COVAIR HOLDINGS LIMITED


Directors	STRETHILL-WRIGHT, Alec John
	STRETHILL-WRIGHT, Helen Irene


Registered Address	Highcroft Coldharbour Lane
	Bletchingley
	Redhill
	RH1 4NA


Registered Number	10760146 (England and Wales)

Statement of Financial Position
31 December 2024

	Notes	2024		2023
		£	£	£	£
Fixed assets
Investments	3		5,762,003		5,762,003
			5,762,003		5,762,003
Current assets
Debtors	4	750		750
		750		750
Creditors amounts falling due within one year	5	(2,311,935)		(4,412,003)
Net current assets (liabilities)			(2,311,185)		(4,411,253)
Total assets less current liabilities			3,450,818		1,350,750
Net assets			3,450,818		1,350,750
Capital and reserves
Called up share capital			1,000		1,000
Share premium			1,433,083		1,433,083
Profit and loss account			2,016,735		(83,333)
Shareholders' funds			3,450,818		1,350,750

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

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

STRETHILL-WRIGHT, Helen Irene
Director
Registered Company No. 10760146

COVAIR HOLDINGS LIMITED

Notes to the Financial Statements
for the year ended 31 December 2024

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

Investments

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

	Cash and cash equivalents
	Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less.

Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.

	Financial instruments
	A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment.

Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. 

2.	Average number of employees


		2024		2023
	Average number of employees during the year	2		2

3.	Fixed asset investments
	The company's investment in its subsidiary company represents the cost of acquisition of the whole of the ordinary share capital of Covair Structures Limited, a company registered in England and Wales. At 31 December 2024 the aggregate of the share capital and reserves of Covair Structures Limited amounted to £102,383 and the profit for the year to that date was £235,378 Consolidated accounts have not been prepared as the company and its subsidiary comprise a small group.

Fixed asset investments

The company's investment in its subsidiary company represents the cost of acquisition of the whole of the ordinary share capital of Covair Structures Limited, a company registered in England and Wales.
At 31 December 2024 the aggregate of the share capital and reserves of Covair Structures Limited amounted to £102,383 and the profit for the year to that date was £235,378
Consolidated accounts have not been prepared as the company and its subsidiary comprise a small group.

	Investments in groups¹	Total
	£	£
Cost or valuation
At 01 January 24	5,762,003	5,762,003
At 31 December 24	5,762,003	5,762,003
Net book value
At 31 December 24	5,762,003	5,762,003
At 31 December 23	5,762,003	5,762,003

	Notes
	¹Investments in group undertakings and participating interests

4.	Debtors: amounts due within one year

	2024	2023
	£	£
Other debtors	750	750
Total	750	750

5.	Creditors: amounts due within one year

	2024	2023
	£	£
Amounts owed to related parties	-	2,100,068
Other creditors	2,311,935	2,311,935
Total	2,311,935	4,412,003


	On 31 July 2017 the company issued £3,000,000 2% Fixed Rate Secured Loan Notes 2024 as part consideration for the acquisition of its subsidiary investment. These loan notes are repayable by equal annual instalments over 7 years.