2 false false false false false false false false false false true false false false false false false No description of principal activity 2024-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 08326961 2024-01-01 2024-12-31 08326961 2024-12-31 08326961 2023-12-31 08326961 2023-01-01 2023-12-31 08326961 2023-12-31 08326961 2022-12-31 08326961 core:PlantMachinery 2024-01-01 2024-12-31 08326961 core:MotorVehicles 2024-01-01 2024-12-31 08326961 bus:Director1 2024-01-01 2024-12-31 08326961 core:PlantMachinery 2023-12-31 08326961 core:MotorVehicles 2023-12-31 08326961 core:PlantMachinery 2024-12-31 08326961 core:MotorVehicles 2024-12-31 08326961 core:WithinOneYear 2024-12-31 08326961 core:WithinOneYear 2023-12-31 08326961 core:AfterOneYear 2023-12-31 08326961 core:ShareCapital 2024-12-31 08326961 core:ShareCapital 2023-12-31 08326961 core:RetainedEarningsAccumulatedLosses 2024-12-31 08326961 core:RetainedEarningsAccumulatedLosses 2023-12-31 08326961 core:PlantMachinery 2023-12-31 08326961 core:MotorVehicles 2023-12-31 08326961 bus:SmallEntities 2024-01-01 2024-12-31 08326961 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 08326961 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 08326961 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 08326961 bus:FullAccounts 2024-01-01 2024-12-31 08326961 core:OfficeEquipment 2024-01-01 2024-12-31 08326961 core:OfficeEquipment 2023-12-31 08326961 core:OfficeEquipment 2024-12-31
COMPANY REGISTRATION NUMBER: 08326961
Covered Marquees Limited
Filleted Unaudited Financial Statements
31 December 2024
Covered Marquees Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
45,525
45,203
Current assets
Debtors
6
1,297
466
Cash at bank and in hand
16,412
28,918
--------
--------
17,709
29,384
Creditors: amounts falling due within one year
7
13,333
16,542
--------
--------
Net current assets
4,376
12,842
--------
--------
Total assets less current liabilities
49,901
58,045
Creditors: amounts falling due after more than one year
8
2,813
--------
--------
Net assets
49,901
55,232
--------
--------
Covered Marquees Limited
Statement of Financial Position (continued)
31 December 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
1
1
Profit and loss account
49,900
55,231
--------
--------
Shareholders funds
49,901
55,232
--------
--------
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.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 3 February 2025 , and are signed on behalf of the board by:
Mr N S Hall
Director
Company registration number: 08326961
Covered Marquees 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 2 Chartfield House, Castle Street, Taunton, Somerset, TA1 4AS.
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
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
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:
Plant & Machinery
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
Office Equipment
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
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 2 (2023: 2 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Office Equipment
Total
£
£
£
£
Cost
At 1 January 2024
85,977
20,250
3,894
110,121
Additions
10,142
10,142
--------
--------
-------
---------
At 31 December 2024
96,119
20,250
3,894
120,263
--------
--------
-------
---------
Depreciation
At 1 January 2024
57,444
5,063
2,411
64,918
Charge for the year
5,802
3,796
222
9,820
--------
--------
-------
---------
At 31 December 2024
63,246
8,859
2,633
74,738
--------
--------
-------
---------
Carrying amount
At 31 December 2024
32,873
11,391
1,261
45,525
--------
--------
-------
---------
At 31 December 2023
28,533
15,187
1,483
45,203
--------
--------
-------
---------
6. Debtors
2024
2023
£
£
Other debtors
1,297
466
-------
----
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
6,750
Social security and other taxes
13
1,017
Other creditors - card
43
300
Other creditors
13,277
8,475
--------
--------
13,333
16,542
--------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,813
----
-------
9. Director's advances, credits and guarantees
During the year there were transactions in the directors loan account, leaving a balance owed to him of £7,487 at the year end.