For the year ended 31 March 2016
Unaudited Abbreviated Financial Statements
England and Wales
Registered Number: 02506975
C J COVERS LIMITED
For the year ended 31 March 2016
1
Accountants' Report
2
Balance Sheet
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Notes to the Abbreviated Financial Statements
C J COVERS LIMITED
Accountants' Report
For the year ended 31 March 2016
As described on the balance sheet you are responsible for the preparation of the financial statements for the year
|
ended
31
March
2016
and you consider that the company is exempt from an audit under the Companies Act
2006
.
|
In accordance with your instructions
,
we have compiled these unaudited financial statements in order to assist you
|
to fulfil your statutory responsibilities
,
from the accounting records and information and explanations supplied to us
.
|
Lambert Clerical Ltd
78 Hambling Drive
Molescroft
East Yorkshire
HU17 9GD
04 July 2016
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Notes to the Abbreviated Financial Statements
|
C J COVERS LIMITED
For the year ended 31 March 2016
The financial statements are prepared under the historical cost convention, as modified by the revaluation of certain fixed assets, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
|
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
|
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
The company operates a defined contribution pension scheme for the benefit of its directors
/
and employees
.
|
Contributions payable are charged to the profit and loss account in the period in which they are payable
.
|
Deferred taxation arises when items are charged or credited in accounts in different periods to those in which they are included in the company's tax computations.Deferred tax is provided in full on timing differences that result in an obligation to pay more (or less) tax at a future date. Deferred tax is calculated at the average rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. The resulting deferred tax asset or liability is not discounted.
|
Proposed dividends are only included as liabilities in the financial statements when their payment has been approved
|
by the shareholders prior to the balance sheet date
.
|
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
|
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
|
Land and Buildings
Plant and Machinery
Hire Covers
Motor Vehicles
Fixtures and Fittings
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Notes to the Abbreviated Financial Statements
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C J COVERS LIMITED
For the year ended 31 March 2016
The company
'
s freehold properties were professionally valued in November
2005
.
This valuation has been reduced by
|
subsequent depreciation
.
Under the transitional provisions of the Financial Reporting Standard for Smaller Entities
|
(
effective January
2015
)
the properties continue to be stated at that valuation less accumulated depreciation to date
|
and that valuation has not been updated
.
|
No depreciation is provided on the company
'
s freehold properties since in the opinion of the directors the expected
|
useful lives are sufficiently long and the estimated residual values are sufficiently high that any such depreciation
|
would be immaterial
.
The directors undertake an annual impairment review of these properties
.
|
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
Stocks 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 costs and an appropriate proportion of fixed and variable overheads.
|
528,298
4,535
(2,200)
530,633
69,851
(2,200)
3,482
Charge for year
71,133
459,500
458,447
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Notes to the Abbreviated Financial Statements
|
C J COVERS LIMITED
For the year ended 31 March 2016
3
Fixed asset investments
|
8,665
8,665
8,665
8,665
The market value of fixed asset investments at 31 March 2016 was £2,998 (2015 £2,880).
Allotted called up and fully paid
|
2016
2015
102
Ordinary shares of £
1
.
00
each
|
102
102
102
102
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