Company registration number 09919265 (England and Wales)
KOMFORT PARTITIONING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
KOMFORT PARTITIONING LIMITED
COMPANY INFORMATION
Directors
Mr S J Eyles
Mr M E Colley
Mr J E H Smith
Company number
09919265
Registered office
Unit 501, Axcess 10,
Bentley Road, South Darlaston
Wednesbury
UK
WS10 8LQ
Auditor
Azets Audit Services
St Davids Court
Union Street
Wolverhampton
West Midlands
United Kingdom
WV1 3JE
KOMFORT PARTITIONING LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9 - 10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 28
KOMFORT PARTITIONING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Review of the business

The strategic move towards higher margin large project works continues to pay dividends. A significant number of high margin Major and Firescreen projects have been secured in the year. We have completed our first project of a value in excess of £1m which was a huge success. We continue to develop profitable, complementary products to enhance our portfolio. The order book at the year-end was at circa £7m. The Pipeline of projects was also at record levels.

 

As with all construction related businesses, the company's performance previously compromised by the events in the Ukraine has now stabilized and we are seeing material cost stability. The business previously faced significant fuel related cost challenges, particularly for gas, transport, glass and aluminium manufacture. This has now stabilized and we are seeing the benefits to the company's overall Gross Profit Percentage increased for the second consecutive year from 37.7% to 42.2%, mainly due to the company's successful Continuous Improvement Programme and costing stability.

Principal risks and uncertainties

The company operates solely in the construction sector and therefore remains affected by the overall investment and general activity levels within the UK Construction Industry, We no longer have the uncertainty surrounding COVID and BREXIT which is a huge relief. The steps we took with our supply chain to secure deliveries to cope with these factors appear to have paid dividends to date. The UK Construction Industry is tightly aligned to the overall health of the UK economy which in turn is directly affected by the Global Economic situation. We have seen some minor supply-chain issues with the ongoing conflict in the Middle East surrounding the shipment of goods but this has largely not affected us due to dual-sourcing of goods.

 

Accordingly, we will consistently monitor and assess the likely impact of the Ukraine situation and the Middle East on our market and customers and our supply chain, particularly gas supplies. We are determined and vigilant and will take early and proportionate actions to protect the business should the need arise.

 

Komfort have positioned themselves with new products, in new markets and we are now ready for the expected bounce-back in our market that is materialising. The order book at the year-end was at record levels and our pipeline for projects is also at record levels. There as significant indicators that order intake will remain positive and a very strong trading performance in 2024 is expected.

Key performance indicators

The financial key performance indicators used by the directors in their assessment of the company's performance are:

2023
2022
£'000
£'000
Turnover
21,133
22,930
Gross profit
8,909
8,643

The gross profit margin was 42.2% compared with 37.7% in the prior period.

On behalf of the board

Mr S J Eyles
Director
16 April 2024
KOMFORT PARTITIONING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company in the year under review was that of providing goods and services in relation to the installation of internal building partitions.

Results and dividends

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

No preference dividends were paid.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr S J Eyles
Mr M E Colley
Mr J E H Smith
Future developments

Our mission is to sustainably grow our business through establishing Komfort as the leading supplier of partitioning solutions in the UK. Our strategy is to invest in growth within higher margin revenue streams whilst at the same time seeking to improve efficient across the business. Our commercial strategy remains to target major project opportunities by evolving our core product offer with increased performance certification. We are also adding new portfolio product ranges, either manufactured or third party to our ranges to expand what we can offer to our key customer groups.

 

During 2024 we will look to continue to maximise the operational efficiencies of our business as well as continue to evolve and innovate our product range and approach to the market.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr S J Eyles
Mr M E Colley
Director
Director
Mr J E H Smith
Director
16 April 2024
KOMFORT PARTITIONING LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are 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 directors are required to:

 

 

The directors are 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are 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.

KOMFORT PARTITIONING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF KOMFORT PARTITIONING LIMITED
- 4 -
Opinion

We have audited the financial statements of Komfort Partitioning Limited (the 'company') for the year ended 31 December 2023 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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).

