Company Registration No. 04574148 (England and Wales)
COVESIDE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
COVESIDE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
COVESIDE LIMITED
BALANCE SHEET
AS AT
27 JUNE 2024
27 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,097
2,883
Investments
4
56,021
82,958
58,118
85,841
Current assets
Debtors
5
19,773
96,552
Cash at bank and in hand
33,966
28,226
53,739
124,778
Creditors: amounts falling due within one year
6
(135,922)
(157,180)
Net current liabilities
(82,183)
(32,402)
Total assets less current liabilities
(24,065)
53,439
Creditors: amounts falling due after more than one year
7
(285,020)
(370,657)
Net liabilities
(309,085)
(317,218)
Capital and reserves
Called up share capital
4
4
Profit and loss reserves
(309,089)
(317,222)
Total equity
(309,085)
(317,218)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 27 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

COVESIDE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
27 JUNE 2024
27 June 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 19 March 2025 and are signed on its behalf by:
C A W Baxter
Director
Company Registration No. 04574148
COVESIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 JUNE 2024
- 3 -
1
Accounting policies
Company information

Coveside Limited is a private company limited by shares incorporated in England and Wales. The registered office is Alchemi Group New Broad Street House, 35 New Broad Street, London, EC2M 1NH, United Kingdom.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The accounts continued to be prepared on a going concern basis although there is a material uncertainty regarding the company’s ability to trade for the foreseeable future. The company has sought to implement certain cost cutting measures but is also dependent on new income in order to have the resources in place to continue as a going concern for the period of at least 12 months following the approval of these financial statements.true

1.3
Turnover

Turnover is recognised on an accruals basis and comprises development management fee income.

Development management fee income is recognised over the contract term for which development management services are provided.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets over their useful lives on the following bases:

Office equipment
4 years straight line
Fixtures, fittings & equipment
3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

COVESIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Cash at bank and in hand

Cash at bank and in hand are basic financial assets, includes cash in hand and deposits held at call with banks. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

1.9
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

COVESIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 JUNE 2024
- 5 -
2
Employees

There were no employees during the current or previous year.

3
Tangible fixed assets
Office equipment
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 28 June 2023 and 27 June 2024
98,431
360,756
459,187
Depreciation and impairment
At 28 June 2023
95,548
360,756
456,304
Depreciation charged in the year
786
-
0
786
At 27 June 2024
96,334
360,756
457,090
Carrying amount
At 27 June 2024
2,097
-
0
2,097
At 27 June 2023
2,883
-
0
2,883
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
56,021
82,958

 

Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 28 June 2023
82,958
Disposals
(26,937)
At 27 June 2024
56,021
Carrying amount
At 27 June 2024
56,021
At 27 June 2023
82,958
COVESIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 JUNE 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
-
0
90,415
Other debtors
14,138
-
0
Prepayments
5,635
6,137
19,773
96,552
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
5,149
6,110
Trade creditors
15,697
7,857
Corporation tax
-
0
48,493
Other taxation and social security
4,233
19,782
Other creditors
107,343
70,238
Accruals
3,500
4,700
135,922
157,180
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
28,512
33,649
Other creditors
256,508
337,008
285,020
370,657
8
Related party transactions

Other creditors includes an amount of £60,147 (2023: £44,500) due to Alchemi Property Management Limited, a company under the control of the directors.

9
Directors' transactions

Included within other creditors falling due after more than one year is an amount owed to a director of £256,508 (2023: £337,008). The director charges interest on this loan at 5%.

 

Two of the directors gave personal guarantees for loans entered into by the company.

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