Company registration number 08404489 (England and Wales)
KOVELSTON EUROPE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
KOVELSTON EUROPE LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
KOVELSTON EUROPE LTD
BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
3
1,400,000
Current assets
Debtors
4
800,001
Cash at bank and in hand
11,469
969
811,470
969
Creditors: amounts falling due within one year
5
(26,666)
Net current assets
784,804
969
Total assets less current liabilities
784,804
1,400,969
Creditors: amounts falling due after more than one year
6
(933,000)
Provisions for liabilities
(98,809)
Net assets
784,804
369,160
Capital and reserves
Called up share capital
100
100
Investment property reserve
375,929
Profit and loss reserves
784,704
(6,869)
Total equity
784,804
369,160
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.
KOVELSTON EUROPE LTD
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 No. 08404489
KOVELSTON EUROPE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
1
Accounting policies
Company information
Kovelston Europe Ltd 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
Basis of preparation of financial statements
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
Investment properties
Investment property is carried at fair value determined annually by directors' estimates in sterling. No depreciation is provided. Changes in fair value are recognised in the Income statement.
1.3
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
1.4
Taxation
The tax expense for the year comprises current and deferred tax. 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:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
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.
KOVELSTON EUROPE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -
1.5
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Investment property
2024
£
Fair value
At 1 August 2023
1,400,000
Disposals
(925,195)
Revaluations
(474,805)
At 31 July 2024
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
800,000
Total debtors
800,001
KOVELSTON EUROPE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
26,666
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Amounts owed to group undertakings
933,000
7
Reserves
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.
8
Events after the reporting date
During the year the company sold all of the land it held. The directors intend to close this company after all tax matters have been settled.
9
Parent company
The company is a subsidiary of Covelstone Holdings Limited which has the same registered office as Kovelston Europe Limited.