J.A. Cover Limited 01976680 false 2022-04-06 2023-04-05 2023-04-05 The principal activity of the company is as the General Partner of a Partnership. The company entered into a contract on 31 July 2002 to provide finance to enable the Partnership to construct property for letting, and receives a share of the partnership profits arising from rental income. Digita Accounts Production Advanced 6.30.9574.0 true 01976680 2022-04-06 2023-04-05 01976680 2023-04-05 01976680 core:RetainedEarningsAccumulatedLosses 2023-04-05 01976680 core:ShareCapital 2023-04-05 01976680 core:SharePremium 2023-04-05 01976680 core:CurrentFinancialInstruments 2023-04-05 01976680 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-05 01976680 core:AdditionsToInvestments 2023-04-05 01976680 core:CostValuation 2023-04-05 01976680 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-05 01976680 bus:SmallEntities 2022-04-06 2023-04-05 01976680 bus:AuditExemptWithAccountantsReport 2022-04-06 2023-04-05 01976680 bus:FullAccounts 2022-04-06 2023-04-05 01976680 bus:SmallCompaniesRegimeForAccounts 2022-04-06 2023-04-05 01976680 bus:RegisteredOffice 2022-04-06 2023-04-05 01976680 bus:Director1 2022-04-06 2023-04-05 01976680 bus:PrivateLimitedCompanyLtd 2022-04-06 2023-04-05 01976680 core:AllJointVentures 2022-04-06 2023-04-05 01976680 core:OtherRelatedParties 2022-04-06 2023-04-05 01976680 countries:EnglandWales 2022-04-06 2023-04-05 01976680 2022-04-05 01976680 core:CostValuation 2022-04-05 01976680 core:LandBuildings core:OwnedOrFreeholdAssets 2022-04-05 01976680 2021-04-06 2022-04-05 01976680 2022-04-05 01976680 core:RetainedEarningsAccumulatedLosses 2022-04-05 01976680 core:ShareCapital 2022-04-05 01976680 core:SharePremium 2022-04-05 01976680 core:CurrentFinancialInstruments 2022-04-05 01976680 core:CurrentFinancialInstruments core:WithinOneYear 2022-04-05 01976680 core:LandBuildings core:OwnedOrFreeholdAssets 2022-04-05 iso4217:GBP xbrli:pure

Registration number: 01976680

J.A. Cover Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 5 April 2023

 

J.A. Cover Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

J.A. Cover Limited

(Registration number: 01976680)
Balance Sheet as at 5 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1

1

Investments

5

3,459,489

3,313,687

 

3,459,490

3,313,688

Current assets

 

Debtors

6

881,109

593,931

Cash at bank and in hand

 

14,307

47,779

 

895,416

641,710

Creditors: Amounts falling due within one year

7

(635,810)

(450,990)

Net current assets

 

259,606

190,720

Net assets

 

3,719,096

3,504,408

Capital and reserves

 

Called up share capital

3,700

3,700

Share premium reserve

530,400

530,400

Retained earnings

3,184,996

2,970,308

Shareholders' funds

 

3,719,096

3,504,408

 

J.A. Cover Limited

(Registration number: 01976680)
Balance Sheet as at 5 April 2023

For the financial year ending 5 April 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 J A M Cover
Director

 

J.A. Cover Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 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 £.

Group accounts not prepared

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group..

Revenue recognition

Turnover comprises the share of profit due from its investment in a Partnership in which it is the General Partner. The share of profit arises from Partnership Accounts for the accounting year ending on the same balance sheet date.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

The current 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 taxable income.

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

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.
However, no provision has been made as it is not material.

Tangible assets

Land and buildings represent the residual value of the freehold reversion of a 999 year lease.

 

J.A. Cover Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2023

Investments

Investments in joint venture unincorporated partnerships, are not publicly traded and fair value cannot be measured reliably, are therefore measured at cost less impairment.

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.

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

J.A. Cover Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 5).

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 6 April 2022

1

1

At 5 April 2023

1

1

Depreciation

Carrying amount

At 5 April 2023

1

1

At 5 April 2022

1

1

Land and building represent a freehold reversion of a 999 year lease.

 

J.A. Cover Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2023

5

Investments

2023
£

2022
£

Investments in joint ventures

3,459,489

3,313,687

The NEW CENTRE LP

Joint ventures

£

Cost

At 6 April 2022

3,313,687

Additions

145,802

At 5 April 2023

3,459,489

Provision

Carrying amount

At 5 April 2023

3,459,489

At 5 April 2022

3,313,687

6

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

8

550,000

550,000

Other debtors

 

331,109

43,931

   

881,109

593,931

 

J.A. Cover Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

74,558

49,058

Other creditors

561,252

401,932

635,810

450,990

8

Related party transactions

Summary of transactions with joint ventures

The company is the general partner of The NEW CENTRE LP with a cumulative investment of £3,459,489 (2022: £3,313,687).
Its share of profit amounted to £430,651 (2022: £307,994).
Debtors include balances due from The NEW CENTRE LP of £329,026 (2021: £43,630).

 

Summary of transactions with other related parties

Creditors falling due within one year include loans from directors and close family members on which there are no formal repayment terms. At the balance sheet date these amounted to £330,602 (2022: £243,107).

Other creditors include loans advanced to Cover Construction Company Limited, a company in which the directors have an interest. There are no formal repayment terms and at the balance sheet date these amounted to £225,000 (2022: £150,000).

Other debtors include a loan advanced to Cover Property Holdings Limited, a company under the control of the director S J Cover. At the balance sheet date these amounted to £550,000 (2022: £550,000).