Cousins Material House Limited - Limited company accounts 20.1
Cousins Material House Limited - Limited company accounts 20.1
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
FOR |
COUSINS MATERIAL HOUSE LIMITED |
COUSINS MATERIAL HOUSE LIMITED (REGISTERED NUMBER: 04890253) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
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 |
Cash Flow Statement | 14 |
Notes to the Cash Flow Statement | 15 |
Notes to the Financial Statements | 16 |
COUSINS MATERIAL HOUSE LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
and Statutory Auditors |
5 White Oak Square |
London Road |
Swanley |
Kent |
BR8 7AG |
COUSINS MATERIAL HOUSE LIMITED (REGISTERED NUMBER: 04890253) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
The directors present their strategic report for the year ended 31 October 2021. |
REVIEW OF BUSINESS |
The company performed well during the year with strong revenue growth of £1m 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 31.10.2022 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. |
COUSINS MATERIAL HOUSE LIMITED (REGISTERED NUMBER: 04890253) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
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. |
2021 2020 |
Sales growth/(decline) 11.32% 4.85% |
Gross profit 34.82% 34.03% |
ON BEHALF OF THE BOARD: |
24 May 2022 |
COUSINS MATERIAL HOUSE LIMITED (REGISTERED NUMBER: 04890253) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
The directors present their report with the financial statements of the company for the year ended 31 October 2021. |
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 2021 will be £3,350,000. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 November 2020 to the date of this report. |
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. |
COUSINS MATERIAL HOUSE LIMITED (REGISTERED NUMBER: 04890253) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
AUDITORS |
The auditors, Sargeant Partnership LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
COUSINS MATERIAL HOUSE LIMITED |
Opinion |
We have audited the financial statements of Cousins Material House Limited (the 'company') for the year ended 31 October 2021 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31 October 2021 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
COUSINS MATERIAL HOUSE LIMITED |
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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
COUSINS MATERIAL HOUSE LIMITED |
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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
COUSINS MATERIAL HOUSE LIMITED |
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. |
for and on behalf of |
Chartered Accountants |
and Statutory Auditors |
5 White Oak Square |
London Road |
Swanley |
Kent |
BR8 7AG |
COUSINS MATERIAL HOUSE LIMITED (REGISTERED NUMBER: 04890253) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
2021 | 2020 |
Notes | £ | £ | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
2,389,054 | 2,171,023 |
1,359,836 | 1,119,783 |
Other operating income |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
1,401,989 | 1,181,590 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
COUSINS MATERIAL HOUSE LIMITED (REGISTERED NUMBER: 04890253) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
2021 | 2020 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
COUSINS MATERIAL HOUSE LIMITED (REGISTERED NUMBER: 04890253) |
BALANCE SHEET |
31 OCTOBER 2021 |
2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
14 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 15 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Retained earnings | 17 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
COUSINS MATERIAL HOUSE LIMITED (REGISTERED NUMBER: 04890253) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 November 2019 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 October 2020 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 October 2021 |
COUSINS MATERIAL HOUSE LIMITED (REGISTERED NUMBER: 04890253) |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
2021 | 2020 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Amount introduced by directors | 11,029 | 25,168 |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
4,113,194 |
Cash and cash equivalents at end of year |
2 |
3,760,787 |
3,135,089 |
COUSINS MATERIAL HOUSE LIMITED (REGISTERED NUMBER: 04890253) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2021 | 2020 |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss on disposal of fixed assets |
Inter-Company movement | 4,290,513 | 1,659,034 |
Finance costs | 149,126 | 29,171 |
Finance income | (39,508 | ) | (37,876 | ) |
5,735,997 | 2,941,022 |
(Increase)/decrease in stocks | ( |
) |
Decrease in trade and other debtors |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations |
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 2021 |
31/10/21 | 1/11/20 |
£ | £ |
Cash and cash equivalents | 3,760,787 | 3,135,089 |
Year ended 31 October 2020 |
31/10/20 | 1/11/19 |
£ | £ |
Cash and cash equivalents | 3,135,089 | 4,113,194 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/11/20 | Cash flow | At 31/10/21 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 3,135,089 | 625,698 | 3,760,787 |
