Company Registration No. 06662688 (England and Wales)
Comms365 Limited
Unaudited financial statements
for the year ended 30 April 2023
Pages for filing with the registrar
Comms365 Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
4 - 9
Comms365 Limited
Statement of financial position
As at 30 April 2023
1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
64,679
107,859
Investments
5
272,072
272,072
336,751
379,931
Current assets
Stocks
765,960
339,644
Debtors
6
1,161,107
295,305
Cash at bank and in hand
1,536,859
1,509,625
3,463,926
2,144,574
Creditors: amounts falling due within one year
7
(1,854,481)
(800,222)
Net current assets
1,609,445
1,344,352
Total assets less current liabilities
1,946,196
1,724,283
Creditors: amounts falling due after more than one year
8
(18,942)
(29,590)
Provisions for liabilities
(3,037)
Net assets
1,927,254
1,691,656
Capital and reserves
Called up share capital
9
1,000
1,000
Share premium account
5,250
5,250
Profit and loss reserves
1,921,004
1,685,406
Total equity
1,927,254
1,691,656
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Comms365 Limited
Statement of financial position (continued)
As at 30 April 2023
2
The financial statements were approved by the board of directors and authorised for issue on 21 November 2023 and are signed on its behalf by:
Michael Van Bunnens
Director
Company Registration No. 06662688
Comms365 Limited
Statement of changes in equity
For the year ended 30 April 2023
3
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 May 2021
1,000
5,250
1,345,436
1,351,686
Year ended 30 April 2022:
Profit and total comprehensive income for the year
-
-
339,970
339,970
Balance at 30 April 2022
1,000
5,250
1,685,406
1,691,656
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
-
235,598
235,598
Balance at 30 April 2023
1,000
5,250
1,921,004
1,927,254
Comms365 Limited
Notes to the financial statements
For the year ended 30 April 2023
4
1
Accounting policies
Company information
Comms365 Limited is a private company limited by shares incorporated in England and Wales. The registered office is South House 3, Bond Avenue, Milton Keynes, MK1 1SW.
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention the principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
20% - 50% straight line
Fixtures, fittings & equipment
33.3% straight line
Computer equipment
33.3% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Fixed asset investments
Fixed asset investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
Comms365 Limited
Notes to the financial statements (continued)
For the year ended 30 April 2023
1
Accounting policies (continued)
5
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
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 statement of financial position when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors, 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.
Basic financial liabilities
Basic financial liabilities, including creditors, 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 payments 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. Amounts 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.
1.8
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.
Comms365 Limited
Notes to the financial statements (continued)
For the year ended 30 April 2023
1
Accounting policies (continued)
6
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
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.
1.11
Retirement benefits
Payments to defined contribution schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
27
29
Comms365 Limited
Notes to the financial statements (continued)
For the year ended 30 April 2023
7
3
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
61,199
88,988
Deferred tax
Origination and reversal of timing differences
(3,037)
(8,799)
Total tax charge
58,162
80,189
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2022
963,969
Additions
32,031
At 30 April 2023
996,000
Depreciation and impairment
At 1 May 2022
856,110
Depreciation charged in the year
75,211
At 30 April 2023
931,321
Carrying amount
At 30 April 2023
64,679
At 30 April 2022
107,859
5
Fixed asset investments
2023
2022
£
£
Investments
272,072
272,072
Comms365 Limited
Notes to the financial statements (continued)
For the year ended 30 April 2023
5
Fixed asset investments (continued)
8
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 May 2022 & 30 April 2023
272,072
Carrying amount
At 30 April 2023
272,072
At 30 April 2022
272,072
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,046,574
229,473
Other debtors
114,533
65,832
1,161,107
295,305
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,648
10,648
Trade creditors
240,638
154,092
Corporation tax
61,199
88,988
Other taxation and social security
288,217
186,717
Other creditors
1,253,779
359,777
1,854,481
800,222
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
18,942
29,590
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
100,000
100,000
1,000
1,000
Comms365 Limited
Notes to the financial statements (continued)
For the year ended 30 April 2023
9
Called up share capital (continued)
9
Each share is entitled to one vote in any circumstances and equal rights in any distribution.
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
Within one year
13,125
31,500
Between two and five years
13,125
13,125
44,625
11
Related party transactions
During the period to 30 June 2022, products and services were provided to Prodec Networks Limited, a company controlled by Russell Barley and Gregory Stone, amounting to £80,901 (2022 - £567,189). During the period to 30 June 2022, products and services were provided to the company by Prodec Networks Limited amounting to £nil (2022 - £36,000). Russell Barley and Gregory Stone were terminated as Director's of Prodec Networks Limited on 1 July 2022 and retained no control from this date.
During the year, products and services were provided to the company by Pervasive Solutions Limited, a company controlled by Mike Van Bunnens and Shaun Nicholls, amounting to £57,225 (2022 - £77,811).
During the year, products and services were provided to the company by IoTSi Limited, a company controlled by Mike Van Bunnens and Shaun Nicholls, amounting to £1,320 (2022 - £3,390).
12
Controlling party
There is no ultimate controlling party.