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Registered Number: 06756551
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 28 February 2022

for

ADVANCED COVERS LIMITED

Directors Mr A S C Harris
Mrs S J Harris
Mr R J Parsons
Registered Number 06756551
Registered Office Unit 14a, Paynes Road
Shirley
Southampton
SO15 3DJ
Accountants Numeric Accounting
Chartered Certified Accountants
Suite 1, The Portway Centre,
Old Sarum Park,
Old Sarum
SP4 6EB
1
 
 
Notes
 
2022
£
  2021
£
Fixed assets      
Tangible fixed assets 3 483    601 
483    601 
Current assets      
Stocks 4 4,000    3,917 
Debtors: amounts falling due within one year 5 10,215    2,356 
Cash at bank and in hand 55,293    46,633 
69,508    52,906 
Creditors: amount falling due within one year 6 (22,189)   (21,136)
Net current assets 47,319    31,770 
 
Total assets less current liabilities 47,802    32,371 
Net assets 47,802    32,371 
 

Capital and reserves
     
Called up share capital 7 1,000    1,000 
Profit and loss account 46,802    31,371 
Shareholder's funds 47,802    32,371 
 


For the year ended 28 February 2022 the company was entitled to exemption from audit under section 477 of the companies act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the companies act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 07 September 2022 and were signed on its behalf by:


--------------------------------
Mr A S C Harris
Director
--------------------------------
Mrs S J Harris
Director
--------------------------------
Mr R J Parsons
Director
2
General Information
Advanced Covers Limited is a private limited company, limited by shares, domiciled in England and
Wales, registration number 06756551, registration address Unit 14a, Paynes Road, Shirley, Southampton, SO15 3DJ.
The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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 comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Cost of sales
The cost of sales is the accumulated total of all costs used to create a product or service, which has been sold.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
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 taxation
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.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Motor Vehicles 25% Reducing Balance
Plant and Machinery 15% Reducing Balance
Stocks
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 items.
Financial instruments
A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

When a financial asset or financial liability is recognised initially, the entity shall measure it at the transaction price unless the arrangement constitutes, in effect, a financing transaction. An arrangement constitutes a financing transaction if payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

At the end of each reporting period, an entity shall measure all financial instruments which constitute a financing arrangement at fair value and recognise changes in fair value in profit or loss.
2.

Average number of employees

Average number of employees during the year was 4 (2021 : 4).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Total
  £   £   £
At 01 March 2021 2,467    3,750    6,217 
Additions    
Disposals    
At 28 February 2022 2,467    3,750    6,217 
Depreciation
At 01 March 2021 2,147    3,469    5,616 
Charge for year 48    70    118 
On disposals    
At 28 February 2022 2,195    3,539    5,734 
Net book values
Closing balance as at 28 February 2022 272    211    483 
Opening balance as at 01 March 2021 320    281    601 


4.

Stocks

2022
£
  2021
£
Work in Progress 2,500    2,917 
Stocks 1,500    1,000 
4,000    3,917 

5.

Debtors: amounts falling due within one year

2022
£
  2021
£
Trade Debtors 10,210    2,356 
PAYE & Social Security 5   
10,215    2,356 

6.

Creditors: amount falling due within one year

2022
£
  2021
£
Trade Creditors 4,737    2,585 
Corporation Tax 10,684    12,110 
PAYE & Social Security   216 
Accrued Expenses 1,050    1,000 
Director: Mr A S C Harris 520    208 
VAT 5,198    5,017 
22,189    21,136 

7.

Share Capital

Allotted, called up and fully paid
2022
£
  2021
£
1,000 Ordinary shares of £1.00 each 1,000    1,000 
1,000    1,000 

8.

Dividends

During the year, total dividends of £30,000 (2021 - £34,600) were paid to the directors.
3