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Registered number: 02108888
Cova Security Gates Limited
Financial Statements
For The Year Ended 31 May 2023
Robert Agates & Associates
Certified Accountants
Sentosa
Southview Road
Crowborough
East Sussex
TN6 1HG
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 02108888
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 633,862 487,505
Tangible Assets 5 352,981 399,332
986,843 886,837
CURRENT ASSETS
Stocks 6 855,297 1,170,301
Debtors 7 895,633 929,917
Cash at bank and in hand 146,631 125,720
1,897,561 2,225,938
Creditors: Amounts Falling Due Within One Year 8 (1,092,451 ) (1,272,531 )
NET CURRENT ASSETS (LIABILITIES) 805,110 953,407
TOTAL ASSETS LESS CURRENT LIABILITIES 1,791,953 1,840,244
Creditors: Amounts Falling Due After More Than One Year 9 (74,630 ) (79,852 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (91,052 ) (98,414 )
NET ASSETS 1,626,271 1,661,978
CAPITAL AND RESERVES
Called up share capital 11 5,000 5,000
Revaluation reserve 12 109,664 109,664
Profit and Loss Account 1,511,607 1,547,314
SHAREHOLDERS' FUNDS 1,626,271 1,661,978
Page 1
Page 2
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Gerald Cowan
Director
13th February 2024
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Cova Security Gates Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02108888 . The registered office is Unit C1, Sussex Manor Business Park, Crawley, West Sussex, RH10 9NH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention, modified to include the revaluation of leasehold land and buildings, and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland - and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Research and Development
Expenditure on research and development is written off in the year it is incurred, except where the directors are satisfied that development expenditure incurred on an individual project is carried forward as permitted by FRS102 when its future recoverability can be regarded as assured. The expenditure carried forward is treated as an intangible fixed asset and amortised over its estimated economic life of ten years so as to match the expenditure with the anticipated sales from the related project. Provision is made for any impairment.
2.4. Intangible Fixed Assets and Amortisation - Intellectual Property
Expenditure incurred by the company prior to 31 May 2022 on the acquisition and maintenance of its patents and trademarks has been capitalised and carried forward in the balance sheet as an intangible fixed asset. The assets will now be amortised over their remaining economic life of ten years, so as to match the expenditure with the anticipated sales attributable to them during that period.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 5-10% per annum on reducing value
Motor Vehicles 25% per annum on cost
Fixtures & Fittings 10% per annum on cost
Computer Equipment 20% per annum on cost
On 31 May 2020 a revaluation of the company's plant and machinery assets was carried out, and the revaluation surplus arising was credited to reserves. In future periods these assets will be depreciated on an item by item basis, with depreciation charges ranging from 5% to 10% per annum on the reducing balance.
2.6. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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2.7. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. 
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.8. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.9. Taxation
Corporation tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.10. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.11. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.12. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
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3. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Office and administration 15 12
Sales, marketing and distribution 3 4
Manufacturing 28 31
46 47
4. Intangible Assets
Other Development Costs Total
£ £ £
Cost
As at 1 June 2022 107,053 594,495 701,548
Additions - 234,380 234,380
Disposals - (64,242) (64,242 )
As at 31 May 2023 107,053 764,633 871,686
Amortisation
As at 1 June 2022 - 214,043 214,043
Provided during the period 11,560 76,463 88,023
Disposals - (64,242 ) (64,242 )
As at 31 May 2023 11,560 226,264 237,824
Net Book Value
As at 31 May 2023 95,493 538,369 633,862
As at 1 June 2022 107,053 380,452 487,505
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 June 2022 308,270 456,125 373,223 1,137,618
Additions 4,245 83,239 4,569 92,053
Disposals - (115,281 ) (27,687 ) (142,968 )
As at 31 May 2023 312,515 424,083 350,105 1,086,703
Depreciation
As at 1 June 2022 157,011 300,850 280,425 738,286
Provided during the period 21,240 62,011 6,898 90,149
Disposals - (94,713 ) - (94,713 )
As at 31 May 2023 178,251 268,148 287,323 733,722
Net Book Value
As at 31 May 2023 134,264 155,935 62,782 352,981
As at 1 June 2022 151,259 155,275 92,798 399,332
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6. Stocks
2023 2022
£ £
Materials 570,398 500,301
Work in progress 284,899 670,000
855,297 1,170,301
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 700,277 691,556
Prepayments and accrued income 195,356 168,455
Other taxes repayable - 69,906
895,633 929,917
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 44,124 39,930
Trade creditors 663,563 789,676
Bank loans and overdrafts - 67,851
Other taxes and social security 66,295 59,226
Dividends payable - 100,000
Accruals 16,330 44,301
Directors' loan accounts 138,346 60,402
Loan from associated company 23,000 23,000
Invoice discounting creditor 140,793 88,145
1,092,451 1,272,531
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 74,630 79,852
74,630 79,852
10. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 44,124 39,930
Later than one year and not later than five years 74,630 79,852
118,754 119,782
118,754 119,782
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11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 5,000 5,000
12. Reserves
Revaluation Reserve
£
As at 1 June 2022 109,664
As at 31 May 2023 109,664
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