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REGISTERED NUMBER: 04359914 (England and Wales)















Strategic Report, Report of the Director and

Financial Statements for the Year Ended 31 December 2023

for

Comms Express Limited

Comms Express Limited (Registered number: 04359914)






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




Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


Comms Express Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: Mr J Ellis





SECRETARY: Mrs M L Wilkin





REGISTERED OFFICE: Unit 7
Grafton Place
Dukes Park Industrial Estate
Chelmsford
Essex
CM2 6TG





REGISTERED NUMBER: 04359914 (England and Wales)





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

Comms Express Limited (Registered number: 04359914)

Strategic Report
for the Year Ended 31 December 2023

The director presents his strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
The directors are pleased to report on another very positive financial year as the company 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 company has increased by 3% in the year and the company has maintained its gross profit margin.

There continues to be a general global shortage of raw materials and component parts, but the company 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 company will continue strongly going forward.

The growth of the company 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 company's main risks arise from the continued general shortage of raw materials. The company 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 Express Limited (Registered number: 04359914)

Report of the Director
for the Year Ended 31 December 2023

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

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

DIVIDENDS
The total distribution of dividends for the year will be £688,649.

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.

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

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the 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 he is 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 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 transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

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 company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Comms Express Limited (Registered number: 04359914)

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 Express Limited

Opinion
We have audited the financial statements of Comms Express Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31 December 2023 and of its 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 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 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 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 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 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 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 Express Limited


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 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 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 company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Comms Express Limited


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 Express Limited (Registered number: 04359914)

Statement of Comprehensive
Income
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 3,353,092 2,985,176
3,617,169 3,248,283
OPERATING PROFIT 4 1,247,369 1,444,799

Interest receivable and similar income 22,501 2,108
PROFIT BEFORE TAXATION 1,269,870 1,446,907

Tax on profit 5 303,444 275,574
PROFIT FOR THE FINANCIAL YEAR 966,426 1,171,333

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

966,426

1,171,333

Comms Express Limited (Registered number: 04359914)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 7 216,273 238,364
Tangible assets 8 42,364 52,230
258,637 290,594

CURRENT ASSETS
Stocks 9 1,673,518 2,074,017
Debtors 10 1,509,070 1,545,009
Cash at bank and in hand 1,777,578 1,586,735
4,960,166 5,205,761
CREDITORS
Amounts falling due within one year 11 1,862,046 2,417,975
NET CURRENT ASSETS 3,098,120 2,787,786
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,356,757

3,078,380

PROVISIONS FOR LIABILITIES 14 9,700 9,100
NET ASSETS 3,347,057 3,069,280

CAPITAL AND RESERVES
Called up share capital 15 100 100
Retained earnings 16 3,346,957 3,069,180
SHAREHOLDERS' FUNDS 3,347,057 3,069,280

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 Express Limited (Registered number: 04359914)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 100 2,980,853 2,980,953

Changes in equity
Dividends - (1,083,006 ) (1,083,006 )
Total comprehensive income - 1,171,333 1,171,333
Balance at 31 December 2022 100 3,069,180 3,069,280

Changes in equity
Dividends - (688,649 ) (688,649 )
Total comprehensive income - 966,426 966,426
Balance at 31 December 2023 100 3,346,957 3,347,057

Comms Express Limited (Registered number: 04359914)

Cash Flow Statement
for the Year Ended 31 December 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,269,052 1,490,016
Tax paid (340,661 ) (206,137 )
Net cash from operating activities 928,391 1,283,879

Cash flows from investing activities
Purchase of intangible fixed assets (71,400 ) (252,385 )
Purchase of tangible fixed assets - (3,552 )
Interest received 22,501 2,108
Net cash from investing activities (48,899 ) (253,829 )

Cash flows from financing activities
Equity dividends paid (688,649 ) (1,083,006 )
Net cash from financing activities (688,649 ) (1,083,006 )

Increase/(decrease) in cash and cash equivalents 190,843 (52,956 )
Cash and cash equivalents at beginning of
year

2

1,586,735

1,639,691

Cash and cash equivalents at end of year 2 1,777,578 1,586,735

Comms Express Limited (Registered number: 04359914)

Notes to the 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 1,269,870 1,446,907
Depreciation charges 103,359 27,859
Prior year asset reclassified to P&L - 3,906
Finance income (22,501 ) (2,108 )
1,350,728 1,476,564
Decrease/(increase) in stocks 400,499 (61,936 )
Decrease/(increase) in trade and other debtors 35,939 (116,860 )
(Decrease)/increase in trade and other creditors (518,114 ) 192,248
Cash generated from operations 1,269,052 1,490,016

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 1,586,735
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 1,586,735 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 1,586,735 190,843 1,777,578
1,586,735 190,843 1,777,578
Total 1,586,735 190,843 1,777,578

Comms Express Limited (Registered number: 04359914)

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

1. STATUTORY INFORMATION

Comms Express Limited 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 Company Information page.

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


The company is a wholly owned subsidiary of Comms Capital Holdings 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.

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.

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.

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

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 or, if held under a finance lease, over the lease term, whichever is the shorter.:

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.

Comms Express Limited (Registered number: 04359914)

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

2. ACCOUNTING POLICIES - continued

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, and loans to and from related parties.

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 the 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 Statement of Comprehensive Income, 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.

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

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

Creditors
Short term creditors are measured at the transaction price.

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 company's ability to continue as a going concern need to be made to these financial statements.

Comms Express Limited (Registered number: 04359914)

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

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

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
Website amortisation 93,491 14,021
Auditors' remuneration 12,500 15,000
Foreign exchange differences 2,751 6,061

Comms Express Limited (Registered number: 04359914)

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

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 lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 1,269,870 1,446,907
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

317,468

274,912

Effects of:
Expenses not deductible for tax purposes 1,958 1,446
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. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 688,649 1,083,006

Comms Express Limited (Registered number: 04359914)

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

7. INTANGIBLE FIXED ASSETS
Website
£   
COST
At 1 January 2023 252,385
Additions 71,400
At 31 December 2023 323,785
AMORTISATION
At 1 January 2023 14,021
Amortisation for year 93,491
At 31 December 2023 107,512
NET BOOK VALUE
At 31 December 2023 216,273
At 31 December 2022 238,364

8. TANGIBLE FIXED ASSETS
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

9. STOCKS
2023 2022
£    £   
Stocks 1,673,518 2,074,017

Comms Express Limited (Registered number: 04359914)

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

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,288,998 1,370,754
Other debtors 143,010 98,984
Prepayments 77,062 75,271
1,509,070 1,545,009

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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 83,461 316,711
Accruals and deferred income 151,439 392,245
1,862,046 2,417,975

12. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
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 company.

13. SECURED DEBTS

NatWest Bank plc holds a debenture dated 23 April 2013 over all company assets.

14. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 9,700 9,100

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

Comms Express Limited (Registered number: 04359914)

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

14. PROVISIONS FOR LIABILITIES - continued

The entire deferred tax provision relates to accelerated capital allowances.

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

There is one class of share in issue. Each share carries the same rights in respect of voting, dividends and capital distribution.

16. RESERVES
Retained
earnings
£   

At 1 January 2023 3,069,180
Profit for the year 966,426
Dividends (688,649 )
At 31 December 2023 3,346,957

17. 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.

18. ULTIMATE CONTROLLING PARTY

The company's immediate parent is Comms Capital Holdings Limited, whose registered office is The Old Grange, Warren Estate, Lordship Road, Writtle, Essex, CM1 3WT.

The company's ultimate controlling party is S Wilkin.