Registered number:
FOR THE YEAR ENDED 30 JUNE 2022
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COMFORT CLICK LIMITED
COMPANY INFORMATION
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COMFORT CLICK LIMITED
CONTENTS
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COMFORT CLICK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2022
The principal activity of the Company in the year under review was that of an online retailer specialising in health, beauty, cosmetics and personal care products.
Development and Performance
The fiscal year 2021-22 witnessed substantial growth in a multitude of areas including revenue, skilled manpower, inventory, and product offerings. This expansion was fueled by a concerted effort to capture a greater market share within the UK and European markets. Strategic Initiatives A considerable investment was allocated to marketing and brand development activities aimed at enhancing visibility. While these strategic moves effectively elevated revenue streams, it's important to note that the unavoidable increased expenditure and full impact of Brexit and leaving the EU exerted downward pressure on net profitability. Lessons Learned The increased demand for the company’s products has since resulted in further investment of time and working capital to support the business for the next stage of growth.
Brexit Impact
Established as a Pan-European company, the UK's exit from the EU single market had generated significant challenges across multiple facets of the business namely distribution of products and the availability of skilled labour in the UK. Logistical Hurdles Customs clearance inconsistencies between the UK and EU had created uncertainty in our supply chain. Each shipment crossing the border faced unpredictable clearance protocols, leading to operational inefficiency. Fulfilment Complexity Post-Brexit regulations prohibited direct shipments to EU customers from the UK, necessitating the utilisation of 3rd party providers (3PLs) for storage of stock and daily order fulfilment. Supplier Challenges The complexities of shipping from the UK to the EU had forced the company to secure local suppliers thereby affecting product availability at key times throughout the year. Manpower The company’s headquarters are located in the UK. Post Brexit regulations made it increasingly difficult to employ EU staff. This resulted in delayed deployment of staff and a reliance upon external contractors. Regulatory Fluctuations The nutraceutical industry is prone to frequent regulatory shifts. These types of changes are often poorly communicated and result in compliance challenges. While risks are actively monitored and discussed during board meetings to develop mitigating strategies, they nonetheless represent a constant battle.
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COMFORT CLICK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
Revenue Expansion
2022 saw a substantial 57% increase in revenue compared to the previous fiscal year, marking a pivotal growth trajectory for the company. Q4 Shift to Profit-Centric Strategy The company had focused the final quarter of the financial year towards increasing profitability. This was achieved and provided a solid foundation for the start of the following year.
Enhanced Product Portfolio
The company met its goal to increase the product portfolio. This resulted in increased basket values. Year of Strategic Investment Designating FY 2022 as a year for focused investment, the company significantly increased investments in marketing, labour, and infrastructural improvements, including the addition of a new warehouse facility in Sevenoaks, Kent with significant capacity for growth. Gains in Market Share The company enjoyed a significant increase in market share as a result of deploying additional marketing resources. Elevated Brand Recognition Consumer behaviour reflected a heightened awareness and preference for own label branded products, testifying to the efficacy of our marketing and quality of the products. Customer Acquisitions The accumulation of increased positive reviews from the existing customer base played a critical role in attracting new customers, further amplifying market reach. Improved Delivery Performance Despite an increased impact on gross margins, the integration of third-party logistics (3PLs) in the EU allowed for delivery times being cut from five to two days for EU customers. This activity notably elevated customer satisfaction and increased repeat order ratios.
Summary
The company experienced notable growth in a wide number of areas during the financial year 2021-22. Despite facing micro organisational and macro challenges like Brexit, it achieved a 57% increase in gross revenue. The ongoing risks of doing business are ever changing. However, the company is well positioned from a structural perspective to meet these challenges. Increased regulatory compliance requirements further create barriers to entry. The company is well positioned to take advantage of these dynamics in a more robust manner having invested significantly into adding to and creating internal departments with specialist knowledge and expertise. While the company successfully navigated complex logistical and regulatory problems through the first three quarters, this resulted in increased net profitability for the final quarter. These actions generated positive momentum going into the first quarter of the new year. The company continues to operate in a sector that is undeniably growing at great pace. Comfort Click uses its vast experience and specialist knowledge to create product offerings that are well researched and well received. It is able to access the market via a multitude of complementary channels and deliver products via an established network of logistical arrangements. The company heads into 2022-23 better equipped than ever before and on a trajectory to further increase market share and profitability.
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COMFORT CLICK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
This report was approved by the board on 4 October 2023 and signed on its behalf.
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COMFORT CLICK LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 JUNE 2022
The director presents his report and the financial statements for the year ended 30 June 2022.
The profit for the year, after taxation, amounted to £1,234,994 (2021 - £1,529,139).
Dividends of £750,000 were declared during the year (2021: £NIL) and paid to shareholders post year end.
The director who served during the year was:
The auditors, Haysmacintyre LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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COMFORT CLICK LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2022
The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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COMFORT CLICK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COMFORT CLICK LIMITED
We have audited the financial statements of Comfort Click Limited (the 'Company') for the year ended 30 June 2022, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We were not appointed as auditor of the company until after 30 June 2022 and thus did not observe the counting of physical inventories at the end of the year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 30 June 2022, which are included in the Company Balance Sheet at £3,016,202, by using other audit procedures. Consequently, we were unable to determine whether any adjustment to this amount was necessary. In addition, were any adjustment to the inventory balance to be required, the strategic report would also need to be amended.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We would like to draw attention to Note 21 to the financial statements which describes the prior period adjustment. Our opinion is not modified in respect of this matter.
