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Registration number: 13058556

Coveya Holdings Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 December 2023

 

Coveya Holdings Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4 to 5

Independent Auditor's Report

6 to 9

Consolidated Profit and Loss Account

10

Consolidated Statement of Comprehensive Income

11

Consolidated Balance Sheet

12

Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Statement of Changes in Equity

15

Consolidated Statement of Cash Flows

16

Statement of Cash Flows

17

Notes to the Financial Statements

18 to 31

Detailed Consolidated Profit and Loss Account

32 to 34

Detailed Company Profit and Loss Account

35 to 36

 

Coveya Holdings Limited

Company Information

Directors

Mr G I Herbert

Mrs A C Herbert

Registered office

Unit 1 St Ivel Way
Warmley
Bristol
BS30 8TY

Bankers

National Westminster Bank PLC
250 Bishopsgate
London
EV2M 4AA

Auditors

Moore Scarrott Audit Limited
Calyx House
South Road
Taunton
Somerset
TA1 3DU

 

Coveya Holdings Limited

Strategic Report for the Year Ended 31 December 2023

The Directors present their strategic report for the year ended 31 December 2023.

Principal activity

The principal activity of the Group is is that of the hiring and selling of conveyor belts.

Fair review of the business

The directors consider the revenue and profits generated to be the group's key financial performance indicators ("KPI's").

The Group's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2023

2022

Gross profit margin

%

33

39

Profit before tax margin

%

4

14

Principal risks and uncertainties

The principal risks facing the Group are as follows:-

Supply chain disruptions - Due to global supply chain issues, including delays and shortages of raw materials, the conveyor belt sector faces challenges in maintaining production schedules and meeting customer demands.

Economic instability - Fluctuating economic conditions, including inflation and changes in interest rates, can impact the cost of production and capital expenditure, affecting profitability and investment capabilities.

Technological advancements - Rapid technological changes and the need for continual innovation pose a risk as companies must invest in new technologies to remain competitive and meet evolving customer expectations.

Regulatory changes - Ongoing changes in environmental and safety regulations can increase operational costs and necessitate additional investment in compliance measures.

Labour shortages - Difficulty in attracting and retaining skilled labour can hinder production efficiency and increase operational costs, impacting overall business performance.

To manage the risk, the Group strives to:-

• provide added-value products and services to its customers;
• prompt response times in the supply of products and services;
• invests heavily in research and development of new products and improvements to existing products; and
• maintains strong relationships with suppliers and customers alike.

Impact of Brexit related risks

The overall Brexit risk is still unknown as it is believed the effects on businesses from the pandemic have masked what would have been a standalone Brexit effect.

Impact from the risks related to the Covid-19 pandemic

The effect of Covid on the financial performance of the Group has been minimal. The Group was able to continue its growth plan after the initial shutdown and the company retains a high level of stock and excellent relationships with its suppliers to ensure customer orders can be fulfilled.

 

Coveya Holdings Limited

Strategic Report for the Year Ended 31 December 2023

Section 172(1) statement

The directors understand the business, strategic targets and ever-changing market and environment that the Group operates in. Strategic decisions are taken at board level and escalated to the parent Company when required to do so. Such escalation requirements are defined in numerous internal Company policies that all directors are aware of. The directors have taken decisions they believe are in the best interests of the Group, members and stakeholders. The board meets every month to discuss current topics across all areas of the business. They receive an overview of the current financial performance and discuss matters of importance during the board meetings.

The directors recognise that the Coveya employees are fundamental and are integral to the business to deliver our strategic ambitions. The success of our business depends on attracting, retaining and motivating employees. We ensure we do our upmost to be a responsible employer considering pay, benefits, upkeep of health and safety requirements and workplace environments. When making decisions the directors factor the implication of decisions on the employees where it is relevant and possible to do so.

The directors recognise that to achieve its strategic objectives it must have strong relationships with its customers and suppliers. The directors receive regular information and feedback from business operations that inform them how current and emerging relationships are developing. The directors actively seek and receive third party information indicating performance from a customer point of view. The directors also receive regular updates on supplier activities and contract management topics.

The directors will consider the impact of the Group's operations on the community and environment in any decision-making process where it is necessary to do.

