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COMPANY REGISTRATION NUMBER: 02197802
Covertriumph Limited
Filleted Unaudited Financial Statements
31 December 2023
Covertriumph Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
6
4,951
4,436
Current assets
Debtors
7
41,607
40,242
Cash at bank and in hand
379,031
384,894
---------
---------
420,638
425,136
Creditors: amounts falling due within one year
8
67,796
67,224
---------
---------
Net current assets
352,842
357,912
---------
---------
Total assets less current liabilities
357,793
362,348
---------
---------
Net assets
357,793
362,348
---------
---------
Capital and reserves
Called up share capital
9
51,000
51,000
Capital redemption reserve
50,000
50,000
Profit and loss account
256,793
261,348
---------
---------
Shareholders funds
357,793
362,348
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Covertriumph Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 29 January 2024 , and are signed on behalf of the board by:
R Pipe
G Pipe
Director
Director
S Shires
P Shires
Director
Director
Company registration number: 02197802
Covertriumph Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 83 High Street, Maldon, Essex, CM9 5EP.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the Profit and Loss Account represents the value of commissions earned and the invoiced value of financial advice given during the year.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% straight line
Computer equipment
-
25% straight line
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 5 ).
5. Intangible assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
250,000
---------
Amortisation
At 1 January 2023 and 31 December 2023
250,000
---------
Carrying amount
At 31 December 2023
---------
At 31 December 2022
---------
6. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 January 2023
22,922
35,362
58,284
Additions
930
1,129
2,059
--------
--------
--------
At 31 December 2023
23,852
36,491
60,343
--------
--------
--------
Depreciation
At 1 January 2023
20,708
33,140
53,848
Charge for the year
674
870
1,544
--------
--------
--------
At 31 December 2023
21,382
34,010
55,392
--------
--------
--------
Carrying amount
At 31 December 2023
2,470
2,481
4,951
--------
--------
--------
At 31 December 2022
2,214
2,222
4,436
--------
--------
--------
7. Debtors
2023
2022
£
£
Trade debtors
34,740
31,889
Prepayments and accrued income
6,713
7,005
Other debtors
154
1,348
--------
--------
41,607
40,242
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,646
1,220
Accruals and deferred income
13,261
17,616
Corporation tax
27,033
26,830
Social security and other taxes
7,985
5,772
Other creditors
17,871
15,786
--------
--------
67,796
67,224
--------
--------
9. Called up share capital
Authorised share capital
2023
2022
No.
£
No.
£
Ordinary G shares of £ 1 each
10,200
10,200
10,200
10,200
Ordinary B shares of £ 1 each
50,000
50,000
50,000
50,000
Ordinary M shares of £ 1 each
15,300
15,300
15,300
15,300
Ordinary R shares of £ 1 each
15,300
15,300
15,300
15,300
Ordinary S shares of £ 1 each
10,200
10,200
10,200
10,200
---------
---------
---------
---------
101,000
101,000
101,000
101,000
---------
---------
---------
---------
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary G shares of £ 1 each
10,200
10,200
10,200
10,200
Ordinary M shares of £ 1 each
15,300
15,300
15,300
15,300
Ordinary R shares of £ 1 each
15,300
15,300
15,300
15,300
Ordinary S shares of £ 1 each
10,200
10,200
10,200
10,200
--------
--------
--------
--------
51,000
51,000
51,000
51,000
--------
--------
--------
--------
10. Related party transactions
At the year end the company owed the directors £17,871 (2022 - £15,786) by way of a directors loan account shown amongst creditors. A director owns the offices that the company operates from and during the year the company paid £24,000 (2022 - £24,000) for the rental of these properties.