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REGISTERED NUMBER: 11184319 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Covol Engineering Limited

Covol Engineering Limited (Registered number: 11184319)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Covol Engineering Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: J D Gadd





REGISTERED OFFICE: Office 507/508
Belasis Business Centre
Coxwold Way
Billingham
TS23 4EA





REGISTERED NUMBER: 11184319 (England and Wales)





ACCOUNTANTS: Milner Smeaton
Chartered Accountants and Chartered Tax Advisers
Viking House
Falcon Court
Preston Farm
Stockton-on-Tees
TS18 3TS

Covol Engineering Limited (Registered number: 11184319)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 11,600 13,111

CURRENT ASSETS
Debtors 5 178,342 175,315
Cash at bank and in hand 52,937 109,964
231,279 285,279
CREDITORS
Amounts falling due within one year 6 253,054 240,138
NET CURRENT (LIABILITIES)/ASSETS (21,775 ) 45,141
TOTAL ASSETS LESS CURRENT
LIABILITIES

(10,175

)

58,252

CREDITORS
Amounts falling due after more than one year 7 49,439 100,341
NET LIABILITIES (59,614 ) (42,089 )

CAPITAL AND RESERVES
Called up share capital 1,250 1,250
Share premium 49,750 49,750
Revaluation reserve 5,896 8,695
Retained earnings (116,510 ) (101,784 )
(59,614 ) (42,089 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 10 September 2024 and were signed by:





J D Gadd - Director


Covol Engineering Limited (Registered number: 11184319)

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

1. STATUTORY INFORMATION

Covol Engineering Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents the value of work carried out during the year, excluding value added tax. In respect of contracts for on-going services turnover represents the value of work done in the year, including estimates of amounts not invoiced.

Turnover in respect of long-term contracts is ascertained in a manner appropriate to the stage of completion of the contract, the business and the industry in which the company operates. Where it is considered that the outcome of a long-term contract can be estimated with sufficient reliability before its conclusion, the prudently calculated attributable profit is recognised in the profit and loss account as the difference between the reported turnover and related costs for that contract. In relation to long-term contracts entered into in foreign currencies, relevant exchange rate differences and movements are considered as part of the assessment of prudently calculated attributable profit.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Grants
Coronavirus job retention scheme grants are accounted for on accruals basis and are included within other operating income.

Going concern
The accounts have been prepared on the basis the company will continue to trade one year from the date of these accounts. The sole director confirms this assumption and is based upon the continued support of the company's financiers.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 11 ) .

Covol Engineering Limited (Registered number: 11184319)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST OR VALUATION
At 1 January 2023 30,883
Additions 1,288
At 31 December 2023 32,171
DEPRECIATION
At 1 January 2023 17,772
Charge for year 2,799
At 31 December 2023 20,571
NET BOOK VALUE
At 31 December 2023 11,600
At 31 December 2022 13,111

Cost or valuation at 31 December 2023 is represented by:

Plant and
machinery
etc
£   
Valuation in 2018 21,868
Cost 10,303
32,171

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 107,284 115,799
Amounts recoverable on contract 51,075 47,788
Other debtors 19,983 11,728
178,342 175,315

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 28,934 13,220
Taxation and social security 26,150 42,531
Other creditors 197,970 184,387
253,054 240,138

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Other creditors 49,439 100,341

8. OTHER FINANCIAL COMMITMENTS

At the year end the company had entered into lease agreements that had an outstanding amount of £68,286 (2022: £53,891).