The directors are fully aware of their legal responsibilities and obligations, they are also fully aware of our Group Policies and Code of conduct which are designed to uphold the core values of Coveya and ensure all stakeholders conduct themselves as it would expect. By following these principles and guidelines, the business is conducted with the upmost integrity. Regular internal reviews take place, which help ensure that the guidelines are followed and identify any areas or processes that can be improved.

The directors consider the best possible action in its decision-making process to deliver the strategy aligned with the Group. When making these decisions the Directors act as fairly as they can for all members however this can mean that sometimes certain stakeholder interests may not be fully aligned.

The Coveya Board understand their duties and responsibilities individually and collectively. They have acted in accordance with their duties codified in law, which include their duty to act in a way in which they consider would be most likely to promote the success of the Group to the benefit of its members whilst considering the stakeholders of the Group and matters set out in section 172 (1) 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 Holdings Limited

Directors' Report for the Year Ended 31 December 2023

The Directors present their report and the for the year ended 31 December 2023.

Directors of the Group

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

Mr G I Herbert

Mrs A C Herbert

Members of the Senior Management Team and Directors of the trading subsidiary, Coveya Limited are:-

Mr G I Herbert
Mr R Herbert
Mr W Herbert
 

Financial instruments

Objectives and policies

The group has adopted policies in respect of achieving our objectives relating to financial instruments through a mixture of bank facilities including overdraft arrangements, hire purchase and finance lease arrangements.

Further details of financial instruments are given within the notes to the financial statements under note 2 - Accounting Policies.

Price risk, credit risk, liquidity risk and cash flow risk

Price risk - the majority of the Group's revenue derives from the hiring and selling of conveyor belts. As such the Group is exposed to the risk of changes to demand in the construction, waste management, manufacturing and agricultural sectors.

Credit risk - the Group supplies goods to other companies. Credit terms are offered to those customers. Coveya Limited (the trading subsidiary) has credit risk insurance in place to protect against the risk of default by those debtors.

Trading risk - the Group is exposed to the risk in change of importation legislation and demand following the United Kingdom's exit from the European Union.

Supply chain risk - the Group is also reliant on a good supply chain for belts and components without which the Group is unable to fulfil customer contracts.

Cash flow risk - risks of this nature generally arise from timing differences which arise during the Group's trading cycle. Any exceptional cash flow risks are mitigated by careful management of banking facilities, level of stock, trade debtors and trade creditors by the Groups experienced staff.
 

 

Coveya Holdings Limited

Directors' Report for the Year Ended 31 December 2023

Statement of Directors' Responsibilities

The Directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Company and of the profit or loss of the Group for that period. In preparing these financial statements, the Directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group's and the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Future developments

The Group has acquired secondary premises in order to separate out the hire business and control stock.

Research and development

The Group has invested in research and development to overcome a series of technological uncertainties in the sector. The Directors strive for a continual improvement of the Group’s product suite and to overcome issues raised by customers.

Disclosure of information to the auditor

Each Director has taken steps that they ought to have taken as a Director in order to make themselves aware of any relevant audit information and to establish that the Company's auditor is aware of that information. The Directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

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


Mr G I Herbert
Director

 

Coveya Holdings Limited

Independent Auditor's Report to the Members of Coveya Holdings Limited

Opinion

We have audited the financial statements of Coveya Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the Group's and the parent Company's affairs as at 31 December 2023 and of the Group's profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other matters
We draw attention to the fact that the comparative figures for the year ended 31 December 2022 included in these financial statements are unaudited. These comparative figures were not subject to an audit and therefore we do not express an opinion on them. Our opinion on the current period's financial statements is not modified in respect of this matter.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.

Other information

The Directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

 

Coveya Holdings Limited

Independent Auditor's Report to the Members of Coveya Holdings Limited

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent Company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of Directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of Directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit of the Group in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

 

Coveya Holdings Limited

Independent Auditor's Report to the Members of Coveya Holdings Limited

Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s, or the parent company’s, ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group, or the parent company, to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the consolidated financial statements of the Group, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision, and performance of the Group audit. We remain solely responsible for our audit opinion.

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

 

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

we identified the laws and regulations applicable to the group and the parent company, through discussions with directors and other management, and from our knowledge and experience of the sector;

we focussed on specific laws and regulations which we considered may have a direct material effect on the financial statements of the operations of the group and the parent company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;

we assessed the extent of compliance with laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance through the audit.

