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REGISTERED NUMBER: 05193429 (England and Wales)









COMSERV (UK) LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






COMSERV (UK) LIMITED (REGISTERED NUMBER: 05193429)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


COMSERV (UK) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: N L Ralls
T B Jacobs



SECRETARY: W R Ralls



REGISTERED OFFICE: 10 Downley Road
Havant
Hampshire
PO9 2NJ



REGISTERED NUMBER: 05193429 (England and Wales)



AUDITORS: Morris Crocker Limited
Chartered Accountants
Statutory Auditors
Station House
North Street
Havant
Hampshire
PO9 1QU



BANKERS: Lloyds Bank plc
4 West Street
Havant
Hampshire
PO9 1PE

COMSERV (UK) LIMITED (REGISTERED NUMBER: 05193429)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

Due to the nature of the work we undertake profit margins are tight and it is therefore necessary for us to control costs and maintain a healthy cash flow. We therefore consider our key performance indicators are net profit margin and maintaining cash flow.

The net profit margin has increased slightly compared with prior years at a level of 3.5% (2022: 3.2%).

The directors consider the level of cash maintained in the business adequate to manage any forecasted working capital requirements.

PRINCIPAL RISKS AND UNCERTAINTIES
Business risks such as the reliance on key customers is being managed through ensuring a high level quality service is delivered to those customers.

The majority of trade has been completed within the social housing sector. Comserv differentiates itself in the market place by offering a highly innovative solution that utilises a systems thinking approach to focus on what our customers want and to provide high quality at competitive prices.

ON BEHALF OF THE BOARD:





N L Ralls - Director


16 September 2024

COMSERV (UK) LIMITED (REGISTERED NUMBER: 05193429)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their 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 The provision of maintenance services to local authorities.

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2023 will be £ 535,771 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

N L Ralls
T B Jacobs

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are 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 directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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 directors are 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 each director 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.

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

ON BEHALF OF THE BOARD:





N L Ralls - Director


16 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
COMSERV (UK) LIMITED

Opinion
We have audited the financial statements of Comserv (UK) Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 directors' 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 directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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 Directors 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 Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
COMSERV (UK) 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 Directors.

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 directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
COMSERV (UK) 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

From discussion with management and those charged with governance information about the entity is documented to assess the activity within the organisation. We discuss management's assessment of risk in respect of irregularities, fraud and going concern.

Based on these discussions and our own assessments we determined that the key risk areas were income recognition in respect of cut off issues, management override concerning the size of the organisation and payroll procedures.

We set financial statement materiality level based on the level of profit. As a trading company, profit is its primary focus which is why profit was used to determine the level of materiality. Our overall assessment of risk was used to determine performance materiality at an appropriate level.

Substantive audit tests were designed after assessing and testing systems and controls. The systems and controls which have been designed to act as a preventative measure against fraud and error were operating as documented. Substantive testing tested a sample of the population, representative of the population, to identify errors. The testing did not identify any material misstatements in areas tested.

Audit substantive tests concluded no material errors over the key risk areas of income recognition and management override.

The audit considers the organisation is not exposed to material risk of error as a result of assessing laws and regulations that are appropriate to the organisation.

Management assessed there is no going concern risk. The audit undertook a review of budgets and management accounts and came to the same conclusion as management.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
COMSERV (UK) LIMITED


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.




Paul Underwood (Senior Statutory Auditor)
for and on behalf of Morris Crocker Limited
Chartered Accountants
Statutory Auditors
Station House
North Street
Havant
Hampshire
PO9 1QU

24 September 2024

COMSERV (UK) LIMITED (REGISTERED NUMBER: 05193429)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 18,436,545 19,419,114

Cost of sales 13,285,275 14,528,560
GROSS PROFIT 5,151,270 4,890,554

Administrative expenses 4,519,108 4,266,135
OPERATING PROFIT 4 632,162 624,419

Interest receivable and similar income 26,319 2,745
658,481 627,164

Interest payable and similar expenses 5 1,159 -
PROFIT BEFORE TAXATION 657,322 627,164

