Company registration number 10450916 (England and Wales)
COVPROTEC LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
COVPROTEC LIMITED
COMPANY INFORMATION
Director
Mr C Wheeldon
Company number
10450916
Registered office
35 Heming Road
Washford Industrial Estate
Redditch
Worcestershire
B98 0DP
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
HSBC Bank plc
227 Station Road
Balsall Common
Coventry
West Midlands
CV7 7FE
COVPROTEC LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
COVPROTEC LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF COVPROTEC LIMITED FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of CovProtec Limited for the year ended 31 December 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of CovProtec Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of CovProtec Limited and state those matters that we have agreed to state to the board of directors of CovProtec Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than CovProtec Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that CovProtec Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of CovProtec Limited. You consider that CovProtec Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of CovProtec Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ormerod Rutter Limited
16 April 2025
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
COVPROTEC LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
-
0
334
Tangible assets
4
-
0
58,261
-
0
58,595
Current assets
Debtors
5
233,121
183,858
Cash at bank and in hand
305
10,702
233,426
194,560
Creditors: amounts falling due within one year
6
(19,374)
(29,595)
Net current assets
214,052
164,965
Total assets less current liabilities
214,052
223,560
Creditors: amounts falling due after more than one year
7
(9,896)
(20,151)
Provisions for liabilities
8
-
0
(10,349)
Net assets
204,156
193,060
Capital and reserves
Called up share capital
9
99
99
Profit and loss reserves
204,057
192,961
Total equity
204,156
193,060

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his 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.

COVPROTEC LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
31 December 2024
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 16 April 2025
Mr C Wheeldon
Director
Company registration number 10450916 (England and Wales)
COVPROTEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
1
Accounting policies
Company information

CovProtec Limited is a private company limited by shares incorporated in England and Wales. The registered office is 35 Heming Road, Washford Industrial Estate, Redditch, Worcestershire, B98 0DP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
5 years
Trademarks and patents
5 years
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% on reducing balance
Fixtures and fittings
20% on reducing balance
Computer equipment
33% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

COVPROTEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

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

2024
2023
Number
Number
Total
5
5
COVPROTEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
3
Intangible fixed assets
Software
Trademarks and patents
Total
£
£
£
Cost
At 1 January 2024
6,300
1,666
7,966
Disposals
(6,300)
(1,666)
(7,966)
At 31 December 2024
-
0
-
0
-
0
Amortisation and impairment
At 1 January 2024
6,300
1,332
7,632
Amortisation charged for the year
-
0
334
334
Disposals
(6,300)
(1,666)
(7,966)
At 31 December 2024
-
0
-
0
-
0
Carrying amount
At 31 December 2024
-
0
-
0
-
0
At 31 December 2023
-
0
334
334
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 January 2024
110,216
9,161
10,806
130,183
Additions
759
3,171
1,982
5,912
Disposals
(110,975)
(12,332)
(12,788)
(136,095)
At 31 December 2024
-
0
-
0
-
0
-
0
Depreciation and impairment
At 1 January 2024
56,931
4,712
10,279
71,922
Depreciation charged in the year
10,808
1,525
1,189
13,522
Eliminated in respect of disposals
(67,739)
(6,237)
(11,468)
(85,444)
At 31 December 2024
-
0
-
0
-
0
-
0
Carrying amount
At 31 December 2024
-
0
-
0
-
0
-
0
At 31 December 2023
53,285
4,449
527
58,261
COVPROTEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,256
27,449
Amounts owed by group undertakings
230,865
155,484
Other debtors
-
0
925
233,121
183,858
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,013
9,771
Trade creditors
4,186
13,134
Taxation and social security
3,579
4,317
Other creditors
1,596
2,373
19,374
29,595
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
9,896
20,151
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
-
0
10,349
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
99
99
99
99
10
Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

COVPROTEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
11
Control

Ultimate parent company

The ultimate parent company is Macaw Limited, a company registered in England and Wales.

 

Ultimate controlling party

The ultimate controlling party is Mr C A Wheeldon and Mrs P Hayre, by virtue of their controlling interest in

the ultimate parent company.

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