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23 December 2024
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No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
00832070
2023-01-01
2023-12-31
00832070
2023-12-31
00832070
2022-12-31
00832070
2022-01-01
2022-12-31
00832070
2022-12-31
00832070
2021-12-31
00832070
bus:Director3
2023-01-01
2023-12-31
00832070
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-12-31
00832070
core:LandBuildings
core:LongLeaseholdAssets
2022-12-31
00832070
core:FurnitureFittings
2022-12-31
00832070
core:MotorVehicles
2022-12-31
00832070
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-12-31
00832070
core:LandBuildings
core:LongLeaseholdAssets
2023-12-31
00832070
core:FurnitureFittings
2023-12-31
00832070
core:MotorVehicles
2023-12-31
00832070
core:LandBuildings
core:LongLeaseholdAssets
2023-01-01
2023-12-31
00832070
core:FurnitureFittings
2023-01-01
2023-12-31
00832070
core:MotorVehicles
2023-01-01
2023-12-31
00832070
core:WithinOneYear
2023-12-31
00832070
core:WithinOneYear
2022-12-31
00832070
core:ShareCapital
2023-12-31
00832070
core:ShareCapital
2022-12-31
00832070
core:RevaluationReserve
2023-12-31
00832070
core:RevaluationReserve
2022-12-31
00832070
core:OtherReservesSubtotal
2023-12-31
00832070
core:OtherReservesSubtotal
2022-12-31
00832070
core:RetainedEarningsAccumulatedLosses
2023-12-31
00832070
core:RetainedEarningsAccumulatedLosses
2022-12-31
00832070
core:CostValuation
core:Non-currentFinancialInstruments
2023-12-31
00832070
core:Non-currentFinancialInstruments
2023-12-31
00832070
core:Non-currentFinancialInstruments
2022-12-31
00832070
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-12-31
00832070
core:LandBuildings
core:LongLeaseholdAssets
2022-12-31
00832070
core:FurnitureFittings
2022-12-31
00832070
bus:SmallEntities
2023-01-01
2023-12-31
00832070
bus:Audited
2023-01-01
2023-12-31
00832070
bus:SmallCompaniesRegimeForAccounts
2023-01-01
2023-12-31
00832070
bus:PrivateLimitedCompanyLtd
2023-01-01
2023-12-31
00832070
bus:FullAccounts
2023-01-01
2023-12-31
COMPANY REGISTRATION NUMBER:
00832070
Comcraft Services Limited |
|
Filleted Financial Statements |
|
Comcraft Services Limited |
|
Statement of Financial Position |
|
31 December 2023
Fixed assets
Tangible assets |
5 |
|
8,833,340 |
8,885,428 |
Investments |
6 |
|
1,666,790 |
1,666,790 |
|
|
------------- |
------------- |
|
|
10,500,130 |
10,552,218 |
|
|
|
|
|
Current assets
Debtors |
7 |
450,373 |
|
895,889 |
Cash at bank and in hand |
59,732 |
|
55,862 |
|
--------- |
|
--------- |
|
510,105 |
|
951,751 |
|
|
|
|
|
Creditors: amounts falling due within one year |
8 |
6,056,490 |
|
5,738,017 |
|
------------ |
|
------------ |
Net current liabilities |
|
5,546,385 |
4,786,266 |
|
|
------------- |
------------- |
Total assets less current liabilities |
|
4,953,745 |
5,765,952 |
|
|
------------ |
------------ |
Net assets |
|
4,953,745 |
5,765,952 |
|
|
------------ |
------------ |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
3,750,000 |
3,750,000 |
Revaluation reserve |
|
8,112,376 |
8,226,662 |
Other reserves |
|
1,418,311 |
1,418,311 |
Profit and loss account |
|
(
8,326,942) |
(
7,629,021) |
|
|
------------ |
------------ |
Shareholders funds |
|
4,953,745 |
5,765,952 |
|
|
------------ |
------------ |
|
|
|
|
These 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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
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.
These financial statements were approved by the
board of directors
and authorised for issue on
23 December 2024
, and are signed on behalf of the board by:
Company registration number:
00832070
Comcraft Services Limited |
|
Notes to the Financial Statements |
|
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 49 Queens Gardens, London, W2 3AA.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consultants' fees
All technical project and service fees payable, including those in connection with the setting up of new projects from which income (which cannot be quantified) is due in future years, are written off as incurred.