In our opinion the financial statements:

Basis for opinion

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 Auditor's 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 UK, including the FRC’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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are 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.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

KOMFORT PARTITIONING LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF KOMFORT PARTITIONING LIMITED
- 5 -
Matters on which we are required to report by exception

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 directors' report.

 

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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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 auditor's 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

KOMFORT PARTITIONING LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF KOMFORT PARTITIONING LIMITED
- 6 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

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 auditor's 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.

Lee Meredith BFP ACA
Senior Statutory Auditor
For and on behalf of Azets Audit Services
22 April 2024
Chartered Accountants
Statutory Auditor
St Davids Court
Union Street
Wolverhampton
West Midlands
United Kingdom
WV1 3JE
KOMFORT PARTITIONING LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
21,132,534
22,930,473
Cost of sales
(12,223,717)
(14,287,492)
Gross profit
8,908,817
8,642,981
Administrative expenses
(8,465,288)
(8,550,120)
Operating profit
4
443,529
92,861
Interest payable and similar expenses
7
(178,510)
(130,470)
Profit/(loss) before taxation
265,019
(37,609)
Tax on profit/(loss)
8
(42,052)
220,485
Profit for the financial year
222,967
182,876

The profit and loss account has been prepared on the basis that all operations are continuing operations.

KOMFORT PARTITIONING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
£
£
Profit for the year
222,967
182,876
Other comprehensive income
-
-
Total comprehensive income for the year
222,967
182,876
KOMFORT PARTITIONING LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
9
5,500
11,000
Other intangible assets
9
180,905
288,737
Total intangible assets
186,405
299,737
Tangible assets
10
223,975
259,876
410,380
559,613
Current assets
Stocks
12
1,041,501
1,275,143
Debtors
13
5,104,681
6,531,887
Cash at bank and in hand
122,115
86,390
6,268,297
7,893,420
Creditors: amounts falling due within one year
14
(5,071,665)
(7,132,630)
Net current assets
1,196,632
760,790
Total assets less current liabilities
1,607,012
1,320,403
Creditors: amounts falling due after more than one year
15
(426,673)
(329,625)
Provisions for liabilities
Provisions
17
195,697
247,851
(195,697)
(247,851)
Net assets
984,642
742,927
Capital and reserves
Called up share capital
21
2,932,260
2,913,515
Share premium account
923,900
923,900
Capital redemption reserve
3
-
0
Profit and loss reserves
(2,871,521)
(3,094,488)
Total equity
984,642
742,927
KOMFORT PARTITIONING LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 10 -
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:
Mr S J Eyles
Mr M E Colley
Director
Director
Mr J E H Smith
Director
Company Registration No. 09919265
KOMFORT PARTITIONING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2022
2,913,515
923,900
-
0
(3,277,364)
560,051
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
-
182,876
182,876
Balance at 31 December 2022
2,913,515
923,900
-
0
(3,094,488)
742,927
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
222,967
222,967
Conversion of loan to shares
21
18,748
-
0
-
-
18,748
Redemption of shares
21
(3)
-
0
3
-
0
-
0
Balance at 31 December 2023
2,932,260
923,900
3
(2,871,521)
984,642
KOMFORT PARTITIONING LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
25
1,165,493
(604,285)
Interest paid
(178,510)
(130,470)
Income taxes refunded
-
0
51,000
Net cash inflow/(outflow) from operating activities
986,983
(683,755)
Investing activities
Purchase of intangible assets
(1,745)
(16,432)
Purchase of tangible fixed assets
(86,107)
(96,950)
Net cash used in investing activities
(87,852)
(113,382)
Financing activities
Proceeds from issue of shares
18,748
-
0
Net movement on invoice financing
(1,049,015)
909,402
Proceeds from new bank loans
233,314
-
0
Repayment of bank loans
(66,453)
(186,875)
Net cash (used in)/generated from financing activities
(863,406)
722,527
Net increase/(decrease) in cash and cash equivalents
35,725
(74,610)
Cash and cash equivalents at beginning of year
86,390
161,000
Cash and cash equivalents at end of year
122,115
86,390
KOMFORT PARTITIONING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
1
Accounting policies
Company information

Komfort Partitioning Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 501, Axcess 10, Bentley Road, South Darlaston, Wednesbury, UK, WS10 8LQ.

