Corvan Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02444967 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2021

for

CORVAN LIMITED

Page

Abridged Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

1,526,939

1,101,176

1,526,939

1,101,176

CURRENT ASSETS

Stocks

795

885

Debtors

221,291

233,454

Cash at bank and in hand

82,947

28,153

305,033

262,492

CREDITORS

Amounts falling due within one year

675,938

246,512

NET CURRENT (LIABILITIES)/ASSETS

(370,905

)

15,980

TOTAL ASSETS LESS CURRENT LIABILITIES

1,156,034

1,117,156

CREDITORS

Amounts falling due after more than one year

(44,167

)

(50,000

)

PROVISIONS FOR LIABILITIES

(5,631

)

(2,728

)

NET ASSETS

1,106,236

1,064,428

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,106,136

1,064,328

SHAREHOLDERS' FUNDS

1,106,236

1,064,428

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2021 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 July 2022 and were signed on its behalf by:

Baljinder Singh Dulay - Director

1.	STATUTORY INFORMATION

Corvan Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

02444967

Registered office:

2 Wheeleys Road

Edgbaston

Birmingham

West Midlands

B15 2LD

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Land and buildings

-

4% on revalued amount

Plant and machinery etc

-

20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2020 - 18 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2021

and 31 December 2021

300,000

AMORTISATION

At 1 January 2021

and 31 December 2021

300,000

NET BOOK VALUE

At 31 December 2021

-

At 31 December 2020

-

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2021

1,964,054

Additions

531,574

Disposals

(14,502

)

At 31 December 2021

2,481,126

DEPRECIATION

At 1 January 2021

862,878

Charge for year

92,002

Eliminated on disposal

(693

)

At 31 December 2021

954,187

NET BOOK VALUE

At 31 December 2021

1,526,939

At 31 December 2020

1,101,176

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2021 and 31 December 2020:

2021

2020

£

£

Balvinder Kaur Dulay and Baljinder Singh Dulay

Balance outstanding at start of year

53,890

6,289

Amounts advanced

47,865

101,601

Amounts repaid

(66,000

)

(54,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

35,755

53,890

Dividends issued in 2021 = £66,000 (£54,000 in 2020)

7.	RELATED PARTY DISCLOSURES

The current creditor Global Wines (Birmingham) Limited = £612,009 is a related party (£188,465 in 2020) with no terms attached

The current debtor Woodbourne Group (Black Lake) Ltd = £150,000 (£150,000 in 2020) is a related party transaction with no terms attached

8.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr BS Dulay & Mrs BK Dulay.