Company registration number 01624734 (England and Wales)
COMCAS SERVICES LIMITED
A COMPANY LIMITED BY GUARANTEE NOT HAVING A SHARE CAPITAL
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
COMCAS SERVICES LIMITED
A COMPANY LIMITED BY GUARANTEE NOT HAVING A SHARE CAPITAL
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
COMCAS SERVICES LIMITED
A COMPANY LIMITED BY GUARANTEE NOT HAVING A SHARE CAPITAL
STATEMENT OF FINANCIAL POSITION
AS AT
30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
239,038
310,984
Investments
4
3
1
239,041
310,985
Current assets
Debtors
6
536,619
492,576
Cash at bank and in hand
4,183,759
3,856,662
4,720,378
4,349,238
Creditors: amounts falling due within one year
7
(2,769,493)
(2,439,579)
Net current assets
1,950,885
1,909,659
Total assets less current liabilities
2,189,926
2,220,644
Provisions for liabilities
8
(44,000)
(61,000)
Net assets
2,145,926
2,159,644
Reserves
Profit and loss reserves
2,145,926
2,159,644
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 16 April 2024 and are signed on its behalf by:
R. Millett K.C
Director
Company Registration No. 01624734
COMCAS SERVICES LIMITED
A COMPANY LIMITED BY GUARANTEE NOT HAVING A SHARE CAPITAL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 2 -
1
Accounting policies
Company information
Comcas Services Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Devonshire House, 1 Devonshire Street, London, W1W 5DR. The company's principal place of business is Essex Court Chambers, 24-28 Lincoln's Inn Fields, London, WC2A 3EG.
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 represents service charges, excluding value added tax, receivable from members during the year. Income is recognised over the period in which the services are provided and is recognised when a right to consideration arises.
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:
Fixtures, fittings and equipment
25% reducing balance basis
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
Interests in subsidiaries 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.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
COMCAS SERVICES LIMITED
A COMPANY LIMITED BY GUARANTEE NOT HAVING A SHARE CAPITAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities are classified according to the substance of the contractual arrangements entered into.
Basic financial liabilities
Basic financial liabilities, including creditors are initially recognised at transaction price. 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.
1.7
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.
COMCAS SERVICES LIMITED
A COMPANY LIMITED BY GUARANTEE NOT HAVING A SHARE CAPITAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
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.
1.9
Retirement benefits
The company contributes to the personal pension schemes of certain employees. The company's contributions are charged to the profit and loss account as incurred.
1.10
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 are included in the income statement for the period.
1.11
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.
2
Employees
The average monthly number of persons employed by the company during the year was 41 (2022 - 39).
COMCAS SERVICES LIMITED
A COMPANY LIMITED BY GUARANTEE NOT HAVING A SHARE CAPITAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2022
3,860,246
Additions
71,120
Disposals
(2,689,033)
At 30 September 2023
1,242,333
Depreciation and impairment
At 1 October 2022
3,549,262
Depreciation charged in the year
95,255
Eliminated in respect of disposals
(2,641,222)
At 30 September 2023
1,003,295
Carrying amount
At 30 September 2023
239,038
At 30 September 2022
310,984
4
Fixed asset investments
2023
2022
£
£
Investments
3
1
Movements in fixed asset investments
Unlisted investments
£
Cost or valuation
At 1 October 2022
1
Additions
2
At 30 September 2023
3
Carrying amount
At 30 September 2023
3
At 30 September 2022
1
5
Subsidiaries
Details of the company's subsidiaries at 30 September 2023 are as follows:
COMCAS SERVICES LIMITED
A COMPANY LIMITED BY GUARANTEE NOT HAVING A SHARE CAPITAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
5
Subsidiaries
(Continued)
- 6 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Four Essex Court Limited
England and Wales
"A" & "Ordinary"
100.00
The aggregate capital and reserves and the result for the year of the subsidiary noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Four Essex Court Limited
31,551
1,294
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
165,723
100,494
Other debtors
370,896
392,082
536,619
492,576
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
130,116
106,724
Amounts owed to group undertakings
230,890
50,445
Corporation tax
84,600
90,100
Other taxation and social security
181,198
98,930
Other creditors
2,142,689
2,093,380
2,769,493
2,439,579
8
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
44,000
61,000
9
Retirement benefit schemes
The company operates a defined contribution pension scheme for all qualifying employees. At the year end there were outstanding pension commitments of £11,761 (2022: £9,295) included within other creditors.
COMCAS SERVICES LIMITED
A COMPANY LIMITED BY GUARANTEE NOT HAVING A SHARE CAPITAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 7 -
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was David Marks FCA.
The auditor was TC Group.
11
Related party transactions
The company occupies the premises situated at 24 to 28 Lincoln's Inn Fields, London, WC2A 3EG and 4th, 5th and 6th floors, 289 High Holborn, London, WC1V 7HZ under an informal licence agreement with its landlord, Four Essex Court Limited, a subsidiary of the company.
The amount charged by Four Essex Court Limited to Comcas Services Limited for the occupation of these properties during the year was £2,052,315 (2022: £1,866,266).
As at the balance sheet date, Comcas Services Limited owed Four Essex Court Limited £230,890 (2022: £50,445), which is interest free, unsecured and repayable on demand.