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Company registration number: SC491835
Comvista Networks Limited
Unaudited filleted abridged financial statements
30 November 2024
Comvista Networks Limited
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Notes to the financial statements
Comvista Networks Limited
Directors and other information
Director Neill Ferguson
Company number SC491835
Registered office Baird House
Newark Road South
Glenrothes
Fife
KY7 4NS
Accountants Paterson Boyd & Co
Chartered Certified Accountants
18 North Street
Glenrothes
Fife
KY7 5NA
Bankers Barclays Bank PLC
24 High Street
Dundee
DD1 1SZ
Comvista Networks Limited
Report to the director on the preparation of the
unaudited statutory financial statements of Comvista Networks Limited
Year ended 30 November 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Comvista Networks Limited for the year ended 30 November 2024 which comprise the abridged statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the director of Comvista Networks Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Comvista Networks Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Comvista Networks Limited and its director as a body for our work or for this report.
It is your duty to ensure that Comvista Networks Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Comvista Networks Limited. You consider that Comvista Networks Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Comvista Networks Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Paterson Boyd & Co
Chartered Certified Accountants
18 North Street
Glenrothes
Fife
KY7 5NA
29 August 2025
Comvista Networks Limited
Abridged statement of financial position
30 November 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 20,592 24,895
_______ _______
20,592 24,895
Current assets
Stocks 2,702 3,851
Debtors 84,730 161,920
Cash at bank and in hand 459,253 278,028
_______ _______
546,685 443,799
Creditors: amounts falling due
within one year ( 171,959) ( 120,643)
_______ _______
Net current assets 374,726 323,156
_______ _______
Total assets less current liabilities 395,318 348,051
Provisions for liabilities ( 5,148) ( 6,011)
_______ _______
Net assets 390,170 342,040
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 390,070 341,940
_______ _______
Shareholder funds 390,170 342,040
_______ _______
For the year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the current year ending 30 November 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 29 August 2025 , and are signed on behalf of the board by:
Neill Ferguson
Director
Company registration number: SC491835
Comvista Networks Limited
Notes to the financial statements
Year ended 30 November 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Baird House, Newark Road South, Glenrothes, Fife, KY7 4NS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous FRS 105 to FRS 102 as at 1 December 2022. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 20% reducing balance
Motor vehicles - 25% reducing balance
Computer equipment - straight line over three years
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at the carrying value plus accrued interest less repayments. The financing charge to expenditure is at a constant rate calculated using the effective interest method.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 4 ).
5. Tangible assets
£
Cost
At 1 December 2023 69,608
Additions 2,446
_______
At 30 November 2024 72,054
_______
Depreciation
At 1 December 2023 44,713
Charge for the year 6,749
_______
At 30 November 2024 51,462
_______
Carrying amount
At 30 November 2024 20,592
_______
At 30 November 2023 24,895
_______
6. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Neill Ferguson 61,974 ( 61,974) -
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Neill Ferguson ( 26) 62,000 61,974
_______ _______ _______
7. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 December 2022.
Reconciliation of equity
At 1 December 2022 At 30 November 2023
Previously stated Effect of transition FRS 102 (restated) Previously stated Effect of transition FRS 102 (restated)
£ £ £ £ £ £
Fixed assets 8,099 - 8,099 24,895 - 24,895
Current assets 360,281 - 360,281 443,799 - 443,799
Creditors amounts falling due within 1 year ( 68,344) - ( 68,344) ( 120,643) - ( 120,643)
_______ _______ _______ _______ _______ _______
Net current assets 291,937 - 291,937 323,156 - 323,156
_______ _______ _______ _______ _______ _______
Total assets less current liabilities 300,036 - 300,036 348,051 - 348,051
Provisions for liabilities - - - - ( 6,011) ( 6,011)
_______ _______ _______ _______ _______ _______
Net assets 300,036 - 300,036 348,051 ( 6,011) 342,040
_______ _______ _______ _______ _______ _______
Equity 300,035 - 300,035 348,051 ( 6,011) 342,040
_______ _______ _______ _______ _______ _______
Reconciliation of profit or loss for the year
At 30 November 2023
Previously stated Effect of transition FRS 102 (restated)
£ £ £
Gross profit 369,865 (-) 369,865
Distribution costs ( 664) - ( 664)
Administrative expenses ( 205,151) - ( 205,151)
_______ _______ _______
Operating profit 164,050 - 164,050
Other interest receivable and similar income 448 - 448
Tax on Profit ( 34,083) ( 6,011) ( 40,094)
_______ _______ _______
Profit after taxation 130,415 ( 6,011) 124,404
_______ _______ _______
Profit for the financial year 130,415 ( 6,011) 124,404
_______ _______ _______