 

We assessed the susceptibility of the group and parent company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and

understanding the design of the group and parent company’s remuneration policies.

 

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;

tested journal entries to identify unusual transactions;

assessed whether judgements and assumptions made in determining the accounting estimates set out in the accounting policies were indicative of potential bias; and

investigated the rationale behind significant or unusual transactions.

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;

reading the minutes of meetings of those charged with governance;

 

Coveya Holdings Limited

Independent Auditor's Report to the Members of Coveya Holdings Limited

enquiring of management as to actual and potential litigation and claims; and

reviewing correspondence with HMRC, relevant regulators and the group and parent company’s legal advisors.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.




Mr Duncan Nicholas FCA (Senior Statutory Auditor)
For and on behalf of Moore Scarrott Audit Limited, Statutory Auditor

Calyx House
South Road
Taunton
Somerset
TA1 3DU

4 September 2024

 

Coveya Holdings Limited

Consolidated Profit and Loss Account for the Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

4

12,129,092

10,781,859

Cost of sales

 

(8,073,186)

(6,620,643)

Gross profit

 

4,055,906

4,161,216

Administrative expenses

 

(3,579,215)

(2,632,886)

Other operating income

5

-

3,250

Operating profit

6

476,691

1,531,580

Other interest receivable and similar income

7

62,086

8,824

Interest payable and similar expenses

8

(9,484)

(46,555)

   

52,602

(37,731)

Profit before tax

 

529,293

1,493,849

Tax on profit

12

(222,983)

(436,616)

Profit for the financial year

 

306,310

1,057,233

Profit/(loss) attributable to:

 

Owners of the Company

 

285,740

1,018,327

Minority interests

 

20,570

38,906

 

306,310

1,057,233

The above results relate to continuing operations.

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

 

Coveya Holdings Limited

Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2023

2023
£

2022
£

Profit for the year

306,310

1,057,233

Total comprehensive income for the year

306,310

1,057,233

Total comprehensive income attributable to:

Owners of the Company

285,740

1,018,327

Minority interests

20,570

38,906

306,310

1,057,233

 

Coveya Holdings Limited

(Registration number: 13058556)
Consolidated Balance Sheet as at 31 December 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Intangible assets

14

2,494,514

2,854,639

Tangible assets

15

4,509,239

4,259,864

 

7,003,753

7,114,503

Current assets

 

Stocks

17

1,176,627

1,209,023

Debtors

18

2,048,908

1,994,603

Cash at bank and in hand

 

1,977,376

1,787,404

 

5,202,911

4,991,030

Creditors: Amounts falling due within one year

20

(1,515,660)

(1,394,896)

Net current assets

 

3,687,251

3,596,134

Total assets less current liabilities

 

10,691,004

10,710,637

Creditors: Amounts falling due after more than one year

20

(1,532,601)

(1,541,801)

Provisions for liabilities

21

(413,211)

(345,759)

Net assets

 

8,745,192

8,823,077

Capital and reserves

 

Called up share capital

23

4

4

Share premium reserve

7,589,891

7,589,891

Other reserves

(32,531)

-

Retained earnings

1,367,314

1,081,574

Equity attributable to owners of the company

 

8,924,678

8,671,469

Minority interests

 

(179,486)

151,608

Shareholders' funds

 

8,745,192

8,823,077

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


Mr G I Herbert
Director

 

Coveya Holdings Limited

(Registration number: 13058556)
Balance Sheet as at 31 December 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Tangible assets

15

2,580,770

2,635,680

Investments

16

7,712,233

7,628,553

 

10,293,003

10,264,233

Current assets

 

Debtors

18

352,150

-

Cash at bank and in hand

 

64,799

-

 

416,949

-

Creditors: Amounts falling due within one year

20

(1,472,645)

(1,101,019)

Net current liabilities

 

(1,055,696)

(1,101,019)

Total assets less current liabilities

 

9,237,307

9,163,214

Creditors: Amounts falling due after more than one year

20

(1,500,000)

(1,500,000)

Net assets

 

7,737,307

7,663,214

Capital and reserves

 

Called up share capital

23

4

4

Share premium reserve

7,589,891

7,589,891

Retained earnings

147,412

73,319

Shareholders' funds

 

7,737,307

7,663,214

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


Mr G I Herbert
Director

 

Coveya Holdings Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 December 2023
Equity attributable to the parent company

