Corvan Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 02444967 (England and Wales)

Unaudited Financial Statements

for the Period

1 September 2023 to 31 December 2024

for

CORVAN LIMITED

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Intangible assets

4

-

Tangible assets

5

1,414,078

1,528,123

1,414,078

1,528,123

CURRENT ASSETS

Stocks

865

920

Debtors

6

1,100,051

49,877

Cash at bank and in hand

206,383

610,306

1,307,299

661,103

CREDITORS

Amounts falling due within one year

7

198,776

180,152

NET CURRENT ASSETS

1,108,523

480,951

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,522,601

2,009,074

CREDITORS

Amounts falling due after more than one year

8

(843,729

)

(568,519

)

PROVISIONS FOR LIABILITIES

(8,957

)

(5,631

)

NET ASSETS

1,669,915

1,434,924

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

1,669,815

1,434,824

SHAREHOLDERS' FUNDS

1,669,915

1,434,924

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

The members have not required the company to obtain an audit of its financial statements for the period 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 Income Statement 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:

Baljinder Singh Dulay - Director

1.	STATUTORY INFORMATION

Corvan Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

02444967

Registered office:

2 Wheeleys Road

Edgbaston

Birmingham

West Midlands

B15 2LD

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 2006, 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

4% on revalued amount

Plant and machinery etc

-

20% on cost

Stocks

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

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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 period 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

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 period was 31 (2023 - 29 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2023

and 31 December 2024

300,000

AMORTISATION

At 1 September 2023

and 31 December 2024

300,000

NET BOOK VALUE

At 31 December 2024

-

At 31 August 2023

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

Totals

£

COST

At 1 September 2023

2,532,998

480

121,754

2,655,232

Additions

15,354

-

13,318

28,672

At 31 December 2024

2,548,352

480

135,072

2,683,904

DEPRECIATION

At 1 September 2023

1,035,573

321

91,215

1,127,109

Charge for period

135,774

32

6,911

142,717

At 31 December 2024

1,171,347

353

98,126

1,269,826

NET BOOK VALUE

At 31 December 2024

1,377,005

127

36,946

1,414,078

At 31 August 2023

1,497,425

159

30,539

1,528,123

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Trade debtors

6,513

1,778

Vidya Peterborough Ltd.

60,000

-

Directors' current accounts

1,032,442

48,099

Prepayments

1,096

-

1,100,051

49,877

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Bank loans and overdrafts

10,990

Trade creditors

3,291

2,268

Tax

145,865

141,143

Social security and other taxes

13,442

8,255

Net Wages A/c

2,696

-

Accrued expenses

22,492

17,496

198,776

180,152

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2024

2023

£

Bounce back loan

3,177

16,510

Global Wines B'Ham Ltd

672,014

552,009

Woodbourne Group (Black Lake)

168,538

-

843,729

568,519

Amounts falling due in more than five years:

Repayable by instalments

Global Wines B'Ham Ltd

672,014

552,009

Woodbourne Group (Black Lake)

168,538

-

840,552

552,009

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the periods ended 31 December 2024 and 31 August 2023:

2024

2023

£

Balvinder Dulay and Baljinder Singh Dulay

Balance outstanding at start of period

48,099

(735

)

Amounts advanced

1,084,343

48,834

Amounts repaid

(100,000

)

-

Amounts written off

-

Amounts waived

-

Balance outstanding at end of period

1,032,442

48,099

Dividends issued in 2024 = £50,000 ( Nil in 2023 )

10.	RELATED PARTY DISCLOSURES

Included in long term liabilities is the related party balance due to Global Wines (Birmingham) Limited = £672,014 (£552,009 In 2023) with has no terms attached.

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr BS Dulay & Mrs BK Dulay.