Company registration number 04146587 (England and Wales)
1ST COVERALL COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
1ST COVERALL COMPANY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
1ST COVERALL COMPANY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
4
945
1,418
Tangible assets
5
102,170
117,956
103,115
119,374
Current assets
Stocks
30,000
30,000
Debtors
6
1,094,935
2,756,957
Cash at bank and in hand
21,959
49,694
1,146,894
2,836,651
Creditors: amounts falling due within one year
7
(420,059)
(2,087,469)
Net current assets
726,835
749,182
Total assets less current liabilities
829,950
868,556
Creditors: amounts falling due after more than one year
8
(31,028)
(41,028)
Net assets
798,922
827,528
Capital and reserves
Called up share capital
205
205
Profit and loss reserves
798,717
827,323
Total equity
798,922
827,528
1ST COVERALL COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 2 -
For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has 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 26 June 2025 and are signed on its behalf by:
Miss S Cunningham
Director
Company registration number 04146587 (England and Wales)
1ST COVERALL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
1
Accounting policies
Company information
1st Coverall Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is 19 North Street, Ashford, Kent, TN24 8LF.
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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.
When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.
The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:
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.
Development costs
Amortised evenly over their estimated useful life of nile year
1.4
Tangible fixed assets
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:
Freehold land and buildings
Not depreciated
Leasehold improvements
10% on cost
Plant and equipment
25% on reducing balance
Fixtures and fittings
25% on reducing balance
Computers
25% on reducing balance
Motor vehicles
10% on reducing balance
Freehold land and assets in the course of construction are not depreciated.
1ST COVERALL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.6
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.
1.7
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.
1.8
Leases
As lessee
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:
2025
2024
Number
Number
Total
15
13
1ST COVERALL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
3
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
22,987
45,009
4
Intangible fixed assets
Development costs
£
Cost
At 1 April 2024 and 31 March 2025
10,772
Amortisation and impairment
At 1 April 2024
9,354
Amortisation charged for the year
473
At 31 March 2025
9,827
Carrying amount
At 31 March 2025
945
At 31 March 2024
1,418
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2024 and 31 March 2025
45,809
274,835
320,644
Depreciation and impairment
At 1 April 2024
26,482
176,206
202,688
Depreciation charged in the year
3,017
12,769
15,786
At 31 March 2025
29,499
188,975
218,474
Carrying amount
At 31 March 2025
16,310
85,860
102,170
At 31 March 2024
19,327
98,629
117,956
1ST COVERALL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
162,606
2,445,064
Amounts owed by undertakings in which the company has a participating interest
874,697
218,624
Other debtors
57,369
93,012
Prepayments and accrued income
263
257
1,094,935
2,756,957
7
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
10,000
11,983
Trade creditors
275,375
302,661
Amounts owed to group undertakings
1,347,427
Corporation tax
22,987
45,009
Other taxation and social security
5,896
4,900
Other creditors
105,801
375,489
420,059
2,087,469
A fixed and floating charge is registered at Companies House over the assets of the company in respect of invoice financing.
8
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
31,028
41,028
9
Related party transactions
2025
2024
Amounts due to related parties
£
£
Other related parties
-
1,347,427
The following amounts were outstanding at the reporting end date:
2025
2024
Amounts due from related parties
£
£
Other related parties
874,697
790,624
1ST COVERALL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
10
Directors' transactions
Dividends totalling £0 (2024 - £0) were paid in the year in respect of shares held by the company's directors.
During the year the directors advanced money to the company as follows:
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Mr L Cunningham -
-
-
21,207
21,207
Miss S Cunningham -
-
-
2,119
2,119
-
23,326
23,326
11
Prior period adjustment
Reconciliation of changes in equity
1 April
31 March
2023
2024
Notes
£
£
Adjustments to prior year
Undisclosed dividends
1
(494,000)
(572,000)
Equity as previously reported
1,270,357
1,399,528
Equity as adjusted
776,357
827,528
Analysis of the effect upon equity
Profit and loss reserves
(494,000)
(572,000)
Reconciliation of changes in profit for the previous financial period
2024
£
Undisclosed dividends
1
-
Total adjustments
-
Profit as previously reported
129,171
Profit as adjusted
129,171
Notes to reconciliation
Undisclosed dividends
Intercompany dividends were not previously disclosed in the prior financial statements.
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