Concept Bespoke Interiors Limited
Annual Report and Financial Statements
For the year ended 31 March 2023
Company Registration No. 05599090 (England and Wales)
Concept Bespoke Interiors Limited
Company Information
Directors
O Gomez-Evans
D Gomez-Evans
C Gates
Secretary
D Gomez-Evans
Company number
05599090
Registered office
Holland House
6 Church Street
Isleworth
Middlesex
United Kingdom
TW7 6XB
Auditor
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Concept Bespoke Interiors Limited
Contents
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 9
Group profit and loss account
10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 33
Concept Bespoke Interiors Limited
Strategic Report
For the year ended 31 March 2023
Page 1

The directors present the strategic report for the year ended 31 March 2023. This strategic report has been prepared in compliance with Section 414C of the Companies Act 2006 for the purpose of informing the members and helping them assess how the directors have performed their duty under Section 172 of the Companies Act 2006 to promote the success of the company.

 

The principal activity of Concept Bespoke Interiors is the construction of domestic and commercial buildings and electrical installation.

 

We are a London based construction company specialising in the development, refurbishment and maintenance of super prime residential properties in London and the South East.

 

Fair review of the business

The philosophy of the group has been built around excellence in the work we undertake. Our work is defined by high quality detail, craftsmanship and materials. We pride ourselves in developing strong collaborative relationships and as such, a significant part of our work comes through recommendation.

 

In 2023, the group's turnover increased by 87% to £17.9 million (2022 - decreased by 38% to £9.6 million) as we recover following the Covid-19 period whilst continuing to concentrate on maintaining margins on the work undertaken. In addition, the group has continued to increase its profitability with profit before tax of £2.6m (2022: £0.3m).

 

Principal risks and uncertainties

Business performance risk is the risk that the business may not perform as expected due to internal or external factors.

 

We implement all necessary measures to minimise risk and exposure. In terms of factors affecting the London property sector in particular, we maintain close links with all parties within the sector to fully understand any incremental changes, and we closely analyse all available market data. We also fully engage with our supply chain to understand their pressures and to ensure a steady supply of materials and labour to be able to complete our projects on time and within budgets.

 

In terms of internal risks, we mitigate these by employing highly competent professionals in every area of our business. Each project has a designated team of project managers, quantity surveyors and designers, working closely with our clients and their professional teams.

 

Our clients are very demanding in their requirements for design and installation and their quality expectations are rightly very high and we have been able to achieve and surpass these throughout the year for works completed. To this end we promote and encourage staff development, and research and development in all areas of the business to ensure we can continue to offer innovative approaches and high-quality finishes to established processes which often make projects more achievable.

 

Concept Bespoke Interiors Limited
Strategic Report (Continued)
For the year ended 31 March 2023
Page 2
Principal risks and uncertainties

Business continuity risk

The Covid-19 crisis has proven the need for an agile workforce. In response to the threat posed by pandemics and cyber threats for example, we have invested heavily in developing a number of software products to produce accurate and timely information and to enable remote working which have allowed our workforce to remain active post the Covid-19 pandemic. We also have in place a comprehensive physical IT infrastructure and all the necessary safeguards to protect our data such as disaster recovery plans and processes for continuous monitoring of new cyber threats.

 

Health and Safety Risk

The company is committed to providing a safe working environment for all. As a baseline we ensure compliance with all necessary legislation and safe working practices, through the implementation of our health and safety policy. We employ health and safety professionals in house to educate our staff and continuously monitor risks.

 

Financial Risks

Profit margin risk is managed by senior management during the commercial process. The use of benchmarking and acceptable hurdle rates ensures we do not engage in projects which fall below defined levels in terms of profitability.

 

Liquidity risk is managed on a daily basis. Cash forecasting enables the business to fully understand available cash headroom. The company does not have any current borrowings and the directors reinvest heavily back in to the business. This approach ensures a stable long-term platform and also means we can make less pressurised commercial decisions as discussed above. Facilities are on hand with our bankers if needed.

 

Credit Risk is managed by due diligence being performed at the tender stage. Credit terms are granted to customers who demonstrate an appropriate payment history and satisfy credit checking procedures.

