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REGISTERED NUMBER: SC055368 (Scotland)


















H.W. COMERY LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024






H.W. COMERY LIMITED (REGISTERED NUMBER: SC055368)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 January 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


H.W. COMERY LIMITED (REGISTERED NUMBER: SC055368)

BALANCE SHEET
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 21,056 28,417
Investment property 5 690,000 690,000
711,056 718,417

CURRENT ASSETS
Stocks 205,491 305,126
Debtors 6 78,641 36,222
Investments 7 318 402
Cash at bank and in hand 152,142 74,937
436,592 416,687
CREDITORS
Amounts falling due within one year 8 534,460 607,534
NET CURRENT LIABILITIES (97,868 ) (190,847 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

613,188

527,570

PROVISIONS FOR LIABILITIES 4,818 5,399
NET ASSETS 608,370 522,171

CAPITAL AND RESERVES
Called up share capital 20,000 20,000
Fair value reserve 85,131 85,131
Retained earnings 503,239 417,040
SHAREHOLDERS' FUNDS 608,370 522,171

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

H.W. COMERY LIMITED (REGISTERED NUMBER: SC055368)

BALANCE SHEET - continued
31 January 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 October 2024 and were signed on its behalf by:





R J Ness - Director


H.W. COMERY LIMITED (REGISTERED NUMBER: SC055368)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 January 2024

1. STATUTORY INFORMATION

H.W. Comery Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address are as below:

Registered number: SC055368

Registered office: Unit 8
Wardmill Works
Wardmill Road
Arbroath
DD11 1RR

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Motor vehicles - 25% on reducing balance

Depreciation is not provided on investment properties. This treatment, as regards certain aspects of the company's investment properties, may be a departure from the requirements of the Companies Act concerning depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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

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.


H.W. COMERY LIMITED (REGISTERED NUMBER: SC055368)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024

2. ACCOUNTING POLICIES - continued
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.

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.

Listed investments
Listed investments are valued at market value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 February 2023 98,617 26,926 125,543
Additions 1,800 - 1,800
Disposals (3,175 ) (3,371 ) (6,546 )
At 31 January 2024 97,242 23,555 120,797
DEPRECIATION
At 1 February 2023 89,288 7,838 97,126
Charge for year 2,602 4,417 7,019
Eliminated on disposal (2,455 ) (1,949 ) (4,404 )
At 31 January 2024 89,435 10,306 99,741
NET BOOK VALUE
At 31 January 2024 7,807 13,249 21,056
At 31 January 2023 9,329 19,088 28,417

H.W. COMERY LIMITED (REGISTERED NUMBER: SC055368)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2023
and 31 January 2024 690,000
NET BOOK VALUE
At 31 January 2024 690,000
At 31 January 2023 690,000

Fair value at 31 January 2024 is represented by:
£   
Valuation in 2015 85,131
Cost 604,869
690,000

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 604,869 604,869

Investment property was valued on an open market basis on 31 January 2015 by J & E Shepherd, Chartered Surveyors .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 45,420 6,880
Other debtors 33,221 29,342
78,641 36,222

7. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Listed investment 318 402

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 5,018 63,486
Taxation and social security 33,849 71,064
Other creditors 495,593 472,984
534,460 607,534