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REGISTERED NUMBER: 12744628 (England and Wales)















Group Strategic Report, Report of the Director and

Consolidated Financial Statements for the Year Ended 31 December 2023

for

Comms Capital Holdings Ltd

Comms Capital Holdings Ltd (Registered number: 12744628)






Contents of the Consolidated Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 5

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


Comms Capital Holdings Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTOR: Mr J Ellis





REGISTERED OFFICE: The Old Grange
Warren Estate
Lordship Road
Writtle
Essex
CM1 3WT





REGISTERED NUMBER: 12744628 (England and Wales)





AUDITORS: Xeinadin Audit Limited
The Old Grange
Warren Estate
Lordship Road
Writtle
Essex
CM1 3WT

Comms Capital Holdings Ltd (Registered number: 12744628)

Group Strategic Report
for the Year Ended 31 December 2023

The director presents her strategic report of the company and the group for the year ended 31 December 2023.

REVIEW OF BUSINESS
The directors are pleased to report on another very positive financial year as the group continues to build on the foundations laid in previous years, despite a very competitive market place. The strong performance in 2022 has continued into the current financial year.

The turnover of the group has increased by 3% in the year and the group has maintained its gross profit margin.

There continues to be a general global shortage of raw materials and component parts, but the group has maintained its higher stock levels, built up in 2021, to provide it with security against longer lead times.

The directors remain confident in the team they have developed and they are confident that the group will continue strongly going forward.

The growth of the group is underpinned by the following key principles:

- Competitive pricing
- Increasing online customer awareness
- Regular training of sales staff, to ensure they have the knowledge to advise customers accordingly
- Securing large contractor sales
- Maintaining a good relationship with new customers to ensure repeat business

PRINCIPAL RISKS AND UNCERTAINTIES
The group's main risks arise from the continued general shortage of raw materials. The group has however continued to trade well because of increased stock levels and has maintained a good level of cash reserves and a strong balance sheet position. The directors are optimistic for the future.

ON BEHALF OF THE BOARD:





Mr J Ellis - Director


13 September 2024

Comms Capital Holdings Ltd (Registered number: 12744628)

Report of the Director
for the Year Ended 31 December 2023

The director presents his report with the financial statements of the company and the group for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of retail of computer networking equipment.

DIVIDENDS
The total distribution of dividends for the period will be £380,647 (2022: £358,005).

DIRECTORS
Mr J Ellis has held office during the whole of the period from 1 January 2023 to the date of this report.

Other changes in directors holding office are as follows:

Mrs T L Gerhartz ceased to be a director after 31 December 2023 but prior to the date of this report.

POLITICAL DONATIONS AND EXPENDITURE
During the year, the group made donations of £4,666 to national charities.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable her to ensure that the financial statements comply with the Companies Act 2006. She is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and she has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

Comms Capital Holdings Ltd (Registered number: 12744628)

Report of the Director
for the Year Ended 31 December 2023


AUDITORS
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr J Ellis - Director


13 September 2024

Report of the Independent Auditors to the Members of
Comms Capital Holdings Ltd

Opinion
We have audited the financial statements of Comms Capital Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of 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:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 director's 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 group's and the parent 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Comms Capital Holdings Ltd


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is responsible for assessing the group's and the parent 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Comms Capital Holdings Ltd


Auditors' 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 a Report of the Auditors 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.

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of the company of not complying with such laws and regulations, including fraud, where non-compliance could have a material impact on the financial statements. This included those regulations directly related to the financial statements, including financial reporting and tax legislation. In relation to the industry, this included health and safety and employment legislation.

The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified as follows:

- Review of the control environment
- Meeting key personal responsible for specific functions relating to laws and regulations
- Review of legal fees incurred
- Agreeing the financial statement disclosures to underlying supporting documentation
- Reviewing the key accounting policies and estimates

To address the risk of management override of controls, we carried out testing of journal entries and other adjustments for appropriateness and evaluated the business rationale of significant transactions outside of the normal course of business.

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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion and misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.