 

Inflation risks are mitigated by the use of DCF models at the tendering stage and by the forward purchasing of materials for projects

 

Strong financial controls are necessary to ensure the integrity and reliability of financial and other information on which the company relies for day-to-day operations, external reporting and long- term planning. The company exercises financial and business control through the combination of suitably qualified and experienced financial personnel; performance analysis; budgeting and cashflow forecasting and clearly defined authorisation limits, supported by integrated and proven systems.

 

Management Risks

Long term growth of the business depends on the company's ability to retain and attract high quality people. The risk is managed through the use of personal development plans for all staff. These plans are backed by specific policies in areas such as training, management development, performance management and CPD programs.

Concept Bespoke Interiors Limited
Strategic Report (Continued)
For the year ended 31 March 2023
Page 3
Development and performance

The directors are happy with the results for the year which are detailed on page 10. Margins have been generally maintained despite increased material costs seen across the sector during the period. The business has invested heavily in management, retained staff during the Covid-19 pandemic period, and increased the key personnel to manage the growing workload secured going forward and we are now seeing the benefits of this policy in our abilities to manage profitably our order book for the year just completed and the future. This has added extra costs to overheads in the short term but we are now seeing the benefits of this.

 

Enquiries continue at increasing levels which reflects the quality of our product and reputation and client satisfaction. We have secured all of our expected further increased turnover for the year ended 31 March 2024 and a proportion of our forecast turnover for the year ended 31 March 2025 already. The investments we have made have enabled us to remain agile throughout the pandemic and allow us to be positive about our continued success in the coming years.

Key performance indicators

Revenue: £17.9m (2022: £9.6m) – Increased turnover secured following Covid-19 pandemic.

 

Gross profit: £6.1m (2022: £3.6m) – Margins generally maintained throughout the year on work undertaken.

 

 

 

On behalf of the board

O Gomez-Evans
Director
6 November 2023
Concept Bespoke Interiors Limited
Directors' Report
For the year ended 31 March 2023
Page 4

The directors present their annual report and financial statements for the year ended 31 March 2023.

Principal activities

The principal activity of the company and group continued to be that of the construction of domestic and commercial buildings and electrical installation.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

O Gomez-Evans
D Gomez-Evans
C Gates
Results and dividends

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Auditor

Moore Kingston Smith LLP were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
O Gomez-Evans
D Gomez-Evans
Director
Director
6 November 2023
Concept Bespoke Interiors Limited
Directors' Responsibilities Statement
For the year ended 31 March 2023
Page 5

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Concept Bespoke Interiors Limited
Independent Auditor's Report
To the Members of Concept Bespoke Interiors Limited
Page 6
Opinion

We have audited the financial statements of Concept Bespoke Interiors Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the Group Profit And Loss Account, the Group Statement of Comprehensive Income, the Group Balance Sheet, the Company Balance Sheet, the Group Statement of Changes in Equity, the Company Statement of Changes in Equity, the Group Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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 group and parent 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 opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Concept Bespoke Interiors Limited
Independent Auditor's Report (Continued)
To the Members of Concept Bespoke Interiors Limited
Page 7

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

In preparing the financial statements, the directors are responsible for assessing the group's and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or parent company or to cease operations, or have no realistic alternative but to do so.

Concept Bespoke Interiors Limited
Independent Auditor's Report (Continued)
To the Members of Concept Bespoke Interiors Limited
Page 8
Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

 

Concept Bespoke Interiors Limited
Independent Auditor's Report (Continued)
To the Members of Concept Bespoke Interiors Limited
Page 9

Explanation as to what extent the audit was considered capable of detecting irregularities, including

fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities,

including fraud is detailed below.