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
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COMFORT CLICK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COMFORT CLICK LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the inventory quantities of £3,016,202 held at 30 June 2022. We have concluded that where the other information refers to the inventory balance or related balances such as cost of sales, it may be materially misstated for the same reason.
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.
Except for the matter described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's Report.
Arising solely from the limitation on the scope of our work relating to inventory, referred to above:
∙we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and
∙we were unable to determine whether adequate accounting records have been kept.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006
requires us to report to you if, in our opinion:
∙returns adequate for our audit have not been received from branches not visited by us; or
∙the parent Company financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of directors' remuneration specified by law are not made.
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COMFORT CLICK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COMFORT CLICK LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud Based on our understanding of the Company and industry, we identified that the principal risks of noncompliance with laws and regulations related to trade regulations, overseas selling, employment law, UK and overseas tax laws and regulation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, UK tax laws and regulations including, sales tax and corporation tax. We evaluated management's incentives and opportunities |or fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:
∙reviewing correspondence and filings with tax authorities;
∙discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
∙evaluating management's controls designed to prevent and detect irregularities;
∙identifying and testing journals, in particular journal entries that shared key risk characteristics; and
∙challenging assumptions and judgements made by management in their critical accounting estimates, including their stock provision.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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COMFORT CLICK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COMFORT CLICK LIMITED (CONTINUED)
Other matters
In the previous accounting period, the directors of the company took advantage of the audit exemption under s477 of the Companies Act. Therefore, the prior period financial statements were not subject to audit.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditors
10 Queen Street Place
EC4R 1AG
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COMFORT CLICK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2022
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COMFORT CLICK LIMITED
REGISTERED NUMBER: 05614133
BALANCE SHEET
AS AT 30 JUNE 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 26 form part of these financial statements.
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COMFORT CLICK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2022
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COMFORT CLICK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
Comfort Click Limited is a private company limited by shares and incorporated in England. Its registered office is 106 Lower Addiscombe Road, Croydon, Surrey, CR0 6AD.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of CC Group Services Limited as at 30 June 2022 and these financial statements may be obtained from Rapeed House, 106 Lower Addiscombe Road, Croydon, Surrey, United Kingdom, CR0 6AD..
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
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COMFORT CLICK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
2.Accounting policies (continued)
During the year the Company made a profit of £1,234,994 and had a net asset position at year end of £3,590,673. The director has reviewed the cash flow forecasts for a period of 12 months from the date of the signing of these financial statements and expect the Company to have sufficient cash and working capital to meet its liabilities as and when they fall due. On this basis, the director therefore considers it appropriate to adopt the going concern basis of preparation for these financial statements.
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COMFORT CLICK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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COMFORT CLICK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
2.Accounting policies (continued)
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COMFORT CLICK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
Stock Provision At each reporting date, stock is assessed for impairment. Management have exercised and applied judgement when determining the level of provision required for stock at year end. This process involves management reviewing the expiration date of stock and assessing it for obsolescence. Where stock is impaired, the carrying amount is reduced to its selling price less costs to sell and the impairment loss is recognised immediately in the profit and loss account. Management have concluded that no provision was required at year end on the basis of the review performed.
Analysis of turnover by country of destination:
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COMFORT CLICK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
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COMFORT CLICK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
In the March 2021 Budget, a change to the future UK corporation tax rate was announced, indicating that
the rate will increase to 25% from April 2023. There is no deferred tax at the reporting date. Future deferred tax balances will be measured at 25%.
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COMFORT CLICK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
On 30 June 2022 the directors proposed a dividend of £750,000.
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COMFORT CLICK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
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COMFORT CLICK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
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COMFORT CLICK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
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COMFORT CLICK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
19.Share capital (continued)
Ordinary shares in issue totalled 135 in both years, however the share capital value was incorrectly recorded at £100 in 2021. There has been no prior year adjustment due to the monetary value being deemed immaterial.
Profit and loss account
The Company has become aware of unrecognised revenue and fees associated with sales of goods which were not previously recognised. Consequently, the revenue and fees previously reported were understated and the trade debtors were overstated. The Company has recognised the tax impact of the restatement to revenue and fees, resulting in a decrease to the corporation tax charge and liability.
The Company has reconciled and rectified the issues and the impact on the Company financial statements is detailed below.
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COMFORT CLICK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £2,452 (2021: £1,498). Contributions totalling £488 (2021: £271) were payable to the fund at the reporting date.
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COMFORT CLICK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
The immediate parent company and ultimate parent company of Comfort Click Limited is CC Group Services Limited, a company registered in England & Wales.
The largest and smallest group in which the results of the Company are consolidated is that of which CC Group Services Limited is the parent company. The consolidated financial statements of CC Group Services Limited may be obtained from Rapeed House, 106 Lower Addiscombe Road, Croydon, Surrey, CR0 6AD. The director does not consider there to be one ultimate controlling party.
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