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Registration number: 12591832

Concept 17 Projects Ltd

Annual Report and Unaudited Financial Statements

Pages for filing with the Registrar

for the Year Ended 31 July 2023

 

Concept 17 Projects Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 9

 

Concept 17 Projects Ltd

Company Information

Directors

Mr J Glanville

Mr S Chennell

Registered office

115 Venture House
Arlington Square
Bracknell
Berkshire
RG12 1WA

Accountants

Oxlade & Bond Limited
Chartered Certified Accountants
Unit 14, Riduna Park
Station Road
Melton
Woodbridge
Suffolk
IP12 1QT

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Concept 17 Projects Ltd
for the Year Ended 31 July 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Concept 17 Projects Ltd for the year ended 31 July 2023 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Concept 17 Projects Ltd, as a body, in accordance with the terms of our engagement letter dated 11 April 2024. Our work has been undertaken solely to prepare for your approval the accounts of Concept 17 Projects Ltd and state those matters that we have agreed to state to the Board of Directors of Concept 17 Projects Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Concept 17 Projects Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Concept 17 Projects Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Concept 17 Projects Ltd. You consider that Concept 17 Projects Ltd 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 accounts of Concept 17 Projects Ltd. 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 accounts.

......................................

Oxlade & Bond Limited
Chartered Certified Accountants
Unit 14, Riduna Park
Station Road
Melton
Woodbridge
Suffolk
IP12 1QT

11 April 2024

 

Concept 17 Projects Ltd

(Registration number: 12591832)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,578

8,515

Current assets

 

Debtors

5

73,596

47,011

Cash at bank and in hand

 

2,697

933

 

76,293

47,944

Creditors: Amounts falling due within one year

6

(73,486)

(52,750)

Net current assets/(liabilities)

 

2,807

(4,806)

Total assets less current liabilities

 

4,385

3,709

Provisions for liabilities (deferred taxation)

(365)

(1,620)

Net assets

 

4,020

2,089

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

3,920

1,989

Shareholders' funds

 

4,020

2,089

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 11 April 2024 and signed on its behalf by:
 

.........................................
Mr J Glanville
Director

 

Concept 17 Projects Ltd

Statement of Changes in Equity for the Year Ended 31 July 2023

Called up share capital
£

Profit and loss account
£

Total equity
£

At 1 August 2022

100

1,989

2,089

Profit for the year

-

84,931

84,931

Total comprehensive income

-

84,931

84,931

Dividends

-

(83,000)

(83,000)

At 31 July 2023

100

3,920

4,020

Called up share capital
£

Profit and loss account
£

Total equity
£

At 1 August 2021

100

8,830

8,930

Profit for the year

-

56,159

56,159

Total comprehensive income

-

56,159

56,159

Dividends

-

(63,000)

(63,000)

At 31 July 2022

100

1,989

2,089

 

Concept 17 Projects Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
115 Venture House
Arlington Square
Bracknell
Berkshire
RG12 1WA
England

These financial statements were authorised for issue by the Board on 11 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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 £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Concept 17 Projects Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance basis

Computer & office equipment

write off costs over 5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Concept 17 Projects Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised in the profit and loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 3).

 

Concept 17 Projects Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

4

Tangible assets

Computer & office equipment
£

Motor vehicles
 £

Total
£

Cost

At 1 August 2022

463

10,995

11,458

Disposals

-

(8,500)

(8,500)

At 31 July 2023

463

2,495

2,958

Depreciation

At 1 August 2022

193

2,750

2,943

Charge for the year

92

470

562

Eliminated on disposal

-

(2,125)

(2,125)

At 31 July 2023

285

1,095

1,380

Carrying amount

At 31 July 2023

178

1,400

1,578

At 31 July 2022

270

8,245

8,515

5

Debtors

2023
£

2022
£

Trade debtors

71,738

34,058

Prepayments

438

416

Other debtors

1,420

12,537

73,596

47,011

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

18,640

5,692

Taxation and social security

46,528

29,989

Accruals and deferred income

3,780

3,693

Other creditors

4,538

13,376

73,486

52,750

 

Concept 17 Projects Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

7

Reserves

The profit and loss reserves of the company are wholly distributable

8

Dividends

2023

2022

£

£

Interim dividend of £830 (2022 - £630) per ordinary share

83,000

63,000

 

 

9

Related party transactions

Transactions with directors

2023

At 1 August 2022
£

Repayments by director
£

At 31 July 2023
£

Mr J Glanville

Short term loan advance

8,400

(8,400)

-

2022

At 1 August 2021
£

Advances to director
£

At 31 July 2022
£

Mr J Glanville

Short term loan advance

-

8,400

8,400

Other transactions with directors

Included in debtors at 31st July 2023 is a short term loan advance to the director J Glanville of £nil (2022 £8,400). This loan was repaid to the company on the 1st September 2022.

Included in debtors at 31st July 2023 is a short term loan advance to the wife of the director J Glanville of £nil (2022 £3,600). She is also a participator in the company. This loan was repaid to the company on the 1st September 2022.

Included in creditors at the 31st July 2023 is the sum of £4,101 (2022 £7,855) which is owed to the director J Glanville in respect of undrawn expenses.