 

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

 

Our approach was as follows:

Ÿ

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken for no purpose other than to draw to the attention of the company’s members those matters we are required to include in an auditor's report addressed to them. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Ian Matthews (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP
8 November 2023
Chartered Accountants
Statutory Auditor
6th Floor
9 Appold Street
London
EC2A 2AP
Concept Bespoke Interiors Limited
Group Profit and Loss Account
For the year ended 31 March 2023
Page 10
2023
2022
Notes
£
£
Turnover
3
17,926,067
9,605,445
Cost of sales
(11,784,274)
(5,971,690)
Gross profit
6,141,793
3,633,755
Administrative expenses
(3,505,774)
(3,321,631)
Other operating income
39,662
66,448
Operating profit
4
2,675,681
378,572
Interest receivable and similar income
8
-
0
6
Interest payable and similar expenses
9
(68,212)
(48,742)
Profit before taxation
2,607,469
329,836
Tax on profit
10
(510,185)
(102,181)
Profit for the financial year
2,097,284
227,655
Profit for the financial year is all attributable to the owners of the parent company.
Concept Bespoke Interiors Limited
Group Statement of Comprehensive Income
For the year ended 31 March 2023
Page 11
2023
2022
£
£
Profit for the year
2,097,284
227,655
Other comprehensive income
-
-
Total comprehensive income for the year
2,097,284
227,655
Total comprehensive income for the year is all attributable to the owners of the parent company.
Concept Bespoke Interiors Limited
Group Balance Sheet
As at 31 March 2023
Page 12
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
2,320,727
2,426,655
Current assets
Stocks
14
31,112
31,112
Debtors
15
5,274,425
4,946,108
Cash at bank and in hand
2,228,478
1,714,769
7,534,015
6,691,989
Creditors: amounts falling due within one year
16
(3,740,909)
(2,300,109)
Net current assets
3,793,106
4,391,880
Total assets less current liabilities
6,113,833
6,818,535
Creditors: amounts falling due after more than one year
17
(99,906)
(114,345)
Provisions for liabilities
Deferred tax liability
20
(110,168)
(111,271)
(110,168)
(111,271)
Net assets
5,903,759
6,592,919
Capital and reserves
Called up share capital
22
4
4
Revaluation reserve
252,830
252,830
Capital contribution reserves
(5,023,384)
(2,236,940)
Profit and loss reserves
10,674,309
8,577,025
Total equity
5,903,759
6,592,919
The financial statements were approved by the board of directors and authorised for issue on 6 November 2023 and are signed on its behalf by:
06 November 2023
O Gomez-Evans
D Gomez-Evans
Director
Director
Concept Bespoke Interiors Limited
Company Balance Sheet
As at 31 March 2023
31 March 2023
Page 13
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
370,727
476,655
Investments
12
2
2
370,729
476,657
Current assets
Stocks
14
31,112
31,112
Debtors
15
5,440,539
5,091,795
Cash at bank and in hand
2,170,841
1,661,050
7,642,492
6,783,957
Creditors: amounts falling due within one year
16
(2,503,407)
(981,003)
Net current assets
5,139,085
5,802,954
Total assets less current liabilities
5,509,814
6,279,611
Creditors: amounts falling due after more than one year
17
(99,906)
(114,345)
Provisions for liabilities
Deferred tax liability
20
(61,150)
(62,253)
(61,150)
(62,253)
Net assets
5,348,758
6,103,013
Capital and reserves
Called up share capital
22
4
4
Capital contribution reserves
(5,023,384)
(2,236,940)
Profit and loss reserves
10,372,138
8,339,949
Total equity
5,348,758
6,103,013

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £2,032,189 (2022 - £144,234 profit).

