Bright AccountsProduction v1.0.0 v1.0.0 2022-03-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts Covtek Restaurants Ltd provides take-away food shops and mobile food stands 27 November 2023 NI644193 2023-02-28 NI644193 2022-02-28 NI644193 2021-02-28 NI644193 2022-03-01 2023-02-28 NI644193 2021-03-01 2022-02-28 NI644193 uk-bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 NI644193 uk-curr:PoundSterling 2022-03-01 2023-02-28 NI644193 uk-bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 NI644193 uk-bus:FullAccounts 2022-03-01 2023-02-28 NI644193 uk-core:ShareCapital 2023-02-28 NI644193 uk-core:ShareCapital 2022-02-28 NI644193 uk-core:RetainedEarningsAccumulatedLosses 2023-02-28 NI644193 uk-core:RetainedEarningsAccumulatedLosses 2022-02-28 NI644193 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-02-28 NI644193 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-02-28 NI644193 uk-bus:FRS102 2022-03-01 2023-02-28 NI644193 uk-core:PlantMachinery 2022-03-01 2023-02-28 NI644193 uk-core:FurnitureFittingsToolsEquipment 2022-03-01 2023-02-28 NI644193 uk-core:CurrentFinancialInstruments 2023-02-28 NI644193 uk-core:CurrentFinancialInstruments 2022-02-28 NI644193 uk-core:WithinOneYear 2023-02-28 NI644193 uk-core:WithinOneYear 2022-02-28 NI644193 uk-core:WithinOneYear 2023-02-28 NI644193 uk-core:WithinOneYear 2022-02-28 NI644193 uk-core:WithinOneYear 2023-02-28 NI644193 uk-core:WithinOneYear 2022-02-28 NI644193 uk-core:AfterOneYear 2023-02-28 NI644193 uk-core:AfterOneYear 2022-02-28 NI644193 uk-core:BetweenOneTwoYears 2023-02-28 NI644193 uk-core:BetweenOneTwoYears 2022-02-28 NI644193 uk-core:EmployeeBenefits 2022-02-28 NI644193 uk-core:EmployeeBenefits 2022-03-01 2023-02-28 NI644193 uk-core:AcceleratedTaxDepreciationDeferredTax 2023-02-28 NI644193 uk-core:TaxLossesCarry-forwardsDeferredTax 2023-02-28 NI644193 uk-core:OtherDeferredTax 2023-02-28 NI644193 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2023-02-28 NI644193 uk-core:EmployeeBenefits 2023-02-28 NI644193 2022-03-01 2023-02-28 NI644193 uk-bus:Director3 2022-03-01 2023-02-28 NI644193 uk-bus:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
 
 
 
Company Registration Number: NI644193
 
 
Covtek Restaurants Ltd
 
Unaudited Financial Statements
 
for the financial year ended 28 February 2023
Covtek Restaurants Ltd
Company Registration Number: NI644193
Statement of Financial Position
as at 28 February 2023

2023 2022
Notes £ £
 
Non-Current Assets
Property, plant and equipment 5 58,137 81,483
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Current Assets
Stocks 6 5,000 5,000
Debtors 7 28,338 3,534
Cash and cash equivalents 195,641 205,146
───────── ─────────
228,979 213,680
───────── ─────────
Creditors: amounts falling due within one year 8 (142,187) (146,965)
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Net Current Assets 86,792 66,715
───────── ─────────
Total Assets less Current Liabilities 144,929 148,198
 
Creditors:
amounts falling due after more than one year 9 (24,167) (34,167)
 
Provisions for liabilities 11 (8,972) (13,863)
───────── ─────────
Net Assets 111,790 100,168
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Capital and Reserves
Called up share capital 100 100
Retained earnings 111,690 100,068
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Equity attributable to owners of the company 111,790 100,168
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Income Statement and Directors' Report.
           
For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Board and authorised for issue on 27 November 2023 and signed on its behalf by
           
           
________________________________          
Mr. Craig Lewis McCorkell          
Director          
           



Covtek Restaurants Ltd
Notes to the Financial Statements
for the financial year ended 28 February 2023

   
1. General Information
 
Covtek Restaurants Ltd is a company limited by shares incorporated in Northern Ireland. 8 Shell Hill Court, Coleraine, BT52 2RF, Northern Ireland is the registered office, which is also the principal place of business of the company. Covtek Restaurants Ltd provides take-away food shops and mobile food stands. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 28 February 2023 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Property, plant and equipment and depreciation
Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:
 
  Plant and machinery - 10%-20% Straight line
  Fixtures, fittings and equipment - 10%-20% Straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Leasing and hire purchases
Property, plant and equipment held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Statement of Financial Position at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Income Statement.
 
