REGISTERED NUMBER: 02395085 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2024

FOR

COVER-RULE LIMITED

T/A

ASCOTT INSURANCE

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr P R Kay

Mrs F Kay

Mr C P Kay

SECRETARY:

Mrs F Kay

REGISTERED OFFICE:

15 The Quad

Atherleigh Business Park

Atherton

Manchester

Lancashire

M46 0SY

REGISTERED NUMBER:

02395085 (England and Wales)

ACCOUNTANTS:

Percy Westhead & Company

Chartered Accountants

Hanover House

30-32 Charlotte Street

Manchester

M1 4FD

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

138,531

83,485

138,531

83,485

CURRENT ASSETS

Debtors

6

2,793,220

1,166,750

Cash at bank

2,223,966

1,070,557

5,017,186

2,237,307

CREDITORS

Amounts falling due within one year

7

4,349,547

1,490,718

NET CURRENT ASSETS

667,639

746,589

TOTAL ASSETS LESS CURRENT LIABILITIES

806,170

830,074

CREDITORS

Amounts falling due after more than one year

8

114,229

75,843

NET ASSETS

691,941

754,231

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

690,941

753,231

SHAREHOLDERS' FUNDS

691,941

754,231

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st 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 29th September 2025 and were signed on its behalf by:

Mr P R Kay - Director

1.	STATUTORY INFORMATION

Cover-Rule 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 represents commissions receivable, which are recognised in the accounts on the basis of the amounts settled with the insurance companies, and fees charged directly to clients.

Commissions receivable in respect of policies settled directly by the client to the insurance company by a direct debit arrangement are only recognised in the accounts when the commission due to the company has been credited to the relevant insurer account by the insurance company.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 1989, is being amortised evenly over its estimated useful life of twenty 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.

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost

Taxation

Taxation for the year 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 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.

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 24 (2023 - 18 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st January 2024

and 31st December 2024

90,440

AMORTISATION

At 1st January 2024

and 31st December 2024

90,440

NET BOOK VALUE

At 31st December 2024

-

At 31st December 2023

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1st January 2024

21,198

126,271

49,094

196,563

Additions

-

81,990

-

81,990

At 31st December 2024

21,198

208,261

49,094

278,553

DEPRECIATION

At 1st January 2024

12,481

55,244

45,353

113,078

Charge for year

4,240

19,465

3,239

26,944

At 31st December 2024

16,721

74,709

48,592

140,022

NET BOOK VALUE

At 31st December 2024

4,477

133,552

502

138,531

At 31st December 2023

8,717

71,027

3,741

83,485

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

Motor

vehicles

£

COST

At 1st January 2024

126,271

Additions

81,990

At 31st December 2024

208,261

DEPRECIATION

At 1st January 2024

55,244

Charge for year

19,465

At 31st December 2024

74,709

NET BOOK VALUE

At 31st December 2024

133,552

At 31st December 2023

71,027

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

2,590,667

942,822

Other debtors

202,553

223,928

2,793,220

1,166,750

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Hire purchase contracts (see note 9)

34,204

16,056

Trade creditors

3,613,078

1,357,699

Taxation and social security

277,445

55,209

Other creditors

424,820

61,754

4,349,547

1,490,718

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Hire purchase contracts (see note 9)

114,229

75,843

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2024

2023

£

£

Net obligations repayable:

Within one year

34,204

16,056

Between one and five years

114,229

75,843

148,433

91,899

Non-cancellable

operating leases

2024

2023

£

£

Within one year

7,295

-

10.	SECURED DEBTS

To secure any amounts owed to them, Lloyds Bank Plc hold a debenture over the property and assets of the company dated 5th July 2021 and an omnibus guarantee and set off agreement between Cover-Rule Limited, P & F Kay Properties Limited and Lloyds Bank Plc dated 16th June 2021.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st December 2024 and 31st December 2023:

2024

2023

£

£

Mr C P Kay

Balance outstanding at start of year

8,208

226,471

Amounts advanced

34,744

9,820

Amounts repaid

(8,208

)

(228,083

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

34,744

8,208

The above loan is subject to interest at the rate of 2.25% per annum.

The loan was repaid in full on 25th September 2025.

12.	RELATED PARTY DISCLOSURES

The company made an interest-free loan to P & F Kay Properties Limited, a company under the same control as Cover-Rule Limited. The amount due from P & F Kay Properties Limited at 31st December 2024 was £147,154 (2023 £147,154).