The financial statements were approved by the board of directors and authorised for issue on 6 November 2023 and are signed on its behalf by:
06 November 2023
O Gomez-Evans
D Gomez-Evans
Director
Director
Company Registration No. 05599090 (England and Wales)
Concept Bespoke Interiors Limited
Group Statement of Changes in Equity
For the year ended 31 March 2023
Page 14
Share capital
Revaluation reserve
Capital contribution reserves
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 April 2021
4
252,830
-
8,349,370
8,602,204
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
-
-
227,655
227,655
Transfers
-
-
(2,236,940)
-
(2,236,940)
Balance at 31 March 2022
4
252,830
(2,236,940)
8,577,025
6,592,919
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
-
2,097,284
2,097,284
Transfers
-
-
(2,786,444)
-
(2,786,444)
Balance at 31 March 2023
4
252,830
(5,023,384)
10,674,309
5,903,759
Concept Bespoke Interiors Limited
Company Statement of Changes in Equity
For the year ended 31 March 2023
Page 15
Share capital
Capital contribution reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2021
4
-
8,195,715
8,195,719
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
-
144,234
144,234
Transfers
-
(2,236,940)
-
(2,236,940)
Balance at 31 March 2022
4
(2,236,940)
8,339,949
6,103,013
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
2,032,189
2,032,189
Transfers
-
(2,786,444)
-
(2,786,444)
Balance at 31 March 2023
4
(5,023,384)
10,372,138
5,348,758
Concept Bespoke Interiors Limited
Group Statement of Cash Flows
For the year ended 31 March 2023
Page 16
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
3,655,194
3,164,621
Interest paid
(68,212)
(48,742)
Income taxes paid
(107,441)
(219,805)
Net cash inflow from operating activities
3,479,541
2,896,074
Investing activities
Purchase of tangible fixed assets
(103,817)
(179,713)
Proceeds on disposal of tangible fixed assets
13,300
-
Interest received
-
0
6
Net cash used in investing activities
(90,517)
(179,707)
Financing activities
Capital contributions paid
(2,786,444)
(2,236,940)
Repayment of bank loans
(79,913)
(121,348)
Payment of finance leases obligations
(8,958)
-
Increase in finance lease obligations
-
94,463
Net cash used in financing activities
(2,875,315)
(2,263,825)
Net increase in cash and cash equivalents
513,709
452,542
Cash and cash equivalents at beginning of year
1,714,769
1,262,227
Cash and cash equivalents at end of year
2,228,478
1,714,769
Concept Bespoke Interiors Limited
Notes to the Financial Statements
For the year ended 31 March 2023
Page 17
1
Accounting policies
Company information

Concept Bespoke Interiors Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Holland House, 6 Church Street, Isleworth, England, TW7 6XB.

 

The group consists of Concept Bespoke Interiors Limited and all of its subsidiaries.

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.

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, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Concept Bespoke Interiors Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 March 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.3
Going concern

The directors have assessed the Company’s financial position, forecasts, anticipated cash flows, future plans and the impact of other external factors and have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and continue to adopt the going concern basis of accounting in preparing the annual financial statements.

1.4
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 and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Concept Bespoke Interiors Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
Page 18

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

 

 

Retentions are invoiced in two stages, 50% upon issues of the practical completion certificate and 50% at the end of the defect period. This income is recognised when invoiced as that is when the Group believe that it is probable that the consideration will be received.

1.5
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:

Property improvements
20% straight line
Plant and machinery
20% straight line
Fixtures and fittings
20% straight line
Office equipment
20% straight line
Motor vehicles
20% - 33% straight line

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 recognised in the profit and loss account.

1.6
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Concept Bespoke Interiors Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
Page 19
1.7
Impairment of fixed assets

At each reporting period end date, the group 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
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 cost and replacement 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.

1.9
Cash and cash equivalents

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.

1.10
Financial instruments

Basic financial instruments are held at cost. The company has no other financial instruments or basic financial instruments measured at fair value.

Concept Bespoke Interiors Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
Page 20
1.11
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.12
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 group’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 if, and only if, there is 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.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Concept Bespoke Interiors Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
Page 21
1.15
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.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.16
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.17
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.

Concept Bespoke Interiors Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 22
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Valuation of freehold property

Judgement is exercised when determining the carrying value of freehold property. The key assumptions and inputs include rental income and expense, related rental income and expense growth rates, occupancy levels, capital improvement costs, discount rates and capitalisation rates.

Valuation of work in progress

In order to assess the appropriateness of the carrying value of work in progress, the company is required to make estimations of sales prices, costs and margins expected on plots in order to determine whether write-downs or reversals are required to ensure work in progress is stated at the lower of cost and net realisable value.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Contract sales
17,926,067
9,605,445
2023
2022
£
£
Other revenue
Interest income
-
6
Grants received
-
26,788

All turnover arose within the United Kingdom.

