Silverfin false 31/03/2023 01/04/2022 31/03/2023 Dr A F S Girgis 09/12/1998 Mrs A Girgis 09/12/1998 Mr R P Girgis 10/05/2022 04 August 2023 The principal activity of the company continued to be that of running and management of nursing homes. 03671374 2023-03-31 03671374 bus:Director1 2023-03-31 03671374 bus:Director2 2023-03-31 03671374 bus:Director3 2023-03-31 03671374 2022-03-31 03671374 core:CurrentFinancialInstruments 2023-03-31 03671374 core:CurrentFinancialInstruments 2022-03-31 03671374 core:ShareCapital 2023-03-31 03671374 core:ShareCapital 2022-03-31 03671374 core:RetainedEarningsAccumulatedLosses 2023-03-31 03671374 core:RetainedEarningsAccumulatedLosses 2022-03-31 03671374 core:Goodwill 2022-03-31 03671374 core:Goodwill 2023-03-31 03671374 core:LandBuildings 2022-03-31 03671374 core:OtherPropertyPlantEquipment 2022-03-31 03671374 core:LandBuildings 2023-03-31 03671374 core:OtherPropertyPlantEquipment 2023-03-31 03671374 2022-04-01 2023-03-31 03671374 bus:FullAccounts 2022-04-01 2023-03-31 03671374 bus:SmallEntities 2022-04-01 2023-03-31 03671374 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 03671374 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 03671374 bus:Director1 2022-04-01 2023-03-31 03671374 bus:Director2 2022-04-01 2023-03-31 03671374 bus:Director3 2022-04-01 2023-03-31 03671374 core:Goodwill core:TopRangeValue 2022-04-01 2023-03-31 03671374 core:Goodwill 2022-04-01 2023-03-31 03671374 core:LandBuildings core:TopRangeValue 2022-04-01 2023-03-31 03671374 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 03671374 2021-04-01 2022-03-31 03671374 core:LandBuildings 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Company No: 03671374 (England and Wales)

COVELEAF LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

COVELEAF LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

COVELEAF LIMITED

BALANCE SHEET

As at 31 March 2023
COVELEAF LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 5 387,244 407,123
Investment property 6 252,868 252,868
640,112 659,991
Current assets
Debtors 7 25,431 19,534
Cash at bank and in hand 564,941 492,691
590,372 512,225
Creditors: amounts falling due within one year 8 ( 102,139) ( 41,625)
Net current assets 488,233 470,600
Total assets less current liabilities 1,128,345 1,130,591
Provision for liabilities ( 3,719) ( 4,574)
Net assets 1,124,626 1,126,017
Capital and reserves
Called-up share capital 2 2
Profit and loss account 1,124,624 1,126,015
Total shareholders' funds 1,124,626 1,126,017

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Coveleaf Limited (registered number: 03671374) were approved and authorised for issue by the Board of Directors on 04 August 2023. They were signed on its behalf by:

Mr R P Girgis
Director
COVELEAF LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
COVELEAF LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Coveleaf Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 9 Ivy Bank Close, Bolton, BL1 7EF, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover represents the total fees received during the year for services provided. Income is recognised when the monies have been received from the residents.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and has been amortised on a systematic basis over its expected life, which was 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings 50 years straight line
Plant and machinery etc. 25 - 30 % reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’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.

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 55 54

4. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2022 255,000 255,000
At 31 March 2023 255,000 255,000
Accumulated amortisation
At 01 April 2022 255,000 255,000
At 31 March 2023 255,000 255,000
Net book value
At 31 March 2023 0 0
At 31 March 2022 0 0

5. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 April 2022 776,609 182,313 958,922
Additions 0 3,186 3,186
At 31 March 2023 776,609 185,499 962,108
Accumulated depreciation
At 01 April 2022 394,175 157,624 551,799
Charge for the financial year 15,532 7,533 23,065
At 31 March 2023 409,707 165,157 574,864
Net book value
At 31 March 2023 366,902 20,342 387,244
At 31 March 2022 382,434 24,689 407,123

6. Investment property

Investment property
£
Valuation
As at 01 April 2022 252,868
As at 31 March 2023 252,868

Valuation

The fair value of the investment property has been arrived at on the basis of a valuation carried out on 31 March 2023 by the directors. No revaluations have been made to the historical cost of the property, since it was deemed not materially different to the valuation, which was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

7. Debtors

2023 2022
£ £
Other debtors 25,431 19,534

8. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 4,103 5,751
Taxation and social security 35,030 6,128
Other creditors 63,006 29,746
102,139 41,625