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.

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
Going concern

The directors have considered the company's financial position, trading and cash flow projections, and have a reasonable expectation that the company has adequate resources to continue to trade into the foreseeable future. The company therefore continues to adopt the going concern basis in preparing the financial statements.true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and 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 the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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 determined based on customer certification.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

KOMFORT PARTITIONING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Development costs
5 years straight line
Other intangibles assets
5 years straight line
1.7
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:

Short leasehold
10% straight line
Plant and equipment
25% and 33% straight line
Fixtures and fittings
10% - 33% straight line
Computers
33% straight line
Motor vehicles
33% - 100% 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.

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

KOMFORT PARTITIONING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

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.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
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 balance sheet 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 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

KOMFORT PARTITIONING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

KOMFORT PARTITIONING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.12
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.

1.13
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 profit and loss account 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.

 

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 profit and loss account, 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.

1.14
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

KOMFORT PARTITIONING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.15
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.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charges to profit or loss in the period to which they relate.

 

Invoice financing

The company has an invoice financing arrangement in place where finance is advanced against the value of approved invoices. The amount outstanding at the balance sheet date is included within creditors and the applicable interest posted to the Income Statement.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

KOMFORT PARTITIONING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 19 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Stock provision

A provision is made by management to reflect obsolete and slow moving stock. This estimate is made with reference to the ageing profile of stock and knowledge of the industry.

Dilapidations provision

A provision is made my management to reflect to the cost associated with covenants included within commercial leases that the company has agreed to. The provision is included in the financial statements at its net present value at the balance sheet date.

Bad debt provision

Provisions made for trade debtor balances outstanding at the balance sheet date in which management have doubts over the recoverability of the balance.

Contract revenue

Revenue from contracts is recognised based on the percentage of completion certified at the balance sheet date, revenue is accrued and deferred based on this.

3
Turnover
2023
2022
£
£
Turnover analysed by geographical market
UK Sales
21,093,673
22,925,964
European Sales
13,658
4,509
Rest of the World Sales
25,203
-
21,132,534
22,930,473
4
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
22,000
19,025
Depreciation of owned tangible fixed assets
110,289
108,074
Loss on disposal of tangible fixed assets
11,719
-
Amortisation of intangible assets
115,077
124,935
Operating lease charges
741,446
706,415
KOMFORT PARTITIONING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Operations
92
100
Sales & marketing
28
34
Administration
11
12
Management
2
2
Total
133
148

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
4,754,669
5,008,152
Social security costs
470,640
513,272
Pension costs
140,903
149,138
5,366,212
5,670,562
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
252,871
262,000
Company pension contributions to defined contribution schemes
27,300
12,000
280,171
274,000

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2022 - 2).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
137,178
142,000
Company pension contributions to defined contribution schemes
13,500
7,000
KOMFORT PARTITIONING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
7
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
36,094
44,265
Other finance costs:
Other interest
142,416
86,205
178,510
130,470
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
-
0
(51,895)
Deferred tax
Origination and reversal of timing differences
42,052
(168,590)
Total tax charge/(credit)
42,052
(220,485)

