Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31true2023-04-01false11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 09572986 2023-04-01 2024-03-31 09572986 2022-04-01 2023-03-31 09572986 2024-03-31 09572986 2023-03-31 09572986 c:Director1 2023-04-01 2024-03-31 09572986 d:Buildings d:LongLeaseholdAssets 2023-04-01 2024-03-31 09572986 d:Buildings d:LongLeaseholdAssets 2024-03-31 09572986 d:Buildings d:LongLeaseholdAssets 2023-03-31 09572986 d:Goodwill 2023-04-01 2024-03-31 09572986 d:Goodwill 2024-03-31 09572986 d:Goodwill 2023-03-31 09572986 d:CurrentFinancialInstruments 2024-03-31 09572986 d:CurrentFinancialInstruments 2023-03-31 09572986 d:Non-currentFinancialInstruments 2024-03-31 09572986 d:Non-currentFinancialInstruments 2023-03-31 09572986 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 09572986 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 09572986 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 09572986 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 09572986 d:ShareCapital 2024-03-31 09572986 d:ShareCapital 2023-03-31 09572986 d:RetainedEarningsAccumulatedLosses 2024-03-31 09572986 d:RetainedEarningsAccumulatedLosses 2023-03-31 09572986 c:FRS102 2023-04-01 2024-03-31 09572986 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 09572986 c:FullAccounts 2023-04-01 2024-03-31 09572986 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09572986 d:Goodwill d:OwnedIntangibleAssets 2023-04-01 2024-03-31 09572986 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 09572986









COMAR SYSTEMS LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
COMAR SYSTEMS LTD
REGISTERED NUMBER:09572986

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
5,000
7,500

Tangible assets
 5 
-
-

  
5,000
7,500

Current assets
  

Stocks
 6 
74,911
57,930

Debtors: amounts falling due within one year
 7 
63,401
18,005

Cash at bank and in hand
  
84,683
59,362

  
222,995
135,297

Creditors: amounts falling due within one year
 8 
(255,522)
(238,604)

Net current liabilities
  
 
 
(32,527)
 
 
(103,307)

Total assets less current liabilities
  
(27,527)
(95,807)

Creditors: amounts falling due after more than one year
 9 
(11,667)
(21,667)

Provisions for liabilities
  

Deferred tax
  
(1,250)
(1,875)

Net liabilities
  
(40,444)
(119,349)


Capital and reserves
  

Called up share capital 
  
100
100

Retained earnings
  
(40,544)
(119,449)

Shareholder's deficit
  
(40,444)
(119,349)

Page 1

 
COMAR SYSTEMS LTD
REGISTERED NUMBER:09572986
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






T G Ingram
Director

Date: 2 October 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
COMAR SYSTEMS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Comar Systems Ltd is a private company, limited by shares, domiciled and incorporated in England and Wales (registered number: 09572986). The registered office address is Vittlefields Technology Centre, Forest Road, Newport, Isle of Wight, PO30 4LY.
The Company's functional and presentational currency is GBP.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis.
The Company has net current liabilities of £32,527 
(2023: £103,307). The directors have reviewed cashflow forecasts for the 12 month period from the date of sign off and believe the company to be a going concern.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Research and development

Expenditure on research and development is written off in the year in which it is incurred. 

Page 3

 
COMAR SYSTEMS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Income and Retained Earnings over its useful economic life.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Property improvements
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 4

 
COMAR SYSTEMS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Financial instruments

Financial assets and financial liabilities are recognised in the Balance Sheet when the Company becomes a party to the contractual provisions of the instrument.
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the Company will not be able to collect all amounts due.
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of the Company’s cash management.
Financial liabilities and equity instruments issued by the Company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.
Interest bearing bank loans, overdrafts and other loans which meet the criteria to be classified as basic financial instruments are initially recorded at the present value of cash payable to the bank, which is ordinarily equal to the proceeds received net of direct issue costs. These liabilities are subsequently measured at amortised cost, using the effective interest rate method.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 5

 
COMAR SYSTEMS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees




The average monthly number of employees, including directors, during the year was 1 (2023 - 1).


4.


Intangible assets




Goodwill

£



Cost


At 1 April 2023
25,000



At 31 March 2024

25,000



Amortisation


At 1 April 2023
17,500


Charge for the year
2,500



At 31 March 2024

20,000



Net book value



At 31 March 2024
5,000



At 31 March 2023
7,500



Page 6

 
COMAR SYSTEMS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Property improvements

£



Cost


At 1 April 2023
30,299



At 31 March 2024

30,299



Depreciation


At 1 April 2023
30,299



At 31 March 2024

30,299



Net book value



At 31 March 2024
-



At 31 March 2023
-


6.


Stocks

2024
2023
£
£

Stock - raw materials
44,018
28,300

Stock - work in progress
-
3,724

Stock - finished goods
30,893
25,906

74,911
57,930


Page 7

 
COMAR SYSTEMS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Debtors

2024
2023
£
£


Trade debtors
55,805
10,139

Amounts owed by group undertakings
100
100

Other debtors
7,496
7,766

63,401
18,005



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,000
10,000

Trade creditors
22,746
17,719

Amounts owed to group undertakings
181,345
181,345

Corporation tax
17,332
-

Other creditors
15,418
15,418

Accruals and deferred income
8,681
14,122

255,522
238,604



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
11,667
21,667


The Company received a Bounce Back Loan in 2021. This loan is repayable by installment ending in May 2026 and accrues at a interest rate of 2.5%.


10.


Related party transactions

The Company has taken advantage of the exemption in FRS 102 Section 33.1A to not disclose transactions with wholly owned group entities.

Page 8

 
COMAR SYSTEMS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Controlling party

The immediate and ultimate parent undertaking is Katon Ingram Holdings IW Limited, a company registered in England and Wales.
The ultimate controlling party is T G Ingram, by virtue of his shareholding and directorship in the ultimate parent undertaking.
Page 9