Cove Producers Limited - Period Ending 2015-11-30

Registration number: 03832346

Cove Producers Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 November 2015
 

Cove Producers Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

Cove Producers Limited
(Registration number: 03832346)
Abbreviated Balance Sheet at 30 November 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets					118,188			131,320
Tangible fixed assets		2			284,768			288,757
					402,956			420,077
Current assets
Stocks					66,464			74,945
Debtors					270,719			252,131
Cash at bank and in hand					960			1,201
					338,143			328,277
Creditors: Amounts falling due within one year		3			(288,694)			(311,567)
Net current assets					49,449			16,710
Net assets					452,405			436,787
Capital and reserves
Called up share capital		4			30,000			30,000
Share premium account					585,400			585,400
Profit and loss account					(162,995)			(178,613)
Shareholders' funds					452,405			436,787

For the year ending 30 November 2015 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 31 August 2016 and signed on its behalf by:

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

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

Cove Producers Limited
Notes to the Abbreviated Accounts for the Year Ended 30 November 2015
......... 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.

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

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
Fixtures and fittings	20% straight line

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.

Page 2

Cove Producers Limited
Notes to the Abbreviated Accounts for the Year Ended 30 November 2015
......... continued

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.

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 2014		167,089			476,907			643,996
Additions		-			12,171			12,171
At 30 November 2015		167,089			489,078			656,167
Amortisation/depreciation
At 1 December 2014		35,769			188,150			223,919
Charge for the year		13,132			16,160			29,292
At 30 November 2015		48,901			204,310			253,211
Net book value
At 30 November 2015		118,188			284,768			402,956
At 30 November 2014		131,320			288,757			420,077

3

Creditors

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

		2015 £			2014 £
Amounts falling due within one year		160,299			218,279

4	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		30,000			30,000			30,000			30,000

Page 3

Cove Producers Limited
Notes to the Abbreviated Accounts for the Year Ended 30 November 2015
......... continued

5	Related party transactions

Directors' advances and credits

D A Endersby
(Director)
Included within other debtors is a loan to D A Endersby. The maximum liability during the year was £11,301 (2014 - £10,570). At the balance sheet date the amount due from D A Endersby was £11,301 (2014 - £10,570).

6

Control

The company is controlled by no one party.

Page 4