The actual charge/(credit) for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit/(loss) before taxation
265,019
(37,609)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
62,334
(7,146)
Tax effect of expenses that are not deductible in determining taxable profit
2,523
1,000
Adjustments in respect of prior years
(34,140)
-
0
Permanent capital allowances in excess of depreciation
-
0
(1,000)
Depreciation on assets not qualifying for tax allowances
2,996
25,491
Research and development tax credit
-
0
(50,510)
Other permanent differences
-
0
(810)
Movement in deferred tax not recognised
-
0
(187,510)
Remeasurement of deferred tax for changes in tax rates
8,339
-
0
Taxation charge/(credit) for the year
42,052
(220,485)
KOMFORT PARTITIONING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
9
Intangible fixed assets
Goodwill
Development costs
Other intangibles assets
Total
£
£
£
£
Cost
At 1 January 2023
27,500
705,942
3,000
736,442
Additions
-
0
1,745
-
0
1,745
At 31 December 2023
27,500
707,687
3,000
738,187
Amortisation and impairment
At 1 January 2023
16,500
417,205
3,000
436,705
Amortisation charged for the year
5,500
109,577
-
0
115,077
At 31 December 2023
22,000
526,782
3,000
551,782
Carrying amount
At 31 December 2023
5,500
180,905
-
0
186,405
At 31 December 2022
11,000
288,737
-
0
299,737
10
Tangible fixed assets
Short leasehold
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
37,655
531,275
363,694
121,394
45,728
1,099,746
Additions
-
0
29,638
45,948
10,521
-
0
86,107
Disposals
-
0
-
0
(28,995)
(12,923)
(5,000)
(46,918)
At 31 December 2023
37,655
560,913
380,647
118,992
40,728
1,138,935
Depreciation and impairment
At 1 January 2023
23,221
479,805
194,555
96,561
45,728
839,870
Depreciation charged in the year
-
0
54,783
40,166
15,340
-
0
110,289
Eliminated in respect of disposals
-
0
-
0
(17,276)
(12,923)
(5,000)
(35,199)
At 31 December 2023
23,221
534,588
217,445
98,978
40,728
914,960
Carrying amount
At 31 December 2023
14,434
26,325
163,202
20,014
-
0
223,975
At 31 December 2022
14,434
51,470
169,139
24,833
-
0
259,876
KOMFORT PARTITIONING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
11
Financial instruments
2023
2022
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
4,025,818
5,329,473
Carrying amount of financial liabilities
Measured at amortised cost
5,498,338
7,462,255

Financial assets that are debt instruments measured at amortised cost comprise cash at bank and in hand, trade debtors, amounts due from related parties, other debtors and accrued income.

 

Financial liabilities measured at amortised cost comprise bank loans and invoice discounting, trade creditors, obligations under finance leases, taxation and social security, other creditors and accruals.

12
Stocks
2023
2022
£
£
Raw materials and consumables
910,137
1,085,855
Work in progress
8,824
21,084
Finished goods and goods for resale
122,540
168,204
1,041,501
1,275,143
13
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,240,617
4,300,995
Amounts owed by group undertakings
2,062
-
0
Other debtors
661,024
942,088
Prepayments and accrued income
364,418
410,192
4,268,121
5,653,275
Deferred tax asset (note 19)
836,560
-
0
5,104,681
5,653,275
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 19)
-
0
878,612
Total debtors
5,104,681
6,531,887
KOMFORT PARTITIONING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
14
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans
16
257,813
188,000
Trade creditors
2,302,065
2,355,218
Taxation and social security
341,847
590,796
Other creditors
1,860,385
3,171,780
Accruals and deferred income
309,555
826,836
5,071,665
7,132,630

Included within other creditors is an invoice financing facility with a nominal interest rate of 1.90% above the greater of Bank of England base rate and 0%. The carrying amount at the balance sheet date is £1,860,387 (December 2022: £2,909,402).

15
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
16
426,673
329,625
16
Loans and overdrafts
2023
2022
£
£
Bank loans
684,486
517,625
Payable within one year
257,813
188,000
Payable after one year
426,673
329,625

The bank loan is repayable in quarterly instalments, with the first instalment paid in December 2021. The final repayment is due 30 September 2025. Interest is charged at 7% above the Bank of England base rate. Interest was paid directly by the UK Government for the first 12 months of the loan. Thereafter, interest is payable by the company.

