REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JULY 2022 |
FOR |
COVERS AND LININGS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JULY 2022 |
FOR |
COVERS AND LININGS LIMITED |
COVERS AND LININGS LIMITED (REGISTERED NUMBER: 03099889) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JULY 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
COVERS AND LININGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JULY 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
COVERS AND LININGS LIMITED (REGISTERED NUMBER: 03099889) |
BALANCE SHEET |
30 JULY 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
Investments | 7 |
CURRENT ASSETS |
Stocks |
Debtors | 8 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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. |
COVERS AND LININGS LIMITED (REGISTERED NUMBER: 03099889) |
BALANCE SHEET - continued |
30 JULY 2022 |
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 |
COVERS AND LININGS LIMITED (REGISTERED NUMBER: 03099889) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JULY 2022 |
1. | STATUTORY INFORMATION |
Covers And Linings Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The company relies upon the support of their asset backed lenders. The amounts owing are repayable according to the terms of the credit agreements. |
Due to the ongoing support of the asset backed lenders, the directors believe that it is appropriate to prepare the financial statements on the going concern basis, which assumes that the company will continue in operational existence for the foreseeable future. |
Preparation of consolidated financial statements |
The financial statements contain information about Covers And Linings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Intangible fixed assets - intellectual property |
Intellectual property is initially recorded at cost and amortised over its estimated useful economic life of 2 years. |
Tangible fixed assets |
Leasehold improvements | - |
Plant and machinery | - |
Fixtures and fittings | - |
Equipment | - |
All fixed assets are initially recorded at cost. |
Government grants |
Government 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 attaching to them and the grants will be received using the accrual model |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
COVERS AND LININGS LIMITED (REGISTERED NUMBER: 03099889) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JULY 2022 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase agreements |
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account at a constant rate of charge on the balance of capital repayments outstanding. |
Finance lease agreements |
Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. The asset is recorded in the balance sheet as a tangible fixed asset and is depreciated in accordance with the above depreciation policies. Future instalments under such leases, net of finance charges, are included with creditors. Rentals payable are apportioned between the finance element, which is charged to the profit and loss account at a constant rate of charge on the balance of capital repayments outstanding, and the capital element which reduces the outstanding obligation for future instalments. |
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. |
Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
Operating lease agreements |
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
COVERS AND LININGS LIMITED (REGISTERED NUMBER: 03099889) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JULY 2022 |
5. | INTANGIBLE FIXED ASSETS |
Intellectual |
property |
£ |
COST |
At 31 July 2021 |
and 30 July 2022 |
AMORTISATION |
At 31 July 2021 |
and 30 July 2022 |
NET BOOK VALUE |
At 30 July 2022 |
At 30 July 2021 |
6. | TANGIBLE FIXED ASSETS |
Fixtures |
Leasehold | Plant and | and |
improvements | machinery | fittings | Equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 31 July 2021 |
and 30 July 2022 |
DEPRECIATION |
At 31 July 2021 |
Charge for year |
At 30 July 2022 |
NET BOOK VALUE |
At 30 July 2022 |
At 30 July 2021 |
7. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 31 July 2021 |
Disposals | ( |
) |
At 30 July 2022 |
NET BOOK VALUE |
At 30 July 2022 |
At 30 July 2021 |
COVERS AND LININGS LIMITED (REGISTERED NUMBER: 03099889) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JULY 2022 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Included in other debtors is £344,399 (2021: £88,431) in relation to prepayments and accrued income. |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
Included in other creditors is £303,171 (2021: £147,042) in relation to accruals and deferred income. |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans |
Hire purchase contracts |
Other creditors |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
2022 | 2021 |
£ | £ |
Bank overdrafts |
Bank loans |
Hire purchase contracts | 60,143 | 102,674 |
An amount of £nil (2021: £8,653) is secured personally by the director Mr D Evans in respect of bank loans. |
Bank loans include £189,923 (2021: £250,000) borrowed under the Coronavirus Business Interruption Loan Scheme and the UK Government has provided the lender with a limited guarantee of up to 80% of the capital of the loan. |
Bank loans include £48,990 (2021: £50,199) borrowed under the Coronavirus Bounce Back Loan Scheme and the UK Government has provided the lender with a guarantee of 100% of the capital of the loan. |
Security is also provided on the company debt by assets of Southampton Finance Limited, a company under common control. |
COVERS AND LININGS LIMITED (REGISTERED NUMBER: 03099889) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JULY 2022 |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | £1 | 10,000 | 10,000 |
13. | OTHER FINANCIAL COMMITMENTS |
Total future financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £160,074 (2021: £nil). |
This amount is in relation to operating lease commitments which are payable over the next year. |
14. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the year ended 30 July 2022 and the period ended 30 July 2021: |
2022 | 2021 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
This loan was unsecured with interest charged at HMRC approved rates and the repayment date was unspecified. |
15. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with group companies where any subsidiary that is a party to the transaction is wholly owned within the group or where transactions have been undertaken under normal market conditions. |