2 false false false false false false false false false false true false false false false false false No description of principal activity 2023-05-31 Sage Accounts Production Advanced 2024 - FRS102_2024 190,950 181,950 9,000 9,000 xbrli:pure xbrli:shares iso4217:GBP 1204769 2023-05-31 2024-05-29 1204769 2024-05-29 1204769 2023-05-30 1204769 2022-05-31 2023-05-30 1204769 2023-05-30 1204769 2022-05-30 1204769 core:LandBuildings core:OwnedOrFreeholdAssets 2023-05-31 2024-05-29 1204769 core:LandBuildings core:LongLeaseholdAssets 2023-05-31 2024-05-29 1204769 core:PlantMachinery 2023-05-31 2024-05-29 1204769 core:MotorVehicles 2023-05-31 2024-05-29 1204769 bus:Director1 2023-05-31 2024-05-29 1204769 bus:Director2 2023-05-31 2024-05-29 1204769 core:LandBuildings core:OwnedOrFreeholdAssets 2023-05-30 1204769 core:LandBuildings core:LongLeaseholdAssets 2023-05-30 1204769 core:PlantMachinery 2023-05-30 1204769 core:MotorVehicles 2023-05-30 1204769 core:LandBuildings core:OwnedOrFreeholdAssets 2024-05-29 1204769 core:LandBuildings core:LongLeaseholdAssets 2024-05-29 1204769 core:PlantMachinery 2024-05-29 1204769 core:MotorVehicles 2024-05-29 1204769 core:WithinOneYear 2024-05-29 1204769 core:WithinOneYear 2023-05-30 1204769 core:AfterOneYear 2024-05-29 1204769 core:AfterOneYear 2023-05-30 1204769 core:ShareCapital 2024-05-29 1204769 core:ShareCapital 2023-05-30 1204769 core:RevaluationReserve 2024-05-29 1204769 core:RevaluationReserve 2023-05-30 1204769 core:RetainedEarningsAccumulatedLosses 2024-05-29 1204769 core:RetainedEarningsAccumulatedLosses 2023-05-30 1204769 core:CostValuation core:Non-currentFinancialInstruments 2024-05-29 1204769 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2024-05-29 1204769 core:Non-currentFinancialInstruments 2024-05-29 1204769 core:Non-currentFinancialInstruments 2023-05-30 1204769 core:LandBuildings core:OwnedOrFreeholdAssets 2023-05-30 1204769 core:LandBuildings core:LongLeaseholdAssets 2023-05-30 1204769 core:PlantMachinery 2023-05-30 1204769 core:MotorVehicles 2023-05-30 1204769 bus:Director1 2023-05-30 1204769 bus:Director1 2024-05-29 1204769 bus:Director2 2023-05-30 1204769 bus:Director2 2024-05-29 1204769 bus:Director1 2022-05-30 1204769 bus:Director1 2023-05-30 1204769 bus:Director2 2022-05-30 1204769 bus:Director2 2023-05-30 1204769 bus:Director1 2022-05-31 2023-05-30 1204769 bus:SmallEntities 2023-05-31 2024-05-29 1204769 bus:AuditExemptWithAccountantsReport 2023-05-31 2024-05-29 1204769 bus:SmallCompaniesRegimeForAccounts 2023-05-31 2024-05-29 1204769 bus:PrivateLimitedCompanyLtd 2023-05-31 2024-05-29 1204769 bus:FullAccounts 2023-05-31 2024-05-29
COMPANY REGISTRATION NUMBER: 1204769
B J Covell & Sons Limited
Filleted Unaudited Financial Statements
For the period ended
29 May 2024
B J Covell & Sons Limited
Statement of Financial Position
29 May 2024
2024
2023
(restated)
Note
£
£
£
Fixed assets
Tangible assets
5
384,889
435,559
Investments
6
9,000
9,000
----------
----------
393,889
444,559
Current assets
Stocks
3,000
2,500
Debtors
7
212,417
7,474
Cash at bank and in hand
186,364
194,533
----------
----------
401,781
204,507
Creditors: amounts falling due within one year
8
234,728
99,398
----------
----------
Net current assets
167,053
105,109
----------
----------
Total assets less current liabilities
560,942
549,668
Creditors: amounts falling due after more than one year
9
16,775
22,575
----------
----------
Net assets
544,167
527,093
----------
----------
B J Covell & Sons Limited
Statement of Financial Position (continued)
29 May 2024
2024
2023
(restated)
Note
£
£
£
Capital and reserves
Called up share capital
33,002
33,002
Revaluation reserve
325,284
325,284
Profit and loss account
185,881
168,807
----------
----------
Shareholders funds
544,167
527,093
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 29 May 2024 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 21 August 2025 , and are signed on behalf of the board by:
R H Covell
Director
