Company registration number 07060928 (England and Wales)
CONCEPT LIVING HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
CONCEPT LIVING HOLDINGS LIMITED
COMPANY INFORMATION
Directors
M A O Baumgart
T Powell
Secretary
G Treadwell
Company number
07060928
Registered office
The Paddock
Bethesda Street
Upper Basildon
RG8 8NU
Auditor
Glazers
843 Finchley Road
London
NW11 8NA
CONCEPT LIVING HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Company statement of cash flows
16
Notes to the financial statements
17 - 32
CONCEPT LIVING HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023
- 1 -

The directors present the strategic report for the year ended 31 October 2023.

 

The financial statements consolidate the financial statements of Concept Living Holdings Limited and all its subsidiary undertakings referred to throughout these financial statements as the “Group”.

The principal activity of the group is that of the sale of high-end furniture operating through the BoConcept Brand.

The group is one of the leading worldwide franchisees of BoConcept A/S, the Danish furniture manufacturer. BoConcept offers contemporary design exclusively sold through its franchise operation and is the world’s leader in the affordable premium segment of the market with an outstanding reputation.

Concept Living Group has eleven retail locations, including a concession in the prestigious Harrods Department Store. There was a new store opening in St Albans during January 2023 along with Fenwicks Bracknell opening in December 2023.

The group’s vision is not only to become a leading premium furniture brand in the retail sector, but also in the B2B sector with its strong and dynamic department for Trade and Commercial Contracts.

The group continues to make significant investments in both of these operations.

Within the Trade and Commercial Contract Department, there continues to be a significant lag between winning orders and these being reflected in the turnover due to the nature of these large commercial Contracts.

Review of the business

The Group is very satisfied to have maintained the high level of turnover which was achieved in the previous year, 2022 had been a record year boosted by the post Covid boom in the Retail Home Improvement.

With the solidity of a strong turnover and a solid cashflow throughout 2023 this has been a year dedicated to various exceptional investment to shape the long term of the business.

Key Investment indicators

  1. Large IT infrastructure deployment through the introduction of a state of the art CRM System across all areas of the business

  2. Back of House Distribution and Customer Service restructuring and organisational development

  3. Self funded St Albans Store Opening with extensive floor area and premium location

  4. Fenwick Concession Bracknell Store opening in the year end 31st October 2024

  5. The Group has also undertaken a process restructuring its non-BoConcept branded operations, in order to ensure that the Group concentrates on its core activities.

 

Retail Turnover in 2024 has had a solid start along with the Trade Division having a strong pipeline of large contract orders to be delivered in 2024 as well as 2025.

The Group is predicted to be back to its usual solid profit level after the exceptional investment items in 2023 as outline above.

CONCEPT LIVING HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -
Principal risks and uncertainties

The group believes that delivering market leading and exclusive design furniture, a well-recognised Danish high quality with a positioning in the affordable premium segment, together with a high level of customer service gives it more resilience to any turbulence in the UK market and will continue to ensure customer loyalty and development of the BoConcept brand.

Strategic Risk

The trading strategy is continually reviewed and examined in order to ensure that the group is meeting the current trading environment and customer requirements.

Financial Risk

The group maintains a good working relationship with its financial stakeholders and actively encourages them to understand the group’s financial performance. Robust cash flow analysis, forecasting and budgeting is continually deployed to ensure the group has the latest financial information available in order to support the business decision making process, alongside the evaluation of non-financial and market information.

Operational Risk

The business continues to invest in terms of capital investment with the opening of new stores and the growth of it’s Trade and Contract Department, along with investment in all its staff as it recognises that this is one of the key factors driving the success of the business.

Health and Safety and Compliance Risk

The group takes it responsibilities in these areas very serious with a Board Member being responsible to ensure that all requirements both internally and externally are followed. Our people are trained in order to mitigate all risk in these areas and one of the key successes of the group is to maintain its staff levels

Economy and market conditions

Our trading performance over the period has been very strong and despite challenges in terms of labour market and distribution chain disruption, the group has managed to ensure that customer experience has been well managed and controlled.

BoConcept A/S Brand expectation

Expanding the number of stores is continuing in accordance within the group’s development plan.

