Company Registration No. 09504974 (England and Wales)
Close Comms Limited
Unaudited accounts
for the year ended 31 December 2022
Close Comms Limited
Unaudited accounts
Contents
Close Comms Limited
Company Information
for the year ended 31 December 2022
Directors
Mr C N Smith
Mr A F Gratte
Company Number
09504974 (England and Wales)
Registered Office
BRIDGE BUILDINGS
GODFREY ROAD
NEWPORT
NP20 4NX
WALES
Accountants
STAS Ltd
253 Cowbridge Road West
Cardiff
CF5 5TD
Close Comms Limited
Accountants' report
Accountants' report to the board of directors of Close Comms Limited on the preparation of the unaudited statutory accounts for the year ended 31 December 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Close Comms Limited for the year ended
31 December 2022 as set out on pages
5 -
8 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Close Comms Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Close Comms Limited and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Close Comms Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Close Comms Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Close Comms Limited. You consider that Close Comms Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Close Comms Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
STAS Ltd
253 Cowbridge Road West
Cardiff
CF5 5TD
30 September 2023
Close Comms Limited
Statement of financial position
as at 31 December 2022
Intangible assets
199,824
199,824
Tangible assets
24,084
24,084
Cash at bank and in hand
(1,613)
(16,506)
Creditors: amounts falling due within one year
(93,253)
(1,294,622)
Net current liabilities
(44,101)
(1,310,725)
Total assets less current liabilities
179,807
(1,086,817)
Creditors: amounts falling due after more than one year
(1,271,554)
-
Net liabilities
(1,091,747)
(1,086,817)
Called up share capital
578
578
Share premium
1,035,773
1,035,773
Profit and loss account
(2,128,098)
(2,123,168)
Shareholders' funds
(1,091,747)
(1,086,817)
For the year ending 31 December 2022 the company was entitled to exemption from audit 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 and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2023 and were signed on its behalf by
Mr C N Smith
Director
Company Registration No. 09504974
Close Comms Limited
Notes to the Accounts
for the year ended 31 December 2022
Close Comms Limited is a private company, limited by shares, registered in England and Wales, registration number 09504974. The registered office is BRIDGE BUILDINGS, GODFREY ROAD, NEWPORT, NP20 4NX, WALES.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
20% reducing balance
Computer equipment
20% reducing balance
Expenditure on research and development is written off in the year in which it is incurred.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Close Comms Limited
Notes to the Accounts
for the year ended 31 December 2022
The accounts have been prepared on the going concern basis, as the directors believes that the company is a viable concern. The directors and shareholders have continued to financially support the company to the time of sale of their software platform.
4
Intangible fixed assets
Other
At 31 December 2022
199,824
At 31 December 2022
199,824
At 31 December 2021
199,824
5
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 January 2022
6,987
43,521
50,508
At 31 December 2022
6,987
43,521
50,508
At 1 January 2022
3,752
22,672
26,424
At 31 December 2022
3,752
22,672
26,424
At 31 December 2022
3,235
20,849
24,084
At 31 December 2021
3,235
20,849
24,084
Amounts falling due within one year
Amounts falling due after more than one year
Amounts due from group undertakings etc.
40,000
-
Close Comms Limited
Notes to the Accounts
for the year ended 31 December 2022
7
Creditors: amounts falling due within one year
2022
2021
Trade creditors
1,505
1,504
Taxes and social security
91,748
71,068
Loans from directors
-
1,222,050
8
Creditors: amounts falling due after more than one year
2022
2021
Amounts owed to group undertakings and other participating interests
1,271,554
-
9
Transactions with related parties
During the year MIBA and it's associated parties loaned £795,530 to the company. The balance owing at the end of the year was £1,146,900 and is included within creditors due within 1 year.
The controlling party is the MIBA Group by virtue of shares held.
11
Average number of employees
During the year the average number of employees was 12 (2021: 12).