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Registered Number: 05929974
England and Wales

 

 

 

COMTEK NETWORK SYSTEMS (UK) LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 31 August 2023

End date: 30 August 2024
Directors Mrs C Sheibani
Mr A Sheibani
Mr P J Bartlett
Mr P J Mackay
Registered Number 05929974
Registered Office Unit 108
10th Avenue
Deeside
Flintshire
CH5 2UA
Accountants Dove Marsh & Jones
1 Andromeda House
Calleva Park
Aldermaston
Berkshire
RG7 8AP
1
Director's report and financial statements
The directors present their annual report and the financial statements for the year ended 30 August 2024.
Directors
The directors who served the company throughout the year were as follows:
Mrs C Sheibani
Mr A Sheibani
Mr P J Bartlett
Mr P J Mackay
Statement of directors' responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
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 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
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • 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. The directors 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

This report was approved by the board and signed on its behalf by:


----------------------------------
Mr A Sheibani
Director

Date approved: 10 January 2025
2
Report to the directors on the preparation of the unaudited statutory accounts of Comtek Network Systems (UK) Limited for the year ended 30 August 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Comtek Network Systems (UK) Limited for the year ended 30 August 2024 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the company’s accounting records and from information and explanations you have given us
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://rulebook.accaglobal.com/
This report is made solely to the Board of Directors of Comtek Network Systems (UK) Limited, as a body, in accordance with the terms of our engagement letter dated 10 January 2025 Our work has been undertaken solely to prepare for your approval the accounts of Comtek Network Systems (UK) Limited and state those matters that we have agreed to state to the Board of Directors of Comtek Network Systems (UK) Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Comtek Network Systems (UK) Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Comtek Network Systems (UK) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Comtek Network Systems (UK) Limited. You consider that Comtek Network Systems (UK) Limited is exempt from the statutory audit requirement for the year
We have not been instructed to carry out an audit or a review of the accounts of Comtek Network Systems (UK) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts
30 August 2024



....................................................
Dove Marsh & Jones
Dove Marsh & Jones

1 Andromeda House
Calleva Park
Aldermaston
Berkshire
RG7 8AP
10 January 2025
3
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 4 4,981,666    4,899,180 
4,981,666    4,899,180 
Current assets      
Stocks 5 626,212    740,686 
Debtors 6 2,488,163    2,197,813 
Cash at bank and in hand (454,831)   (526,489)
2,659,544    2,412,010 
Creditors: amount falling due within one year 7 (1,235,178)   (1,678,528)
Net current assets 1,424,366    733,482 
 
Total assets less current liabilities 6,406,032    5,632,662 
Creditors: amount falling due after more than one year 8 (1,008,066)   (923,073)
Provisions for liabilities 9 (171,140)   (141,726)
Net assets 5,226,826    4,567,863 
 

Capital and reserves
     
Called up share capital 29,475    29,475 
Share premium account 10 2,775,526    2,775,526 
Fair Value Reserves 11 4,115,148    3,988,537 
Profit and loss account (1,693,323)   (2,225,675)
Shareholders' funds 5,226,826    4,567,863 
 


For the year ended 30 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the board of directors on 10 January 2025 and were signed on its behalf by:


-------------------------------
Mr A Sheibani
Director
4
General Information
Comtek Network Systems (UK) Limited is a private company, limited by shares, registered in England and Wales, registration number 05929974, registration address Unit 108, 10th Avenue, Deeside, Flintshire, CH5 2UA.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 10 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Land and Buildings 10% Straight Line
Plant and Machinery 20% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures and Fittings 20% Reducing Balance
Computer Equipment 25% Straight Line
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 46 (2023 : 38).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 31 August 2023 10,003    10,003 
Additions  
Disposals  
At 30 August 2024 10,003    10,003 
Amortisation
At 31 August 2023 10,003    10,003 
Charge for year  
On disposals  
At 30 August 2024 10,003    10,003 
Net book values
At 30 August 2024  
At 30 August 2023  


4.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £   £   £
At 31 August 2023 1,623,107    4,070,972    59,726    180,829    86,208    6,020,842 
Additions   35,771    5,000    16,000    19,808    76,579 
Disposals          
Revaluations   126,611          126,611 
At 30 August 2024 1,623,107    4,233,354    64,726    196,829    106,016    6,224,032 
Depreciation
At 31 August 2023 820,321      57,787    162,717    80,837    1,121,662 
Charge for year 103,464      1,734    8,528    6,978    120,704 
On disposals          
At 30 August 2024 923,785      59,521    171,245    87,815    1,242,366 
Net book values
Closing balance as at 30 August 2024 699,322    4,233,354    5,205    25,584    18,201    4,981,666 
Opening balance as at 31 August 2023 802,786    4,070,972    1,939    18,112    5,371    4,899,180 

Revalued Assets
Plant and machinery principally contains complex, rare telecommunications laboratory equipment, which has been purchased by the company to test and repair telecommunications infrastructure equipment for clients. This has been acquired over many years and has been modified and enhanced in order to undertake complicated tests and repairs of mostly fibre optic based telecoms products. As this equipment is no longer in production and is very scarce, the value of the resale market is very high. The directors believe the size of the their laboratory test equipment portfolio makes them a market leader in their field and that traditional cost-based accounting does not reflect the true value. Plant and machinery has therefore been valued by the directors at the year-end date, initially by reference to the current resale value of advertised equipment. To reflect the fact that the market for this equipment is niche and can be slow-moving this value has then been discounted.

Original cost of this equipment is £791,947 (2023 £756,176).


5.

Stocks

2024
£
  2023
£
Stocks 626,212    740,686 
626,212    740,686 

6.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 1,431,194    1,237,185 
Prepayments & Accrued Income 70,585    69,857 
Other Debtors 977,380    890,771 
VAT 9,004   
2,488,163    2,197,813 

7.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 328,328    362,578 
Bank Loans & Overdrafts (Secured) 95,821    295,081 
Bank Loans & Overdrafts 17,816    5,940 
PAYE & Social Security 41,963    574,556 
Accrued Expenses 134,652    199,985 
Other Creditors 84,068    91,641 
Directors' Current Accounts 532,530    102,507 
VAT   46,240 
1,235,178    1,678,528 

8.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans & Overdrafts (secured) 894,400    461,618 
Bank Loans & Overdrafts 113,666    36,455 
Directors' Loan Accounts   425,000 
1,008,066    923,073 
Secured Debts
The bank loans and overdraft are secured by a debenture over the assets of the company and a legal charge over the companies Freehold Property,.

9.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 171,140    141,726 
171,140    141,726 

10.

Share premium account

2024
£
  2023
£
Equity Share Premium b/fwd 2,775,526    2,775,526 
2,775,526    2,775,526 

11.

Fair Value Reserves

2024
£
  2023
£
Fair Value Reserve 126,611    409,121 
Fair Value Reserve b/fwd 3,988,537    3,579,416 
4,115,148    3,988,537 

12.

Exceptional Item

Loan Write Off

The company has made loans to Sorrento Inc, an associated company, to develop world-leading new fibre optic telecommunications transmission products to be integrated within 5G wireless innovations. The development is at its final stage and discussions with potential customers and telecommunications providers  are at an advanced stage., leading to interest and sales. To ensure the viability of the project the directors have taken the prudent decision to write off further of these these loans that are considered irrecoverable.

The amount written off this year is £NIL (2023 £750,000).
5