Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-312021-12-312021-01-01falseNo description of principal activity11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04114795 2021-01-01 2021-12-31 04114795 2020-01-01 2020-12-31 04114795 2021-12-31 04114795 2020-12-31 04114795 c:Director2 2021-01-01 2021-12-31 04114795 d:FreeholdInvestmentProperty 2021-12-31 04114795 d:FreeholdInvestmentProperty 2020-12-31 04114795 d:FreeholdInvestmentProperty 2 2021-01-01 2021-12-31 04114795 d:CurrentFinancialInstruments 2021-12-31 04114795 d:CurrentFinancialInstruments 2020-12-31 04114795 d:Non-currentFinancialInstruments 2021-12-31 04114795 d:Non-currentFinancialInstruments 2020-12-31 04114795 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 04114795 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 04114795 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 04114795 d:Non-currentFinancialInstruments d:AfterOneYear 2020-12-31 04114795 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2021-12-31 04114795 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2020-12-31 04114795 d:ShareCapital 2021-12-31 04114795 d:ShareCapital 2020-12-31 04114795 d:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 04114795 d:RetainedEarningsAccumulatedLosses 2021-12-31 04114795 d:RetainedEarningsAccumulatedLosses 2020-12-31 04114795 c:OrdinaryShareClass1 2021-01-01 2021-12-31 04114795 c:OrdinaryShareClass1 2021-12-31 04114795 c:OrdinaryShareClass1 2020-12-31 04114795 c:OrdinaryShareClass2 2021-01-01 2021-12-31 04114795 c:OrdinaryShareClass2 2021-12-31 04114795 c:OrdinaryShareClass2 2020-12-31 04114795 c:FRS102 2021-01-01 2021-12-31 04114795 c:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 04114795 c:FullAccounts 2021-01-01 2021-12-31 04114795 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 04114795









COVERSEAL LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

 
COVERSEAL LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1 - 2
Notes to the Financial Statements
 
3 - 7


 
COVERSEAL LIMITED
REGISTERED NUMBER:04114795

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

Fixed assets
  

Investment property
 4 
2,110,000
2,400,000

Current assets
  

Debtors: amounts falling due within one year
 5 
8,497
19,816

Bank and cash balances
  
35,049
33,673

Current liabilities
  
43,546
53,489

Creditors: amounts falling due within one year
 6 
(1,030,129)
(798,084)

Net current liabilities
  
 
 
(986,583)
 
 
(744,595)

Total assets less current liabilities
  
1,123,417
1,655,405

Creditors: amounts falling due after more than one year
 7 
(467,006)
(514,190)

Net assets
  
656,411
1,141,215


Capital and reserves
  

Called up share capital 
 9 
200
200

Profit and loss account
 10 
656,211
1,141,015

  
656,411
1,141,215


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Page 1

 
COVERSEAL LIMITED
REGISTERED NUMBER:04114795
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2021

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 September 2022.




D Cohen
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
COVERSEAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1.


General information

Coverseal Limited is a limited company incorporated in England and Wales with its registered office address at 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, WD6 1JD.
The principal activity of the Company is that of property investment.
The Company's functional and presentational currency is £ sterling.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors are satisfied that projected rental income will be sufficient to meet ongoing running costs and loan interest commitments for at least 12 months from the date of their approval of these financial statements. Based on the above and the ongoing support of the Company's loan creditors, which the directors expect to be be maintained for at least 12 months following the date of their approval of the financial statements, the directors considers it appropriate to prepare the financial statements on a going concern basis.

 
2.3

Revenue

Turnover comprises rents receivable, exclusive of Value Added Tax, and is recognised in the period in which to which it relates.

 
2.4

Investment property

Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.

 
2.5

Debtors

Short term debtors are measured at the transaction price.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 3

 
COVERSEAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and loans to and from related parties.

 
2.8

Creditors

Short term creditors are measured at the transaction price.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.11

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
 - The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
 - Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

 
2.12

Dividends

Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2020 - 1).

Page 4

 
COVERSEAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

4.


Investment property


Investment properties

£



Valuation


At 1 January 2021
2,400,000


Deficit on fair value movements
(290,000)



At 31 December 2021
2,110,000

The 2021 valuations was made by the director, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2021
2020
£
£


Historic cost
1,523,692
1,523,692


5.


Debtors

2021
2020
£
£

Trade debtors
4,577
11,254

Other debtors
2,975
6,610

Called up share capital not paid
200
200

Prepayments and accrued income
745
1,752

8,497
19,816


Page 5

 
COVERSEAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

6.


Creditors: Amounts falling due within one year

2021
2020
£
£

Building Society loans
130,326
143,471

Trade creditors
8,638
8,640

Taxation and social security
11,141
14,987

Other creditors
746,105
532,833

Accruals and deferred income
133,919
98,153

1,030,129
798,084


The Building Society loans are secured by a fixed and floating charge over the investment properties.


7.


Creditors: Amounts falling due after more than one year

2021
2020
£
£

Building Society loans
467,006
514,190


The Building Society loans are secured by a fixed and floating charge over the investment properties.


8.


Loans


Analysis of the maturity of loans is given below:


2021
2020
£
£

Amounts falling due within one year

Building Society loans
130,326
143,471

Amounts falling due 2-5 years

Building Society loans
467,006
514,190

597,332
657,661


Page 6

 
COVERSEAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

9.


Share capital

2021
2020
£
£
Allotted, called up and fully paid



100 (2020 - 100) Ordinary shares of £1.00 each
100
100
100 (2020 - 100) Preference shares of £1.00 each
100
100

200

200

The Preferred shares have two voting rights each and Ordinary shares have one voting right each. The Preferred shareholders are entitled to a fixed cumulative dividend in accordance with the terms of the company's Articles of Association. The Preferred shareholder has waived his entitlement to dividends for the current and preceding year and to any arrears of unpaid dividends for prior periods to date.
On a return of assets on a liquidation or otherwise, the assets of the Company shall be applied first in repaying the nominal value of the Preferred shares and any accruals of unpaid preference dividends and thereafter any balance shall be distributed amongst the holders of Ordinary shares.



10.


Reserves

Profit and loss account

Included in the profit and loss reserve amount of £656,211 (2020 - £1,141,015) are total distributable reserves of £69,903 (2020 - £264,707).

 
Page 7