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REGISTERED NUMBER: 04325140 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

CONCEPT FIRST LIMITED

CONCEPT FIRST LIMITED (REGISTERED NUMBER: 04325140)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CONCEPT FIRST LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: Mr D Jones
Mr D Glassborow



SECRETARY: Mr D Glassborow



REGISTERED OFFICE: Great Pitt Farmhouse
Silverton
Exeter
Devon
EX5 4BW



REGISTERED NUMBER: 04325140 (England and Wales)



ACCOUNTANT: Simon Glendinning FCA
34 Westfield
Bradninch
Exeter
Devon
EX5 4QU



BANKERS: Santander
Customer Service Centre
Bootle
Merseyside
L30 4GB

CONCEPT FIRST LIMITED (REGISTERED NUMBER: 04325140)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 10,614 12,274

CURRENT ASSETS
Debtors 5 66,073 80,469
Cash at bank 584,775 447,553
650,848 528,022
CREDITORS
Amounts falling due within one year 6 74,575 73,691
NET CURRENT ASSETS 576,273 454,331
TOTAL ASSETS LESS CURRENT LIABILITIES 586,887 466,605

PROVISIONS FOR LIABILITIES 2,017 2,332
NET ASSETS 584,870 464,273

CAPITAL AND RESERVES
Called up share capital 8 8
Retained earnings 584,862 464,265
SHAREHOLDERS' FUNDS 584,870 464,273

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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.

CONCEPT FIRST LIMITED (REGISTERED NUMBER: 04325140)

BALANCE SHEET - continued
31 MARCH 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2023 and were signed on its behalf by:




Mr D Jones - Director



Mr D Glassborow - Director


CONCEPT FIRST LIMITED (REGISTERED NUMBER: 04325140)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Concept First 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.

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.
Plant and machinery - 20% on reducing balance
Office equipment - 15% on reducing balance
Computer equipment - 25% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


CONCEPT FIRST LIMITED (REGISTERED NUMBER: 04325140)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 7 ) .

4. TANGIBLE FIXED ASSETS
Plant and Office Computer
machinery equipment equipment Totals
£    £    £    £   
COST
At 1 April 2022 1,630 8,065 30,398 40,093
Additions - 899 2,330 3,229
At 31 March 2023 1,630 8,964 32,728 43,322
DEPRECIATION
At 1 April 2022 587 5,954 21,278 27,819
Charge for year 209 451 4,229 4,889
At 31 March 2023 796 6,405 25,507 32,708
NET BOOK VALUE
At 31 March 2023 834 2,559 7,221 10,614
At 31 March 2022 1,043 2,111 9,120 12,274

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 66,073 79,308
Prepayments - 1,161
66,073 80,469

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 29 -
Tax 21,225 21,356
Social security and other taxes 4,242 3,118
VAT 47,859 48,042
Accrued expenses 1,220 1,175
74,575 73,691

CONCEPT FIRST LIMITED (REGISTERED NUMBER: 04325140)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


7. OTHER FINANCIAL COMMITMENTS

At 31/03/2023, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £25,547 (2022: £39,481).