Simon Medcalf (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
The Old Grange
Warren Estate
Lordship Road
Writtle
Essex
CM1 3WT

13 September 2024

Comms Capital Holdings Ltd (Registered number: 12744628)

Consolidated
Income Statement
for the Year Ended 31 December 2023

2023 2022
Notes £    £    £    £   

TURNOVER 20,721,671 20,151,730

Cost of sales 15,857,133 15,458,648
GROSS PROFIT 4,864,538 4,693,082

Distribution costs 264,077 263,107
Administrative expenses 3,526,695 3,158,775
3,790,772 3,421,882
OPERATING PROFIT 4 1,073,766 1,271,200

Interest receivable and similar income 22,501 2,108
PROFIT BEFORE TAXATION 1,096,267 1,273,308

Tax on profit 5 303,444 275,574
PROFIT FOR THE FINANCIAL YEAR 792,823 997,734
Profit attributable to:
Owners of the parent 792,823 997,734

Comms Capital Holdings Ltd (Registered number: 12744628)

Consolidated
Other Comprehensive Income
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 792,823 997,734


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

792,823

997,734

Total comprehensive income attributable to:
Owners of the parent 792,823 997,734

Comms Capital Holdings Ltd (Registered number: 12744628)

Consolidated Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 1,431,485 1,627,178
Tangible assets 9 42,364 52,230
Investments 10 - -
1,473,849 1,679,408

CURRENT ASSETS
Stocks 11 1,673,518 2,074,017
Debtors 12 1,509,119 1,545,053
Cash at bank and in hand 1,777,578 1,586,740
4,960,215 5,205,810
CREDITORS
Amounts falling due within one year 13 1,937,509 2,717,975
NET CURRENT ASSETS 3,022,706 2,487,835
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,496,555

4,167,243

CREDITORS
Amounts falling due after more than one year 14 - (83,465 )

PROVISIONS FOR LIABILITIES 17 (9,700 ) (9,100 )
NET ASSETS 4,486,855 4,074,678

CAPITAL AND RESERVES
Called up share capital 18 100 100
Share premium 19 2,862,194 2,862,194
Retained earnings 19 1,624,561 1,212,384
SHAREHOLDERS' FUNDS 4,486,855 4,074,678

The financial statements were approved by the director and authorised for issue on 13 September 2024 and were signed by:





Mr J Ellis - Director


Comms Capital Holdings Ltd (Registered number: 12744628)

Company Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 - -
Investments 10 5,644,110 5,644,110
5,644,110 5,644,110

CURRENT ASSETS
Debtors 12 49 49
Cash at bank - 5
49 54
CREDITORS
Amounts falling due within one year 13 75,463 300,005
NET CURRENT LIABILITIES (75,414 ) (299,951 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,568,696

5,344,159

CREDITORS
Amounts falling due after more than one year 14 - 83,465
NET ASSETS 5,568,696 5,260,694

CAPITAL AND RESERVES
Called up share capital 18 100 100
Share premium 19 2,862,194 2,862,194
Retained earnings 19 2,706,402 2,398,400
SHAREHOLDERS' FUNDS 5,568,696 5,260,694

Company's profit for the financial year 688,649 1,083,006

The financial statements were approved by the director and authorised for issue on 13 September 2024 and were signed by:





Mr J Ellis - Director


Comms Capital Holdings Ltd (Registered number: 12744628)

Consolidated Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 January 2022 100 572,658 2,862,194 3,434,952

Changes in equity
Dividends - (358,008 ) - (358,008 )
Total comprehensive income - 997,734 - 997,734
Balance at 31 December 2022 100 1,212,384 2,862,194 4,074,678

Changes in equity
Dividends - (380,646 ) - (380,646 )
Total comprehensive income - 792,823 - 792,823
Balance at 31 December 2023 100 1,624,561 2,862,194 4,486,855

Comms Capital Holdings Ltd (Registered number: 12744628)

Company Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 January 2022 100 1,673,399 2,862,194 4,535,693

Changes in equity
Dividends - (358,005 ) - (358,005 )
Total comprehensive income - 1,083,006 - 1,083,006
Balance at 31 December 2022 100 2,398,400 2,862,194 5,260,694

Changes in equity
Dividends - (380,647 ) - (380,647 )
Total comprehensive income - 688,649 - 688,649
Balance at 31 December 2023 100 2,706,402 2,862,194 5,568,696