Together with BoConcept A/S whom are an active member of United Nations Global Compact, the world’s leading largest corporate sustainability initiative, we continue to focus on a local basis in ways to reduce further our carbon footprint alongside working ethically towards all those involved within the group.

In Summary we remain confident about the future, despite ongoing uncertainly and we believe the home will continue to be of greater importance to consumers in the future and whilst we recognize the economic challenges which are likely to be coming, the group is confident that it will continue to perform very well and make any changes that are required in order to achieve this objective.

 

CONCEPT LIVING HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
The Groups Key Stakeholders

Customers

Providing both current and future customers with high quality and exclusive contemporary design, offering a unique high level of customisation which is delivered in market leading lead times, assisting with our comprehensive and inspirational free interior design service and with a high level of customer service are the key objectives of the business.

People

Our people make the business successful and the group has placed great importance in terms of training and retaining staff.

Suppliers

Our main supplier is BoConcept A/S and we have built up over many years an excellent working relationship with themselves. Long term contracts are in place with themselves and we work together in order to achieve the overall objective of establishing further BoConcept Furniture as a worldwide leading furniture brand.

 

 

Development and performance

The results for the year and the financial position at the year end were considered satisfactory by the directors who expect continued growth in the foreseeable future.

On behalf of the board

T Powell
Director
29 July 2024
CONCEPT LIVING HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -

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

Principal activities
The principal activity of the group continued to be that of the retail of high-end furniture.
Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £480,000. The directors do not recommend payment of a further dividend.

Directors

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

M A O Baumgart
T Powell
Financial instruments
Liquidity risk

The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.

Interest rate risk

The group is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans. The group uses interest rate derivatives to manage the mix of fixed and variable rate debt so as to reduce its exposure to changes in interest rates.

Credit risk

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

 

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Auditor

The auditor, Glazers, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

CONCEPT LIVING HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
Statement of directors' responsibilities

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.

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.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
T Powell
Director
29 July 2024
CONCEPT LIVING HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CONCEPT LIVING HOLDINGS LIMITED
- 6 -
Opinion

We have audited the financial statements of Concept Living Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2023 which comprise 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, the company 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.

Opinions on other matters prescribed by the Companies Act 2006

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

CONCEPT LIVING HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CONCEPT LIVING HOLDINGS LIMITED
- 7 -
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 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 parent company or to cease operations, or have no realistic alternative but to do so.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

 

1) Enquiries of management concerning the company's policies and procedures relating to:

 

2) The company's remuneration policies, key drivers for remuneration and bonus levels; and

 

3) Discussions among the engagement team regarding how and when fraud might occur in the financial statements and any potential indicators of fraud.

CONCEPT LIVING HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CONCEPT LIVING HOLDINGS LIMITED
- 8 -

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

 

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and United Kingdom Generally Accepted Accounting Practice.

 

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or avoid a material penalty.

 

As a result of performing the above, we did not identify any key audit matters related to the potential risk of fraud or non-compliance with laws and regulations.

 

In addition to the above, our procedures to respond to risks identified included the following:

 

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

 

We note that our audit is not primarily designed to detect non-compliance with laws and regulations and the Directors and other management are responsible for such internal control as the Directors and other management of the Company determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to errors or fraud, including compliance with laws and regulations. Additionally, owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

CONCEPT LIVING HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CONCEPT LIVING HOLDINGS LIMITED
- 9 -

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 so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone 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.

Philippe Herszaft ACA (Senior Statutory Auditor)
For and on behalf of Glazers
29 July 2024
Chartered Accountants
Statutory Auditor
843 Finchley Road
London
NW11 8NA
CONCEPT LIVING HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2023
- 10 -
2023
2022
Notes
£
£
Turnover
3
21,307,948
21,456,545
Cost of sales
(12,463,511)
(12,356,832)
Gross profit
8,844,437
9,099,713
Administrative expenses
(8,805,420)
(7,743,878)
Other operating income
9,787
9,787
Operating profit
4
48,804
1,365,622
Interest receivable and similar income
6
17,946
9,560
Interest payable and similar expenses
7
(29,835)
(17,843)
Profit before taxation
36,915
1,357,339
Tax on profit
8
(93,579)
(296,756)
(Loss)/profit for the financial year
(56,664)
1,060,583
(Loss)/profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

