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REGISTERED NUMBER: 03942324 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Coverall (PVC & Canvas) Limited

Coverall (PVC & Canvas) Limited (Registered number: 03942324)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Coverall (PVC & Canvas) Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: A Harrison
D A Harrison





REGISTERED OFFICE: Unit 2 Cowton Way
Durham Lane Industrial Park
Eaglescliffe
Stockton on Tees
TS16 0RE





REGISTERED NUMBER: 03942324 (England and Wales)





ACCOUNTANTS: Anderson Barrowcliff LLP
Chartered Accountants
3 Kingfisher Court
Bowesfield Park
Stockton on Tees
TS18 3EX

Coverall (PVC & Canvas) Limited (Registered number: 03942324)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 286,349 255,208

CURRENT ASSETS
Stocks 11,124 20,558
Debtors 5 283,546 268,128
Cash at bank 127,009 92,193
421,679 380,879
CREDITORS
Amounts falling due within one year 6 115,174 140,763
NET CURRENT ASSETS 306,505 240,116
TOTAL ASSETS LESS CURRENT
LIABILITIES

592,854

495,324

CREDITORS
Amounts falling due after more than one
year

7

(147,120

)

(172,752

)

PROVISIONS FOR LIABILITIES (14,752 ) (4,300 )
NET ASSETS 430,982 318,272

CAPITAL AND RESERVES
Called up share capital 9 11,000 11,000
Retained earnings 419,982 307,272
SHAREHOLDERS' FUNDS 430,982 318,272

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Coverall (PVC & Canvas) Limited (Registered number: 03942324)

Balance Sheet - continued
31 March 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 November 2023 and were signed on its behalf by:





A Harrison - Director


Coverall (PVC & Canvas) Limited (Registered number: 03942324)

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

1. STATUTORY INFORMATION

Coverall (PVC & Canvas) Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Turnover
Turnover represents net invoiced sales of goods which is equivalent to the fair value of the consideration received or receivable except in respect of service contracts where turnover is recognised when the company obtains the right to consideration, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 20% on cost
Fixtures, fittings & equipment - 20% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

Freehold land included within freehold property has not been depreciated.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.

Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial
statements of current and previous periods. It is recognised in respect of all timing differences, with certain
exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Coverall (PVC & Canvas) Limited (Registered number: 03942324)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Government grants
Government grants of a capital nature are credited to a deferred income account in the balance sheet on receipt. The deferred income is released to the profit and loss over a period corresponding to the depreciation policy of the grant aided asset.

The business received government grants in respect of the Coronavirus Job Retention Scheme & the Small Business Grant Fund. These grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attached to them. The grants were received using the accrual model.

Debtors and creditors receivable/payable
Debtors and creditors with no stated interest rate and receivable or payable are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other administrative expenses.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortized cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

IMPAIRMENT
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2022 - 15 ) .

4. TANGIBLE FIXED ASSETS
Fixtures,
Freehold Plant and fittings
property machinery & equipment
£    £    £   
COST
At 1 April 2022 265,512 76,219 16,310
Additions - 53,107 -
At 31 March 2023 265,512 129,326 16,310
DEPRECIATION
At 1 April 2022 32,859 74,964 13,546
Charge for year 5,310 7,139 1,656
At 31 March 2023 38,169 82,103 15,202
NET BOOK VALUE
At 31 March 2023 227,343 47,223 1,108
At 31 March 2022 232,653 1,255 2,764

Coverall (PVC & Canvas) Limited (Registered number: 03942324)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2022 28,942 3,967 390,950
Additions - - 53,107
At 31 March 2023 28,942 3,967 444,057
DEPRECIATION
At 1 April 2022 11,480 2,893 135,742
Charge for year 7,235 626 21,966
At 31 March 2023 18,715 3,519 157,708
NET BOOK VALUE
At 31 March 2023 10,227 448 286,349
At 31 March 2022 17,462 1,074 255,208

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 175,845 141,085
Other debtors 107,701 127,043
283,546 268,128

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 6,000 7,019
Trade creditors 37,088 73,695
Taxation and social security 63,156 52,368
Other creditors 8,930 7,681
115,174 140,763

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 115,780 140,855
Other creditors 31,340 31,897
147,120 172,752

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years 91,780 111,611

Coverall (PVC & Canvas) Limited (Registered number: 03942324)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 121,780 147,874

The bank loan is secured by a charge over the freehold property and assets of the company and personal guarantees given by the director.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
11,000 Ordinary £1 11,000 11,000

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Repayable on demand loans, made to the directors, existed during the year. The amount of the liability to the company at the beginning of the year was £89,615 and at the end of the year was £77,106. Interest of £1,560 was charged during the year.

During the year £49,752 was repaid and £37,243 was advanced.