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REGISTERED NUMBER: 05620550 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 November 2024

for

COMGEM LIMITED

COMGEM LIMITED (REGISTERED NUMBER: 05620550)






Contents of the Financial Statements
for the year ended 30 November 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


COMGEM LIMITED

Company Information
for the year ended 30 November 2024







DIRECTORS: P A Attard
D F Attard
B D Boden
C Ffolkes





REGISTERED OFFICE: 5 Dunraven Place
Bridgend
Mid Glamorgan
CF31 1JF





REGISTERED NUMBER: 05620550 (England and Wales)





ACCOUNTANTS: Plus Accounting
Chartered Accountants
Preston Park House
South Road
Brighton
East Sussex
BN1 6SB

COMGEM LIMITED (REGISTERED NUMBER: 05620550)

Balance Sheet
30 November 2024

2024 2023
Notes £ £
FIXED ASSETS
Intangible assets 4 475,975 632,162
Tangible assets 5 2,217 7,320
478,192 639,482

CURRENT ASSETS
Debtors 6 71,277 95,799
Cash at bank 102,735 101,512
174,012 197,311
CREDITORS
Amounts falling due within one year 7 (41,045 ) (42,901 )
NET CURRENT ASSETS 132,967 154,410
TOTAL ASSETS LESS CURRENT
LIABILITIES

611,159

793,892

CREDITORS
Amounts falling due after more than one
year

8

(5,000

)

(15,000

)

PROVISIONS FOR LIABILITIES 9 (421 ) (1,391 )
NET ASSETS 605,738 777,501

CAPITAL AND RESERVES
Called up share capital 10 50 50
Retained earnings 605,688 777,451
SHAREHOLDERS' FUNDS 605,738 777,501

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

COMGEM LIMITED (REGISTERED NUMBER: 05620550)

Balance Sheet - continued
30 November 2024


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 17 March 2025 and were signed on its behalf by:





D F Attard - Director


COMGEM LIMITED (REGISTERED NUMBER: 05620550)

Notes to the Financial Statements
for the year ended 30 November 2024

1. STATUTORY INFORMATION

Comgem 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 presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

Turnover
Revenue is measured at the fair value of the consideration received or receivable net of VAT and trade discounts, and is recognised as follows:

Revenue from computer consultancy services are recognised as contract activity progresses. Revenue not billed is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development Costs are being amortised evenly over their estimated useful life of nil years.

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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Leasehold-20% on cost
Fixtures & Fittings -20% on cost
Computer Equipment-33% on cost

Government grants
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with expenditure towards which they are intended to contribute.

Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants toward general activities of the entity over a specific period are recgonised in the profit and loss account over that period.

Grants towards fixed assets are recgonised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.

All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.

Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.


COMGEM LIMITED (REGISTERED NUMBER: 05620550)

Notes to the Financial Statements - continued
for the year ended 30 November 2024

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. the finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.

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.

Impairment policy
At each balance sheet date, the company reviews the carrying amount of its assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of an asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Research and development
Expenditure on research and development is written off in the year it is incurred unless it meets the criteria to allow it to be capitalised. Where development costs are recognised as an asset, they are amortised over it's estimated economic life of 5 years.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 9 ) .

COMGEM LIMITED (REGISTERED NUMBER: 05620550)

Notes to the Financial Statements - continued
for the year ended 30 November 2024

4. INTANGIBLE FIXED ASSETS
Development
Costs
£
COST
At 1 December 2023 1,800,623
Additions 203,937
At 30 November 2024 2,004,560
AMORTISATION
At 1 December 2023 1,168,461
Amortisation for year 360,124
At 30 November 2024 1,528,585
NET BOOK VALUE
At 30 November 2024 475,975
At 30 November 2023 632,162

5. TANGIBLE FIXED ASSETS
Fixtures
Long and Computer
leasehold fittings equipment Totals
£ £ £ £
COST
At 1 December 2023 44,184 6,806 42,943 93,933
Additions - - 3,310 3,310
At 30 November 2024 44,184 6,806 46,253 97,243
DEPRECIATION
At 1 December 2023 44,184 6,741 35,688 86,613
Charge for year - 65 8,348 8,413
At 30 November 2024 44,184 6,806 44,036 95,026
NET BOOK VALUE
At 30 November 2024 - - 2,217 2,217
At 30 November 2023 - 65 7,255 7,320

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 29,549 50,383
Other debtors 41,728 45,416
71,277 95,799

COMGEM LIMITED (REGISTERED NUMBER: 05620550)

Notes to the Financial Statements - continued
for the year ended 30 November 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 10,301 10,018
Trade creditors 499 2,809
Taxation and social security 24,039 21,528
Other creditors 6,206 8,546
41,045 42,901

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£ £
Bank loans 5,000 15,000

9. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Deferred tax 421 1,391

Deferred tax
£
Balance at 1 December 2023 1,391
Provided during year (970 )
Balance at 30 November 2024 421

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
50 Ordinary £1 50 50