Covestia Limited 31/07/2018 iXBRL

Covestia Limited 31/07/2018 iXBRL

TA COLLEGE LIMITED - Company Information

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Covestia Limited
Unaudited filleted financial statements
31 July 2018
Company registration number: 10886209 (England and Wales)
Covestia Limited
Contents
Statement of financial position
Notes to the financial statements
Covestia Limited
Statement of financial position
31 July 2018
2018
Note £ £
Fixed assets
Tangible assets 5 4,141
_______
4,141
Current assets
Debtors 6 361,252
Cash at bank and in hand 90,181
_______
451,433
Creditors: amounts falling due
within one year 7 ( 456,037)
_______
Net current liabilities ( 4,604)
_______
Total assets less current liabilities ( 463)
_______
Net liabilities ( 463)
_______
Capital and reserves
Called up share capital 100
Profit and loss account ( 563)
_______
Shareholders deficit ( 463)
_______
For the year ending 31 July 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have 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 Act 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 April 2019 , and are signed on behalf of the board by:
M. Corden
Director
Company registration number: 10886209
Covestia Limited
Notes to the financial statements
Year ended 31 July 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Alacrity House, Saxon Business Park, Hanbury Road, Stoke Prior, Worcestershire, B60 4AD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the exemption from preparing consolidated financial statements contained in Section 400 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its immediate parent undertaking is established under the law of an EEA State.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates .
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets .
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to 15
The aggregate payroll costs incurred during the year were:
2018
£
Wages and salaries 282,938
Social security costs 31,193
Other pension costs 4,111
_______
318,242
_______
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 August 2017 - -
Additions 4,141 4,141
_______ _______
At 31 July 2018 4,141 4,141
_______ _______
Depreciation
At 1 August 2017 and 31 July 2018 - -
_______ _______
Carrying amount
At 31 July 2018 4,141 4,141
_______ _______
6. Debtors
2018
£
Trade debtors 949,421
Amounts owed by group undertakings ( 604,584)
Other debtors 16,415
_______
361,252
_______
7. Creditors: amounts falling due within one year
2018
£
Trade creditors 272,435
Social security and other taxes 174,716
Other creditors 8,886
_______
456,037
_______
8. Controlling party
The ultimate controlling party is Alacrity Capital Holdings Limited , which owns 100% of the cmpany's issued share capital.