Registered number
11810873
Covrig Group Limited
Filleted Accounts
31 March 2024
Covrig Group Limited
Registered number: 11810873
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 7,448 17,164
7,448 17,164
Current assets
Stocks and Work in Progress 35,500 3,100
Debtors 4 52,306 25,979
Cash at bank and in hand 251 655
88,057 29,734
Creditors: amounts falling due within one year 5 (91,157) (33,410)
Net current liabilities (3,100) (3,676)
Total assets less current liabilities 4,348 13,488
Creditors: amounts falling due after more than one year 6 (3,871) (11,790)
Net assets 477 1,698
Capital and reserves
Called up share capital 1 1
Profit and loss account 476 1,697
Shareholders' funds 477 1,698
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Marian C Covrig
Director
Approved by the board on 20 December 2024
Covrig Group Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 4
3 Tangible fixed assets
Equipment,
Fixtures &
Fittings
Motor vehicles Total
£ £ £
Cost
At 1 April 2023 5,708 36,829 42,537
Additions - - -
Surplus on revaluation - - -
Disposals - - -
At 31 March 2024 5,708 36,829 42,537
Depreciation
At 1 April 2023 4,325 21,048 25,373
Charge for the year 930 8,786 9,716
Surplus on revaluation - - -
On disposals - - -
At 31 March 2024 5,255 29,834 35,089
Net book value
At 31 March 2024 453 6,995 7,448
At 31 March 2023 1,383 15,781 17,164
4 Debtors 2024 2023
£ £
Trade and sundry debtors 42,000 10,500
Sundry debtors - HP interest 1,888 2,360
VAT Receivable - 13,119
Director's Current Account 8,418 -
52,306 25,979
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bounce Back Loan 1,800 1,800
Obligations under finance lease and hire purchase contracts 4,818 3,855
Trade and sundry creditors 11,500 2,750
Corporation Tax 13,635 1,578
Taxation and social security costs 59,404 18,148
Director's Current Account - 5,279
91,157 33,410
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bounce Back Loan 3,871 6,008
Obligations under finance lease and hire purchase contracts - 5,782
3,871 11,790
7 Other information
Covrig Group Limited is a private company limited by shares and incorporated in England. Its registered office is:
1a Commonside West
Mitcham
Surrey
CR4 4HA
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