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REGISTERED NUMBER: 02407546 (England and Wales)












FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

FOR

COMUS EUROPE LIMITED

COMUS EUROPE LIMITED (REGISTERED NUMBER: 02407546)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


COMUS EUROPE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







DIRECTORS: N L Gilbert
J Romano





SECRETARY: N L Gilbert





REGISTERED OFFICE: 165-167 Tower Street
Brightlingsea
Essex
CO7 0AW





REGISTERED NUMBER: 02407546 (England and Wales)





AUDITORS: LB Group
The Octagon
Suite E2
Middleborough
Colchester
Essex
CO1 1TG

COMUS EUROPE LIMITED (REGISTERED NUMBER: 02407546)

BALANCE SHEET
31 JULY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 741,878 766,112

CURRENT ASSETS
Stocks 583,676 700,033
Debtors 6 397,722 422,133
Cash at bank and in hand 218,258 96,135
1,199,656 1,218,301
CREDITORS
Amounts falling due within one year 7 783,250 1,292,343
NET CURRENT ASSETS/(LIABILITIES) 416,406 (74,042 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,158,284 692,070

CREDITORS
Amounts falling due after more than one
year

8

970,176

455,732
NET ASSETS 188,108 236,338

CAPITAL AND RESERVES
Called up share capital 11 7,100 7,100
Capital redemption reserve 3,000 3,000
Retained earnings 178,008 226,238
SHAREHOLDERS' FUNDS 188,108 236,338

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 7 February 2025 and were signed on its behalf by:





N L Gilbert - Director


COMUS EUROPE LIMITED (REGISTERED NUMBER: 02407546)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1. STATUTORY INFORMATION

Comus Europe Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared on the historical cost basis in accordance with the accounting policies set out below.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 25% on reducing balance

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

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.

COMUS EUROPE LIMITED (REGISTERED NUMBER: 02407546)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

3. ACCOUNTING POLICIES - continued

Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of 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.

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.

Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2023 - 32 ) .

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 August 2023 670,912 593,910 1,264,822
Additions - 22,883 22,883
At 31 July 2024 670,912 616,793 1,287,705
DEPRECIATION
At 1 August 2023 46,775 451,935 498,710
Charge for year 13,418 33,699 47,117
At 31 July 2024 60,193 485,634 545,827
NET BOOK VALUE
At 31 July 2024 610,719 131,159 741,878
At 31 July 2023 624,137 141,975 766,112

COMUS EUROPE LIMITED (REGISTERED NUMBER: 02407546)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 319,004 334,658
Amounts owed by group undertakings 20,874 -
Other debtors 57,844 87,475
397,722 422,133

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 36,624 35,899
Hire purchase contracts (see note 9) 5,837 4,990
Trade creditors 185,677 253,798
Amounts owed to group undertakings 413,395 859,090
Taxation and social security 64,537 65,482
Other creditors 77,180 73,084
783,250 1,292,343

The company has an agreed overdraft facility with Santander UK Plc which is secured by a fixed and floating charge over the assets of the company.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 348,794 385,418
Hire purchase contracts (see note 9) 6,189 11,534
Amounts owed to group undertakings 615,193 58,780
970,176 455,732

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 252,217 270,481

COMUS EUROPE LIMITED (REGISTERED NUMBER: 02407546)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Gross obligations repayable:
Within one year 6,413 5,920
Between one and five years 6,413 12,333
12,826 18,253

Finance charges repayable:
Within one year 576 930
Between one and five years 224 799
800 1,729

Net obligations repayable:
Within one year 5,837 4,990
Between one and five years 6,189 11,534
12,026 16,524

Non-cancellable operating leases
2024 2023
£    £   
Within one year 9,635 11,512
Between one and five years 5,620 15,255
15,255 26,767

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 385,418 421,317

The bank loan is secured by a fixed and floating charge, covering the property of the company.

COMUS EUROPE LIMITED (REGISTERED NUMBER: 02407546)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
7,000 Ordinary A 1 7,000 7,000
100 Ordinary B 1 100 100
7,100 7,100

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Oliver James White ACA (Senior Statutory Auditor)
for and on behalf of LB Group

13. RELATED PARTY DISCLOSURES

During the year the company paid fees of £12,000 (2023: £30,000) to J Romano, a company director.

14. ULTIMATE CONTROLLING PARTY

Comus Europe Limited is wholly owned by Comus International Inc, a company incorporated in the USA.

Registered office: 454 Allwood Road, Clifton, NJ 07012, United States