Share capital
£

Share premium
£

Other reserves
£

Retained earnings
£

Total
£

Non-controlling interests - Equity
£

Total equity
£

At 1 January 2023

4

7,589,891

-

1,081,574

8,671,469

151,608

8,823,077

Profit for the year

-

-

-

285,740

285,740

20,570

306,310

Dividends

-

-

-

-

-

(296,749)

(296,749)

Increase in ownership interests in subsidiaries

-

-

(32,531)

-

(32,531)

(54,915)

(87,446)

At 31 December 2023

4

7,589,891

(32,531)

1,367,314

8,924,678

(179,486)

8,745,192

Share capital
£

Share premium
£

Retained earnings
£

Total
£

Non-controlling interests - Equity
£

Total equity
£

At 1 January 2022

4

7,589,891

63,247

7,653,142

349,433

8,002,575

Profit for the year

-

-

1,018,327

1,018,327

38,906

1,057,233

Dividends

-

-

-

-

(236,731)

(236,731)

At 31 December 2022

4

7,589,891

1,081,574

8,671,469

151,608

8,823,077

 

Coveya Holdings Limited

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 January 2023

4

7,589,891

73,319

7,663,214

Profit for the year

-

-

74,093

74,093

At 31 December 2023

4

7,589,891

147,412

7,737,307

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 January 2022

4

7,589,891

23,494

7,613,389

Profit for the year

-

-

49,825

49,825

At 31 December 2022

4

7,589,891

73,319

7,663,214

 

Coveya Holdings Limited

Consolidated Statement of Cash Flows for the Year Ended 31 December 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

306,310

1,057,233

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

873,042

560,732

Loss on disposal of tangible assets

69,824

60,961

Finance income

7

(62,086)

(8,824)

Finance costs

8

9,484

46,555

Income tax expense

12

222,983

436,616

 

1,419,557

2,153,273

Working capital adjustments

 

Decrease/(increase) in stocks

17

32,396

(164,008)

Increase in trade debtors

18

(54,305)

(592,708)

Increase/(decrease) in trade creditors

20

276,728

(722,468)

Cash generated from operations

 

1,674,376

674,089

Income taxes paid

12

(311,538)

(229,017)

Net cash flow from operating activities

 

1,362,838

445,072

Cash flows from investing activities

 

Interest received

62,086

8,824

Acquisitions of tangible assets

(835,882)

(485,111)

Proceeds from sale of tangible assets

 

-

35,076

Repurchase of own shares

 

(83,680)

-

Net cash flows from investing activities

 

(857,476)

(441,211)

Cash flows from financing activities

 

Interest paid

8

(9,484)

(46,555)

Payments to finance lease creditors

 

(9,157)

8,890

Dividends paid

(296,749)

(236,731)

Net cash flows from financing activities

 

(315,390)

(274,396)

Net increase/(decrease) in cash and cash equivalents

 

189,972

(270,535)

Cash and cash equivalents at 1 January

 

1,787,404

2,057,939

Cash and cash equivalents at 31 December

 

1,977,376

1,787,404

 

Coveya Holdings Limited

Statement of Cash Flows for the Year Ended 31 December 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

74,093

49,825

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

54,910

54,910

Finance income

(3,704)

-

Finance costs

5,166

42,243

Income tax expense

12

38,464

24,568

 

168,929

171,546

Working capital adjustments

 

Increase in trade debtors

18

(352,150)

-

Increase/(decrease) in trade creditors

20

357,730

(109,974)

Cash generated from operations

 

174,509

61,572

Income taxes paid

12

(24,568)

(19,329)

Net cash flow from operating activities

 

149,941

42,243

Cash flows from investing activities

 

Interest received

3,704

-

Repurchase of own shares

16

(83,680)

-

Net cash flows from investing activities

 

(79,976)

-

Cash flows from financing activities

 

Interest paid

(5,166)

(42,243)

Net increase in cash and cash equivalents

 

64,799

-

Cash and cash equivalents at 1 January

 

-

-

Cash and cash equivalents at 31 December

 

64,799

-

 

Coveya Holdings Limited

Notes to the 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

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 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 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.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the Company and its subsidiary undertakings drawn up to 31 December 2023.

A subsidiary is an entity controlled by the Company. Control is achieved where the Company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the Group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the Group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the Company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

 

Coveya Holdings Limited

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

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 the future economic benefits will flow into the entity, and specific criteria have been met for each of the company activities.