Concept Bespoke Interiors Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 23
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
-
(26,788)
Depreciation of owned tangible fixed assets
213,801
214,635
Profit on disposal of tangible fixed assets
(17,356)
-
Operating lease charges
214,020
214,020
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
30,000
25,000
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Admin
13
13
13
13
Cost of sales
20
23
20
23
Total
33
36
33
36

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
2,004,098
1,780,071
2,004,098
1,780,071
Social security costs
232,563
197,600
232,563
197,600
Pension costs
129,366
35,422
129,366
35,422
2,366,027
2,013,093
2,366,027
2,013,093
Concept Bespoke Interiors Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 24
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
359,937
240,000
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
127,450
120,000
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
-
0
6

Investment income includes the following:

Interest on financial assets not measured at fair value through profit or loss
-
6
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
58,435
32,920
Other finance costs:
Interest on finance leases and hire purchase contracts
9,777
12,730
Other interest
-
3,092
Total finance costs
68,212
48,742
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
511,288
75,631
Concept Bespoke Interiors Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
10
Taxation
2023
2022
£
£
(Continued)
Page 25
Deferred tax
Origination and reversal of timing differences
(1,103)
26,550
Total tax charge
510,185
102,181

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
2,607,469
329,836
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
495,419
62,669
Tax effect of expenses that are not deductible in determining taxable profit
14,766
24,571
Change in tax rate
-
0
14,941
Taxation charge
510,185
102,181
Concept Bespoke Interiors Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 26
11
Tangible fixed assets
Group
Freehold land and buildings
Property improvements
Plant and machinery
Fixtures and fittings
Office equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 April 2022
1,950,000
688,269
383,523
102,025
210,648
357,667
3,692,132
Additions
-
0
-
0
-
0
-
0
10,199
93,618
103,817
Disposals
-
0
-
0
-
0
-
0
-
0
(20,280)
(20,280)
At 31 March 2023
1,950,000
688,269
383,523
102,025
220,847
431,005
3,775,669
Depreciation and impairment
At 1 April 2022
-
0
447,764
334,353
93,777
194,712
194,871
1,265,477
Depreciation charged in the year
-
0
137,654
25,028
495
11,300
39,324
213,801
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
-
0
(24,336)
(24,336)
At 31 March 2023
-
0
585,418
359,381
94,272
206,012
209,859
1,454,942
Carrying amount
At 31 March 2023
1,950,000
102,851
24,142
7,753
14,835
221,146
2,320,727
At 31 March 2022
1,950,000
240,505
49,170
8,248
15,936
162,796
2,426,655
Concept Bespoke Interiors Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 27
Company
Property improvements
Plant and machinery
Fixtures and fittings
Office equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2022
688,269
383,523
102,025
210,648
357,667
1,742,132
Additions
-
0
-
0
-
0
10,199
93,618
103,817
Disposals
-
0
-
0
-
0
-
0
(20,280)
(20,280)
At 31 March 2023
688,269
383,523
102,025
220,847
431,005
1,825,669
Depreciation and impairment
At 1 April 2022
447,764
334,353
93,777
194,712
194,871
1,265,477
Depreciation charged in the year
137,654
25,028
495
11,300
39,324
213,801
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(24,336)
(24,336)
At 31 March 2023
585,418
359,381
94,272
206,012
209,859
1,454,942
Carrying amount
At 31 March 2023
102,851
24,142
7,753
14,835
221,146
370,727
At 31 March 2022
240,505
49,170
8,248
15,936
162,796
476,655

If the freehold property had not been revalued, it would have been included in these financial statements at a value of £1,692,010, representing its cost price.

 

The valuation was carried out by Mann Smith Chartered Surveyors, an independent valuer, on 15 January 2019 and the directors believe there has been no material change in the property's value between this date and the year end.

12
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
2
2
Concept Bespoke Interiors Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
12
Fixed asset investments
(Continued)
Page 28
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2022 and 31 March 2023
2
Carrying amount
At 31 March 2023
2
At 31 March 2022
2
13
Subsidiaries

