Registered number
10760146
Covair Holdings Limited
Unaudited Filleted Accounts
31 December 2022
Covair Holdings Limited
Registered number: 10760146
Balance Sheet
as at 31 December 2022
Notes 2022 2021
£ £
Fixed assets
Investments 3 5,762,003 5,762,003
Current assets
Debtors 4 750 750
Creditors: amounts falling due within one year 5 (3,983,432) (3,554,861)
Net current liabilities (3,982,682) (3,554,111)
Total assets less current liabilities 1,779,321 2,207,892
Creditors: amounts falling due after more than one year 6 (428,571) (857,142)
Net assets 1,350,750 1,350,750
Capital and reserves
Called up share capital 1,000 1,000
Share premium 1,433,083 1,433,083
Profit and loss account (83,333) (83,333)
Shareholders' funds 1,350,750 1,350,750
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
H I S Wright
Director
Approved by the board on 9 October 2023
Covair Holdings Limited
Notes to the Accounts
for the year ended 31 December 2022
1 Accounting policies
Basis of preparation
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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Administrative Expenses
Adminastrative expenses of the company are borne by its subsidiary.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 3 3
3 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 January 2022 5,762,003
At 31 December 2022 5,762,003
The company’s investment in its subsidiary company represents the cost of acquisition of the whole of the ordinary share capital of Covair Structures Limited Limited, a company registered in England and Wales.
At 31 December 2022 the aggregate of the share capital and reserves of Covair Structures Limited amounted to £1.900,498 and the profit for the year to that date was £73.182
Consolidated accounts have not been prepared as the company and its subsidiary comprise a small group.
4 Debtors 2022 2021
£ £
Other debtors 750 750
5 Creditors: amounts falling due within one year 2022 2021
£ £
Secured loan notes 1,983,364 1,583,393
Amounts owed to group undertakings and undertakings in which the company has a participating interest 2,000,068 1,971,468
3,983,432 3,554,861
6 Creditors: amounts falling due after one year 2022 2021
£ £
Other creditors - Secured loan notes 428,571 857,142
On 31 July 2017 the company issued £3,000,000 2% Fixed Rate Secured Loan Notes 2024 as part consideration for the acquisition of its subsidiary investment. These loan notes are repayable by equal annual instalment over 7 years.
7 Share capital 2022 2021
£ £
Alloted and fully paid
A ordinary shares of £1 each 750 750
B ordinary shares of £1 each 250 250
1,000 1,000
8 Other information
Covair Holdings Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 9, Redhill 23 Business Park
29 Holmethorpe Avenue
Redhill
Surrey
RH1 2GD
9 Controlling Party
The company is controlled by the director Mr JP Heaver.
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