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COMPANY REGISTRATION NUMBER: 04291645
KOMCEPT SOLUTIONS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 November 2023
KOMCEPT SOLUTIONS LIMITED
STATEMENT OF FINANCIAL POSITION
30 November 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
1,539,472
1,418,228
Investments
6
75
75
------------
------------
1,539,547
1,418,303
Current assets
Stocks
437,504
144,526
Debtors
7
2,760,228
2,566,712
Cash at bank and in hand
10,923,895
6,200,236
-------------
------------
14,121,627
8,911,474
Creditors: amounts falling due within one year
8
3,136,523
2,183,837
-------------
------------
Net current assets
10,985,104
6,727,637
-------------
------------
Total assets less current liabilities
12,524,651
8,145,940
Provisions
Taxation including deferred tax
55,915
51,278
-------------
------------
Net assets
12,468,736
8,094,662
-------------
------------
Capital and reserves
Called up share capital
9
75,124
75,126
Revaluation reserve
513,274
513,274
Capital redemption reserve
96
94
Profit and loss account
11,880,242
7,506,168
-------------
------------
Shareholders funds
12,468,736
8,094,662
-------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 November 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
KOMCEPT SOLUTIONS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 10 August 2024 , and are signed on behalf of the board by:
Mr P D Joyce
Director
Company registration number: 04291645
KOMCEPT SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 NOVEMBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Ridgeway Farm, Hartwell Road, Ashton, Northamptonshire, NN7 2JR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced and is recognised by reference to the stage of completion.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Fixtures, fittings and equipment
-
25% reducing balance
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 21 (2022: 19 ).
5. Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 December 2022
1,362,091
274,133
1,636,224
Additions
79,240
113,975
193,215
------------
---------
---------
------------
At 30 November 2023
1,362,091
353,373
113,975
1,829,439
------------
---------
---------
------------
Depreciation
At 1 December 2022
217,996
217,996
Charge for the year
27,242
24,600
20,129
71,971
------------
---------
---------
------------
At 30 November 2023
27,242
242,596
20,129
289,967
------------
---------
---------
------------
Carrying amount
At 30 November 2023
1,334,849
110,777
93,846
1,539,472
------------
---------
---------
------------
At 30 November 2022
1,362,091
56,137
1,418,228
------------
---------
---------
------------
Included within the Freehold Property heading is non depreciable land with a value of £94,734.
Tangible assets held at valuation
The freehold property was last formally revalued by Underwoods in year end 30 November 2022, the valuation was prepared using the Market Approach. The directors consider that the valuation of the property has not materially changed during the year.
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property
£
At 30 November 2023
Aggregate cost
1,563,777
Aggregate depreciation
(386,379)
------------
Carrying value
1,177,398
------------
At 30 November 2022
Aggregate cost
1,563,777
Aggregate depreciation
(359,851)
------------
Carrying value
1,203,926
------------
6. Investments
Shares in group undertakings
£
Cost
At 1 December 2022 and 30 November 2023
75
----
Impairment
At 1 December 2022 and 30 November 2023
----
Carrying amount
At 30 November 2023
75
----
At 30 November 2022
75
----
7. Debtors
2023
2022
£
£
Trade debtors
1,381,296
57,817
Amounts owed by group undertakings and undertakings in which the company has a participating interest
328,488
420,071
Other debtors
1,050,444
2,088,824
------------
------------
2,760,228
2,566,712
------------
------------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
1,576
Trade creditors
803,911
492,980
Corporation tax
19,713
386,481
Social security and other taxes
24,166
17,301
Other creditors
2,288,733
1,285,499
------------
------------
3,136,523
2,183,837
------------
------------
9. Called up share capital
Issued and called up
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
75,000
75,000
75,000
75,000
Ordinary Class A shares of £ 0.25 each
1,238
310
1,258
315
--------
--------
--------
--------
76,238
75,310
76,258
75,315
--------
--------
--------
--------
Shares issued and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
75,000
75,000
75,000
75,000
--------
--------
--------
--------
Shares issued and partly paid
2023
2022
No.
£
No.
£
Ordinary Class A shares - £0.10 paid of £ 0.25 each
1,238
124
1,258
126
-------
----
-------
----
10. Related party transactions
One Digital Limited One Digital Limited is a 75% subsidiary of Komcept Solutions Limited. At the year end, an amount of £328,488 (2022 - £420,071) was due from One Digital Limited. The loan is interest free and repayable on demand. Delta SPE A director and shareholder of Komcept Solutions Limited has a 10% interest in Delta SPE which is a company based in Ukraine. At the year end, an amount of £78,897 (2022 - £78,897) included within other debtors, was owed to Komcept Solutions Limited from Delta SPE. This is an interest free loan and repayable on demand.