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COMPANY REGISTRATION NUMBER: 07656682
Comfo Holdings Limited
Filleted Unaudited Financial Statements
30 November 2023
Comfo Holdings Limited
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
4
56,864
84,039
Investments
5
451,675
430,175
---------
---------
508,539
514,214
Current assets
Debtors
6
383,529
503,529
Cash at bank and in hand
647
1,542
---------
---------
384,176
505,071
Creditors: amounts falling due within one year
7
128,403
166,201
---------
---------
Net current assets
255,773
338,870
---------
---------
Total assets less current liabilities
764,312
853,084
Creditors: amounts falling due after more than one year
8
15,422
24,234
Provisions
Taxation including deferred tax
38,588
39,433
---------
---------
Net assets
710,302
789,417
---------
---------
Capital and reserves
Called up share capital
600
600
Fair value reserve
84,307
68,182
Profit and loss account
625,395
720,635
---------
---------
Shareholders funds
710,302
789,417
---------
---------
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 .
Comfo Holdings Limited
Statement of Financial Position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 4 September 2024 , and are signed on behalf of the board by:
M McNicholas
Director
Company registration number: 07656682
Comfo Holdings 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 Sycamore House, Sutton Quays Business Park, Runcorn, Cheshire, WA7 3EH.
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 company 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 company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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.
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:
Plant & machinery
-
25% straight line
Fixtures & fittings
-
10% straight line
Motor vehicles
-
25% straight line
Office equipment
-
25% & 33% Straight line
Investments
Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Impairment of fixed assets
No depreciation is charged on the leasehold building. Depreciation is considered immaterial due to the entity having a policy and practice of regular maintenance and repair. The property is also considered to have a long and useful economic life. The property is reviewed for impairment at the end of each reporting period.
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
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
4. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 December 2022
38,755
149,856
35,650
141,353
365,614
Additions
2,425
2,171
4,596
--------
---------
--------
---------
---------
At 30 November 2023
38,755
152,281
35,650
143,524
370,210
--------
---------
--------
---------
---------
Depreciation
At 1 December 2022
28,710
113,943
2,970
135,952
281,575
Charge for the year
6,515
12,678
8,913
3,665
31,771
--------
---------
--------
---------
---------
At 30 November 2023
35,225
126,621
11,883
139,617
313,346
--------
---------
--------
---------
---------
Carrying amount
At 30 November 2023
3,530
25,660
23,767
3,907
56,864
--------
---------
--------
---------
---------
At 30 November 2022
10,045
35,913
32,680
5,401
84,039
--------
---------
--------
---------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
Motor vehicles
Total
£
£
£
At 30 November 2023
23,500
23,500
----
--------
--------
At 30 November 2022
4,099
32,313
36,412
-------
--------
--------
5. Investments
Shares in participating interests
Investment Property
Total
£
£
£
Cost
At 1 December 2022
175
430,000
430,175
Revaluations
21,500
21,500
----
---------
---------
At 30 November 2023
175
451,500
451,675
----
---------
---------
Impairment
At 1 December 2022 and 30 November 2023
----
---------
---------
Carrying amount
At 30 November 2023
175
451,500
451,675
----
---------
---------
At 30 November 2022
175
430,000
430,175
----
---------
---------
The investment property was valued at 30th November 2023 at open market value as determined by the directors of the company.
6. Debtors
2023
2022
£
£
Amounts owed by group undertakings
383,529
503,529
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,798
480
Amounts owed to group undertakings
83,897
142,323
Accruals and deferred income
21,800
1,800
Corporation tax
7,542
7,224
Social security and other taxes
4,272
3,936
Obligations under finance leases and hire purchase contracts
8,813
10,179
Other creditors
281
259
---------
---------
128,403
166,201
---------
---------
Included in creditors falling due within one year are secured debts totalling £8,813.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Obligations under finance leases and hire purchase contracts
15,422
24,234
--------
--------
Included in creditors due after more than one year are secured debts totalling £15,422.