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

Freehold Property

2% Straight Line

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 Group’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 impairment losses. The goodwill is tested annually for impariment.

Investments

Investments in equity shares where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in the profit or loss account. Investments in equity shares where fair value cannot be measured reliably are measured at cost less impairment.

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.

 

Coveya Holdings Limited

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

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 Group 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.

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.

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 Group 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 Group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

Coveya Holdings Limited

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

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 Group’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 Group 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 Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However the nature of estimation means that actual outcomes could differ from those estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects that period, or in the period of revision and future periods if the revision affects both current and future periods. The critical judgements and key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

Critical judgements

Depreciation rates and residual values
Tangible fixed assets are depreciated over their useful economic lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing assets lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Sources if estimation uncertainty
Impairment of fixed assets
The company determines whether there are indicators of impairment of tangible asset. Factors taken into account consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.

Stock provision
The company determins whether there are conditions that exist at the balance sheet date that indicates that the net realisable value of individual stock lines are less than the carrying value. Such indicators include post year end sales, and market demand.

Bad debt provision
The company determines whether there are conditions that exist at the balance sheet date that indicates the recoverable value of debtors is less than the carrying value. Such indicators include post year end cash receipts, and customer sales activity.

 

Coveya Holdings Limited

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

4

Turnover

The analysis of the Group's Turnover for the year from continuing operations is as follows:

2023
£

2022
£

Sale of goods

4,218,435

4,537,913

Rendering of services

7,900,605

6,229,240

Other revenue

10,052

14,706

12,129,092

10,781,859

All turnover arose within the United Kingdom.

5

Other operating income

The analysis of the Group's other operating income for the year is as follows:

2023
£

2022
£

Miscellaneous other operating income

-

3,250

6

Operating profit

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

516,683

204,373

Amortisation expense

356,359

356,359

Operating lease expense - plant and machinery

175,934

160,427

Loss on disposal of property, plant and equipment

69,824

60,961

7

Other interest receivable and similar income

2023
£

2022
£

Interest income on bank deposits

58,321

7,014

Other finance income

3,765

1,810

62,086

8,824

8

Interest payable and similar expenses

2023
£

2022
£

Interest on obligations under finance leases and hire purchase contracts

4,318

4,312

Interest expense on other finance liabilities

5,166

42,243

9,484

46,555

 

Coveya Holdings Limited

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

9

Staff costs

The aggregate payroll costs (including Directors' remuneration) were as follows:

2023
£

2022
£

Wages and salaries

3,106,267

2,544,580

Social security costs

11,767

14,190

Pension costs, defined contribution scheme

46,786

40,544

Other employee expense

25,589

21,202

3,190,409

2,620,516

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

10

Directors' remuneration

The Directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

45,019

58,035

11

Auditors' remuneration

2023
£

2022
£

Audit of these financial statements

15,000

-


 

 

Coveya Holdings Limited

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

12

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax

155,531

311,538

Deferred taxation

Arising from origination and reversal of timing differences

67,452

125,078

Tax expense in the income statement

222,983

436,616

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2022 - the same as the standard rate of corporation tax in the UK) of 25% (2022 - 25%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

529,293

1,493,849

Corporation tax at standard rate

132,323

373,462

Tax decrease from effect of capital allowances and depreciation

(67,452)

(55,391)

Decrease from effect of different UK tax rates on some earnings

(10,766)

(98,380)

Tax increase in relation to deferred tax

67,452

125,078

Effect of expense not deductible in determining taxable profit (tax loss)

18,211

19,277

Tax increase from consolidation adjustments

89,090

89,090

Tax decrease from other tax effects

(5,875)

(16,520)

Total tax charge

222,983

436,616


14 Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent Company for the year was £74,093 (2022: £49,825).
 

