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REGISTERED NUMBER: 04191368 (England and Wales)









Financial Statements

for the Year Ended 31 December 2024

for

COMSOL LIMITED

COMSOL LIMITED (REGISTERED NUMBER: 04191368)

Contents of the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


COMSOL LIMITED

Company Information
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: S Littmarck
F Saeidi
W Zhang





REGISTERED OFFICE: 6 Journey Campus
Castle Park
Cambridge
CB3 0DU





REGISTERED NUMBER: 04191368 (England and Wales)





AUDITORS: Haines Watts Audit (Western) Limited
Chartered Accountants and Statutory Auditors
Bath House
6 - 8 Bath Street
Bristol
BS1 6HL

COMSOL LIMITED (REGISTERED NUMBER: 04191368)

Balance Sheet
31 DECEMBER 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 58,455 100,464

CURRENT ASSETS
Debtors 5 2,872,646 2,345,656
Cash at bank and in hand 4,306,703 4,115,881
7,179,349 6,461,537
CREDITORS
Amounts falling due within one year 6 (4,280,749 ) (3,713,119 )
NET CURRENT ASSETS 2,898,600 2,748,418
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,957,055

2,848,882

PROVISIONS FOR LIABILITIES (7,586 ) (13,465 )
NET ASSETS 2,949,469 2,835,417

CAPITAL AND RESERVES
Called up share capital 300,000 300,000
Retained earnings 2,649,469 2,535,417
2,949,469 2,835,417

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 Profit and Loss Account has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 30 January 2025 and were signed on its behalf by:





W Zhang - Director


COMSOL LIMITED (REGISTERED NUMBER: 04191368)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2024


1. COMPANY INFORMATION

COMSOL 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.

The company's principal activities and nature of its operations was that of software sales and consultancy.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

Going concern
The financial statements have been prepared on a going concern basis. The directors have reviewed and considered relevant information including annual budgets and future cash-flows in making their assessment. Based on these assessments, given the measures that could be undertaken, continuing support of the parent company, and the current resources available, the directors have concluded that they are able to continue to adopt the going concern basis in preparing the financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Deferred income and prepaid costs of sales
Deferred income is estimated in accordance with the accounting policy used across the group, with a percentage of initial licence fees being deferred across the following 12 months. Deferred income recognised in these accounts to 31 December 2024 is £2,880,532 (2023 - £2,718,007)

Prepaid costs of sales are estimated at a percentage of the deferred income. Prepaid costs of sales recognised in these accounts to 31 December 2024 is £1,382,654 (2023 - £1,304,642).

Turnover
Turnover represents term licenses and subscriptions fees. Licence fees are partly deferred as per the deferred income policy above. Subscription revenue is received on an annual basis and is released to the profit and loss in line with the duration of the contract.

COMSOL LIMITED (REGISTERED NUMBER: 04191368)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 10% on cost
Fixtures & fittings - 25% on reducing balance and 10% on cost
Motor vehicles - 25% on reducing balance

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors and amounts due to group undertakings 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 payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


COMSOL LIMITED (REGISTERED NUMBER: 04191368)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2023 - 23 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Short and Motor
leasehold fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2024 36,044 420,861 15,317 472,222
Additions - 36,661 - 36,661
At 31 December 2024 36,044 457,522 15,317 508,883
DEPRECIATION
At 1 January 2024 28,835 328,852 14,071 371,758
Charge for year 3,604 74,755 311 78,670
At 31 December 2024 32,439 403,607 14,382 450,428
NET BOOK VALUE
At 31 December 2024 3,605 53,915 935 58,455
At 31 December 2023 7,209 92,009 1,246 100,464

COMSOL LIMITED (REGISTERED NUMBER: 04191368)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,307,342 908,198
Prepayments and accrued income 1,565,304 1,437,458
2,872,646 2,345,656

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 147,648 29,844
Amounts owed to group undertakings 438,413 273,861
Tax 215,812 125,764
Social security and other taxes 58,505 71,106
VAT 466,986 407,589
Other creditors 1,000 9,810
Pension payable 13,646 21,252
Deferred income 2,880,532 2,718,007
Accrued expenses 58,207 55,886
4,280,749 3,713,119

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 285,000 285,000
Between one and five years 60,123 345,123
345,123 630,123

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

The Report of the Auditors was unqualified.

Andrew Jordan FCA (Senior Statutory Auditor)
for and on behalf of Haines Watts Audit (Western) Limited

9. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

10. ULTIMATE CONTROLLING PARTY

The company's parent company is Comsol AB whose registered office is Tegnergatan 23 SE-III 40, Stockholm, Sweden. The ultimate controlling parties are Mr Svante Littmarck and Mr Farhad Saeidi by virtue of their shareholdings in Comsol AB.