REGISTERED NUMBER: 09602269 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Coverdrone Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

S D E Heath

P J Heath

A P Heath

REGISTERED OFFICE:

Arrowscroft

142 Nantwich Road

Crewe

Cheshire

CW2 6BG

REGISTERED NUMBER:

09602269 (England and Wales)

ACCOUNTANTS:

Banks Sheridan

Datum House

Electra Way

Crewe

Cheshire

CW1 6ZF

FIXED ASSETS

Intangible assets

5

82,479

121,036

Tangible assets

6

34,639

35,678

Investments

7

1,817,624

1,817,624

1,934,742

1,974,338

CURRENT ASSETS

Debtors

8

121,412

134,152

Cash at bank

484,994

285,799

606,406

419,951

CREDITORS

Amounts falling due within one year

9

(284,014

)

(372,923

)

NET CURRENT ASSETS

322,392

47,028

TOTAL ASSETS LESS CURRENT LIABILITIES

2,257,134

2,021,366

CREDITORS

Amounts falling due after more than one year

10

(1,358,981

)

(1,564,006

)

PROVISIONS FOR LIABILITIES

11

(8,659

)

(8,919

)

NET ASSETS

889,494

448,441

CAPITAL AND RESERVES

Called up share capital

43,098

43,098

Retained earnings

846,396

405,343

889,494

448,441

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 Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

S D E Heath - Director

1.	STATUTORY INFORMATION

Coverdrone Limited ('The Company') is primarily engaged in insurance broking. It's operations are regulated by the Financial Conduct Authority.

The company is a private company limited by shares and is incorporated in England and Wales. The address of the principal place of business and of the registered office is Arrowscroft, 142 Nantwich Road, Crewe, Cheshire, CW2 6BG. The registered number can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest £.

2.	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 provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Summary of significant accounting policies

The principle accounting policies applied in the preparation of these financial statements are set out below.

These policies have been consistently applied to all years presented, unless otherwise stated.

Basis of preparation

The financial statements are prepared on the going concern basis under the historical cost convention and comply with the United Kingdom Accounting Standards and Companies Act 2006.

Going concern

No material uncertainties that may cast doubt about the ability of the company to continue as a going concern have been identified by the directors.

Therefore, the directors consider it appropriate to prepare the financial statements on the going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible fixed assets are stated at cost less accumulated amortisation and accumulated impairment losses. Amortisation is charged to administrative expenses in the Statement of Comprehensive Income. Amortisation is calculated using the straight line method, to allocate the depreciable amount of the assets over their estimated useful lives as follows:

Website costs

- 5 years

Computer software

- 5 years

All intangible fixed assets are subject to an annual review for diminution in value.

Tangible fixed assets

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

Fixtures and fittings

-

15% on reducing balance

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 end of the financial year.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the end of the financial year.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Impairment of assets

Assets not measured at fair value are reviewed for any indications that the asset may be impaired at each statement of financial position date. If such indications exists the recoverable amount of the asset or the assets cash generating unit is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Any losses arising from impairment are recognised in the Statement of Comprehensive Income under the appropriate heading.

Fixed asset investments

Unlisted investments are shown at cost less any impairment loss.

Investment income from unlisted investments is included in other income

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 11 ) .

5.	INTANGIBLE FIXED ASSETS

Website

Computer

costs

software

Totals

£

£

£

COST

At 1 January 2024

243,138

2,044

245,182

Additions

11,923

-

11,923

At 31 December 2024

255,061

2,044

257,105

AMORTISATION

At 1 January 2024

122,817

1,329

124,146

Amortisation for year

50,071

409

50,480

At 31 December 2024

172,888

1,738

174,626

NET BOOK VALUE

At 31 December 2024

82,173

306

82,479

At 31 December 2023

120,321

715

121,036

6.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 January 2024

46,670

Additions

4,626

At 31 December 2024

51,296

DEPRECIATION

At 1 January 2024

10,992

Charge for year

5,665

At 31 December 2024

16,657

NET BOOK VALUE

At 31 December 2024

34,639

At 31 December 2023

35,678

7.	FIXED ASSET INVESTMENTS

Unlisted

investments

£

COST

At 1 January 2024

and 31 December 2024

1,817,624

NET BOOK VALUE

At 31 December 2024

1,817,624

At 31 December 2023

1,817,624

On 28 September 2023 the company purchased from the directors 100% of the issued ordinary share capital in a related party for total consideration of £1,817,624.

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

95,931

117,867

Other debtors

25,481

16,285

121,412

134,152

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

16,163

45,642

Taxation and social security

58,591

77,443

Other creditors

209,260

249,838

284,014

372,923

Amounts owed to related parties are unsecured, interest free and repayable on demand.

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Amounts owed to group undertakings

489,603

314,006

Other creditors

869,378

1,250,000

1,358,981

1,564,006

Amounts owed to group undertakings and related parties are unsecured, interest free and repayable on demand.

11.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

8,659

8,919

Deferred

tax

£

Balance at 1 January 2024

8,919

Credit to Income Statement during year

(260

)

Balance at 31 December 2024

8,659

12.	CAPITAL COMMITMENTS

2024

2023

£

£

Contracted but not provided for in the

financial statements

-

45,112

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

2024

2023

£

£

P J Heath

Balance outstanding at start of year

-

40,903

Amounts repaid

-

(40,903

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

A P Heath

Balance outstanding at start of year

-

60,904

Amounts repaid

-

(60,904

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

S D E Heath

Balance outstanding at start of year

-

40,903

Amounts repaid

-

(40,903

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

During the year interest receivable of £nil (2023: £3,435) has been charged in respect of the directors' loans.

An amount of £740,979 (2023: £1,324,325) owed to the directors is included within creditors: amounts falling due within one year and creditors: amounts falling due after more than one year. Interest of £63,223 (2023: £nil) has been charged to the company on these directors' loans during the year.

During the year rent paid to a partnership connected to the directors by the company amounted to £17,600 (2023: £13,200).

14.	RELATED PARTY DISCLOSURES

Transactions with related parties, including group undertakings, during the period and balances outstanding at the end of the reporting period were as follows:

Related parties:

2024

2023

£

£

Costs shared

247,102

196,232

Rent

1,071

2,042

Amounts due to entities

533,562

469,239