Coeval Limited SC103497 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is the design & manufacture of electronic highway signs. Digita Accounts Production Advanced 6.30.9574.0 true true true SC103497 2023-04-01 2024-03-31 SC103497 2024-03-31 SC103497 bus:OrdinaryShareClass1 2024-03-31 SC103497 core:CapitalRedemptionReserve 2024-03-31 SC103497 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC103497 core:ShareCapital 2024-03-31 SC103497 core:CurrentFinancialInstruments 2024-03-31 SC103497 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 SC103497 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 SC103497 core:MotorVehicles 2024-03-31 SC103497 core:OtherPropertyPlantEquipment 2024-03-31 SC103497 1 2024-03-31 SC103497 bus:SmallEntities 2023-04-01 2024-03-31 SC103497 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC103497 bus:FilletedAccounts 2023-04-01 2024-03-31 SC103497 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 SC103497 bus:RegisteredOffice 2023-04-01 2024-03-31 SC103497 bus:Director1 2023-04-01 2024-03-31 SC103497 bus:Director2 2023-04-01 2024-03-31 SC103497 bus:Director4 2023-04-01 2024-03-31 SC103497 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC103497 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC103497 bus:Agent1 2023-04-01 2024-03-31 SC103497 core:PatentsTrademarksLicencesConcessionsSimilar 2023-04-01 2024-03-31 SC103497 core:MotorVehicles 2023-04-01 2024-03-31 SC103497 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 SC103497 core:PlantMachinery 2023-04-01 2024-03-31 SC103497 1 2023-04-01 2024-03-31 SC103497 countries:Scotland 2023-04-01 2024-03-31 SC103497 1 2023-04-01 2024-03-31 SC103497 2023-03-31 SC103497 core:MotorVehicles 2023-03-31 SC103497 core:OtherPropertyPlantEquipment 2023-03-31 SC103497 1 2023-03-31 SC103497 2022-04-01 2023-03-31 SC103497 2023-03-31 SC103497 bus:OrdinaryShareClass1 2023-03-31 SC103497 core:CapitalRedemptionReserve 2023-03-31 SC103497 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC103497 core:ShareCapital 2023-03-31 SC103497 core:CurrentFinancialInstruments 2023-03-31 SC103497 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 SC103497 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 SC103497 core:MotorVehicles 2023-03-31 SC103497 core:OtherPropertyPlantEquipment 2023-03-31 SC103497 1 2023-03-31 SC103497 1 2022-04-01 2023-03-31 SC103497 1 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: SC103497

Coeval Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2024

 

Coeval Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Abridged Profit and Loss Account

4

Abridged Balance Sheet

5 to 6

Notes to the Abridged Financial Statements

7 to 13

 

Coeval Limited

Company Information

Directors

Mr Graham Quiney

Mr Richard Gwyn Colley

Mr Gary Higgins

Registered office

272 Bath Street
Glasgow
G2 4JR

Accountants

TKO Accountants Ltd
26 York Street
Harborne
Birmingham
B17 0HG

 

Coeval Limited

Directors' Report for the Year Ended 31 March 2024

The directors present their report and the abridged financial statements for the year ended 31 March 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr Graham Quiney

Mr Richard Gwyn Colley

Mr Gary Higgins

Principal activity

The principal activity of the company is the design & manufacture of electronic highway signs.

Going concern

The company continues to trade with the financial support of the directors/shareholders.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 2 September 2024 and signed on its behalf by:
 

.........................................
Mr Gary Higgins
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Coeval Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Coeval Limited for the year ended 31 March 2024 as set out on pages 4 to 13 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Coeval Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Coeval Limited and state those matters that we have agreed to state to the Board of Directors of Coeval Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Coeval Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Coeval Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Coeval Limited. You consider that Coeval Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Coeval Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

TKO Accountants Ltd
26 York Street
Harborne
Birmingham
B17 0HG

2 September 2024

 

