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Registration number: 08468296

Coveya Limited

Annual Report and Filleted Abridged Financial Statements

for the Year Ended 31 December 2023

 

Coveya Limited

Contents

Abridged Balance Sheet

1

Notes to the Abridged Financial Statements

2 to 6

 

Coveya Limited

(Registration number: 08468296)
Abridged Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

1,928,469

1,624,184

Current assets

 

Stocks

1,176,627

1,209,023

Debtors

3,120,712

2,898,070

Cash at bank and in hand

 

1,912,577

1,787,404

 

6,209,916

5,894,497

Creditors: Amounts falling due within one year

7

(1,466,969)

(1,197,344)

Net current assets

 

4,742,947

4,697,153

Total assets less current liabilities

 

6,671,416

6,321,337

Creditors: Amounts falling due after more than one year

(32,601)

(41,801)

Provisions for liabilities

(413,211)

(345,759)

Net assets

 

6,225,604

5,933,777

Capital and reserves

 

Called up share capital

5

5

Profit and loss account

6,225,599

5,933,772

Total equity

 

6,225,604

5,933,777

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

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

Approved and authorised by the Board on 4 September 2024 and signed on its behalf by:
 




Mr G I Herbert

Director

 

Coveya Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 1 St Ivel Way
Warmley
Bristol
BS30 8TY

These financial statements were authorised for issue by the Board on 4 September 2024.

2

Accounting policies

Statement of compliance

These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 4 September 2024 was D J Nicholas FCA, who signed for and on behalf of Moore Scarrott Audit Limited.

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

 

Coveya Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2023

Tax

The tax expense for the period comprises current and deferred 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 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.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

Fixtures and fittings

15% reducing balance

Leasehold improvement

5 years straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

Goodwill

10 years straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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 stocks 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.

 

Coveya Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2023

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 57 (2022 - 53).

4

Auditors' remuneration

2023
£

2022
£

Audit of the financial statements

15,000

-


 

5

Intangible assets

Total
£

Cost or valuation

At 1 January 2023

1,942,166

At 31 December 2023

1,942,166

Amortisation

At 1 January 2023

1,942,166

At 31 December 2023

1,942,166

Carrying amount

At 31 December 2023

-

 

Coveya Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2023

6

Tangible assets

Total
£

Cost or valuation

At 1 January 2023

2,389,816

Additions

835,882

Disposals

(74,394)

At 31 December 2023

3,151,304

Depreciation

At 1 January 2023

765,632

Charge for the year

461,773

Eliminated on disposal

(4,570)

At 31 December 2023

1,222,835

Carrying amount

At 31 December 2023

1,928,469

At 31 December 2022

1,624,184

Included within the net book value of land and buildings above is £204,516 (2022 - £Nil) in respect of short leasehold land and buildings.
 

7

Creditors: amounts falling due within one year


Creditors include hire purchase contracts which are secured against the assets to which they relate. The total value at 31 December 2023 is £41,801 (2022 - £50,957).

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £260,980 (2022 - £33,793). Amounts payable under lease agreements are secured over the assets to which they relate.

 

Coveya Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2023

9

Related party transactions

Advances to directors


Mr R Herbert

During the period Mr R Herbert went overdrawn on their director's loan account. The maximum overdrawn balance during the year was £9,310 (2022 - £257,500). At the year end the amount outstanding from Mr R Herbert was £1,871 (2022 - £1,810). Interest has been charged at the commercial rate.

Summary of transactions with parent


Coveya Holdings Limited

 At the end of the period the amount due to the subsidiary from the parent was £1,423,954 (2022 - £903,467).
 

10

Parent and ultimate parent undertaking

The Company is a majority owned subsidary of Coveya Holdings Limited.

 The company's immediate parent is Coveya Holdings Limited, incorporated in England and Wales.

 The most senior parent entity producing publicly available financial statements is Coveya Holdings Limited. These financial statements are available upon request from Unit 1 St Ivel Way, Warmley, Bristol, BS30 8TY

 The ultimate controlling party is Mr G I Herbert and Mrs A C Herbert.