Details of the company's subsidiaries at 31 March 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Holland House TW7 Limited
Holland House, 6 Church
Street, Isleworth,
Middlesex, England,
TW7 6XB
Ordinary
100.00
14
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
31,112
31,112
31,112
31,112
15
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,553,072
1,395,918
3,553,072
1,395,918
Gross amounts owed by contract customers
1,589,990
658,064
1,589,990
658,064
Amounts owed by group undertakings
-
-
177,848
158,488
Other debtors
72,707
2,847,534
72,707
2,847,534
Prepayments and accrued income
58,656
44,592
46,922
31,791
5,274,425
4,946,108
5,440,539
5,091,795
Concept Bespoke Interiors Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 29
16
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
18
1,197,426
1,277,339
-
0
-
0
Obligations under finance leases
19
34,356
28,875
34,356
28,875
Trade creditors
992,651
465,266
992,651
465,266
Corporation tax payable
589,500
185,653
555,174
147,386
Other taxation and social security
513,274
171,443
513,274
171,443
Other creditors
29,450
13,930
29,450
13,930
Accruals and deferred income
384,252
157,603
378,502
154,103
3,740,909
2,300,109
2,503,407
981,003
17
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
19
99,906
114,345
99,906
114,345
18
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
1,197,426
1,277,339
-
0
-
0
Payable within one year
1,197,426
1,277,339
-
0
-
0

The company’s bank loan is secured via a fixed and floating charge over the company and all property and assets present and future. The loan of the subsidiary is also secured via a fixed and floating charge over the property held by the subsidiary, including the fixtures and plant and machinery contained within and two properties owned by the Directors.

The loan is repaid via monthly instalments for 5 years and the remaining balance is then repayable 5 years after the date of initial drawdown in May 2018. Interest was payable at a rate of 2.25% above base rate.

Post year end, the loan has been extended with no additional borrowing for a further five years to July 2028 with monthly repayments and interest payable at a rate of 2.4% above base rate.

Concept Bespoke Interiors Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 30
19
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
34,356
28,875
34,356
28,875
In two to five years
99,906
114,345
99,906
114,345
134,262
143,220
134,262
143,220

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
61,150
62,253
Investment property
49,018
49,018
110,168
111,271
Liabilities
Liabilities
2023
2022
Company
£
£
Accelerated capital allowances
61,150
62,253
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 April 2022
111,271
62,253
Credit to profit or loss
(1,103)
(1,103)
Liability at 31 March 2023
110,168
61,150
Concept Bespoke Interiors Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 31
21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
129,366
35,422

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
4
4
4
4
23
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
154,440
214,020
154,440
214,020
Between two and five years
87,740
222,320
87,740
222,320
242,180
436,340
242,180
436,340
Concept Bespoke Interiors Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 32
24
Related party transactions

The disclosure exemption conferred by FRS 102 Section 33:1A has been utilised, whereby the company has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.

 

At the year end, the company was owed £2,786,444 (2022: £2,786,444) by companies under common control which is included within other debtors due within one year. The balance is repayable on demand. No interest has been charged in the year.

 

During the reporting period, the company provided services to amounting to £3,752,067 excluding VAT (2022: £354,582) to companies under common control. These services were provided at an arms length basis. The following amounts were outstanding from the company at the period end £1,687,438 (2022: £nil) which is included in trade debtors due within one year.

 

During the reporting period, the company incurred expenditure amounting to £31,918 excluding VAT (2022: £60,788) from companies under common control. No amounts were owed to the connected companies at year end.

 

Key management personnel are considered to be the Directors, disclosure of their remuneration is included in note 7.

25
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
2,097,284
227,655
Adjustments for:
Taxation charged
510,185
102,181
Finance costs
68,212
48,742
Investment income
-
0
(6)
Gain on disposal of tangible fixed assets
(17,356)
-
Depreciation and impairment of tangible fixed assets
213,801
214,635
Movements in working capital:
Decrease in stocks
-
56,036
(Increase)/decrease in debtors
(328,317)
3,217,747
Increase/(decrease) in creditors
1,111,385
(702,369)
Cash generated from operations
3,655,194
3,164,621
Concept Bespoke Interiors Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 33
26
Analysis of changes in net funds - group
1 April 2022
Cash flows
31 March 2023
£
£
£
Cash at bank and in hand
1,714,769
513,709
2,228,478
Borrowings excluding overdrafts
(1,277,339)
79,913
(1,197,426)
Obligations under finance leases
(143,220)
8,958
(134,262)
294,210
602,580
896,790
2023-03-312022-04-01falseCCH SoftwareCCH Accounts Production 2023.200O Gomez-EvansC GatesC GatesD 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