Company registration number 02263969 (England and Wales)
COVELSTONE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
COVELSTONE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
COVELSTONE LIMITED
BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors falling due after more than one year
3
5,450,000
5,900,000
Cash at bank and in hand
35,106
63,901
5,485,106
5,963,901
Creditors: amounts falling due within one year
4
(23,093)
(44,745)
Net current assets
5,462,013
5,919,156
Creditors: amounts falling due after more than one year
5
(400,000)
(1,000,000)
Net assets
5,062,013
4,919,156
Capital and reserves
Called up share capital
1,140
1,140
Share premium account
199,866
199,866
Profit and loss account
4,861,007
4,718,150
Total equity
5,062,013
4,919,156

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.

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:
M C Herbert
Director
Company Registration No. 02263969
COVELSTONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
1
Accounting policies
Company information

Covelstone 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
Basis of preparation of the 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
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 taxes. 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:

 

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:

Office Equipment, Fixtures & Fittings
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 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 3 -
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.

1.5
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 unlisted companies and investments in non-puttable ordinary shares.

1.6
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.

 

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.

1.7
Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
1.8
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.
1.9
Debtors
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.
COVELSTONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -
1.10

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
3
Debtors
2024
2023
Amounts falling due after more than one year:
£
£
Loans and advances
5,450,000
5,900,000
4
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
13
-
0
Taxation and social security
21,370
13,004
Other creditors
1,710
31,741
23,093
44,745
5
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Other borrowings
400,000
1,000,000
2024-07-312023-08-01falsefalsefalse14 April 2025CCH SoftwareCCH Accounts Production 2025.100No description of principal activityM C HerbertMrs S M Herbert022639692023-08-012024-07-31022639692024-07-3102263969core:Non-currentFinancialInstrumentscore:AfterOneYear2024-07-3102263969core:Non-currentFinancialInstrumentscore:AfterOneYear2023-07-31022639692023-07-3102263969core:CurrentFinancialInstrumentscore:WithinOneYear2024-07-3102263969core:CurrentFinancialInstrumentscore:WithinOneYear2023-07-3102263969core:CurrentFinancialInstruments2024-07-3102263969core:CurrentFinancialInstruments2023-07-3102263969core:ShareCapital2024-07-3102263969core:ShareCapital2023-07-3102263969core:SharePremium2024-07-3102263969core:SharePremium2023-07-3102263969core:RetainedEarningsAccumulatedLosses2024-07-3102263969core:RetainedEarningsAccumulatedLosses2023-07-3102263969bus:Director12023-08-012024-07-3102263969core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-08-012024-07-31022639692022-08-012023-07-3102263969core:AfterOneYear2024-07-3102263969core:AfterOneYear2023-07-3102263969core:Non-currentFinancialInstruments2024-07-3102263969core:Non-currentFinancialInstruments2023-07-3102263969bus:PrivateLimitedCompanyLtd2023-08-012024-07-3102263969bus:SmallCompaniesRegimeForAccounts2023-08-012024-07-3102263969bus:FRS1022023-08-012024-07-3102263969bus:AuditExemptWithAccountantsReport2023-08-012024-07-3102263969bus:Director22023-08-012024-07-3102263969bus:FullAccounts2023-08-012024-07-31xbrli:purexbrli:sharesiso4217:GBP