Comms Capital Holdings Ltd (Registered number: 12744628)

Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 961,045 761,166
Tax paid (340,661 ) (206,137 )
Net cash from operating activities 620,384 555,029

Cash flows from investing activities
Purchase of intangible fixed assets (71,400 ) (252,385 )
Purchase of tangible fixed assets - (3,552 )
Sale of tangible fixed assets - 3,906
Interest received 22,501 2,108
Net cash from investing activities (48,899 ) (249,923 )

Cash flows from financing activities
Share issue - (49 )
Equity dividends paid (380,647 ) (358,008 )
Net cash from financing activities (380,647 ) (358,057 )

Increase/(decrease) in cash and cash equivalents 190,838 (52,951 )
Cash and cash equivalents at beginning of
year

2

1,586,740

1,639,691

Cash and cash equivalents at end of year 2 1,777,578 1,586,740

Comms Capital Holdings Ltd (Registered number: 12744628)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 1,096,267 1,273,308
Depreciation charges 276,961 201,461
Finance income (22,501 ) (2,108 )
1,350,727 1,472,661
Decrease/(increase) in stocks 400,499 (61,936 )
Decrease/(increase) in trade and other debtors 35,934 (116,855 )
Decrease in trade and other creditors (826,115 ) (532,704 )
Cash generated from operations 961,045 761,166

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 1,777,578 1,586,740
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 1,586,740 1,639,691


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 1,586,740 190,838 1,777,578
1,586,740 190,838 1,777,578
Total 1,586,740 190,838 1,777,578

Comms Capital Holdings Ltd (Registered number: 12744628)

Notes to the Consolidated Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Comms Capital Holdings Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The company holds the entire share capital of Comms Express Limited.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The group financial statements consolidate the financial statements of Comms Capital Holdings Limited and its wholly owned subsidiary Comms Express Limited.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors,including reasonable expectation of future events. No significant estimates or judgments have been applied in these financial statements.

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is provided at the following annual rates, in order to write off each asset over its estimated useful life.

Website development costs - Straight line over 3 years

Comms Capital Holdings Ltd (Registered number: 12744628)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are initially measured at cost. After initial recognition, tangible fixed assets are measured at cost, less any accumulated depreciation and any accumulated impairment losses. Depreciation is provided at the following annual rates, in order to write off each asset over its estimated useful life:

Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Computer equipment - Straight line over 3 years

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments typically trade debtors and creditors, are all payable or receivable within one year and are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Comms Capital Holdings Ltd (Registered number: 12744628)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Short term debtors are measured at the transaction price, less any impairment.

Creditors
Short term creditors are measured at the transaction price.

Other financial liabilities are also measured at transaction price since the difference between this basis and the amortised cost basis is not material.

Investments in subsidiaries
Investments in subsidiaries are recognised at cost.

Going concern
The accounts have been prepared on the going concern basis which assumes the continued support of the directors and shareholders. The directors have confirmed that this support will continue and believe that no adjustments relating to the group's ability to continue as a going concern need to be made to these financial statements.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,490,004 1,456,053
Social security costs 157,794 165,613
Other pension costs 22,487 22,872
1,670,285 1,644,538

The average number of employees during the year was as follows:
2023 2022

Employees 36 35

2023 2022
£    £   
Directors' remuneration 341,095 338,750
Directors' pension contributions to money purchase schemes 2,642 2,642

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 197,750 190,100
Pension contributions to money purchase schemes 1,321 1,321

Comms Capital Holdings Ltd (Registered number: 12744628)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

4. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Hire of plant and machinery 7,375 5,807
Depreciation - owned assets 9,868 13,838
Goodwill amortisation 173,602 173,602
Website amortisation 93,491 14,021
Auditors' remuneration 12,500 15,000
Foreign exchange differences 2,751 6,061

5. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 302,844 279,074

Deferred tax 600 (3,500 )
Tax on profit 303,444 275,574

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 1,096,267 1,273,308
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2022 - 19 %)

274,067

241,929

Effects of:
Expenses not deductible for tax purposes 45,359 34,429
Depreciation in excess of capital allowances 2,467 2,716
Deferred tax 600 (3,500 )
FY 2022 charged at 19% (19,049 ) -
Total tax charge 303,444 275,574

6. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


Comms Capital Holdings Ltd (Registered number: 12744628)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

7. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim - 177,602
Ordinary A shares of £1 each
Interim 218,292 119,004
Ordinary B shares of £1 each
Interim 162,354 61,402
380,646 358,008

8. INTANGIBLE FIXED ASSETS

Group
Goodwill Website Totals
£    £    £   
COST
At 1 January 2023 1,736,018 252,385 1,988,403
Additions - 71,400 71,400
At 31 December 2023 1,736,018 323,785 2,059,803
AMORTISATION
At 1 January 2023 347,204 14,021 361,225
Amortisation for year 173,602 93,491 267,093
At 31 December 2023 520,806 107,512 628,318
NET BOOK VALUE
At 31 December 2023 1,215,212 216,273 1,431,485
At 31 December 2022 1,388,814 238,364 1,627,178

Comms Capital Holdings Ltd (Registered number: 12744628)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

9. TANGIBLE FIXED ASSETS

Group
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 January 2023 65,658 20,136 64,326 150,120
Disposals - (12,195 ) - (12,195 )
At 31 December 2023 65,658 7,941 64,326 137,925
DEPRECIATION
At 1 January 2023 46,218 13,740 37,932 97,890
Charge for year 2,723 3,444 3,701 9,868
Eliminated on disposal - (12,197 ) - (12,197 )
At 31 December 2023 48,941 4,987 41,633 95,561
NET BOOK VALUE
At 31 December 2023 16,717 2,954 22,693 42,364
At 31 December 2022 19,440 6,396 26,394 52,230

10. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 5,644,110
NET BOOK VALUE
At 31 December 2023 5,644,110
At 31 December 2022 5,644,110


11. STOCKS

Group
2023 2022
£    £   
Stocks 1,673,518 2,074,017

Comms Capital Holdings Ltd (Registered number: 12744628)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 1,288,998 1,370,754 - -
Other debtors 143,010 98,979 - -
Called up share capital not paid 49 49 49 49
Prepayments 77,062 75,271 - -
1,509,119 1,545,053 49 49

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade creditors 1,264,226 1,232,965 - -
Tax 121,933 159,750 - -
Social security and other taxes 46,602 45,457 - -
VAT 194,385 270,847 - -
Other creditors 158,924 616,711 75,463 300,005
Accruals and deferred income 151,439 392,245 - -
1,937,509 2,717,975 75,463 300,005

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Other creditors - 83,465 - 83,465

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 175,549 175,549
Between one and five years 497,389 672,938
672,938 848,487

The annual operating lease commitments shown above relate to the rental of the premises occupied by the group.

Comms Capital Holdings Ltd (Registered number: 12744628)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

16. SECURED DEBTS

Nat West Bank plc holds a debenture dated 23 April 2013 over all assets of Comms Express Limited.

17. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax 9,700 9,100

Group
Deferred
tax
£   
Balance at 1 January 2023 9,100
Charge to Income Statement during year 600
Balance at 31 December 2023 9,700

The entire deferred tax provision relates to accelerated capital allowances.

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
96 A £1 96 98
4 B £1 4 2
100 100

During the year two A shares were re-designated as B shares.

There are two classes of share in issue. The shares rank pari passu in all respects, save for the right to pay differing dividends on each of the two classes of share.

19. RESERVES

Group
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2023 1,212,384 2,862,194 4,074,578
Profit for the year 792,823 792,823
Dividends (380,646 ) (380,646 )
At 31 December 2023 1,624,561 2,862,194 4,486,755

Comms Capital Holdings Ltd (Registered number: 12744628)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

19. RESERVES - continued

Company
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2023 2,398,400 2,862,194 5,260,594
Profit for the year 688,649 688,649
Dividends (380,647 ) (380,647 )
At 31 December 2023 2,706,402 2,862,194 5,568,596


20. PENSION COMMITMENTS

At the balance sheet date, unpaid contributions of £4,362 (2022: £4,828) were due to the pension fund. These amounts are included in other creditors.

21. ULTIMATE CONTROLLING PARTY

The company's ultimate controlling party is S Wilkin.