Company registration number 05040718 (England and Wales)
COMSTEAD (MECHANICAL SERVICES) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
COMSTEAD (MECHANICAL SERVICES) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
COMSTEAD (MECHANICAL SERVICES) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
145,581
132,795
Investments
4
300
300
145,881
133,095
Current assets
Debtors
5
83,961
11,213
Cash at bank and in hand
676,879
964,693
760,840
975,906
Creditors: amounts falling due within one year
6
(84,440)
(87,229)
Net current assets
676,400
888,677
Total assets less current liabilities
822,281
1,021,772
Creditors: amounts falling due after more than one year
7
(22,374)
(16,733)
Provisions for liabilities
(32,562)
Net assets
767,345
1,005,039
Capital and reserves
Called up share capital
8
250
250
Capital redemption reserve
300
300
Profit and loss reserves
766,795
1,004,489
Total equity
767,345
1,005,039
COMSTEAD (MECHANICAL SERVICES) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 4 September 2024 and are signed on its behalf by:
Mr S M Darby
Director
Company registration number 05040718 (England and Wales)
COMSTEAD (MECHANICAL SERVICES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Comstead (Mechanical Services) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 18-19 Century Park, Garrison Lane, Bordesley, Birmingham, B9 4NZ.
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 have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
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:
Plant and equipment
20% reducing balance
Fixtures and fittings
20% reducing balance
Motor vehicles
25% reducing balance
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.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities 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.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
COMSTEAD (MECHANICAL SERVICES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
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.
1.5
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.6
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
4
COMSTEAD (MECHANICAL SERVICES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
81,873
18,886
196,561
297,320
Additions
71,152
71,152
Disposals
(37,791)
(37,791)
At 31 March 2024
81,873
18,886
229,922
330,681
Depreciation and impairment
At 1 April 2023
54,307
15,001
95,217
164,525
Depreciation charged in the year
5,512
777
40,139
46,428
Eliminated in respect of disposals
(25,853)
(25,853)
At 31 March 2024
59,819
15,778
109,503
185,100
Carrying amount
At 31 March 2024
22,054
3,108
120,419
145,581
At 31 March 2023
27,566
3,885
101,344
132,795
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
300
300
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
66,509
Other debtors
17,452
11,213
83,961
11,213
COMSTEAD (MECHANICAL SERVICES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
5,833
5,833
Trade creditors
17,225
17,053
Amounts owed to group undertakings
5,724
6,715
Corporation tax
2,357
Other taxation and social security
29
Other creditors
55,658
55,242
84,440
87,229
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
9,863
16,683
Other creditors
12,511
50
22,374
16,733
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A ordinary shares of £1 each
50
50
50
50
B ordinary shares of £1 each
100
100
100
100
C ordinary shares of £1 each
100
100
100
100
250
250
250
250
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Redeemable preference shares of £1 each
50
50
50
50
Preference shares classified as liabilities
50
50
9
Parent company
The directors of the company are its ultimate controlling party.