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REGISTERED NUMBER: 12118741 (England and Wales)








Unaudited Financial Statements

For The Year Ended 30 November 2024

for

Comet Insulation Ltd

Comet Insulation Ltd (Registered number: 12118741)






Contents of the Financial Statements
For The Year Ended 30 November 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Comet Insulation Ltd

Company Information
For The Year Ended 30 November 2024







DIRECTOR: G M Haley





REGISTERED OFFICE: Harscombe House
1 Darklake View
Plymouth
Devon
PL6 7TL





REGISTERED NUMBER: 12118741 (England and Wales)





ACCOUNTANTS: TC Bromhead Limited
Harscombe House
1 Darklake View
Plymouth
Devon
PL6 7TL

Comet Insulation Ltd (Registered number: 12118741)

Balance Sheet
30 November 2024

30.11.24 30.11.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 87,619 112,103

CURRENT ASSETS
Stocks 13,708 28,547
Debtors 5 270,480 210,140
Cash at bank 52,440 258,495
336,628 497,182
CREDITORS
Amounts falling due within one year 6 159,053 207,495
NET CURRENT ASSETS 177,575 289,687
TOTAL ASSETS LESS CURRENT
LIABILITIES

265,194

401,790

CREDITORS
Amounts falling due after more than one
year

7

(68,976

)

(100,790

)

PROVISIONS FOR LIABILITIES (13,654 ) (17,015 )
NET ASSETS 182,564 283,985

CAPITAL AND RESERVES
Called up share capital 99 99
Retained earnings 182,465 283,886
182,564 283,985

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 director acknowledges his 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.

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 director and authorised for issue on 3 April 2025 and were signed by:





G M Haley - Director


Comet Insulation Ltd (Registered number: 12118741)

Notes to the Financial Statements
For The Year Ended 30 November 2024

1. STATUTORY INFORMATION

Comet Insulation Ltd 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. 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
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance and Straight line over 3 years

Stocks
Work in Progress is calculated on the recoverable costs incurred to date on projects not yet at the billable stage

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 hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Work in progress
Work in progress is valued at the lower of cost and net realisable value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 4 ) .

Comet Insulation Ltd (Registered number: 12118741)

Notes to the Financial Statements - continued
For The Year Ended 30 November 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 December 2023 143,140
Additions 4,368
At 30 November 2024 147,508
DEPRECIATION
At 1 December 2023 31,037
Charge for year 28,852
At 30 November 2024 59,889
NET BOOK VALUE
At 30 November 2024 87,619
At 30 November 2023 112,103

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows:

Plant and
machinery
etc
£   
COST
At 1 December 2023
and 30 November 2024 137,775
DEPRECIATION
At 1 December 2023 28,401
Charge for year 27,418
At 30 November 2024 55,819
NET BOOK VALUE
At 30 November 2024 81,956
At 30 November 2023 109,374

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.24 30.11.23
£    £   
Trade debtors 214,132 156,544
Other debtors 56,348 53,596
270,480 210,140

Comet Insulation Ltd (Registered number: 12118741)

Notes to the Financial Statements - continued
For The Year Ended 30 November 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.24 30.11.23
£    £   
Bank loans and overdrafts 10,375 10,222
Hire purchase contracts and finance leases (see note 8)
21,439

21,439
Trade creditors 57,115 100,448
Taxation and social security 48,152 54,635
Other creditors 21,972 20,751
159,053 207,495

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.11.24 30.11.23
£    £   
Bank loans 5,286 15,661
Hire purchase contracts and finance leases (see note 8)
63,690

85,129
68,976 100,790

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts Finance leases
30.11.24 30.11.23 30.11.24 30.11.23
£    £    £    £   
Net obligations repayable:
Within one year 11,713 11,713 9,726 9,726
Between one and five years 37,788 49,501 25,902 35,628
49,501 61,214 35,628 45,354

9. SECURED DEBTS

The following secured debts are included within creditors:

30.11.24 30.11.23
£    £   
Hire purchase contracts and finance leases 85,129 106,568

The hire purchase and finance lease arrangements are secured on the assets they are financing.

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 November 2024 and 30 November 2023:

30.11.24 30.11.23
£    £   
G M Haley
Balance outstanding at start of year - -
Amounts advanced 17,934 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 17,934 -

This loan is repayable on demand. Interest has been charged on this loan at HMRCs official rate.