CONCEPT LIVING HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT 31 OCTOBER 2023
31 October 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
10
54,625
109,247
Tangible assets
11
1,563,343
1,325,472
1,617,968
1,434,719
Current assets
Stocks
14
1,739,831
1,584,325
Debtors
15
1,766,834
1,405,561
Cash at bank and in hand
1,632,659
3,921,011
5,139,324
6,910,897
Creditors: amounts falling due within one year
16
(5,820,730)
(6,904,807)
Net current (liabilities)/assets
(681,406)
6,090
Total assets less current liabilities
936,562
1,440,809
Creditors: amounts falling due after more than one year
17
(32,825)
(93,505)
Provisions for liabilities
Deferred tax liability
19
163,643
70,546
(163,643)
(70,546)
Net assets
740,094
1,276,758
Capital and reserves
Called up share capital
20
100
100
Profit and loss reserves
739,994
1,276,658
Total equity
740,094
1,276,758

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 29 July 2024 and are signed on its behalf by:
29 July 2024
T Powell
Director
Company registration number 07060928 (England and Wales)
CONCEPT LIVING HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2023
31 October 2023
- 12 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
12
200
200
Current assets
Debtors
15
100
100
Cash at bank and in hand
6,591
6,964
6,691
7,064
Creditors: amounts falling due within one year
16
(6,791)
(7,164)
Net current liabilities
(100)
(100)
Net assets
100
100
Capital and reserves
Called up share capital
20
100
100

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 £480,000 (2022 - £0 profit).

These financial statements have been prepared 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 29 July 2024 and are signed on its behalf by:
29 July 2024
T Powell
Director
Company registration number 07060928 (England and Wales)
CONCEPT LIVING HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 November 2021
100
216,075
216,175
Year ended 31 October 2022:
Profit and total comprehensive income
-
1,060,583
1,060,583
Balance at 31 October 2022
100
1,276,658
1,276,758
Year ended 31 October 2023:
Loss and total comprehensive income
-
(56,664)
(56,664)
Dividends
9
-
(480,000)
(480,000)
Balance at 31 October 2023
100
739,994
740,094
CONCEPT LIVING HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023
- 14 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 November 2021
100
-
0
100
Year ended 31 October 2022:
Profit and total comprehensive income for the year
-
-
-
0
Balance at 31 October 2022
100
-
0
100
Year ended 31 October 2023:
Profit and total comprehensive income
-
480,000
480,000
Dividends
9
-
(480,000)
(480,000)
Balance at 31 October 2023
100
-
0
100
CONCEPT LIVING HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 15 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
24
(476,320)
(70,016)
Interest paid
(29,835)
(17,843)
Income taxes (paid)/refunded
(515,172)
1,548
Net cash outflow from operating activities
(1,021,327)
(86,311)
Investing activities
Proceeds from disposal of intangibles
-
(12,179)
Purchase of tangible fixed assets
(493,890)
(85,171)
Proceeds from disposal of tangible fixed assets
-
12,178
Repayment of loans
(165,000)
(250,000)
Interest received
17,946
9,560
Net cash used in investing activities
(640,944)
(325,612)
Financing activities
Repayment of bank loans
(146,081)
(148,187)
Dividends paid to equity shareholders
(480,000)
-
0
Net cash used in financing activities
(626,081)
(148,187)
Net decrease in cash and cash equivalents
(2,288,352)
(560,110)
Cash and cash equivalents at beginning of year
3,921,011
4,481,121
Cash and cash equivalents at end of year
1,632,659
3,921,011
CONCEPT LIVING HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 16 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
25
(373)
(210)
Investing activities
Dividends received
480,000
-
0
Net cash generated from/(used in) investing activities
480,000
-
Financing activities
Dividends paid to equity shareholders
(480,000)
-
Net cash used in financing activities
(480,000)
-
Net decrease in cash and cash equivalents
(373)
(210)
Cash and cash equivalents at beginning of year
6,964
7,174
Cash and cash equivalents at end of year
6,591
6,964
CONCEPT LIVING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 17 -
1
Accounting policies
Company information

Concept Living Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is The Paddock, Bethesda Street, Upper Basildon, RG8 8NU.