Leasing
Rentals payable under operating leases are dealt with in the Income Statement as incurred over the period of the rental agreement.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.
 
Government grants
Capital grants received and receivable are treated as deferred income and amortised to the Income Statement annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Income Statement when received.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
   
3. Going concern
 
The Directors are pleased with the profitable performance of the company during the year. The directors consider that the company has adequate financial resources to continue to trade for the foreseeable future and the Directors believe that it is appropriate to adopt the going concern basis in preparing the company's financial statements.
       
4. Employees
 
The average monthly number of employees, including directors, during the financial year was 14, (2022 - 14).
 
  2023 2022
  Number Number
 
Directors 3 3
Production Staff 11 11
  ───────── ─────────
  14 14
  ═════════ ═════════
         
5. Property, plant and equipment
  Plant and Fixtures, Total
  machinery fittings and  
    equipment  
  £ £ £
Cost
At 1 March 2022 153,590 49,731 203,321
  ───────── ───────── ─────────
 
At 28 February 2023 153,590 49,731 203,321
  ───────── ───────── ─────────
Depreciation
At 1 March 2022 102,723 19,115 121,838
Charge for the financial year 18,126 5,220 23,346
  ───────── ───────── ─────────
At 28 February 2023 120,849 24,335 145,184
  ───────── ───────── ─────────
Net book value
At 28 February 2023 32,741 25,396 58,137
  ═════════ ═════════ ═════════
At 28 February 2022 50,867 30,616 81,483
  ═════════ ═════════ ═════════
       
6. Stocks 2023 2022
  £ £
 
Raw materials 5,000 5,000
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
7. Debtors 2023 2022
  £ £
 
Directors' current accounts (Note 14) 24,090 -
Prepayments and accrued income 4,248 3,534
  ───────── ─────────
  28,338 3,534
  ═════════ ═════════
       
8. Creditors 2023 2022
Amounts falling due within one year £ £
 
Bank loan 10,000 10,001
Net obligations under finance leases
and hire purchase contracts - 5,249
Trade creditors 30,758 21,508
Amounts owed to connected parties (Note 13) 58,526 56,596
Taxation  (Note 10) 28,287 30,453
Other creditors - 10,572
Accruals 14,616 12,586
  ───────── ─────────
  142,187 146,965
  ═════════ ═════════
 
Balances owed to lenders under hire purchase agreements are secured over the relevant assets.
       
9. Creditors 2023 2022
Amounts falling due after more than one year £ £
 
Bank loan 24,167 34,167
  ═════════ ═════════
 
Loans
Repayable in one year or less, or on demand (Note 8) 10,000 10,001
Repayable between one and two years 24,167 34,167
  ───────── ─────────
  34,167 44,168
  ═════════ ═════════
 
       
10. Taxation 2023 2022
  £ £
 
Creditors:
VAT 16,577 6,173
Corporation tax 9,636 21,995
PAYE / NI 2,074 2,285
  ───────── ─────────
  28,287 30,453
  ═════════ ═════════
           
11. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Other Total Total
  allowances differences    
         
      2023 2022
  £ £ £ £
 
At financial year start 14,018 (155) 13,863 15,089
Charged to profit and loss (5,015) 124 (4,891) (1,226)
  ───────── ───────── ───────── ─────────
At financial year end 9,003 (31) 8,972 13,863
  ═════════ ═════════ ═════════ ═════════
       
12. Capital commitments
 
The company had no material capital commitments at the financial year-ended 28 February 2023.
           
13. Related party transactions
 
The following amounts are due to other connected parties:
      2023 2022
      £ £
 
Covtek Limited     58,526 56,596
      ═════════ ═════════
 
During the period, Covtek Limited paid £1,930 on behalf of the company (2022: the company repaid £1,710 to Covtek Limited). At 28 February 2023, the company owed £58,526 (2022: £56,596) to Covtek Limited. The companies are connected through common directors. This balance is unsecured and payable on demand. No interest is charged on the balance.
   
14. Directors' advances, credits and guarantees
 
At the financial year end, the company owed the Directors £24,090 (2022: £NIL). This amount is unsecured and payable on demand. The balance was fully repaid after the end of the reporting period.
   
15. Events After the End of the Reporting Period
 
There have been no significant events affecting the company since the financial year-end.
       
16. Share Capital
 
The issued share capital of the company was comprised of 100 A Ordinary Shares of £1 each.
 
  2023 2022
  £ £
 
A Ordinary Shares of £1 each 100 100
  ═════════ ═════════