Company registration number 06481650 (England and Wales)
Get Covered Limited
Financial Statements
For The Year Ended 31 December 2021
Pages For Filing With Registrar
Get Covered Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 4
Get Covered Limited
Balance Sheet
As At 31 December 2021
Page 1
2021
2020
Notes
£
£
£
£
Current assets
Debtors
4
2,000
Cash at bank and in hand
233
2,231
2,233
2,231
Creditors: amounts falling due within one year
5
(4,007)
(1,907)
Net current (liabilities)/assets
(1,774)
324
Capital and reserves
Called up share capital
100
100
Share premium account
9,900
9,900
Other reserves
575,000
575,000
Profit and loss reserves
(586,774)
(584,676)
Total equity
(1,774)
324
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 20 December 2022 and are signed on its behalf by:
Mr M J Hogg
Director
Company Registration No. 06481650
Get Covered Limited
Notes To The Financial Statements
For The Year Ended 31 December 2021
Page 2
1
Accounting policies
Company information
Get Covered Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Studio 320 Highgate Studios, 53-79 Highgate Road, London, NW5 1TL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The company has ceased to trade, and has not undertaken a trade in the current accounting period.
The financial statements have been prepared on the
going concern
basis
due to the ongoing support of group companies. Without their support it would materially effect the company's ability to continue as a
going concern.
1.3
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Get Covered Limited
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2021
1
Accounting policies
(Continued)
Page 3
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
1
1
Get Covered Limited
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2021
Page 4
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Amounts owed by related undertakings
2,000
5
Creditors: amounts falling due within one year
2021
2020
£
£
Other creditors
4,007
1,907
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
We draw attention to note 1.2 of the financial statements, which describes the basis on which these financial statements have been prepared. Our opinion is not modified in this respect.
Senior Statutory Auditor:
Mr Athos Louca FCCA, ICPAC
Statutory Auditor:
Loucas
7
Parent company
The immediate parent company of the group is CSA Holdings Ltd, incorporated in Hong Kong, with is both the smallest and largest company into which this company is consolidated. Copies of the consolidated accounts can be obtained from
its registered office
at 221 Henderson Road, #08-01 Henderson Building, Singapore, 159557.
The ultimate controlling party of CSA Holdings Ltd is the Nelson Settlement, a discretionary trust established in Jersey in 1992.