Cove Producers Limited - Period Ending 2013-11-30

Registration number: 03832346

Cove Producers Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 November 2013
 

Cove Producers Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Cove Producers Limited
(Registration number: 03832346)
Abbreviated Balance Sheet at 30 November 2013

		Note			2013 £			2012 £
Fixed assets
Intangible fixed assets					135,294			139,049
Tangible fixed assets		2			343,542			478,087
					478,836			617,136
Current assets
Stocks					53,914			61,215
Debtors					235,237			171,021
Cash at bank and in hand					1,011			12,131
					290,162			244,367
Creditors: Amounts falling due within one year					(370,019)			(377,351)
Net current liabilities					(79,857)			(132,984)
Total assets less current liabilities					398,979			484,152
Creditors: Amounts falling due after more than one year					-			(120,026)
Net assets					398,979			364,126
Capital and reserves
Called up share capital		4			30,000			30,000
Share premium account					585,400			585,400
Profit and loss account					(216,421)			(251,274)
Shareholders' funds					398,979			364,126

For the year ending 30 November 2013 the company was entitled to exemption 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 .

Approved by the Board on 19 August 2014 and signed on its behalf by:

.........................................
S C Aiken
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Cove Producers Limited
Notes to the Abbreviated Accounts for the Year Ended 30 November 2013
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Going concern

The financial statements have been prepared on a going concern basis.

Turnover

The turnover shown in the profit and loss account represents revenue earned during the year from the sale of goods, exclusive of VAT.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% straight line or machine hours used to produce sales levels
Office equipment	15% reducing balance
Display stands	20% straight line

Intangible fixed assets

Patent costs incurred in acquiring the patent rights for the coving production have been capitalised. Development costs incurred in the financials periods 2002 and 2003 were capitalised. The directors are confident as to the commercial viability of the product and that it does give a true and fair view of the company's performance in those periods to capitalise such expenditure. From the financial period 2006 this expenditure has been written off to the profit and loss account based upon machine hours used to produce sales levels.

Research and development

Expenditure on research and development is now written off in the year in which it is incurred.

Stock

Stocks and work-in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads based upon a normal level of activity.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Foreign currency

Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange ruling at the balance sheet date and the gains or losses on translation are included in the profit and loss account.

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Cove Producers Limited
Notes to the Abbreviated Accounts for the Year Ended 30 November 2013
......... continued

Hire purchase and leasing

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 the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability. Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 December 2012		167,089			595,910			762,999
Additions		-			449			449
Disposals		-			(120,026)			(120,026)
At 30 November 2013		167,089			476,333			643,422
Amortisation/depreciation
At 1 December 2012		28,040			117,823			145,863
Charge for the year		3,755			14,968			18,723
At 30 November 2013		31,795			132,791			164,586
Net book value
At 30 November 2013		135,294			343,542			478,836
At 30 November 2012		139,049			478,087			617,136

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2013 £			2012 £
Amounts falling due within one year		204,337			217,077

4	Share capital

Allotted, called up and fully paid shares

	2013						2012
		No.			£			No.			£
Ordinary shares of £1 each		30,000			30,000			30,000			30,000

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