Coeval Limited

Abridged Profit and Loss Account for the Year Ended 31 March 2024

Note

2024
£

2023
£

Gross profit

 

1,173,481

933,853

Administrative expenses

 

(1,011,478)

(987,806)

Other interest receivable and similar income

 

1,477

1,602

Interest payable and similar expenses

 

(110,717)

(146,044)

Profit/(loss) before tax

52,763

(198,395)

Tax on profit/(loss)

 

9,862

47,012

Profit/(loss) for the financial year

 

62,625

(151,383)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Coeval Limited

(Registration number: SC103497)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

1,336

3,543

Tangible assets

5

59,790

54,347

 

61,126

57,890

Current assets

 

Stocks

6

1,343,154

1,232,301

Debtors

7

698,003

757,959

Cash at bank and in hand

 

14,935

46,366

 

2,056,092

2,036,626

Creditors: Amounts falling due within one year

8.1

(1,048,430)

(944,007)

Net current assets

 

1,007,662

1,092,619

Total assets less current liabilities

 

1,068,788

1,150,509

Creditors: Amounts falling due after more than one year

8.2

(1,059,237)

(1,203,583)

Net assets/(liabilities)

 

9,551

(53,074)

Capital and reserves

 

Called up share capital

9

5,500

5,500

Capital redemption reserve

4,500

4,500

Retained earnings

(449)

(63,074)

Shareholders' funds/(deficit)

 

9,551

(53,074)

For the financial year ending 31 March 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Coeval Limited

(Registration number: SC103497)
Abridged Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 2 September 2024 and signed on its behalf by:
 

.........................................
Mr Gary Higgins
Director

 

Coeval Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
272 Bath Street
Glasgow
G2 4JR
Scotland

The principal place of business is:
Unit 5, Kelvin Gate
Hillington Park
58 Kelvin Avenue
Glasgow
G52 4GA

These financial statements were authorised for issue by the Board on 2 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Coeval Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% straight line

Plant & machinery

25% straight line

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Patents

10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Coeval Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Coeval Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2023 - 13).

 

Coeval Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Total
£

Cost or valuation

At 1 April 2023

22,075

At 31 March 2024

22,075

Amortisation

At 1 April 2023

18,532

Amortisation charge

2,207

At 31 March 2024

20,739

Carrying amount

At 31 March 2024

1,336

At 31 March 2023

3,543

The aggregate amount of research and development expenditure recognised as an expense during the period is £30,730 (2023 - £14,762).
 

 

Coeval Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

131,954

19,464

151,418

Additions

37,300

-

37,300

Disposals

(17,285)

-

(17,285)

At 31 March 2024

151,969

19,464

171,433

Depreciation

At 1 April 2023

77,607

19,464

97,071

Charge for the year

31,857

-

31,857

Eliminated on disposal

(17,285)

-

(17,285)

At 31 March 2024

92,179

19,464

111,643

Carrying amount

At 31 March 2024

59,790

-

59,790

At 31 March 2023

54,347

-

54,347

6

Stocks

2024
£

2023
£

Other inventories

1,343,154

1,232,301

7

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

8

Creditors

Creditors: amounts falling due within one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured (via personal guarantees and bank fixed and floating charges) of £293,949 (2023 - £297,256).

Creditors: amounts falling due after more than one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured (via personal guarantees and bank fixed and floating charges) of £104,237 (2023 - £248,583).

Creditors include redeemable preference shares of £755,000 (2023 - £755,000).

 

Coeval Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2024

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

5,500

5,500

5,500

5,500

       

10

Related party transactions

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Transactions

61,518

1,384

(1,384)

61,518

 

2023

At 1 April 2022
£

Advances to director
£

At 31 March 2023
£

Transactions

-

61,518

61,518

 

Interest has been charged on monies due to the company by the Director.

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

113,218

93,150

Contributions paid to money purchase schemes

25,000

12,000

138,218

105,150

11

Parent and ultimate parent undertaking

The company's immediate parent is Coeval Holdings Ltd, incorporated in England.