Cove Producers Limited - Period Ending 2020-11-30
Cove Producers Limited - Period Ending 2020-11-30
Registration number:
Cove Producers Limited
for the Year Ended 30 November 2020
Cove Producers Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Cove Producers Limited
(Registration number: 03832346)
Balance Sheet as at 30 November 2020
Note |
2020 |
(As restated) |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
77,424 |
73,590 |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Profit and loss account |
( |
( |
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Shareholders' funds |
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For the financial year ending 30 November 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
Cove Producers Limited
(Registration number: 03832346)
Balance Sheet as at 30 November 2020
.........................................
Director
Cove Producers Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2020
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
The principal place of business is:
Unit 9 Whittle Road
Corby
Northamptonshire
NN17 5DX
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
Reclassification of comparative amounts
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Cove Producers Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2020
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
10-25% straight line or machine hours used to produce sales levels |
Office equipment |
15% reducing balance |
Fixture and fittings |
20% straight line |
Motor vehicles |
25% straight line |
Intangible assets
Separately acquired patents and licences are shown at historical cost.
Patents, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Patents, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Patent costs incurred in acquiring the patent rights for the coving production have been capitalised.
Development costs incurred in the financial 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 written off to the profit and loss account based upon machine hours used to produce sales levels. As of 1st December 2014 the balance is being amortised at 10% per annum straight line.
Asset class |
Amortisation method and rate |
Development costs |
10% straight line |
Patents |
10% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Cove Producers Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2020
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Cove Producers Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2020
Intangible assets |
Patents |
Development costs |
Total |
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Cost or valuation |
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At 1 December 2019 |
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At 30 November 2020 |
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Amortisation |
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At 1 December 2019 |
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Amortisation charge |
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At 30 November 2020 |
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Carrying amount |
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At 30 November 2020 |
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At 30 November 2019 |
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Cove Producers Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2020
Tangible assets |
Office equipment |
Plant and equipment |
Total |
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Cost or valuation |
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At 1 December 2019 |
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Additions |
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- |
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At 30 November 2020 |
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Depreciation |
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At 1 December 2019 |
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Charge for the year |
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At 30 November 2020 |
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Carrying amount |
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At 30 November 2020 |
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At 30 November 2019 |
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Stocks |
2020 |
2019 |
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Other inventories |
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Debtors |
2020 |
2019 |
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Trade debtors |
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Other debtors |
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Cove Producers Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2020
Creditors |
Creditors: amounts falling due within one year
Note |
2020 |
2019 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2020 |
2019 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2020 |
2019 |
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Non-current loans and borrowings |
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Bank borrowings |
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Hire purchase contracts |
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2020 |
2019 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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- |
Hire purchase contracts |
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The bank holds fixed and floating charges over the property of the company, other assets and rights of the company owned now or in the future.
The bank holds fixed and floating charges over machinery and future policies of insurance.
The lender holds fixed and floating charges over the property of the company, other assets and rights of the company owned now or in the future.
Cove Producers Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2020
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
Transactions with directors |
2020 |
At 1 December 2019 |
Repayments by director |
At 30 November 2020 |
S C Aiken |
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2019 unsecured advances and credits, no interest charged |
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( |
- |
3,000 |
(3,000) |
- |
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2019 |
At 1 December 2018 |
Advances to director |
At 30 November 2019 |
S C Aiken |
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2019 unsecured advances and credits, no interest charged |
- |
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- |
3,000 |
3,000 |
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