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Registration number: 01664479

Comid Engineering Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

Comid Engineering Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Comid Engineering Limited

Company Information

Director

Mr Paul Rowbotham

Company secretary

Julie Rowbotham

Registered office

Townfield Works
Green Acres Road
Oldham
Lancs
OL4 2AB

Accountants

Bright Partnership LLP
26 Edward Court
Altrincham Business Park
Altrincham
WA14 5GL

 

Comid Engineering Limited

(Registration number: 01664479)
Statement of Financial Position as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

143,379

155,838

Current assets

 

Stocks

16,561

21,733

Debtors

6

789,004

801,166

Other financial assets

1,201,968

1,139,508

Cash at bank and in hand

 

2,715,237

2,141,849

 

4,722,770

4,104,256

Creditors: Amounts falling due within one year

7

(419,858)

(442,136)

Net current assets

 

4,302,912

3,662,120

Total assets less current liabilities

 

4,446,291

3,817,958

Provisions for liabilities

(30,398)

(40,896)

Net assets

 

4,415,893

3,777,062

Capital and reserves

 

Called up share capital

8

13,015

13,015

Retained earnings

4,402,878

3,764,047

Shareholders' funds

 

4,415,893

3,777,062

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 5 March 2024
 

 

Comid Engineering Limited

(Registration number: 01664479)
Statement of Financial Position as at 30 September 2023

.........................................
Mr Paul Rowbotham
Director

 

Comid Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

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

The address of its registered office is:
Townfield Works
Green Acres Road
Oldham
Lancs
OL4 2AB

These financial statements were authorised for issue by the director on 5 March 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 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 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.

These financial statements are presented in sterling, which is the functional curency of the entity.

 

Comid Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

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.

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 statement of financial position 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:

 

Comid Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Asset class

Depreciation method and rate

Freehold property

2% straight line

Property improvements

33% straight line

Plant and machinery

15% reducing balance

Fixture and fittings

15% reducing balance

Motor vehicles

25% reducing balance

Computer equipment

25% 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

Goodwill

20% 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.

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.

 

Comid Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 27 (2022 - 27).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2022

25,400

25,400

At 30 September 2023

25,400

25,400

Amortisation

At 1 October 2022

25,400

25,400

At 30 September 2023

25,400

25,400

Carrying amount

At 30 September 2023

-

-

 

Comid Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2022

86,603

445,990

98,351

630,944

Additions

2,685

8,220

-

10,905

At 30 September 2023

89,288

454,210

98,351

641,849

Depreciation

At 1 October 2022

42,079

356,075

76,952

475,106

Charge for the year

2,489

15,525

5,350

23,364

At 30 September 2023

44,568

371,600

82,302

498,470

Carrying amount

At 30 September 2023

44,720

82,610

16,049

143,379

At 30 September 2022

44,524

89,915

21,399

155,838

6

Debtors

Current

2023
£

2022
£

Trade debtors

754,760

784,356

Prepayments

34,244

16,810

 

789,004

801,166

 

Comid Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

60,120

164,556

Taxation and social security

282,759

200,380

Accruals and deferred income

5,059

7,889

Other creditors

71,920

69,311

419,858

442,136

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £0.10 each

130,150

13,015

130,150

13,015

         

9

Financial instruments

Categorisation of financial instruments

2023
 £

2022
 £

Financial assets measured at fair value through profit or loss

1,201,968

1,139,508

Financial assets measured at fair value

Current asset investments
The fair value of listed investments is based on the published share price at the reporting date.

The fair value is £1,201,968 (2022 - £1,139,508) and the change in value included in profit or loss is £43,861 (2022 - £(195,579)).