activities

(1,150,892

)

(1,553,652

)

Increase/(decrease) in cash and cash equivalents

125,922

(595,278

)

Cash and cash equivalents at beginning of year

2

1,653,910

2,249,188

Cash and cash equivalents at end of year

2

1,779,832

1,653,910

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

2026

2025

£

£

Profit before taxation

1,985,761

1,102,809

Depreciation charges

48,932

50,767

Profit on disposal of fixed assets

-

(32,500

)

(Increase)/decrease in contracts

(605,050

)

225,030

Finance income

(40,418

)

(75,649

)

1,389,225

1,270,457

Decrease in stocks

1,119

-

(Increase)/decrease in trade and other debtors

(138,818

)

102,928

Increase/(decrease) in trade and other creditors

425,190

(220,059

)

Cash generated from operations

1,676,716

1,153,326

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 March 2026

31.3.26

1.4.25

£

£

Cash and cash equivalents

1,779,832

1,653,910

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

1,653,910

2,249,188

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.25

Cash flow

At 31.3.26

£

£

£

Net cash

Cash at bank and in hand

1,653,910

125,922

1,779,832

1,653,910

125,922

1,779,832

Total

1,653,910

125,922

1,779,832

1.	STATUTORY INFORMATION

Cousins 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Basis of consolidation

The consolidated accounts incorporate the accounts of all subsidiary undertakings made up to the statement of financial position date prepared in accordance with the group's accounting policies. The acquisition method of accounting is used to consolidate the results of subsidiaries within the group. Goodwill arising on consolidation has been written off in equal instalments over its useful economic life.

Turnover

Turnover represents amounts invoiced during the year, excluding value added tax and trade discounts.

Profit is recognised on long term contracts, if the final outcome can be assessed with reasonable certainty, by including in the Consolidated Income Statement, turnover and related costs as contract activity progresses. Turnover is calculated by a surveyor's valuation less any provisions for non-recovery.

Long term contracts

Amounts recoverable on long term contracts, which are included within debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account.

Tangible fixed assets

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

Fixtures and fittings

-

at varying rates on cost

Motor vehicles

-

25% on cost

The assets' residual values, useful lives and depreciation methods are reviewed by the directors annually, and adjusted prospectively if there is an indication of a significant change since the last reporting date. Any impairment losses are recognised within 'administrative expenses' in the Consolidated Income Statement.

Gains and losses on disposals are determined by comparing the sales proceeds with the carrying amount and are recognised within 'administrative expenses' in the Consolidated Income Statement.

Stock

Stocks are valued at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving items. The cost formula used is the first in, first out method.

Financial instruments

Financial instruments are recognised initially at the transaction price. Any that are not payable within twelve months are amortised using the effective interest method less any provision for impairment.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Investments

Fixed asset investments are stated at cost less provision for diminution in value.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Consolidated Income Statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

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 the Consolidated Income Statement in the period to which they relate.

Judgements in applying accounting policies

In preparing these financial statements, the directors have made the following judgements:

To determine whether leases entered into by the company are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

To determine whether there are indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching a decision include the state of repair and the expected future performance of the asset.

To determine whether provisions such as deferred tax or bad debt provision are required. The directors looked at the likelihood of these provisions crystallising by assessing all the information available at the time in determining their decision.

To determine the recoverability of long term contracts. The directors based their judgement on surveyors' valuations, less any provision for non-recovery or additional costs, based on information available at the time.