Going concern
The company's key customer base which is mainly in African countries has continued to suffer from increasing challenges and there is uncertainty in the trading environment going forward. As set out in note 10 the company is funded by their overdraft facility and by key staff members deferring a portion of their salary. Both of these measures continue to be in place for the next 12 months. The employees have indicated that they will not draw money owing to them to assist the company's cashflow position. This is consistent with the approach taken by the employees concerned to date. However given the lack of formal confirmation this constitutes a further uncertainty. The company has considered future expected cash flows and confirms that the company has adequate resources to continue in business for the next 12 months and beyond. Expected income and cashflows continue to be irregular and are not guaranteed. However action has been taken to reduce overheads and non essential expenditure. Action is also being taken to recover outstanding amounts due to the company. The above matters constitute material uncertainties which may cast significant doubt over the company's ability to continue trading as a going concern. However, the company has concluded that there is a reasonable expectation that the company has reasonable expectation that the company has adequate resources to operate for the foreseeable future. Accordingly, the financial statements of the company have been prepared on a going concern basis.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Turnover
Turnover represents management fees earned during the year. Such fees are generally based upon a percentage of the turnover and net profit of client companies and have been calculated according to the terms of the respective management agreements. In certain instances, fee income is based upon estimated amounts of turnover and net profit for the year as provided by client companies. Any adjustments to such estimates are reflected in the accounts of subsequent periods. Fees receivable in foreign currencies are translated into sterling at the exchange rate ruling at the balance sheet date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible fixed assets are initially stated at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss. No depreciation is provided on freehold buildings as in view of the high residual value, it would be immaterial.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Long leasehold property |
- |
Period of the leases |
|
Fixtures and fittings |
- |
10% to 25% per annum on cost
|
|
Motor vehicles |
- |
25% per annum on cost
|
|
|
|
|
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, was initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently value has been assessed at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the income statement.
Fixed asset investments
Interest in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss. A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
The company contributes to certain defined contribution pension schemes whose assets are held separately from those of the company in independently managed funds. The pension cost charge represents contributions payable in the year.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
5
(2022:
10
).
5.
Tangible assets
|
Freehold property |
Long leasehold property |
Fixtures and fittings |
Motor vehicles |
Total |
|
£ |
£ |
£ |
£ |
£ |
Cost/Valuation |
|
|
|
|
|
At 1 January 2023 |
4,875,000 |
4,000,000 |
552,786 |
81,384 |
9,509,170 |
Additions |
– |
– |
957 |
81,973 |
82,930 |
|
------------ |
------------ |
--------- |
--------- |
------------ |
At 31 December 2023 |
4,875,000 |
4,000,000 |
553,743 |
163,357 |
9,592,100 |
|
------------ |
------------ |
--------- |
--------- |
------------ |
Depreciation |
|
|
|
|
|
At 1 January 2023 |
– |
– |
542,358 |
81,384 |
623,742 |
Charge for the year |
– |
114,286 |
239 |
20,493 |
135,018 |
|
------------ |
------------ |
--------- |
--------- |
------------ |
At 31 December 2023 |
– |
114,286 |
542,597 |
101,877 |
758,760 |
|
------------ |
------------ |
--------- |
--------- |
------------ |
Carrying amount |
|
|
|
|
|
At 31 December 2023 |
4,875,000 |
3,885,714 |
11,146 |
61,480 |
8,833,340 |
|
------------ |
------------ |
--------- |
--------- |
------------ |
At 31 December 2022 |
4,875,000 |
4,000,000 |
10,428 |
– |
8,885,428 |
|
------------ |
------------ |
--------- |
--------- |
------------ |
|
|
|
|
|
|
The freehold properties with a value of £4,875,000 (2022: £4,875,000) which are included in land and buildings were valued in October 2016 by Knight Frank LLP, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The company does not deem the fair value of the property to be materially different. The leasehold properties with a carrying value of £3,885,714 (2022:£4,000,000) which are included in land and buildings were valued in April 2017 by Knight Frank LLP at £2,300,000 on an existing use open market basis. This valuation was reviewed by the company, in the light of current market conditions, to reflect the fair value of the property at 31.12.22 and this valuation is still considered to be appropriate at the year end. The mortgage is secured by a fixed and floating charge over the assets of the company and a legal first charge over the freehold property. If leasehold properties were stated on an historical cost basis rather than a fair value basis, the total amount included would have been as follows:
|
|
2023 |
2019 |
|
|
£ |
£ |
|
Cost |
60,992 |
60,992 |
|
Accumulated depreciation |
(60,992) |
(60,992) |
|
|
-------- |
-------- |
|
Carrying value |
– |
– |
|
|
-------- |
-------- |
|
|
|
|
6.
