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REGISTERED NUMBER: 03099889 (England and Wales)


























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: Mr D Evans
Miss R S Dias
Miss N White





SECRETARY: Miss N White





REGISTERED OFFICE: Fleming Court
Leigh Road
Eastleigh
Southampton
Hampshire
SO50 9PD





BUSINESS ADDRESS: Unit 10
Woodside Road
Boyatt Wood Industrial Estate
Eastleigh
Hampshire
SO50 4ET





REGISTERED NUMBER: 03099889 (England and Wales)






COVERS AND LININGS LIMITED (REGISTERED NUMBER: 03099889)

BALANCE SHEET
30 JULY 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 587,723 621,144
Investments 7 200 300
587,923 621,444

CURRENT ASSETS
Stocks 68,563 15,000
Debtors 8 660,793 266,179
Cash in hand 9 9
729,365 281,188
CREDITORS
Amounts falling due within one year 9 1,134,362 858,239
NET CURRENT LIABILITIES (404,997 ) (577,051 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

182,926

44,393

CREDITORS
Amounts falling due after more than one
year

10

(571,073

)

(626,488

)

PROVISIONS FOR LIABILITIES (65,000 ) (65,000 )
NET LIABILITIES (453,147 ) (647,095 )

CAPITAL AND RESERVES
Called up share capital 12 10,000 10,000
Retained earnings (463,147 ) (657,095 )
SHAREHOLDERS' FUNDS (453,147 ) (647,095 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 July 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 July 2022 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.

COVERS AND LININGS LIMITED (REGISTERED NUMBER: 03099889)

BALANCE SHEET - continued
30 JULY 2022


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 15 November 2023 and were signed on its behalf by:





Mr D Evans - Director


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 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 presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold improvements - Over the term of the lease
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 15% on reducing balance
Equipment - 15% on reducing balance

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 13 (2021 - 13 ) .

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 13,000
AMORTISATION
At 31 July 2021
and 30 July 2022 13,000
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 30,162 770,956 149,370 50,789 1,001,277
DEPRECIATION
At 31 July 2021 22,731 224,207 99,485 33,710 380,133
Charge for year 1,486 21,890 7,483 2,562 33,421
At 30 July 2022 24,217 246,097 106,968 36,272 413,554
NET BOOK VALUE
At 30 July 2022 5,945 524,859 42,402 14,517 587,723
At 30 July 2021 7,431 546,749 49,885 17,079 621,144

7. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 31 July 2021 300
Disposals (100 )
At 30 July 2022 200
NET BOOK VALUE
At 30 July 2022 200
At 30 July 2021 300

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 22,621 22,624
Amounts owed by group undertakings 40,123 38,923
Other debtors 598,049 204,632
660,793 266,179

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 29,043 103,705
Hire purchase contracts 7,222 42,532
Trade creditors 263,632 233,656
Amounts owed to group undertakings 170,373 74,921
Taxation and social security 273,017 164,431
Other creditors 391,075 238,994
1,134,362 858,239

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 238,913 263,797
Hire purchase contracts 52,921 60,142
Other creditors 279,239 302,549
571,073 626,488

11. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Bank overdrafts 4,159 58,650
Bank loans 263,797 308,852
Hire purchase contracts 60,143 102,674
328,099 470,176

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: £    £   
10,000 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
£    £   
Mr D Evans
Balance outstanding at start of year - -
Amounts advanced 27,636 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 27,636 -

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.