3,135,089 | 3,760,787 |
Total | 3,135,089 | 625,698 | 3,760,787 |
COUSINS MATERIAL HOUSE LIMITED (REGISTERED NUMBER: 04890253) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
1. | STATUTORY INFORMATION |
Cousins Material House Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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 |
Improvements to property | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer software | - |
COUSINS MATERIAL HOUSE LIMITED (REGISTERED NUMBER: 04890253) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
2. | ACCOUNTING POLICIES - continued |
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. |
COUSINS MATERIAL HOUSE LIMITED (REGISTERED NUMBER: 04890253) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
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. | EMPLOYEES AND DIRECTORS |
2021 | 2020 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2021 | 2020 |
Employees |
2021 | 2020 |
£ | £ |
Directors' remuneration |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
2021 | 2020 |
£ | £ |
Depreciation - owned assets |
Loss on disposal of fixed assets |
Goodwill amortisation |
COUSINS MATERIAL HOUSE LIMITED (REGISTERED NUMBER: 04890253) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2021 | 2020 |
£ | £ |
Interest on Intercompany Loan |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2021 | 2020 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
8. | DIVIDENDS |
2021 | 2020 |
£ | £ |
Ordinary shares of £1 each |
Interim |
9. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 November 2020 |
and 31 October 2021 |
AMORTISATION |
At 1 November 2020 |
Amortisation for year |
At 31 October 2021 |
NET BOOK VALUE |
At 31 October 2021 |
At 31 October 2020 |
COUSINS MATERIAL HOUSE LIMITED (REGISTERED NUMBER: 04890253) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
10. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
Long | to | and |
leasehold | property | fittings |
£ | £ | £ |
COST |
At 1 November 2020 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 October 2021 |
DEPRECIATION |
At 1 November 2020 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 October 2021 |
NET BOOK VALUE |
At 31 October 2021 |
At 31 October 2020 |
Motor | Computer |
vehicles | software | Totals |
£ | £ | £ |
COST |
At 1 November 2020 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 October 2021 |
DEPRECIATION |
At 1 November 2020 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 October 2021 |
NET BOOK VALUE |
At 31 October 2021 |
At 31 October 2020 |
COUSINS MATERIAL HOUSE LIMITED (REGISTERED NUMBER: 04890253) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
11. | STOCKS |
2021 | 2020 |
£ | £ |
Stocks |
12. | DEBTORS |
2021 | 2020 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Amounts owed by associates |
Other debtors |
Staff loans | 49,890 | 178,358 |
Tax |
VAT |
Prepayments |
Amounts falling due after more than one year: |
Amounts owed by associates |
Aggregate amounts |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 1,914 | - |
Other creditors |
Credit Card | 2,734 | 1,398 |
Directors' loan accounts | 85,980 | 74,951 |
Accruals and deferred income |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Amounts owed to group undertakings |
COUSINS MATERIAL HOUSE LIMITED (REGISTERED NUMBER: 04890253) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
15. | PROVISIONS FOR LIABILITIES |
2021 | 2020 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 53,510 | 17,984 |
Deferred |
tax |
£ |
Balance at 1 November 2020 |
Accelerated capital allowances | 35,526 |
Balance at 31 October 2021 |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
Ordinary | £1 | 80 | 80 |
A Ordinary | £1 | 20 | 20 |
B Ordinary | £1 | 2 | 2 |
C Ordinary | £1 | 2 | 2 |
D Ordinary | £1 | 16 | 16 |
120 | 120 |
17. | RESERVES |
Retained |
earnings |
£ |
At 1 November 2020 |
Profit for the year |
Dividends | ( |
) |
At 31 October 2021 |
18. | CAPITAL COMMITMENTS |
At the year end the company had committed to pay £107,040 for the implementation of a new cloud based business management software in the next financial year. |
19. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
At the balance sheet date, the company owed Mr A Cousins £85,980 (2020: £74,951). |
COUSINS MATERIAL HOUSE LIMITED (REGISTERED NUMBER: 04890253) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
20. | RELATED PARTY DISCLOSURES |
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. |
During the period the company paid rent to Executive Directors Pension scheme of £64,000 (2020: £64,000) for the year. At the year end, Cousins Material House was owed £Nil (2020: £678,729) from the pension scheme by way of intercompany loan. |
Cousins Material House was also owed £Nil by Cousins Family Trust (2020: £451,408) by way of intercompany loan. |
During the year, the company loaned monies to close family members of the director, Mr A Cousins. |
At the balance sheet date Mr S Cousins owed the company £Nil (2020: £121,690). |
21. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is A Cousins by virtue of his shareholding in Cousins Trading Group Limited. |
22. | SECURED DEBTS |
Cousins Trading Group Limited holds a fixed charge over all intellectual property of Cousins Material House Limited |