Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31true2023-01-01falseNo description of principal activity00trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 04114795 2023-01-01 2023-12-31 04114795 2022-01-01 2022-12-31 04114795 2023-12-31 04114795 2022-12-31 04114795 c:Director2 2023-01-01 2023-12-31 04114795 d:FreeholdInvestmentProperty 2023-12-31 04114795 d:FreeholdInvestmentProperty 2022-12-31 04114795 d:CurrentFinancialInstruments 2023-12-31 04114795 d:CurrentFinancialInstruments 2022-12-31 04114795 d:Non-currentFinancialInstruments 2023-12-31 04114795 d:Non-currentFinancialInstruments 2022-12-31 04114795 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 04114795 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 04114795 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 04114795 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 04114795 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 04114795 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 04114795 d:ShareCapital 2023-12-31 04114795 d:ShareCapital 2022-12-31 04114795 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 04114795 d:RetainedEarningsAccumulatedLosses 2023-12-31 04114795 d:RetainedEarningsAccumulatedLosses 2022-12-31 04114795 c:OrdinaryShareClass1 2023-01-01 2023-12-31 04114795 c:OrdinaryShareClass1 2023-12-31 04114795 c:OrdinaryShareClass1 2022-12-31 04114795 c:OrdinaryShareClass2 2023-01-01 2023-12-31 04114795 c:OrdinaryShareClass2 2023-12-31 04114795 c:OrdinaryShareClass2 2022-12-31 04114795 c:FRS102 2023-01-01 2023-12-31 04114795 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 04114795 c:FullAccounts 2023-01-01 2023-12-31 04114795 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04114795 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 04114795














COVERSEAL LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED  31 DECEMBER 2023

 
COVERSEAL LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
 
1 - 2
Notes to the Financial Statements
 
 
3 - 7


 
COVERSEAL LIMITED
REGISTERED NUMBER:04114795

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
  
2,110,000
2,110,000

Current assets
  

Debtors: amounts falling due within one year
 5 
24,972
30,970

Bank and cash balances
  
416,416
345,049

  
441,388
376,019

Current liabilities
  

Creditors: amounts falling due within one year
 6 
(817,049)
(775,427)

Net current liabilities
  
 
 
(375,661)
 
 
(399,408)

Total assets less current liabilities
  
1,734,339
1,710,592

Creditors: amounts falling due after more than one year
 7 
(860,152)
(844,810)

Net assets
  
874,187
865,782


Capital and reserves
  

Called up share capital 
 9 
200
200

Profit and loss account
 10 
873,987
865,582

  
874,187
865,782


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

Page 1

 
COVERSEAL LIMITED
REGISTERED NUMBER:04114795
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 September 2024.




D Cohen
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
COVERSEAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Coverseal Limited is a private company, limited by shares, incorporated in England and Wales with its registered office address at Cavendish House, 369 Burnt Oak Broadway, Edgware, Middlesex, HA8 5AW.
The principal activity of the Company is that of property investment.
The Company's functional and presentational currency is £ sterling.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The director is satisfied that projected rental income will be sufficient to meet ongoing running costs and loan interest commitments for at least 12 months from the date of the approval of the financial statements. Based on the above and the ongoing support of the Company's loan creditors, which the director expects to be be maintained for at least 12 months following the date of the approval of the financial statements, the director considers it appropriate to prepare the financial statements on a going concern basis.

 
2.3

Revenue

Turnover comprises rents receivable, exclusive of Value Added Tax, and is recognised in the period in which to which it relates.

 
2.4

Investment property

Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.

 
2.5

Debtors

Short term debtors are measured at the transaction price.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty.

Page 3

 
COVERSEAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and loans to and from related parties.

 
2.8

Creditors

Short term creditors are measured at the transaction price.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.11

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
 - The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
 - Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The Company has no employees other than the director, who did not receive any remuneration (2022 - £NIL).

Page 4

 
COVERSEAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Investment property


Investment properties

£



Valuation


At 1 January 2023
2,110,000



At 31 December 2023
2,110,000

The 2023 valuations were made by the director, on an open market value for existing use basis.




5.


Debtors

2023
2022
£
£

Trade debtors
4,839
9,401

Other debtors
10,044
7,943

Called up share capital not paid
200
200

Prepayments and accrued income
9,889
13,426

24,972
30,970



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loan
13,627
45,938

Trade creditors
26,416
624

Taxation and social security
9,384
9,743

Other creditors
605,641
552,655

Accruals and deferred income
161,981
166,467

817,049
775,427


The bank loan is secured by a fixed and floating charge over the investment properties.

Page 5

 
COVERSEAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loan
860,152
844,810


The bank loan is secured by a fixed and floating charge over the investment properties.


8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loan
13,627
45,938

Amounts falling due 2-5 years

Bank loan
860,152
844,810


873,779
890,748



9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1 each
100
100
100 (2022 - 100) Preference shares of £1 each
100
100

200

200

The Preferred shares have two voting rights each and Ordinary shares have one voting right each. The Preferred shareholders are entitled to a fixed cumulative dividend in accordance with the terms of the company's Articles of Association. The Preferred shareholder has waived his entitlement to dividends for the current and preceding year and to any arrears of unpaid dividends for prior periods to date.
On a return of assets on a liquidation or otherwise, the assets of the Company shall be applied first in repaying the nominal value of the Preferred shares and any accruals of unpaid preference dividends and thereafter any balance shall be distributed amongst the holders of Ordinary shares.


Page 6

 
COVERSEAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Reserves

Profit and loss account

Included in the profit and loss reserve is total non-distributable reserves of £586,308 (2022 - £586,308).

 
Page 7