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RICHARD COVEY FENCING LTD

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2024






RICHARD COVEY FENCING LTD (REGISTERED NUMBER: 10862262)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JULY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


RICHARD COVEY FENCING LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST JULY 2024







DIRECTOR: R A Covey





REGISTERED OFFICE: 2 Villiers Court
40 Upper Mulgrave Road
Cheam
Surrey
SM2 7AJ





REGISTERED NUMBER: 10862262 (England and Wales)





ACCOUNTANTS: Halsey & Co (Accountants) Ltd.
Chartered Certified Accountants
Registered Auditors
2 Villiers Court
40 Upper Mulgrave Road
Cheam
Surrey
SM2 7AJ

RICHARD COVEY FENCING LTD (REGISTERED NUMBER: 10862262)

BALANCE SHEET
31ST JULY 2024

31.7.24 31.7.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 283,675 199,124
283,675 199,124

CURRENT ASSETS
Stocks 8,000 20,000
Debtors 6 98,250 76,803
Cash at bank and in hand 212,165 81,535
318,415 178,338
CREDITORS
Amounts falling due within one year 7 194,742 113,432
NET CURRENT ASSETS 123,673 64,906
TOTAL ASSETS LESS CURRENT
LIABILITIES

407,348

264,030

CREDITORS
Amounts falling due after more than one
year

8

(722

)

(722

)

PROVISIONS FOR LIABILITIES (53,898 ) (37,834 )
NET ASSETS 352,728 225,474

CAPITAL AND RESERVES
Called up share capital 9 10 10
Retained earnings 10 352,718 225,464
SHAREHOLDERS' FUNDS 352,728 225,474

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st July 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

RICHARD COVEY FENCING LTD (REGISTERED NUMBER: 10862262)

BALANCE SHEET - continued
31ST JULY 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 15th April 2025 and were signed by:





R A Covey - Director


RICHARD COVEY FENCING LTD (REGISTERED NUMBER: 10862262)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JULY 2024

1. STATUTORY INFORMATION

Richard Covey Fencing Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

RICHARD COVEY FENCING LTD (REGISTERED NUMBER: 10862262)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JULY 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st August 2023
and 31st July 2024 30,000
AMORTISATION
At 1st August 2023
and 31st July 2024 30,000
NET BOOK VALUE
At 31st July 2024 -
At 31st July 2023 -

5. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1st August 2023 12,250 176,129 128,142 1,334 317,855
Additions - 111,054 56,990 296 168,340
Disposals - - (33,000 ) - (33,000 )
At 31st July 2024 12,250 287,183 152,132 1,630 453,195
DEPRECIATION
At 1st August 2023 2,450 79,236 36,557 488 118,731
Charge for year 1,960 41,590 23,115 228 66,893
Eliminated on disposal - - (16,104 ) - (16,104 )
At 31st July 2024 4,410 120,826 43,568 716 169,520
NET BOOK VALUE
At 31st July 2024 7,840 166,357 108,564 914 283,675
At 31st July 2023 9,800 96,893 91,585 846 199,124

RICHARD COVEY FENCING LTD (REGISTERED NUMBER: 10862262)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JULY 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade debtors 98,250 76,803

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Bank loans and overdrafts 6,663 7,223
Trade creditors 88,186 15,459
Tax 17,272 13,857
Social security and other taxes 5,167 16,909
VAT 35,478 24,822
Other creditors 250 -
Directors' current accounts 30,090 24,702
Accrued expenses 11,636 10,460
194,742 113,432

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.24 31.7.23
£    £   
Trade creditors 722 722

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.24 31.7.23
value: £    £   
10 ordinary £1 10 10

10. RESERVES
Retained
earnings
£   

At 1st August 2023 225,464
Profit for the year 130,302
Dividends (3,048 )
At 31st July 2024 352,718

11. RELATED PARTY DISCLOSURES

At the balance sheet date, the company owed £30,089 (2023 - £24,701) to R Covey the director and shareholder of the company. The amount is interest free and repayable on demand.