 

Coveya Holdings Limited

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

14

Intangible assets

Group

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

5,505,757

5,505,757

At 31 December 2023

5,505,757

5,505,757

Amortisation

At 1 January 2023

2,654,884

2,654,884

Amortisation charge

356,359

356,359

At 31 December 2023

3,011,243

3,011,243

Carrying amount

At 31 December 2023

2,494,514

2,494,514

At 31 December 2022

2,854,639

2,854,639

 

Coveya Holdings Limited

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

15

Tangible assets

Group

Land and buildings
£

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

2,745,500

-

818,856

1,336,664

234,296

5,135,316

Additions

-

225,778

178,715

431,389

-

835,882

Disposals

-

-

-

(74,394)

-

(74,394)

At 31 December 2023

2,745,500

225,778

997,571

1,693,659

234,296

5,896,804

Depreciation

At 1 January 2023

109,820

-

417,603

194,677

153,352

875,452

Charge for the year

54,910

21,261

73,613

346,663

20,236

516,683

Eliminated on disposal

-

-

-

(4,570)

-

(4,570)

At 31 December 2023

164,730

21,261

491,216

536,770

173,588

1,387,565

Carrying amount

At 31 December 2023

2,580,770

204,517

506,355

1,156,889

60,708

4,509,239

At 31 December 2022

2,635,680

-

401,253

1,141,987

80,944

4,259,864

Included within the net book value of land and buildings above is £2,580,770 (2022 - £2,635,680) in respect of freehold land and buildings and £204,516 (2022 - £Nil) in respect of short leasehold land and buildings.
 

 

Coveya Holdings Limited

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

Company

Land and buildings
£

Total
£

Cost or valuation

At 1 January 2023

2,745,500

2,745,500

At 31 December 2023

2,745,500

2,745,500

Depreciation

At 1 January 2023

109,820

109,820

Charge for the year

54,910

54,910

At 31 December 2023

164,730

164,730

Carrying amount

At 31 December 2023

2,580,770

2,580,770

At 31 December 2022

2,635,680

2,635,680

Included within the net book value of land and buildings above is £2,580,770 (2022 - £2,635,680) in respect of freehold land and buildings.
 

16

Investments

Company

2023
£

(As restated)

2022
£

Investments in subsidiaries

7,712,233

7,628,553

Subsidiaries

£

Cost or valuation

At 1 January 2023

7,628,553

Additions

83,680

At 31 December 2023

7,712,233

Provision

Carrying amount

At 31 December 2023

7,712,233

At 31 December 2022

7,628,553

 

Coveya Holdings Limited

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

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the Company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Subsidiary undertakings

Coveya Limited

Unit 1 St Ivel Way
Warmley
Bristol
BS30 8TY

England and Wales

Ordinary

98.4%

97.5%

Subsidiary undertakings

Coveya Limited

The principal activity of Coveya Limited is is that of the hiring and selling of conveyor belts.

17

Stocks

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Stock

1,176,627

1,209,023

-

-

18

Debtors

 

Group

Company

Current

2023
£

2022
£

2023
£

2022
£

Trade debtors

1,614,738

1,941,163

-

-

Other debtors

354,022

1,811

352,150

-

Prepayments

80,148

51,629

-

-

 

2,048,908

1,994,603

352,150

-

19

Cash and cash equivalents

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Cash at bank and on hand

1,977,376

1,787,404

64,799

-

 

Coveya Holdings Limited

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

20

Creditors

   

Group

Company

Note

2023
£

2022
£

2023
£

2022
£

Due within one year

 

HP and finance lease liabilities

24

9,200

9,157

-

-

Trade creditors

 

673,281

322,246

-

-

Other related parties

25

-

118,497

-

118,497

Social security and other taxes

 

160,730

289,087

8,357

8,583

Other payables

 

516,918

344,371

1,425,824

949,371

Income tax liability

12

155,531

311,538

38,464

24,568

 

1,515,660

1,394,896

1,472,645

1,101,019

Due after one year

24

Other borrowings

 

1,500,000

1,500,000

1,500,000

1,500,000

HP and finance lease liabilities

 

32,601

41,801

-

-

 

1,532,601

1,541,801

1,500,000

1,500,000

21

Provisions for liabilities

Group

Deferred tax
£

Total
£

At 1 January 2023

345,759

345,759

Increase (decrease) in existing provisions

67,452

67,452

At 31 December 2023

413,211

413,211

22

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.

23

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary A of £1 each

1

1

1

1

Ordinary B of £1 each

1

1

1

1

Ordinary C of £0.00 each

9,755

1

9,755

1

Ordinary D of £0.00 each

9,755

1

9,755

1

19,512

4

19,512

4

 

Coveya Holdings Limited

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

24

Loans and borrowings

Non-current loans and borrowings

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Hire purchase contracts

32,601

41,801

-

-

Redeemable preference shares

1,500,000

1,500,000

1,500,000

1,500,000

1,532,601

1,541,801

1,500,000

1,500,000

Current loans and borrowings

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Hire purchase contracts

9,200

9,157

-

-

25

Related party transactions

Group

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.

