Cowin Global UK Limited - Filleted accounts

Registered number

09375021

Cowin Global UK Limited

Filleted Accounts

31 December 2025

Cowin Global UK Limited
Independent auditor's report
to the members of Cowin Global UK Limited

Opinion

We have audited the accounts of Cowin Global UK Limited (the 'company') for the year ended 31 December 2025 which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and notes to the accounts, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the accounts:
●	give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;
●	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
●	have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the accounts 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 accounts, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the accounts 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 accounts are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The other information comprises the information included in the annual report other than the accounts and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the accounts does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the accounts 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 directors’ report for the financial year for which the accounts are prepared is consistent with the accounts; and
●	the directors’ report has 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 directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
●	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
●	the accounts 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; or
●	the directors were not entitled to prepare the accounts in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

Responsibilities of directors
As explained more fully in the directors’ responsibilities statement on page two, the directors are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.
In preparing the accounts, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the accounts
Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below.

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with company legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements of the company. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the audit engagement team included:

●	Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
●	Understanding of management's internal controls designed to prevent and detect irregularities, and fraud;
●	Reviewing the company's legal costs to check for non-compliance with laws and regulations and fraud;
●	Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;
●	Testing transactions entered into outside of the normal course of the company's business; and
●	Identifying and testing journal entries, in particular any journal entries with fraud characteristics.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the accounts is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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 an auditor's report 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.



Martin Longmore
(Senior Statutory Auditor)
for and on behalf of
Sumer Auditco Limited
Statutory Auditor
Chartered Accountants
Lennox House
3 Pierrepont Street
Bath
BA1 1LB

24 September 2026

Cowin Global UK Limited
Registered number:		09375021
Balance Sheet
as at 31 December 2025

Notes			2025			2024
£				£
Fixed assets
Tangible assets	3		94,203			90,060

Current assets
Stocks		562,440			391,431
Debtors	4	2,591,323			3,706,975
Cash at bank and in hand		7,580			6,056
		3,161,343			4,104,462

Creditors: amounts falling due within one year	5	(1,971,957)			(2,991,102)

Net current assets			1,189,386			1,113,360

Total assets less current liabilities			1,283,589			1,203,420

Creditors: amounts falling due after more than one year	6		(22,700)			(29,197)



Net assets			1,260,889			1,174,223

Capital and reserves
Called up share capital			1,500,000			1,500,000
Profit and loss account			(239,111)			(325,777)

Shareholders' funds			1,260,889			1,174,223

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.




N Di Claudio
Director
Approved by the board on 22 September 2026

Cowin Global UK Limited
Notes to the Accounts
for the year ended 31 December 2025


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Motor Vehicles			between 3 years and 5 years
	Plant and machinery			between 1 year and 5 years
	Furniture & Office equipment			between 1 year and 5 years

	Stocks and work in progress
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. Work in Progress is valued at cost which includes an appropriate proportion of directly attributable costs on incomplete finished goods. Provision is made for irrecoverable costs where appropriate. Work in Progress is recognised in the accounts once goods are in transit from the supplier premises even if not received by the company, and where risk and reward of ownership is taken on by the company.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Leased assets
	A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.


2	Employees					2025		2024
Number							Number

	Average number of persons employed by the company					34		33


3	Tangible fixed assets
		Furniture and Office Equipment		Plant and machinery etc		Motor vehicles		Total
£			£		£		£
	Cost
	At 1 January 2025	22,746		89,132		108,239		220,117
	Additions	7,896		37,922		-		45,818
	Disposals	-		(11,501)		-		(11,501)
	At 31 December 2025	30,642		115,553		108,239		254,434

	Depreciation
	At 1 January 2025	16,638		65,126		48,293		130,057
	Charge for the year	2,419		16,278		16,853		35,550
	On disposals	-		(5,376)		-		(5,376)
	At 31 December 2025	19,057		76,028		65,146		160,231

	Net book value
	At 31 December 2025	11,585		39,525		43,093		94,203
	At 31 December 2024	6,108		24,006		59,946		90,060

	Included within the net book value of assets held of £94,203 is £28,964 (2024 - £36,863) relating to assets held under hire purchase agreements. The depreciation charged to the financial statements in the year in respect of such assets amounted to £7,899 (2024 £2,633).

4	Debtors					2025		2024
£							£

	Trade debtors					1,609,220		2,874,775
	Deferred tax asset					117,858		146,722
	Other debtors					864,245		685,478
						2,591,323		3,706,975


5	Creditors: amounts falling due within one year					2025		2024
£							£

	Obligations under finance lease and hire purchase contracts					6,497		6,497
	Trade creditors					55,435		66,684
	Amounts owed to group undertakings					1,488,271		2,254,219
	Taxation and social security costs					258,552		480,938
	Accruals					163,202		182,764
						1,971,957		2,991,102


6	Creditors: amounts falling due after one year					2025		2024
£							£

	Obligations under finance lease and hire purchase contracts					22,700		29,197


7	Other financial commitments					2025		2024
£							£
	Less than 1 year					402,268		359,466
	1-2 years					379,887		336,222
	2-5 years					710,806		336,012
	More than 5 years					-		646,514
	Total					1,492,961		1,678,214

8	Related party transactions
						2025		2024
						£		£
	i) Transactions with group companies

	Cowin Global Holding Limited
	Purchases of materials from group					1,553,908		2,386,473

	ii) Transactions with related companies

	Cowin Global UK Management Ltd
	Receipts received from Cowin Global UK Management Ltd					6,653,192		5,931,054

	Payments made to Cowin Global UK Management Ltd					6,390,408		5,680,843

	iii) Balances with group companies

	Cowin Global Holding Limited
	Amounts owed to ultimate parent company					1,488,271		2,254,219

	iv) Balances with related companies

	Cowin Global UK Management Ltd
	Amounts due from related company					597,028		511,591

	Cowin Global UK Management Ltd (CGML) provides cash management services to Cowin Global UK Limited (CGL). CGML is 100% owned by the director of CGL. There was no balance oustanding at the year end.


9	Controlling party

	The direct parent company is Cowin Global Trading Limited (which is a 100% subsidiary of Cowin Global Holding Limited) and the ultimate parent company is Cowin Global Holding Limited, which was incorporated in Hong Kong. The address of Cowin Global Holding Limited is 2602 Universal Trade Centre, 3-5A Arbuthnot Road, Central, Hong Kong.

10	Other information

	Cowin Global UK Limited is a private company limited by shares and incorporated in England. Its registered office is:
	Upper Floor
	Broadway House
	Third Avenue
	Radstock
	BA3 4XD