 

The group consists of Concept Living Holdings 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. The principal accounting policies adopted are set out below.

There are no material departures from FRS 102.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Concept Living Holdings 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 October 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.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

CONCEPT LIVING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 18 -
1.5
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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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.

Rental income is recognised in the month to which it relates.

1.6
Intangible fixed assets - goodwill

Goodwill arising on consolidation represents the excess of the costs of acquisition over the Group's interest in the fair value of identifiable assets and liabilities of a subsidiary, at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. Goodwill which is recognised as an asset is reviewed for impairment at least annually. Any impairment is recognised immediately in the profit or loss and is not subsequently reversed. Goodwill is written off in equal annual instalments over its estimated useful economic life of 10 years.

1.7
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:

Land and buildings Leasehold
15% per annum reducing balance method/15% per annum straight line method depending upon the nature of the asset
Fixtures, fittings & equipment
15% per annum reducing balance method/straight line over 3 years depending upon the nature of the asset
Motor vehicles
25% per annum reducing balance method

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.

1.8
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 LIVING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 19 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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.

CONCEPT LIVING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 20 -
1.10
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.

1.11
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.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

CONCEPT LIVING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 21 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

CONCEPT LIVING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 22 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
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.

1.14
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.15
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.

1.16
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.

1.17
Leases
CONCEPT LIVING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 23 -

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.

1.18
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
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.

3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2023
2022
£
£
Turnover analysed by class of business
Furniture sales
21,307,948
21,456,545
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
21,307,948
21,456,545
2023
2022
£
£
Other revenue
Interest income
17,946
9,560
CONCEPT LIVING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 24 -
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging:
Exchange losses
106
489
Fees payable to the group's auditor for the audit of the group's financial statements
4,000
3,500
Depreciation of owned tangible fixed assets
256,019
240,759
Amortisation of intangible assets
54,622
54,622
(Profit)/loss on disposal of intangible assets
-
12,179
Operating lease charges
1,936,690
1,541,342
5
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
Administration and management team
13
17
-
-
Sales and marketing
62
58
-
-
Warehouse
34
32
-
-
Total
109
107
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
3,025,449
2,834,846
-
0
-
0
Social security costs
403,887
398,935
-
-
3,429,336
3,233,781
-
0
-
0
6
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
17,946
9,560
CONCEPT LIVING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
6
Interest receivable and similar income
(Continued)
- 25 -
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
17,946
9,560
7
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
19,605
16,292
Other finance costs:
Other interest
10,230
1,551
Total finance costs
29,835
17,843
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
-
0
288,330
Adjustments in respect of prior periods
-
0
401
Total current tax
-
0
288,731
Deferred tax
Origination and reversal of timing differences
93,579
8,025
Total tax charge
93,579
296,756
CONCEPT LIVING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
8
Taxation
(Continued)
- 26 -

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
36,915
1,357,339
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
9,229
257,894
Tax effect of expenses that are not deductible in determining taxable profit
11,352
4,785
Gains not taxable
-
0
2,314
Unutilised tax losses carried forward
25,822
-
0
Adjustments in respect of prior years
-
0
401
Permanent capital allowances in excess of depreciation
(124,132)
(31,202)
Depreciation on assets not qualifying for tax allowances
64,074
45,744
Amortisation on assets not qualifying for tax allowances
13,655
8,795
Other tax adjustments
93,579
8,025
Taxation charge
93,579
296,756
9
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
480,000
-
10
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 November 2022 and 31 October 2023
546,223
Amortisation and impairment
At 1 November 2022
436,976
Amortisation charged for the year
54,622
At 31 October 2023
491,598
Carrying amount
At 31 October 2023
54,625
At 31 October 2022
109,247
The company had no intangible fixed assets at 31 October 2023 or 31 October 2022.
CONCEPT LIVING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 27 -
11
Tangible fixed assets
Group
Land and buildings Leasehold
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 November 2022
1,568,374
1,488,673
42,846
3,099,893
Additions
35,332
454,745
3,813
493,890
At 31 October 2023
1,603,706
1,943,418
46,659
3,593,783
Depreciation and impairment
At 1 November 2022
735,794
1,005,715
32,912
1,774,421
Depreciation charged in the year
117,612
135,371
3,036
256,019
At 31 October 2023
853,406
1,141,086
35,948
2,030,440
Carrying amount
At 31 October 2023
750,300
802,332
10,711
1,563,343
At 31 October 2022
832,580
482,958
9,934
1,325,472
The company had no tangible fixed assets at 31 October 2023 or 31 October 2022.

