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COMPANY REGISTRATION NUMBER: 02197802
Covertriumph Limited
Filleted Unaudited Financial Statements
31 December 2024
Covertriumph Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
6
9,206
4,951
Current assets
Debtors
7
48,144
41,607
Cash at bank and in hand
384,808
379,031
---------
---------
432,952
420,638
Creditors: amounts falling due within one year
8
70,275
67,796
---------
---------
Net current assets
362,677
352,842
---------
---------
Total assets less current liabilities
371,883
357,793
---------
---------
Net assets
371,883
357,793
---------
---------
Capital and reserves
Called up share capital
9
51,000
51,000
Capital redemption reserve
50,000
50,000
Profit and loss account
270,883
256,793
---------
---------
Shareholders funds
371,883
357,793
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Covertriumph Limited
Statement of Financial Position (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 21 January 2025 , and are signed on behalf of the board by:
R Pipe
G Pipe
Director
Director
S Shires
P Shires
Director
Director
Company registration number: 02197802
Covertriumph Limited
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 83 High Street, Maldon, Essex, CM9 5EP.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the Profit and Loss Account represents the value of commissions earned and the invoiced value of financial advice given during the year.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% straight line
Computer equipment
-
25% straight line
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 5 ).
5. Intangible assets
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
250,000
---------
Amortisation
At 1 January 2024 and 31 December 2024
250,000
---------
Carrying amount
At 31 December 2024
---------
At 31 December 2023
---------
6. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 January 2024
23,852
36,491
60,343
Additions
297
6,470
6,767
--------
--------
--------
At 31 December 2024
24,149
42,961
67,110
--------
--------
--------
Depreciation
At 1 January 2024
21,382
34,010
55,392
Charge for the year
758
1,754
2,512
--------
--------
--------
At 31 December 2024
22,140
35,764
57,904
--------
--------
--------
Carrying amount
At 31 December 2024
2,009
7,197
9,206
--------
--------
--------
At 31 December 2023
2,470
2,481
4,951
--------
--------
--------
7. Debtors
2024
2023
£
£
Trade debtors
41,362
34,740
Prepayments and accrued income
6,628
6,713
Other debtors
154
154
--------
--------
48,144
41,607
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
140
1,646
Accruals and deferred income
13,715
13,261
Corporation tax
28,279
27,033
Social security and other taxes
8,185
7,985
Director loan accounts
19,956
17,871
--------
--------
70,275
67,796
--------
--------
9. Called up share capital
Authorised share capital
2024
2023
No.
£
No.
£
Ordinary G shares of £ 1 each
10,200
10,200
10,200
10,200
Ordinary B shares of £ 1 each
50,000
50,000
50,000
50,000
Ordinary M shares of £ 1 each
15,300
15,300
15,300
15,300
Ordinary R shares of £ 1 each
15,300
15,300
15,300
15,300
Ordinary S shares of £ 1 each
10,200
10,200
10,200
10,200
---------
---------
---------
---------
101,000
101,000
101,000
101,000
---------
---------
---------
---------
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary G shares of £ 1 each
10,200
10,200
10,200
10,200
Ordinary M shares of £ 1 each
15,300
15,300
15,300
15,300
Ordinary R shares of £ 1 each
15,300
15,300
15,300
15,300
Ordinary S shares of £ 1 each
10,200
10,200
10,200
10,200
--------
--------
--------
--------
51,000
51,000
51,000
51,000
--------
--------
--------
--------
10. Related party transactions
At the year end the company owed the directors £19,956 (2023 - £17,871) by way of a directors loan account shown amongst creditors. A director owns the offices that the company operates from and during the year the company paid £24,000 (2023 - £24,000) for the rental of these properties.