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Registration number: 02237596

Specialised Covers Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2025

 

Specialised Covers Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Specialised Covers Limited

(Registration number: 02237596)
Balance Sheet as at 31 March 2025

Note

2025
£

2024
£

           

Fixed assets

   

 

Intangible assets

4

 

103,710

 

6,314

Tangible assets

5

 

273,615

 

353,448

   

377,325

 

359,762

Current assets

   

 

Stocks

233,273

 

260,662

 

Debtors

6

207,854

 

214,124

 

Cash at bank and in hand

 

35,479

 

157,323

 

 

476,606

 

632,109

 

Creditors: Amounts falling due within one year

7

(573,373)

 

(448,848)

 

Net current (liabilities)/assets

   

(96,767)

 

183,261

Total assets less current liabilities

   

280,558

 

543,023

Creditors: Amounts falling due after more than one year

7

 

(28,080)

 

(97,163)

Provisions for liabilities

 

(88,190)

 

(88,570)

Net assets

   

164,288

 

357,290

Capital and reserves

   

 

Called up share capital

8

104

 

104

 

Retained earnings

164,184

 

357,186

 

Shareholders' funds

   

164,288

 

357,290

For the financial year ending 31 March 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.

 

Specialised Covers Limited

(Registration number: 02237596)
Balance Sheet as at 31 March 2025

Approved and authorised by the Board on 30 June 2025 and signed on its behalf by:
 

.........................................
K A Fishwick
Director

 

Specialised Covers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Riverdale House
Dockfield Road
Shipley
BD17 7AD

These financial statements were authorised for issue by the Board on 30 June 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including the disclosure and presentation requirements of Section 1A and the Companies Act 2006.

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.

The company's functional and presentation currency is pound sterling.

Summary of disclosure exemptions

The company has taken advantage of the exemption under Financial Reporting Standard 102 Section 1AC.35 from disclosing transactions and balances with fellow group undertakings that are wholly owned.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises revenue when the significant risks and rewards of ownership have been transferred to the buyer; the company retains no continuing involvement or control over the goods; the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the entity.

Government grants

Grants are measured at the fair value of the asset received or receivable.

Grants relating to revenue shall be recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.

Grants relating to assets shall be recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred it shall be recognised as deferred income and not deducted from the carrying amount of the asset.

 

Specialised Covers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred 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 corporation 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Furniture, fixtures and equipment

15% Reducing balance

Office equipment

33% Straight line

Motor vehicles

25% Reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Internally generated software development costs

33% Straight line

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.

 

Specialised Covers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Specialised Covers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 53 (2024 - 51).

 

Specialised Covers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

4

Intangible assets

Development costs
 £

Total
£

Cost or valuation

At 1 April 2024

182,097

182,097

Additions acquired separately

152,256

152,256

At 31 March 2025

334,353

334,353

Amortisation

At 1 April 2024

175,783

175,783

Amortisation charge

54,860

54,860

At 31 March 2025

230,643

230,643

Carrying amount

At 31 March 2025

103,710

103,710

At 31 March 2024

6,314

6,314

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2024

279,667

63,490

639,188

155,542

1,137,887

Additions

3,569

660

3,943

7,102

15,274

Disposals

-

(61,800)

(36,585)

-

(98,385)

At 31 March 2025

283,236

2,350

606,546

162,644

1,054,776

Depreciation

At 1 April 2024

185,679

28,425

419,283

151,052

784,439

Charge for the year

14,455

240

33,219

4,335

52,249

Eliminated on disposal

-

(27,038)

(28,489)

-

(55,527)

At 31 March 2025

200,134

1,627

424,013

155,387

781,161

Carrying amount

At 31 March 2025

83,102

723

182,533

7,257

273,615

At 31 March 2024

93,988

35,065

219,905

4,490

353,448

 

Specialised Covers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

6

Debtors

Current

2025
£

2024
£

Trade debtors

154,121

174,115

Prepayments

53,733

40,009

 

207,854

214,124

7

Creditors

Creditors: amounts falling due within one year

2025
£

2024
£

Due within one year

Loans and borrowings

59,088

80,238

Trade creditors

121,177

123,729

Taxation and social security

265,623

207,605

Accruals and deferred income

100,271

26,488

Other creditors

27,214

10,788

573,373

448,848


Creditors include net obligations under hire purchase contracts which are secured of £3,089 (2024 - £24,238).

Creditors: amounts falling due after more than one year

2025
£

2024
£

Due after one year

Loans and borrowings

17,059

97,163

Deferred income

11,021

-

28,080

97,163

Creditors include net obligations under hire purchase contracts which are secured of £7,725 (2024- £31,830).

 

Specialised Covers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

8

Share capital

Allotted, called up and fully paid shares

2025

2024

No.

£

No.

£

Ordinary A Redeemable of £1 each

100

100

100

100

Ordinary of £1 each

4

4

4

4

104

104

104

104

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £58,277 (2024 - £36,156).

10

Parent and ultimate parent undertaking

The company's immediate parent is Specialised Car Covers Limited, incorporated in England and Wales.