17
Provisions for liabilities
2023
2022
£
£
Other provisions
195,697
247,851
KOMFORT PARTITIONING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
17
Provisions for liabilities
(Continued)
- 25 -
Movements on provisions:
Other provisions
£
At 1 January 2023
247,851
Other movements
(52,154)
At 31 December 2023
195,697
18
Secured Debts

Lloyds Bank Commercial Finance Limited (invoice finance) has a first fixed charge and floating charge over the property and undertaking of the business.

 

MEIF WM Debt LP acting by its general partner Maven MEIF (WM) GP (ONE) Limited (bank loan) has a fixed and floating charge over the property and undertaking of the business.

19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
Assets
2023
2022
Balances:
£
£
Accelerated capital allowances
(10,011)
(15,000)
Tax losses
825,071
893,612
Short term timing differences
21,500
-
836,560
878,612
2023
Movements in the year:
£
Asset at 1 January 2023
(878,612)
Charge to profit or loss
42,052
Asset at 31 December 2023
(836,560)

The deferred tax asset set out above is expected to reverse within 12 months and relates primarily to the utilisation of tax losses against future expected profits of the same period.

KOMFORT PARTITIONING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
140,903
149,138

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

21
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
2,893,412
2,893,412
2,893,412
2,893,412
B Ordinary of 0.1p each
-
3,080
-
3
C Ordinary of £1 each
-
20,000
-
20,000
A2 Ordinary of 2.35p each
1,648,867
-
38,748
-
4,542,279
2,916,492
2,932,160
2,913,415
2023
2022
2023
2022
Preference share capital
Number
Number
£
£
Issued and fully paid
Preferred of 0.1p each
100,000
100,000
100
100
Preference shares classified as equity
100
100
Total equity share capital
2,932,260
2,913,515
22
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
954,098
866,000
Between two and five years
2,318,551
2,420,000
In over five years
926,214
1,601,000
4,198,863
4,887,000
KOMFORT PARTITIONING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
23
Related party transactions
Remuneration of key management personnel

The directors are considered to represent the key management personnel of the company. Details of their remuneration are shown in note 5.

Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2023
2022
2023
2022
£
£
£
£
Other companies with common directors
-
1,000
-
32,000

Merino Industries Limited

 

Company with common directors

 

During the period consultancy fees of £50,000 (31 December 2022: £50,000) were charged by Merino Industries Limited.

 

At the period end £90,000 (2022: £55,000) was due to Merino Industries Limited, in relation to consultancy fees.

 

 

Merino Management Limited

 

Included within creditors due in more than one year is a balance of £54,308 (2022: £nil) owed to Merino Management Limited.

2023
2022
Amounts due to related parties
£
£
Other companies with common directors
-
36,000
24
Ultimate controlling party

At the year end Clearsight Turnaround Fund III (SCA) SICAV-SIF (incorporated in Luxembourg) was regarded by the directors as being the company's ultimate parent company and was the Relevant Legal Entity registered at Companies House.

 

On 16 February 2024, the above was superseded by Mr M E Colley as the person with significant control.

As of this date, there ceased to be an ultimate parent company.

KOMFORT PARTITIONING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
25
Cash generated from/(absorbed by) operations
2023
2022
£
£
Profit for the year after tax
222,967
182,876
Adjustments for:
Taxation charged/(credited)
42,052
(218,852)
Finance costs
178,510
130,470
Loss on disposal of tangible fixed assets
11,719
-
Amortisation and impairment of intangible assets
115,077
124,935
Depreciation and impairment of tangible fixed assets
110,289
108,074
(Decrease)/increase in provisions
(52,154)
19,851
Movements in working capital:
Decrease/(increase) in stocks
233,642
(111,143)
Decrease/(increase) in debtors
1,385,154
(1,493,775)
(Decrease)/increase in creditors
(1,081,763)
653,279
Cash generated from/(absorbed by) operations
1,165,493
(604,285)
26
Analysis of changes in net debt
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
86,390
35,725
122,115
Borrowings excluding overdrafts
(517,625)
(166,861)
(684,486)
(431,235)
(131,136)
(562,371)
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