Company Registration No. 10661485 (England and Wales)
CONCEPT INTEGRATED SYSTEMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2023
31 March 2023
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
CONCEPT INTEGRATED SYSTEMS LIMITED
COMPANY INFORMATION
Director
Mr M P Williams
Company number
10661485
Registered office
5 Anchor Court
Commercial Road
Darwen
Lancashire
BB3 0DB
Accountants
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
CONCEPT INTEGRATED SYSTEMS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
CONCEPT INTEGRATED SYSTEMS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
400,600
500,750
Tangible assets
4
1,624
1,863
402,224
502,613
Current assets
Debtors
5
74,417
66,747
Cash at bank and in hand
50,666
123,091
125,083
189,838
Creditors: amounts falling due within one year
6
(476,488)
(536,725)
Net current liabilities
(351,405)
(346,887)
Total assets less current liabilities
50,819
155,726
Provisions for liabilities
(406)
(467)
Net assets
50,413
155,259
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
50,412
155,258
Total equity
50,413
155,259
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 and signed by the director and authorised for issue on 28 September 2023
Mr M P Williams
Director
Company registration number 10661485 (England and Wales)
CONCEPT INTEGRATED SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
Concept Integrated Systems Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Anchor Court, Commercial Road, Darwen, Lancashire, BB3 0DB.
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 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 under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.
1.3
Intangible fixed assets - goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of ten years.
1.4
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:
Computers
33% on cost
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.
1.5
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.
CONCEPT INTEGRATED SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
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.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons employed by the company during the year was:
2023
2022
Number
Number
Total
7
8
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
1,001,499
Amortisation and impairment
At 1 April 2022
500,749
Amortisation charged for the year
100,150
At 31 March 2023
600,899
Carrying amount
At 31 March 2023
400,600
At 31 March 2022
500,750
CONCEPT INTEGRATED SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
4
Tangible fixed assets
Computers
£
Cost
At 1 April 2022
6,561
Additions
438
At 31 March 2023
6,999
Depreciation and impairment
At 1 April 2022
4,698
Depreciation charged in the year
677
At 31 March 2023
5,375
Carrying amount
At 31 March 2023
1,624
At 31 March 2022
1,863
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
57,520
56,864
Other debtors
16,897
9,883
74,417
66,747
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
13,159
1,851
Amounts owed to group undertakings
348,043
401,043
Taxation and social security
38,891
42,683
Other creditors
76,395
91,148
476,488
536,725
7
Related party transactions
At the reporting date the company owed £348,043 (2022 - £401,043) to a company controlled by the director.