Corvan Limited - Accounts to registrar (filleted) - small 23.1.5

REGISTERED NUMBER: 02444967 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2022

for

CORVAN LIMITED

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

1,582,421

1,526,939

1,582,421

1,526,939

CURRENT ASSETS

Stocks

745

795

Debtors

6

151,919

221,291

Cash at bank and in hand

288,266

82,947

440,930

305,033

CREDITORS

Amounts falling due within one year

7

118,780

63,929

NET CURRENT ASSETS

322,150

241,104

TOTAL ASSETS LESS CURRENT LIABILITIES

1,904,571

1,768,043

CREDITORS

Amounts falling due after more than one year

8

(605,186

)

(656,176

)

PROVISIONS FOR LIABILITIES

(5,631

)

(5,631

)

NET ASSETS

1,293,754

1,106,236

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,293,654

1,106,136

SHAREHOLDERS' FUNDS

1,293,754

1,106,236

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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.

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 11 September 2023 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 28 (2021 - 17 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2022

and 31 December 2022

300,000

AMORTISATION

At 1 January 2022

and 31 December 2022

300,000

NET BOOK VALUE

At 31 December 2022

-

At 31 December 2021

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

Totals

£

£

£

£

COST

At 1 January 2022

2,361,345

480

119,301

2,481,126

Additions

155,740

-

1,880

157,620

At 31 December 2022

2,517,085

480

121,181

2,638,746

DEPRECIATION

At 1 January 2022

871,681

272

82,234

954,187

Charge for year

96,456

32

5,650

102,138

At 31 December 2022

968,137

304

87,884

1,056,325

NET BOOK VALUE

At 31 December 2022

1,548,948

176

33,297

1,582,421

At 31 December 2021

1,489,664

208

37,067

1,526,939

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

1,919

35,537

Woodbourne Group (Black Lake)

150,000

150,000

Directors' current accounts

-

35,754

151,919

221,291

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

10,990

-

Trade creditors

1,593

-

Tax

79,013

42,684

Social security and other taxes

8,063

6,126

Directors' current accounts

735

-

Accrued expenses

18,386

15,119

118,780

63,929

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bounce back loan

23,177

44,167

Global Wines B'Ham Ltd

582,009

612,009

605,186

656,176

2022

2021

£

£

Amounts falling due in more than five years:

Repayable by instalments

Global Wines B'Ham Ltd

582,009

612,009

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2022 and 31 December 2021:

2022

2021

£

£

Balvinder Kaur Dulay and Baljinder Singh Dulay

Balance outstanding at start of year

35,755

53,890

Amounts advanced

59,510

47,865

Amounts repaid

(96,000

)

(66,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(735

)

35,755

Dividends issued in 2022 = £66,000 (£66,000 in 2021)

10.	RELATED PARTY DISCLOSURES

The current creditor Global Wines (Birmingham) Limited = £582,009 is a related party ( £612,009 In 2021) with no terms attached

The current debtor Woodbourne Group (Black Lake) Ltd = £150,000 (£150,000 in 2021) is a related party transaction with no terms attached

11.	ULTIMATE CONTROLLING PARTY

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