Tax on profit 6 79,234 157,452
PROFIT FOR THE FINANCIAL YEAR 578,088 469,712

COMSERV (UK) LIMITED (REGISTERED NUMBER: 05193429)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 578,088 469,712


OTHER COMPREHENSIVE INCOME
Share based payment 3,946 3,946
Income tax relating to other
comprehensive income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

3,946

3,946
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

582,034

473,658

COMSERV (UK) LIMITED (REGISTERED NUMBER: 05193429)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 844,885 888,284
Investments 9 1 1
844,886 888,285

CURRENT ASSETS
Stocks 10 315,889 320,933
Debtors 11 722,750 856,036
Cash at bank and in hand 3,432,965 3,507,907
4,471,604 4,684,876
CREDITORS
Amounts falling due within one year 12 1,618,067 1,918,310
NET CURRENT ASSETS 2,853,537 2,766,566
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,698,423

3,654,851

PROVISIONS FOR LIABILITIES 14 188,608 191,299
NET ASSETS 3,509,815 3,463,552

CAPITAL AND RESERVES
Called up share capital 15 1,000 1,000
Retained earnings 16 3,508,815 3,462,552
SHAREHOLDERS' FUNDS 3,509,815 3,463,552

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2024 and were signed on its behalf by:





N L Ralls - Director


COMSERV (UK) LIMITED (REGISTERED NUMBER: 05193429)

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 1,000 3,388,894 3,389,894

Changes in equity
Dividends - (400,000 ) (400,000 )
Total comprehensive income - 473,658 473,658
Balance at 31 December 2022 1,000 3,462,552 3,463,552

Changes in equity
Dividends - (535,771 ) (535,771 )
Total comprehensive income - 582,034 582,034
Balance at 31 December 2023 1,000 3,508,815 3,509,815

COMSERV (UK) LIMITED (REGISTERED NUMBER: 05193429)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Comserv (UK) 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.

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.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Preparation of consolidated financial statements
The financial statements contain information about Comserv (UK) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Multi Serv (Group) Limited, 10 Downley Road, Havant, Hampshire, PO9 2NJ.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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

COMSERV (UK) LIMITED (REGISTERED NUMBER: 05193429)

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 instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties and investments in non-puttable ordinary shares.

Trade and other 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

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, deposits with banks and other short-term highly liquid investments and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities.

Trade and other 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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

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.

COMSERV (UK) LIMITED (REGISTERED NUMBER: 05193429)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Share based-payments
The group operates an equity settled share-based payment arrangement, under which the group receives services from employees of the group. Equity settled share-based payments are measured at fair value at the date of grant. The fair value determined at the grant date is recognised as an expense on a straight line basis over the vesting period, based on the group's estimate of the options that will eventually vest and adjusted for the effect of non-market based vesting conditions. Fair value is measured using the earnings method.

Service and performance conditions are vesting conditions. Any other conditions are non-vesting conditions which have to be taken into account to determine the fair value of equity instruments granted. In the case that an option does not vest as a result of a failure to meet a non-vesting condition that is within the control of either counterparty, this is accounted for as a cancellation. Cancellations are treated as accelerated vesting and all remaining future charges are immediately recognised in the income statement. Awards that lapse or are forfeited result in a credit to the income statement (reversing all previously recognised charges) in the year in which they lapse or are forfeited.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 5,576,895 5,250,329
Social security costs 506,451 488,954
Other pension costs 161,229 180,275
6,244,575 5,919,558

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

Direct labour 110 114
Administrative 80 75
190 189

2023 2022
£    £   
Directors' remuneration - -

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Other operating leases 157,100 139,128
Depreciation - owned assets 280,598 303,472
Profit on disposal of fixed assets (50,565 ) (22,230 )
Auditors' remuneration 9,320 8,825

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
CIS interest 1,159 -

COMSERV (UK) LIMITED (REGISTERED NUMBER: 05193429)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

6. 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 81,925 61,152

Deferred tax (2,691 ) 96,300
Tax on profit 79,234 157,452

UK corporation tax has been charged at 25% (2022 - 19%).

