Company registration number 12969139 (England and Wales)
COVELSTONE HOLDINGS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
COVELSTONE HOLDINGS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
COVELSTONE HOLDINGS LTD
BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
5,425,003
5,740,088
Current assets
Debtors
4
3,835
6,023
Cash at bank and in hand
14,715
17,452
18,550
23,475
Creditors: amounts falling due within one year
5
(300)
Net current assets
18,550
23,175
Total assets less current liabilities
5,443,553
5,763,263
Creditors: amounts falling due after more than one year
6
(6,250,000)
(5,900,000)
Net liabilities
(806,447)
(136,737)
Capital and reserves
Called up share capital
100
100
Revaluation reserve
(405,590)
188,495
Profit and loss reserves
(400,957)
(325,332)
Total equity
(806,447)
(136,737)
COVELSTONE HOLDINGS LTD
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024
31 July 2024
- 2 -
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 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 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 12969139 (England and Wales)
COVELSTONE HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
1
Accounting policies
Company information
Covelstone Holdings 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
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
Exemption from preparing consolidated financial statements
The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.
1.3
Going concern
The financial statements have been prepared on the basis that the company will continue to receivetrue financial support from other associated or group companies.
1.4
Valuation of 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.
1.5
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 HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
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:
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.
1.7
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.
1.8
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.
1.9
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
COVELSTONE HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 5 -
3
Fixed asset investments
£
Cost or valuation
At 1 August 2023
5,740,088
Valuation changes
(594,085)
Movement
279,000
At 31 July 2024
5,425,003
Carrying amount
At 31 July 2024
5,425,003
At 31 July 2023
5,740,088
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
3,835
6,023
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
300
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Amounts owed to associated companies
6,250,000
5,900,000