Advanced Covers Limited 06756551 false 2024-03-01 2025-02-28 2025-02-28 The principal activity of the company is manufacture of covers. Digita Accounts Production Advanced 6.30.9574.0 true 06756551 2024-03-01 2025-02-28 06756551 2025-02-28 06756551 bus:OrdinaryShareClass1 bus:OtherShareType 2025-02-28 06756551 core:RetainedEarningsAccumulatedLosses 2025-02-28 06756551 core:ShareCapital 2025-02-28 06756551 core:CurrentFinancialInstruments 2025-02-28 06756551 core:CurrentFinancialInstruments core:WithinOneYear 2025-02-28 06756551 core:MotorVehicles 2025-02-28 06756551 core:PlantMachinery 2025-02-28 06756551 bus:SmallEntities 2024-03-01 2025-02-28 06756551 bus:AuditExemptWithAccountantsReport 2024-03-01 2025-02-28 06756551 bus:FilletedAccounts 2024-03-01 2025-02-28 06756551 bus:SmallCompaniesRegimeForAccounts 2024-03-01 2025-02-28 06756551 bus:RegisteredOffice 2024-03-01 2025-02-28 06756551 bus:Director1 2024-03-01 2025-02-28 06756551 bus:Director2 2024-03-01 2025-02-28 06756551 bus:Director3 2024-03-01 2025-02-28 06756551 bus:OrdinaryShareClass1 bus:OtherShareType 2024-03-01 2025-02-28 06756551 bus:PrivateLimitedCompanyLtd 2024-03-01 2025-02-28 06756551 bus:Agent1 2024-03-01 2025-02-28 06756551 core:MotorVehicles 2024-03-01 2025-02-28 06756551 core:PlantMachinery 2024-03-01 2025-02-28 06756551 countries:UnitedKingdom 2024-03-01 2025-02-28 06756551 2024-02-29 06756551 core:MotorVehicles 2024-02-29 06756551 core:PlantMachinery 2024-02-29 06756551 2023-03-01 2024-02-29 06756551 2024-02-29 06756551 bus:OrdinaryShareClass1 bus:OtherShareType 2024-02-29 06756551 core:RetainedEarningsAccumulatedLosses 2024-02-29 06756551 core:ShareCapital 2024-02-29 06756551 core:CurrentFinancialInstruments 2024-02-29 06756551 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 06756551 core:MotorVehicles 2024-02-29 06756551 core:PlantMachinery 2024-02-29 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 06756551

Advanced Covers Limited

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2025

 

Advanced Covers Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Advanced Covers Limited

Company Information

Directors

Mr P R Parsons

Mrs S J Harris

Mr A S C Harris

Registered office

Unit 14a Paynes Road
Shirley
Southampton
Hampshire
SO15 3DJ

Accountants

Numeric Accounting
Chartered Certified AccountantsSuite 1 The Portway Centre
Old Sarum Park
Old Sarum
Salisbury
Wiltshire
SP4 6EB

 

Advanced Covers Limited

(Registration number: 06756551)
Balance Sheet as at 28 February 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

4

256

316

Current assets

 

Stocks

5

2,235

9,200

Debtors

6

6,230

174

Cash at bank and in hand

 

51,657

35,941

 

60,122

45,315

Creditors: Amounts falling due within one year

7

(20,942)

(18,211)

Net current assets

 

39,180

27,104

Net assets

 

39,436

27,420

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

38,436

26,420

Shareholders' funds

 

39,436

27,420

For the financial year ending 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 May 2025 and signed on its behalf by:
 

.........................................
Mr P R Parsons
Director

 

Advanced Covers Limited

(Registration number: 06756551)
Balance Sheet as at 28 February 2025 (continued)

.........................................
Mrs S J Harris
Director

.........................................
Mr A S C Harris
Director

 

Advanced Covers Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Unit 14a Paynes Road
Shirley
Southampton
Hampshire
SO15 3DJ

These financial statements were authorised for issue by the Board on 27 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Advanced Covers Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

15% Reducing Balance

Motor Vehicles

25% Reducing Balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Advanced Covers Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025 (continued)

2

Accounting policies (continued)

Financial instruments

Classification
A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
 Recognition and measurement
When a financial asset or financial liability is recognised initially, the entity shall measure it at the transaction price unless the arrangement constitutes, in effect, a financing transaction. An arrangement constitutes a financing transaction if payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
At the end of each reporting period, an entity shall measure all financial instruments which constitute a financing arrangement at fair value and recognise changes in fair value in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2024 - 4).

 

Advanced Covers Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025 (continued)

4

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2024

2,467

3,750

6,217

At 28 February 2025

2,467

3,750

6,217

Depreciation

At 1 March 2024

2,270

3,631

5,901

Charge for the year

30

30

60

At 28 February 2025

2,300

3,661

5,961

Carrying amount

At 28 February 2025

167

89

256

At 29 February 2024

197

119

316

5

Stocks

2025
£

2024
£

Work in progress

1,235

8,200

Other inventories

1,000

1,000

2,235

9,200

6

Debtors

Current

2025
£

2024
£

Trade debtors

6,230

174

 

6,230

174

 

Advanced Covers Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025 (continued)

7

Creditors

Creditors: amounts falling due within one year

2025
£

2024
£

Due within one year

Trade creditors

1,956

5,203

Taxation and social security

17,414

11,182

Accruals and deferred income

1,260

1,201

Other creditors

312

625

20,942

18,211

8

Share capital

Allotted, called up and fully paid shares

2025

2024

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

       

9

Dividends

2025

2024

£

£

Interim dividend of £33.00 (2024 - £30.00) per ordinary share

33,000

30,000