Company Registration No. 02362092 (England and Wales)
COMTHERM LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
COMTHERM LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
COMTHERM LIMITED
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
151,968
141,393
Investments
4
-
7,080
151,968
148,473
Current assets
Stocks
889,830
712,048
Debtors
5
1,053,963
768,972
Cash at bank and in hand
587,721
296,917
2,531,514
1,777,937
Creditors: amounts falling due within one year
6
(1,924,423)
(1,439,345)
Net current assets
607,091
338,592
Total assets less current liabilities
759,059
487,065
Creditors: amounts falling due after more than one year
7
(24,030)
(31,456)
Provisions for liabilities
(10,929)
(13,401)
Net assets
724,100
442,208
Capital and reserves
Called up share capital
110
110
Profit and loss reserves
723,990
442,098
Total equity
724,100
442,208
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 21 September 2020 and are signed on its behalf by:
Mr C Gandy
Director
Company Registration No. 02362092
COMTHERM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 2 -
1
Accounting policies
Company information
Comtherm Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Comenco Works, Union Lane, Droitwich, Worcestershire, United Kingdom, WR9 9AZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer and equipment
33% on cost and 25% on reducing balance
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the 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 individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
COMTHERM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 3 -
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
COMTHERM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 4 -
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
39
39
COMTHERM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 5 -
3
Tangible fixed assets
Computer and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 April 2019
197,186
145,103
342,289
Additions
38,170
33,625
71,795
Disposals
-
(17,800)
(17,800)
At 31 March 2020
235,356
160,928
396,284
Depreciation and impairment
At 1 April 2019
136,311
64,585
200,896
Depreciation charged in the year
26,035
26,320
52,355
Eliminated in respect of disposals
-
(8,935)
(8,935)
At 31 March 2020
162,346
81,970
244,316
Carrying amount
At 31 March 2020
73,010
78,958
151,968
At 31 March 2019
60,875
80,518
141,393
4
Fixed asset investments
2020
2019
£
£
Investments in joint ventures
-
7,080
COMTHERM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
4
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in group undertakings and participating interests
£
Cost or valuation
At 1 April 2019 & 31 March 2020
7,080
Impairment
At 1 April 2019
-
Impairment losses
7,080
At 31 March 2020
7,080
Carrying amount
At 31 March 2020
-
At 31 March 2019
7,080
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
1,038,477
735,919
Amounts owed by group undertakings
100
100
Other debtors
15,386
32,953
1,053,963
768,972
6
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
653,521
394,417
Amounts owed to group undertakings
813,154
940,713
Taxation and social security
49,724
37,121
Other creditors
408,024
67,094
1,924,423
1,439,345
COMTHERM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 7 -
7
Creditors: amounts falling due after more than one year
2020
2019
£
£
Other creditors
24,030
31,456
8
Secured debts
The following secured debts are included within creditors:
2020
2019
£
£
Hire purchase contracts
53,398
58,217
Brenson Plant Limited
813,154
940,713
866,552
998,930
Hire purchase contracts are secured against the assets to which they relate.
There is a fixed and floating charge held over the assets of the company by Brenson Plant Limited, a fellow subsidiary within the group.
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was qualified and the auditor reported as follows:
COMTHERM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
9
Audit report information
(Continued)
- 8 -
We have audited the financial statements of Comtherm Limited (the 'company') for the year ended 31 March 2020 which comprise , the balance sheet and notes to the financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
Basis for qualified opinion
Due to Covid-19 and the lockdown restrictions, we were unable to observe the counting of physical inventories at 31st March 2020. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31st March 2020, which are included in the balance sheet at £889,830, by using other audit procedures.
Consequently we were unable to determine whether any adjustment to this amount was necessary.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the
Auditor's
responsibilities for the audit of the financial statements
section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.
The senior statutory auditor was Colm McGrory FCA.
The auditor was Ormerod Rutter Limited.
10
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
51,203
86,579
11
Ultimate parent company
Comenco Group Limited is regarded by the directors as being the company's ultimate parent company.
Ultimate controlling party
There is no ultimate controlling party.