Company registration number 06278138 (England and Wales)
COVELSTONE PROPERTY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
COVELSTONE PROPERTY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
COVELSTONE PROPERTY LIMITED
BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,817
7,769
Investment property
4
2,125,000
2,125,000
2,130,817
2,132,769
Current assets
Debtors
5
36,346
15,459
Cash at bank and in hand
135,720
123,995
172,066
139,454
Creditors: amounts falling due within one year
6
(97,750)
(48,995)
Net current assets
74,316
90,459
Total assets less current liabilities
2,205,133
2,223,228
Creditors: amounts falling due after more than one year
7
(1,577,345)
(1,657,345)
Provisions for liabilities
(59,995)
(59,995)
Net assets
567,793
505,888
Capital and reserves
Called up share capital
2
2
Investment property revaluation reserve
179,983
179,983
Profit and loss reserves
387,808
325,903
Total equity
567,793
505,888
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 31 July 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.
COVELSTONE PROPERTY LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024
31 July 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 14 April 2025 and are signed on its behalf by:
Mr M C Herbert
Director
Company registration number 06278138 (England and Wales)
COVELSTONE PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
1
Accounting policies
Company information
Covelstone Property Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Clive Court, Bartholomew's Walk, Ely, Cambridgeshire, CB7 4EH.
1.1
Accounting convention
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
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 following principal accounting policies have been applied:
1.2
Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales tax. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
Solar panels
7 years straight line
Office equipment
2 years straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
COVELSTONE PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Investment properties
Investment property is carried at fair value determined annually by directors' estimates 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 profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
1.7
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
1.8
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.
COVELSTONE PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 5 -
1.9
Loans to and from companies
Loans between group companies are interest free but repayable on notice of a year and a day so adjustment for effective interest would be negligible. These loans are recognised at the face value of the outstanding balance, less any impairment in the lending company’s accounts.
Other loans to or from the company are recognised at the face value of the outstanding balance if the loan is repayable on a notice of less than 13 months, less any impairment in the lending company’s accounts.
1.10
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
1.11
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2023 and 31 July 2024
9,722
Depreciation and impairment
At 1 August 2023
1,953
Depreciation charged in the year
1,952
At 31 July 2024
3,905
Carrying amount
At 31 July 2024
5,817
At 31 July 2023
7,769
COVELSTONE PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
4
Investment property
2024
£
Fair value
At 1 August 2023 and 31 July 2024
2,125,000
The 2024 valuations were made the directors, on an open market value for existing use basis.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
19,518
11,769
Other debtors
13,414
Prepayments and accrued income
3,414
3,690
36,346
15,459
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
39,974
10,889
Taxation and social security
21,454
2,753
Other creditors
36,322
35,353
97,750
48,995
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Amounts owed to group undertakings
1,500,000
1,580,000
Other creditors
77,345
77,345
1,577,345
1,657,345
COVELSTONE PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 7 -
8
Reserves
Fair value reserve
This reserve records non-distributable gains/losses arising on adjusting investments to the deemed fair/market value.
Investment property revaluation reserve
This reserve records non-distributable gains arising on revaluation of investment properties, net of
deferred tax.
Profit & loss account
This reserve represents all current and prior period retained profits and losses. A transfer has been made to the investment property revaluation reserve which represents the non-distributable gains arising on investment properties. In addition, a transfer has been made to the fair value reserve which represents the non-distributable adjustments to include investments in the accounts at fair/market value.
9
Parent company
The company is a subsidiary of Covelstone Holdings Limited which has the same Registered Office as Covelstone Property Ltd.