Company
 

Advances to directors

Mr G I Herbert and Mrs A C Herbert

During the period Mr G I Herbert and Mrs A C Herbert went overdrawn on their director's loan account. The maximum overdrawn balance was £351,771 (2022 - £Nil). At the year end the amount outstanding from Mr G I Herbert and Mrs A C Herbert was £351,771 (2022 - £Nil). Interest has been charged at the commercial rate.

Summary of transactions with subsidiaries


Coveya Limited

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

26

Parent and ultimate parent undertaking

Coveya Limited is a majority owned subsidary of Coveya Holdings Limited. Both Companies are registered in England and Wales.

 The ultimate controlling party is its directors who jointly own 100% of the share capital.

 

Coveya Holdings Limited

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

27 Prior Year Adjustment

Revaluation of Investment in Subsidiary

During the year, the company identified an error related to the valuation of its investment in a subsidiary company which was omitted in the previous year's financial statements. This omission resulted in the understatement of the investment value and the corresponding equity.
To correct this error, the company has restated the comparative figures for the prior year. The impact of the adjustment on the financial statements is summarised below:

Effect on the Balance Sheet as at 31 December 2022:

- Increase in Investment in Subsidiary: £7,589,891
- Increase in Share Premium Reserves: £7,589,891

Effect on the Income Statement for the Year Ended 31 December 2022:

- There was no impact on the income statement for the prior year as the adjustment relates solely to the revaluation of the investment in the subsidiary.

Restated Comparative Figures:

Account

As previously reported

Adjustment

As restated

Investment in Subsidiary

£38,662

£7,589,891

£7,628,553

Retained Earnings

£nil

(£7,589,891)

(£7,589,891)

The above adjustments have been made in accordance with the relevant accounting standards and have been applied retrospectively in accordance FRS 102 Section 9.

The directors believe that the restatement provides a true and fair view of the company's financial position as at 31 December 2022.

 

Coveya Holdings Limited

Detailed Consolidated Profit and Loss Account for the Year Ended 31 December 2023

2023
£

2022
£

Turnover (analysed below)

12,129,092

10,781,859

Cost of sales (analysed below)

(8,073,186)

(6,620,643)

Gross profit

4,055,906

4,161,216

Gross profit (%)

33.44%

38.59%

Administrative expenses

Employment costs (analysed below)

(1,052,383)

(825,396)

Establishment costs (analysed below)

(584,304)

(314,301)

General administrative expenses (analysed below)

(1,124,826)

(985,940)

Finance charges (analysed below)

(15,056)

(12,394)

Depreciation costs (analysed below)

(802,646)

(504,217)

Other expenses (analysed below)

-

9,362

(3,579,215)

(2,632,886)

Other operating income (analysed below)

-

3,250

Operating profit

476,691

1,531,580

Other interest receivable and similar income (analysed below)

62,086

8,824

Interest payable and similar expenses (analysed below)

(9,484)

(46,555)

52,602

(37,731)

Profit before tax

529,293

1,493,849

 

Coveya Holdings Limited

Detailed Consolidated Profit and Loss Account for the Year Ended 31 December 2023

2023
£

2022
£

   

Turnover

Sale of goods, UK

3,164,580

3,386,768

Rendering of services, UK

7,900,605

6,229,240

Other income

456,520

452,209

Part sales

597,335

698,936

Other revenue

10,052

14,706

12,129,092

10,781,859

   

Cost of sales

Opening raw materials

(1,209,023)

(1,045,015)

Purchases

(4,401,094)

(3,847,093)

Direct costs

(224)

(227)

Closing raw materials

1,176,627

1,209,023

Wages and salaries (excluding directors)

(2,138,026)

(1,795,120)

Subcontract cost

(582,738)

(177,368)

Freight and carriage

(650,317)

(694,672)

Hire of plant and machinery (Spot hire)

(128,171)

(143,333)

Depreciation of plant and machinery

(70,396)

(56,515)

(Profit)/loss on disposal of tangible fixed assets

(69,824)

(70,323)

(8,073,186)

(6,620,643)

   

