Silverfin false false 30/04/2024 01/05/2023 30/04/2024 A Coates 07/05/2002 M McHarg 07/05/2002 N Shipp 07/05/2002 14 January 2025 The principal activity of Commsonic Ltd in the year under review was that of electronic design and development consultancy. 04054040 2024-04-30 04054040 bus:Director1 2024-04-30 04054040 bus:Director2 2024-04-30 04054040 bus:Director3 2024-04-30 04054040 2023-04-30 04054040 core:CurrentFinancialInstruments 2024-04-30 04054040 core:CurrentFinancialInstruments 2023-04-30 04054040 core:ShareCapital 2024-04-30 04054040 core:ShareCapital 2023-04-30 04054040 core:CapitalRedemptionReserve 2024-04-30 04054040 core:CapitalRedemptionReserve 2023-04-30 04054040 core:RetainedEarningsAccumulatedLosses 2024-04-30 04054040 core:RetainedEarningsAccumulatedLosses 2023-04-30 04054040 core:PlantMachinery 2023-04-30 04054040 core:FurnitureFittings 2023-04-30 04054040 core:PlantMachinery 2024-04-30 04054040 core:FurnitureFittings 2024-04-30 04054040 core:CostValuation 2023-04-30 04054040 core:DisposalsRepaymentsInvestments 2024-04-30 04054040 core:RevaluationsIncreaseDecreaseInInvestments 2024-04-30 04054040 core:CostValuation 2024-04-30 04054040 2022-04-30 04054040 core:AcceleratedTaxDepreciationDeferredTax 2024-04-30 04054040 core:AcceleratedTaxDepreciationDeferredTax 2023-04-30 04054040 core:FurtherSpecificItem1DeferredTaxComponentTotalForDeferredTax 2024-04-30 04054040 core:FurtherSpecificItem1DeferredTaxComponentTotalForDeferredTax 2023-04-30 04054040 2023-05-01 2024-04-30 04054040 bus:FilletedAccounts 2023-05-01 2024-04-30 04054040 bus:SmallEntities 2023-05-01 2024-04-30 04054040 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 04054040 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 04054040 bus:Director1 2023-05-01 2024-04-30 04054040 bus:Director2 2023-05-01 2024-04-30 04054040 bus:Director3 2023-05-01 2024-04-30 04054040 core:PlantMachinery core:BottomRangeValue 2023-05-01 2024-04-30 04054040 core:PlantMachinery core:TopRangeValue 2023-05-01 2024-04-30 04054040 core:FurnitureFittings core:TopRangeValue 2023-05-01 2024-04-30 04054040 2022-05-01 2023-04-30 04054040 core:PlantMachinery 2023-05-01 2024-04-30 04054040 core:FurnitureFittings 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure

Company No: 04054040 (England and Wales)

COMMSONIC LTD

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

COMMSONIC LTD

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

COMMSONIC LTD

COMPANY INFORMATION

For the financial year ended 30 April 2024
COMMSONIC LTD

COMPANY INFORMATION (continued)

For the financial year ended 30 April 2024
DIRECTORS A Coates
M McHarg
N Shipp
SECRETARY M McHarg
REGISTERED OFFICE St John's Innovation Centre
Cowley Road
Cambridge
CB4 0WS
United Kingdom
COMPANY NUMBER 04054040 (England and Wales)
ACCOUNTANT Evelyn Partners (East) LLP
Stonecross
Trumpington High Street
Cambridge
CB2 9SU
COMMSONIC LTD

BALANCE SHEET

As at 30 April 2024
COMMSONIC LTD

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 0 308
Investments 4 31,892 63,462
31,892 63,770
Current assets
Debtors 5 16,906 22,122
Investments 27,544 46,538
Cash at bank and in hand 278,472 268,053
322,922 336,713
Creditors: amounts falling due within one year 6 ( 62,804) ( 15,042)
Net current assets 260,118 321,671
Total assets less current liabilities 292,010 385,441
Provision for liabilities 7 ( 3,194) ( 4,233)
Net assets 288,816 381,208
Capital and reserves
Called-up share capital 6 6
Capital redemption reserve 2 2
Profit and loss account 288,808 381,200
Total shareholders' funds 288,816 381,208

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Commsonic Ltd (registered number: 04054040) were approved and authorised for issue by the Board of Directors on 14 January 2025. They were signed on its behalf by:

N Shipp
Director
COMMSONIC LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
COMMSONIC LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

COMMSONIC LTD (the Company), is a private company (company number 04054040), limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is St John's Innovation Centre, Cowley Road, Cambridge, CB4 0WS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of COMMSONIC LTD is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

The principal activity of Commsonic Ltd in the year under review was that of electronic design and development consultancy.

These financial statements are separate financial statements.

Going concern

The financial statements have been prepared on a going concern basis.

The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise on monetary items.

Turnover

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts. It is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts. It is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 3 - 5 years straight line
Fixtures and fittings 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Fixed asset investments

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to and from related parties.

(i) Financial assets

Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Tangible assets

Plant and machinery Fixtures and fittings Total
£ £ £
Cost
At 01 May 2023 64,601 4,318 68,919
Disposals ( 16,279) ( 2,814) ( 19,093)
At 30 April 2024 48,322 1,504 49,826
Accumulated depreciation
At 01 May 2023 64,293 4,318 68,611
Charge for the financial year 308 0 308
Disposals ( 16,279) ( 2,814) ( 19,093)
At 30 April 2024 48,322 1,504 49,826
Net book value
At 30 April 2024 0 0 0
At 30 April 2023 308 0 308

4. Fixed asset investments

Listed investments Total
£ £
Cost or valuation before impairment
At 01 May 2023 63,462 63,462
Disposals ( 27,723) ( 27,723)
Movement in fair value ( 3,847) ( 3,847)
At 30 April 2024 31,892 31,892
Carrying value at 30 April 2024 31,892 31,892
Carrying value at 30 April 2023 63,462 63,462

5. Debtors

2024 2023
£ £
Trade debtors 6,375 10,058
Prepayments 9,388 10,442
VAT recoverable 201 356
Other debtors 942 1,266
16,906 22,122

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 6,989 317
Amounts owed to directors 0 874
Accruals and deferred income 38,837 2,800
Corporation tax 16,978 11,051
62,804 15,042

7. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 4,233) ( 4,002)
Credited/(charged) to the Statement of Income and Retained Earnings 1,039 ( 231)
At the end of financial year ( 3,194) ( 4,233)

The deferred taxation balance is made up as follows:

2024 2023
£ £
Accelerated capital allowances 0 ( 77)
Capital gains/losses ( 3,194) ( 4,156)
( 3,194) ( 4,233)