Company registration number 02711977 (England and Wales)
COVELSTONE INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
COVELSTONE INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
COVELSTONE INVESTMENTS LIMITED
BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
596,798
906,278
Current assets
Debtors
3
-
0
51
Cash at bank and in hand
51,421
3,432
51,421
3,483
Creditors: amounts falling due within one year
4
(3,704)
-
0
Net current assets
47,717
3,483
Total assets less current liabilities
644,515
909,761
Creditors: amounts falling due after more than one year
5
(1,340,000)
(1,242,000)
Net liabilities
(695,485)
(332,239)
Capital and reserves
Called up share capital
100,002
100,002
Fair value reserves
(1,861)
(291,636)
Profit and loss reserves
(793,626)
(140,605)
Total equity
(695,485)
(332,239)

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 INVESTMENTS 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 23 April 2025 and are signed on its behalf by:
Mr M C Herbert
Director
Company Registration No. 02711977
COVELSTONE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
1
Accounting policies
Company information

Covelstone Investments 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 policies

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
Going concern

The financial statements have been prepared on the basis that the company will continue to receive financial support from trueother associated or group companies.

1.3
Fixed asset investments

Investments in subsidiaries are remeasured to Fair Value each balance sheet date. Where Fair Value does not exceed cost or cannot be reliably determined, the investment in the subsidiary including any outstanding loan from the Company is measured at historic cost less impairment. The maximum Fair Value of a subsidiary is its net asset value, as reported under FRS102, plus any outstanding loan from the Company to the subsidiary.

 

Investments in unlisted company shares or other unlisted investments, whose fair/market value can be reliably determined, are remeasured to fair/market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Income statement for the period. Where fair/market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 

Investments in listed company shares or other listed investments are remeasured to fair/market value at each Statement of financial position date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 

1.4
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.

COVELSTONE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Taxation

The tax expense represents the sum 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.

 

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of financial position date, except that:

 

 

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

1.6

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.

 

1.7

Creditors

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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
COVELSTONE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 5 -
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
-
0
51
4
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
3,704
-
0
5
Creditors: amounts falling due after more than one year
2024
2023
£
£
Amounts owed to group undertakings
1,340,000
1,242,000
6
Reserves
Fair value reserve

This reserve records non-distributable gains/losses arising on adjusting investments to the deemed fair/market value.

Profit & loss account
This reserve represents all current and prior periods retained profits abd losses. 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.
7
Controlling party

The company is a subsidiary of Covelstone Holdings Limited which has the same Registered Office as Covelstone Investments Ltd.

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