REGISTERED NUMBER: 07804110 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

COVEC Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P Munn

B R Norton

K Bloxsome

REGISTERED OFFICE:

Unit 3 Flanders Industrial Park

Flanders Road

Hedge End

Southampton

Hampshire

SO30 2FZ

REGISTERED NUMBER:

07804110 (England and Wales)

ACCOUNTANTS:

Roches

Chartered Accountants

1 Manor Court

6 Barnes Wallis Road

Segensworth

Fareham

Hampshire

PO15 5TH

FIXED ASSETS

Intangible assets

4

16,222

20,189

Tangible assets

5

75,449

69,585

91,671

89,774

CURRENT ASSETS

Stocks

1,004,926

721,885

Debtors

6

733,251

628,725

Cash at bank and in hand

14,633

40,039

1,752,810

1,390,649

CREDITORS

Amounts falling due within one year

7

822,285

683,283

NET CURRENT ASSETS

930,525

707,366

TOTAL ASSETS LESS CURRENT LIABILITIES

1,022,196

797,140

CREDITORS

Amounts falling due after more than one year

8

(103,139

)

(121,950

)

PROVISIONS FOR LIABILITIES

(6,846

)

-

NET ASSETS

912,211

675,190

CAPITAL AND RESERVES

Called up share capital

218

218

Share premium

956,488

956,488

Retained earnings

(44,495

)

(281,516

)

912,211

675,190

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

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

The directors acknowledge their 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 September 2025 and were signed on its behalf by:

K Bloxsome - Director

1.	STATUTORY INFORMATION

COVEC Limited 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 2012, is being amortised evenly over its estimated useful life of ten 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.

Development costs are being amortised evenly over their estimated useful life of nine years.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on reducing balance and 15% on reducing balance

Stocks

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

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans to related parties.

Financial assets & financial liabilities are initially recognised at the transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. However, if the arrangement constitutes a financing transaction then it is measured at the present value of the future receipts discounted at a market rate of interest.

Financial assets & financial liabilities classified as receivable within one year are not amortised.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 6 (2023 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 January 2024

and 31 December 2024

30,000

112,048

142,048

AMORTISATION

At 1 January 2024

26,854

95,005

121,859

Charge for year

629

3,338

3,967

At 31 December 2024

27,483

98,343

125,826

NET BOOK VALUE

At 31 December 2024

2,517

13,705

16,222

At 31 December 2023

3,146

17,043

20,189

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

150,642

Additions

24,678

At 31 December 2024

175,320

DEPRECIATION

At 1 January 2024

81,057

Charge for year

18,814

At 31 December 2024

99,871

NET BOOK VALUE

At 31 December 2024

75,449

At 31 December 2023

69,585

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 January 2024

29,316

Additions

18,566

At 31 December 2024

47,882

DEPRECIATION

At 1 January 2024

15,593

Charge for year

5,764

At 31 December 2024

21,357

NET BOOK VALUE

At 31 December 2024

26,525

At 31 December 2023

13,723

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

665,738

561,230

Other debtors

67,513

67,495

733,251

628,725

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

188,781

143,453

Hire purchase contracts

11,221

5,175

Trade creditors

454,251

348,093

Taxation and social security

28,769

11,473

Other creditors

139,263

175,089

822,285

683,283

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Hire purchase contracts

13,139

7,950

Other creditors

90,000

114,000

103,139

121,950