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Registration number: 11185605

Cover Property Holdings Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Cover Property Holdings Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 5

 

Cover Property Holdings Limited

(Registration number: 11185605)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

690,470

680,000

Current assets

 

Debtors

5

274

47

Cash at bank and in hand

 

432,629

4,794

 

432,903

4,841

Creditors: Amounts falling due within one year

6

(1,128,054)

(685,498)

Net current liabilities

 

(695,151)

(680,657)

Total assets less current liabilities

 

(4,681)

(657)

Provisions for liabilities

(1,616)

(1,616)

Net liabilities

 

(6,297)

(2,273)

Capital and reserves

 

Called up share capital

6,000

6,000

Other reserves

4,849

4,849

Retained earnings

(17,146)

(13,122)

Shareholders' deficit

 

(6,297)

(2,273)

 

Cover Property Holdings Limited

(Registration number: 11185605)
Balance Sheet as at 31 March 2023

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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 September 2023 and signed on its behalf by:
 

.........................................
Mr S J Cover
Director

 

Cover Property Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Filkins Mill
Filkins
Lechlade
Gloucestershire
GL7 3RF

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Judgements

In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based upon historical experiance and other factors that are considered to be relevant. Actual results may differ from these estimates.

Tax

The tax expense for the period comprises deferred tax.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the director. The director uses observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Cover Property Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 1).

4

Investment properties

2023
£

At 1 April

680,000

Additions

10,470

At 31 March

690,470

 

Cover Property Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Debtors

Current

2023
£

2022
£

Other debtors

274

47

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

550,000

550,000

Trade creditors

4,034

-

Other creditors

574,020

135,498

1,128,054

685,498

7

Related party transactions

Summary of transactions with other related parties

S J Cover is also a director of the following companies:

J A Cover Limited which has advanced a loan to the company. There are no formal terms of repayment and the loan has therefore been clasified as due within one year.
At the balance sheet date, loans and borrowings included amounts due to J A Cover Limited amounting to £550,000 (2022 £550,000).

Cover Construction Company Limited which has assisted with the planning and professional fees relating to the investment property development.
At the balance sheet date, other creditors included amount due to Cover Construction Company Limited amounting £126,277 (2022 £126,277).

 

8

Going concern

The company has sufficient financial support from the directors and as a consequence, they believe that the company is well placed to manage its business risks successfully despite the current uncertain economic outlook.

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.