Employment costs

Wages and salaries (excluding directors)

(923,222)

(691,425)

Staff NIC (Employers)

(11,767)

(14,190)

Directors remuneration

(45,019)

(58,035)

Staff pensions (Defined contribution)

(46,786)

(40,544)

Staff training

(25,589)

(21,202)

(1,052,383)

(825,396)

   

Establishment costs

Rent and rates

(278,993)

(74,067)

Water rates

(35,557)

(29,227)

Light, heat and power

(50,663)

(29,246)

Insurance

(78,868)

(80,882)

Repairs and maintenance

(37,261)

(14,022)

Repairs and renewals

(102,962)

(86,857)

(584,304)

(314,301)

   

General administrative expenses

Telephone and fax

(22,850)

(26,832)

Printing, postage and stationery

(10,142)

(7,907)

Trade subscriptions

(18,044)

(7,468)

Charitable donations

(7,500)

(36,000)

Sundry expenses

(33,232)

(26,234)

Cleaning

(38,284)

(22,743)

Petrol or diesel

(132,162)

(131,705)

 

Coveya Holdings Limited

Detailed Consolidated Profit and Loss Account for the Year Ended 31 December 2023

2023
£

2022
£

   

Motor repairs and renewals

(21,035)

(20,923)

Car hire and leasing expenses (Operating leases)

(175,934)

(160,427)

Travel and subsistence

(80,591)

(82,910)

Advertising

(190,696)

(220,473)

Accountancy fees

(22,736)

(19,222)

Auditor's remuneration - The audit of the company's annual accounts

(15,000)

-

Consultancy fees

(67,049)

(120,543)

Legal and professional fees

(34,016)

(19,247)

Bad debts written off

(255,555)

(83,306)

(1,124,826)

(985,940)

   

Finance charges

Bank charges

(15,056)

(12,394)

   

Depreciation costs

Amortisation of goodwill

(356,359)

(356,359)

Depreciation of freehold property

(54,910)

(54,910)

Depreciation of short leasehold property

(21,262)

-

Depreciation of plant and machinery (owned)

(276,267)

(3,632)

Depreciation of fixtures and fittings (owned)

(73,612)

(63,843)

Depreciation of motor vehicles (owned)

(20,236)

(25,473)

(802,646)

(504,217)

   

Other expenses

Profit/(loss) on disposal of tangible fixed assets

-

9,362

   

Other operating income

Other operating income

-

3,250

   

Other interest receivable and similar income

Bank interest receivable

58,321

7,014

Other interest receivable

3,765

1,810

62,086

8,824

   

Interest payable and similar expenses

Hire purchase interest

(4,318)

(4,312)

Other interest payable

(5,166)

(42,243)

(9,484)

(46,555)

 

Coveya Holdings Limited

Detailed Company Profit and Loss Account for the Year Ended 31 December 2023

2023
£

2022
£

Turnover (analysed below)

172,172

170,706

Cost of sales (analysed below)

(224)

(227)

Gross profit

171,948

170,479

Gross profit (%)

99.87%

99.87%

Administrative expenses

General administrative expenses (analysed below)

(3,018)

(2,183)

Finance charges (analysed below)

(1)

-

Depreciation costs (analysed below)

(54,910)

(54,910)

(57,929)

(57,093)

Other operating income (analysed below)

-

3,250

Operating profit

114,019

116,636

Other interest receivable and similar income (analysed below)

3,704

-

Interest payable and similar expenses (analysed below)

(5,166)

(42,243)

(1,462)

(42,243)

Profit before tax

112,557

74,393

 

Coveya Holdings Limited

Detailed Company Profit and Loss Account for the Year Ended 31 December 2023

2023
£

2022
£

   

Turnover

Sale of goods, UK

162,120

156,000

Other revenue

10,052

14,706

172,172

170,706

   

Cost of sales

Direct costs

(224)

(227)

   

General administrative expenses

Accountancy fees

(2,068)

(2,095)

Consultancy fees

(950)

(88)

(3,018)

(2,183)

   

Finance charges

Bank charges

(1)

-

   

Depreciation costs

Depreciation of freehold property

(54,910)

(54,910)

   

Other operating income

Other operating income

-

3,250

   

Other interest receivable and similar income

Other interest receivable

3,704

-

   

Interest payable and similar expenses

Other interest payable

(5,166)

(42,243)