Investments
|
Shares in group undertakings |
Investment property |
Total |
|
£ |
£ |
£ |
Cost/Valuation |
|
|
|
At 1 January 2023 and 31 December 2023 |
41,790 |
1,625,000 |
1,666,790 |
|
-------- |
------------ |
------------ |
Impairment |
|
|
|
At 1 January 2023 and 31 December 2023 |
– |
– |
– |
|
-------- |
------------ |
------------ |
|
|
|
|
Carrying amount |
|
|
|
At 31 December 2023 |
41,790 |
1,625,000 |
1,666,790 |
|
-------- |
------------ |
------------ |
At 31 December 2022 |
41,790 |
1,625,000 |
1,666,790 |
|
-------- |
------------ |
------------ |
|
|
|
|
Investment property is comprised of freehold land and buildings. The fair value of the investment property has been arrived at on the basis of a valuation carried out at October 2016 by Knight Frank LLP, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The company does not deem the fair value of the property to be materially different.
The historic cost of the freehold land and buildings is £826,756.
Details of the company's subsidiaries at 31 December 2023 is as follows:
Comcraft Kenya - Management Consultants
- registerd office: ALN House, 1st Floor, Eldama Ravine Close, Westlands, P.O.
Box 764, 00606, Nairobi
- 100% Ordinary Shares held
WM Brown (Registrars) Limited - Company Secretarial
- registered office: 49 Queens Gardens, London, W2 3AA
- 100% of Ordinary and 100% of Preference Shares held
7.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Amounts owed by group undertakings |
418,410 |
861,594 |
Other debtors |
31,963 |
34,295 |
|
--------- |
--------- |
|
450,373 |
895,889 |
|
--------- |
--------- |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
40,002 |
168,749 |
Trade creditors |
11,071 |
36,419 |
Social security and other taxes |
172,217 |
223,787 |
Other creditors |
5,833,200 |
5,309,062 |
|
------------ |
------------ |
|
6,056,490 |
5,738,017 |
|
------------ |
------------ |
|
|
|
Relating to the overdraft disclosed, the lender has a debenture creating a fixed and floating charge over the assets of the company and a legal first charge over 49 Queens Gardens, London. Within the other creditors balances above is an amount of £5,699,106 (2022: £5,161,878) due to employees in relation to wages accrued for the current and previous years, net of expenses. Included in the £5,699,106 is £1,464,667 due to a director at 31.12.23 (2022:£1,341,796)
9.
Retirement benefit schemes
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
10.
Ultimate controlling party
In the opinion of the directors, the ultimate holding company is Comcraft International SA, a company registered in Panama, but the directors do not have the necessary information to identify the ultimate controlling party.
11.
Summary audit opinion
The auditor's report dated
23 December 2024
was
unqualified
.
The senior statutory auditor was
Gareth Rees
, for and on behalf of
PB Associates
.
12.
Related party transactions
During the year, the company recharged utility and service charges to a subsidiary, amounting to £14,000 (2022: £14,000) for the occupation of shared premises. There is a balance due from this subsidiary of £28,000 at the year end (2022: £14,000). The company paid professional fees for services provided by a subsidiary amounting to £3,000 (2022 £3,000). There is a balance due to the subsidiary of £9,000 at the year end (2022: £6,000). During the year, the company charged its ultimate parent undertaking interest on a loan made in order to finance their working capital requirements. Interest charged in the current year amounted to £39,966(2022: £23,989) at a variable rate of between 4.5% and 6.25%, and the amount of the loan outstanding at 31 December 2023 was £418,410 (2022: £861,594). All the above transactions were carried out on an arm's length basis. An executive of the company lives in the leasehold property rent free.