Company Registration No. 04918877 (England and Wales)
COVERED ARTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
PAGES FOR FILING WITH REGISTRAR
COVERED ARTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
COVERED ARTS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2025
30 June 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
33,564
37,044
Current assets
Stocks
1,000
1,000
Debtors
4
24,294
22,842
Cash at bank and in hand
12,452
13,943
37,746
37,785
Creditors: amounts falling due within one year
5
(69,464)
(57,905)
Net current liabilities
(31,718)
(20,120)
Total assets less current liabilities
1,846
16,924
Creditors: amounts falling due after more than one year
6
-
0
(14,542)
Provisions for liabilities
7
(1,650)
(2,176)
Net assets
196
206
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
96
106
Total equity
196
206
COVERED ARTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2025
30 June 2025
- 2 -

For the financial year ended 30 June 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 9 March 2026 and are signed on its behalf by:
Mr P. G. Lee
Director
Company registration number 04918877 (England and Wales)
COVERED ARTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 3 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2023
100
260
360
Year ended 30 June 2024:
Profit and total comprehensive income for the year
-
67,846
67,846
Dividends
-
(68,000)
(68,000)
Balance at 30 June 2024
100
106
206
Year ended 30 June 2025:
Profit and total comprehensive income for the year
-
56,240
56,240
Dividends
-
(56,250)
(56,250)
Balance at 30 June 2025
100
96
196
COVERED ARTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
- 4 -
1
Accounting policies
Company information

Covered Arts Limited is a private company limited by shares incorporated in England and Wales. The registered office is Corncroft, Little Blenheim, Yarnton, Kiddlington, Oxfordshire, OX5 1LX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Leasehold
2% per annum on cost
Plant and machinery
Straight line over 3 years
Fixtures, fittings & equipment
10% per annum on written down value
Motor vehicles
25% per annum on written down value

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

COVERED ARTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 5 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

COVERED ARTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 5 (20 23: 4)

2025
2024
Number
Number
Total
5
5
3
Tangible fixed assets
Land and buildings
Plant and machinery
Total
£
£
£
Cost
At 1 July 2024 and 30 June 2025
73,818
55,875
129,693
Depreciation and impairment
At 1 July 2024
46,427
46,222
92,649
Depreciation charged in the year
1,476
2,004
3,480
At 30 June 2025
47,903
48,226
96,129
Carrying amount
At 30 June 2025
25,915
7,649
33,564
At 30 June 2024
27,391
9,653
37,044
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
589
1,960
Other debtors
23,705
20,882
24,294
22,842
5
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
14,787
14,604
Trade creditors
17,349
14,550
Corporation tax
22,320
20,744
Other taxation and social security
13,327
7,502
Other creditors
1,681
505
69,464
57,905
COVERED ARTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 7 -
6
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
-
0
14,542
7
Provisions for liabilities
2025
2024
£
£
Deferred tax liabilities
1,650
2,176
8
Operating lease commitments
As lessee

[General description if appropriate]

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
Total commitments
154,800
174,150
COVERED ARTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 8 -
9
Related party transactions

During the year Mr P G Lee received a dividend of £56,250. (2023:£57,000)

10
Directors' transactions
Advances
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr P. G. Lee -
-
18,972
67,714
(69,737)
16,949
18,972
67,714
(69,737)
16,949
11
Ultimate controlling party

The company is controlled by its directors.

2025-06-30 2024-07-01 false false false 09 March 2026 CCH Software CCH Accounts Production 2025.300 No description of principal activity Mr P. G. Lee Mrs A. Lee 04918877 2024-07-01 2025-06-30 04918877 2025-06-30 04918877 2024-06-30 04918877 core:LandBuildings 2025-06-30 04918877 core:OtherPropertyPlantEquipment 2025-06-30 04918877 core:LandBuildings 2024-06-30 04918877 core:OtherPropertyPlantEquipment 2024-06-30 04918877 core:CurrentFinancialInstruments core:WithinOneYear 2025-06-30 04918877 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 04918877 core:WithinOneYear 2025-06-30 04918877 core:WithinOneYear 2024-06-30 04918877 core:AfterOneYear 2025-06-30 04918877 core:AfterOneYear 2024-06-30 04918877 core:CurrentFinancialInstruments 2025-06-30 04918877 core:CurrentFinancialInstruments 2024-06-30 04918877 core:ShareCapital 2025-06-30 04918877 core:ShareCapital 2024-06-30 04918877 core:RetainedEarningsAccumulatedLosses 2025-06-30 04918877 core:RetainedEarningsAccumulatedLosses 2024-06-30 04918877 core:ShareCapital 2023-06-30 04918877 core:RetainedEarningsAccumulatedLosses 2023-06-30 04918877 2023-06-30 04918877 bus:Director1 2024-07-01 2025-06-30 04918877 core:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 04918877 2023-07-01 2024-06-30 04918877 core:RetainedEarningsAccumulatedLosses 2024-07-01 2025-06-30 04918877 core:LandBuildings core:LongLeaseholdAssets 2024-07-01 2025-06-30 04918877 core:PlantMachinery 2024-07-01 2025-06-30 04918877 core:FurnitureFittings 2024-07-01 2025-06-30 04918877 core:MotorVehicles 2024-07-01 2025-06-30 04918877 core:LandBuildings 2024-06-30 04918877 core:OtherPropertyPlantEquipment 2024-06-30 04918877 2024-06-30 04918877 core:LandBuildings 2024-07-01 2025-06-30 04918877 core:OtherPropertyPlantEquipment 2024-07-01 2025-06-30 04918877 core:Non-currentFinancialInstruments 2025-06-30 04918877 core:Non-currentFinancialInstruments 2024-06-30 04918877 bus:PrivateLimitedCompanyLtd 2024-07-01 2025-06-30 04918877 bus:SmallCompaniesRegimeForAccounts 2024-07-01 2025-06-30 04918877 bus:FRS102 2024-07-01 2025-06-30 04918877 bus:AuditExemptWithAccountantsReport 2024-07-01 2025-06-30 04918877 bus:Director2 2024-07-01 2025-06-30 04918877 bus:FullAccounts 2024-07-01 2025-06-30 xbrli:pure xbrli:shares iso4217:GBP