Company registration number: 1204769
B J Covell & Sons Limited
Notes to the Financial Statements
Year ended 29 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Brooklyn, Ludford, Market Rasen, LN8 6AH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. Going Concern The company has net current liabilities at the year end but the position has improved on 2022. The position will continue to improve based on a review of future trading and the directors remain committed to supporting the business. The accounts have therefore been prepared on a going concern basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
5% straight line
Long leasehold property
-
12% reducing balance
Plant and machinery
-
20% reducing balance
Motor vehicles
-
20% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Freehold property
Long leasehold property
Plant and machinery
Motor vehicles
Total
£
£
£
£
£
Cost
At 31 May 2023 (as restated) and 29 May 2024
962,076
6,438
104,762
4,927
1,078,203
----------
-------
----------
-------
-------------
Depreciation
At 31 May 2023
529,901
6,347
101,472
4,924
642,644
Charge for the year
50,000
11
658
1
50,670
----------
-------
----------
-------
-------------
At 29 May 2024
579,901
6,358
102,130
4,925
693,314
----------
-------
----------
-------
-------------
Carrying amount
At 29 May 2024
382,175
80
2,632
2
384,889
----------
-------
----------
-------
-------------
At 30 May 2023
432,175
91
3,290
3
435,559
----------
-------
----------
-------
-------------
The company applied the transitional arrangement of Section 35 of FRS 102 and used a previous valuation as the deemed cost for the land and buildings. The property is being depreciated from the valuation date. As the asset is depreciated or sold an appropriate transfer is made from the revaluation reserve to retained earnings.
6. Investments
Other investments other than loans
£
Cost
At 31 May 2023 as restated and 29 May 2024
190,950
----------
Impairment
At 31 May 2023 as restated and 29 May 2024
181,950
----------
Carrying amount
At 29 May 2024
9,000
----------
At 30 May 2023
9,000
----------
Covell Brothers Unlimited is a wholly owned subsidiary and is dormant.
7. Debtors
2024
2023
(restated)
£
£
Trade debtors
3,835
1,550
Other debtors
208,582
5,924
----------
-------
212,417
7,474
----------
-------
8. Creditors: amounts falling due within one year
2024
2023
(restated)
£
£
Bank loans and overdrafts
73,713
23,093
Trade creditors
7,942
9,139
Corporation tax
128,556
57,758
Social security and other taxes
16,795
2,548
Other creditors
7,722
6,860
----------
---------
234,728
99,398
----------
---------
The bank overdraft and loan are secured against the assets of the company and by an unsupported guarantee from R H Covell .
9. Creditors: amounts falling due after more than one year
2024
2023
(restated)
£
£
Bank loans and overdrafts
7,775
13,575
Covell Brothers Unlimited
9,000
9,000
---------
---------
16,775
22,575
---------
---------
The bank overdraft and loan are secured against the assets of the company and by an unsupported guarantee from R Covell.
10. Prior period errors
Income of £185,000 relating to dilapidations met income recognition criteria in the previous finanical year but was not previously recognised. An adjustment has been made to include this income in the prior year accounts which has had the effect of increasing other income by £185,000. Net assets of the company have been increased by £147,667 which is the omitted income net of the relevant corporation tax adjustment.
11. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
R H Covell
7,514
149,591
157,105
M E Wilkinson
( 2,000)
( 2,000)
-------
----------
----
----------
5,514
149,591
155,105
-------
----------
----
----------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
R H Covell
( 94,577)
118,091
( 16,000)
7,514
M E Wilkinson
( 2,000)
( 2,000)
---------
----------
---------
-------
( 96,577)
118,091
( 16,000)
5,514
---------
----------
---------
-------