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 657,322 627,164
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2022 - 19%)

164,331

119,161

Effects of:
Expenses not deductible for tax purposes 4,035 2,442
Capital allowances in excess of depreciation - (56,227 )
Depreciation in excess of capital allowances 14,008 -
Loss/(Profit) on disposal of fixed assets (12,641 ) (4,224 )

Effect of tax rate change (5,155 ) -
Share based payments (82,653 ) -
Deferred tax (2,691 ) 96,300
Total tax charge 79,234 157,452

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£    £    £   
Share based payment 3,946 - 3,946

2022
Gross Tax Net
£    £    £   
Share based payment 3,946 - 3,946

7. DIVIDENDS
2023 2022
£    £   
Interim 535,771 400,000

COMSERV (UK) LIMITED (REGISTERED NUMBER: 05193429)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

8. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 62,012 14,959 209,957 2,180,820 2,467,748
Additions - - 7,559 257,799 265,358
Disposals - - - (186,075 ) (186,075 )
At 31 December 2023 62,012 14,959 217,516 2,252,544 2,547,031
DEPRECIATION
At 1 January 2023 56,913 13,706 170,757 1,338,088 1,579,464
Charge for year 2,659 313 9,533 268,093 280,598
Eliminated on disposal - - - (157,916 ) (157,916 )
At 31 December 2023 59,572 14,019 180,290 1,448,265 1,702,146
NET BOOK VALUE
At 31 December 2023 2,440 940 37,226 804,279 844,885
At 31 December 2022 5,099 1,253 39,200 842,732 888,284

9. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 1
NET BOOK VALUE
At 31 December 2023 1
At 31 December 2022 1

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Comserv Projects Limited
Registered office: 10 Downley Road, Havant, Hampshire, PO9 2NJ
Nature of business: Construction projects
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves (1,271 ) (1,271 )

10. STOCKS
2023 2022
£    £   
Stocks 315,889 320,933

COMSERV (UK) LIMITED (REGISTERED NUMBER: 05193429)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 641,466 788,042
Other debtors 15,865 998
Prepayments 65,419 66,996
722,750 856,036

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 658,776 855,618
Corporation tax 81,926 61,152
Social security and other taxes 499,663 656,431
Other creditors 23,387 -
Accrued expenses 354,315 345,109
1,618,067 1,918,310

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 70,517 89,162
Between one and five years 54,568 172,105
125,085 261,267

14. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 188,608 191,299

Deferred
tax
£   
Balance at 1 January 2023 191,299
Provided during year (2,691 )
Balance at 31 December 2023 188,608

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary £1 1,000 1,000

COMSERV (UK) LIMITED (REGISTERED NUMBER: 05193429)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

16. RESERVES
Retained
earnings
£   

At 1 January 2023 3,462,552
Profit for the year 578,088
Dividends (535,771 )
Share based payment expense 3,946
At 31 December 2023 3,508,815

17. ULTIMATE PARENT COMPANY

Multi Serv (Group) Limited is regarded by the directors as being the company's ultimate parent company.

18. RELATED PARTY DISCLOSURES

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.

Entities with control, joint control or significant influence over the entity
2023 2022
£    £   
Management charges 222,000 222,000
Rent 72,648 72,648

Entities over which the entity has control, joint control or significant influence
2023 2022
£    £   
Sales - 180
Purchases 34,752 32,112

Key management personnel of the entity or its parent (in the aggregate)
2023 2022
£    £   
Short term benefits 258,419 257,035
Post employment benefits 41,566 56,510

Other related parties
2023 2022
£    £   
Sales - 1,034
Purchases 303,539 655,293
Amount due to related party 19,074 33,481

19. ULTIMATE CONTROLLING PARTY

The company has no ultimate controlling party.

COMSERV (UK) LIMITED (REGISTERED NUMBER: 05193429)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

20. SHARE-BASED PAYMENT TRANSACTIONS

During 2014 options were granted to employees to acquire 54 ordinary shares of £1 each in the capital of the company.

The company operated an enterprise management incentive scheme, being an equity settled scheme. The vesting period is up to 10 years with the options being granted at a price of £433.09 per share.

In accordance with the accounting policy £3,946 was recognised as an expense.

The options were exercised during the year.