Comelec Limited 05625737 false 2022-08-01 2023-07-31 2023-07-31 The principal activity of the company is Electrical Engineers Digita Accounts Production Advanced 6.30.9574.0 true true 05625737 2022-08-01 2023-07-31 05625737 2023-07-31 05625737 core:RetainedEarningsAccumulatedLosses 2023-07-31 05625737 core:ShareCapital 2023-07-31 05625737 core:CurrentFinancialInstruments 2023-07-31 05625737 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 05625737 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 05625737 core:FurnitureFittingsToolsEquipment 2023-07-31 05625737 core:MotorVehicles 2023-07-31 05625737 bus:SmallEntities 2022-08-01 2023-07-31 05625737 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 05625737 bus:AbridgedAccounts 2022-08-01 2023-07-31 05625737 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 05625737 bus:RegisteredOffice 2022-08-01 2023-07-31 05625737 bus:Director1 2022-08-01 2023-07-31 05625737 bus:Director2 2022-08-01 2023-07-31 05625737 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 05625737 core:Goodwill 2022-08-01 2023-07-31 05625737 core:FurnitureFittingsToolsEquipment 2022-08-01 2023-07-31 05625737 core:MotorVehicles 2022-08-01 2023-07-31 05625737 core:PlantMachinery 2022-08-01 2023-07-31 05625737 countries:England 2022-08-01 2023-07-31 05625737 2022-07-31 05625737 core:FurnitureFittingsToolsEquipment 2022-07-31 05625737 core:MotorVehicles 2022-07-31 05625737 2021-08-01 2022-07-31 05625737 2022-07-31 05625737 core:RetainedEarningsAccumulatedLosses 2022-07-31 05625737 core:ShareCapital 2022-07-31 05625737 core:CurrentFinancialInstruments 2022-07-31 05625737 core:CurrentFinancialInstruments core:WithinOneYear 2022-07-31 05625737 core:Non-currentFinancialInstruments core:AfterOneYear 2022-07-31 05625737 core:FurnitureFittingsToolsEquipment 2022-07-31 05625737 core:MotorVehicles 2022-07-31 iso4217:GBP xbrli:pure

Registration number: 05625737

Comelec Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 July 2023

 

Comelec Limited

Directors' Report for the Year Ended 31 July 2023

The directors present their report and the abridged financial statements for the year ended 31 July 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr Jeremy Wall

Mr John Burrows

Principal activity

The principal activity of the company is Electrical Engineers

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 20 February 2024 and signed on its behalf by:
 

.........................................
Mr Jeremy Wall
Director

.........................................
Mr John Burrows
Director

 

Comelec Limited

(Registration number: 05625737)
Abridged Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

12,501

17,500

Tangible assets

6

33,341

33,271

 

45,842

50,771

Current assets

 

Stocks

7

42,134

29,765

Debtors

8

332,695

174,238

Cash at bank and in hand

 

202,566

134,888

 

577,395

338,891

Prepayments and accrued income

 

3,339

2,217

Creditors: Amounts falling due within one year

(336,561)

(264,335)

Net current assets

 

244,173

76,773

Total assets less current liabilities

 

290,015

127,544

Creditors: Amounts falling due after more than one year

(18,333)

(28,333)

Provisions for liabilities

(8,291)

(6,321)

Accruals and deferred income

 

(14,683)

(8,297)

Net assets

 

248,708

84,593

Capital and reserves

 

Called up share capital

9

1,000

1,000

Retained earnings

247,708

83,593

Shareholders' funds

 

248,708

84,593

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Comelec Limited

(Registration number: 05625737)
Abridged Balance Sheet as at 31 July 2023

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 20 February 2024 and signed on its behalf by:
 

.........................................
Mr Jeremy Wall
Director

.........................................
Mr John Burrows
Director

 

Comelec Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
26-27 Sibthorpe Street
Mansfield
NG18 5DE
England

These financial statements were authorised for issue by the Board on 20 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Comelec Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Plant and machinery

15% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Godwill

5% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Comelec Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Comelec Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Defined benefit pension obligation

Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.

The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date minus the fair value of plan assets. The defined benefit obligation is measured using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future payments by reference to market yields at the reporting date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.

Actuarial gains and losses are charged or credited to other comprehensive income in the period in which they arise.

 

Comelec Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2022 - 13).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

10,925

5,175

Amortisation expense

5,000

5,000

 

Comelec Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

5

Intangible assets

Total
£

Cost or valuation

At 1 August 2022

100,000

At 31 July 2023

100,000

Amortisation

At 1 August 2022

82,499

Amortisation charge

5,000

At 31 July 2023

87,499

Carrying amount

At 31 July 2023

12,501

At 31 July 2022

17,500

6

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2022

53,864

17,250

71,114

Additions

-

10,964

10,964

At 31 July 2023

53,864

28,214

82,078

Depreciation

At 1 August 2022

37,094

719

37,813

Charge for the year

4,050

6,874

10,924

At 31 July 2023

41,144

7,593

48,737

Carrying amount

At 31 July 2023

12,720

20,621

33,341

At 31 July 2022

16,740

16,531

33,271

 

Comelec Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

7

Stocks

2023
£

2022
£

Work in progress

37,134

24,765

Finished goods and goods for resale

5,000

5,000

42,134

29,765

8

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

1,000

1,000

1,000

1,000