All of the group's assets have been pledged to secure borrowings of the group. The group is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

12
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
200
200
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 November 2022 and 31 October 2023
200
Carrying amount
At 31 October 2023
200
At 31 October 2022
200
CONCEPT LIVING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 28 -
13
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Concept Living Limited
The Paddock, Bethesda Street, Upper Basildon, RG8 8NU
Ordinary
100.00
-
Loft Living Limited
The Paddock, Bethesda Street, Upper Basildon, RG8 8NU
Ordinary
100.00
-
Tottenham Court Road Ltd
The Paddock, Bethesda Street, Upper Basildon, RG8 8NU
Ordinary
-
100.00
14
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
1,739,831
1,584,325
-
0
-
0
15
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
238,099
131,268
-
0
-
0
Unpaid share capital
100
100
100
100
Corporation tax recoverable
140,063
84,375
-
0
-
0
Other debtors
725,233
581,655
-
0
-
0
Prepayments and accrued income
643,040
606,782
-
0
-
0
1,746,535
1,404,180
100
100
Deferred tax asset (note 19)
899
1,381
-
0
-
0
1,747,434
1,405,561
100
100
Amounts falling due after more than one year:
Other debtors
19,400
-
0
-
0
-
0
Total debtors
1,766,834
1,405,561
100
100
CONCEPT LIVING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 29 -
16
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
18
68,890
154,291
-
0
-
0
Trade creditors
812,566
927,742
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
6,591
6,964
Corporation tax payable
67,468
526,952
-
0
-
0
Other taxation and social security
630,588
662,062
-
-
Other creditors
13,539
14,005
-
0
-
0
Accruals and deferred income
4,227,679
4,619,755
200
200
5,820,730
6,904,807
6,791
7,164
17
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
18
32,825
93,505
-
0
-
0
18
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
101,715
247,796
-
0
-
0
Payable within one year
68,890
154,291
-
0
-
0
Payable after one year
32,825
93,505
-
0
-
0

All indebtedness to the bank is secured by fixed and floating charges over the group's assets.

 

CONCEPT LIVING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 30 -
19
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Group
£
£
£
£
Accelerated capital allowances
163,643
70,546
899
1,381
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 November 2022
69,165
-
Charge to profit or loss
93,579
-
Liability at 31 October 2023
162,744
-

 

20
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary shares of £1 each
100
100
100
100

 

21
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
1,445,499
1,220,541
-
-
Between two and five years
5,218,410
3,897,969
-
-
In over five years
1,408,065
760,833
-
-
8,071,974
5,879,343
-
-
CONCEPT LIVING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 31 -
22
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023
2022
£
£
Aggregate compensation
217,334
223,641
23
Directors' transactions

At the year end there was £415,000 (2022 - £250,000) owed from the directors to the group. The interest rate is 2% and is repayable on demand.

24
Cash absorbed by group operations
2023
2022
£
£
(Loss)/profit for the year after tax
(56,664)
1,060,583
Adjustments for:
Taxation charged
93,579
296,756
Finance costs
29,835
17,843
Investment income
(17,946)
(9,560)
(Gain)/loss on disposal of intangible assets
-
12,179
Amortisation and impairment of intangible assets
54,622
54,622
Depreciation and impairment of tangible fixed assets
256,019
240,759
Pension scheme non-cash movement
(234,893)
(426,503)
Movements in working capital:
(Increase)/decrease in stocks
(155,506)
703,600
Increase in debtors
(141,067)
(183,685)
Decrease in creditors
(304,299)
(1,836,610)
Cash absorbed by operations
(476,320)
(70,016)
CONCEPT LIVING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 32 -
25
Cash absorbed by operations - company
2023
2022
£
£
Profit for the year after tax
480,000
-
Adjustments for:
Investment income
(480,000)
-
0
Movements in working capital:
Decrease in creditors
(373)
(210)
Cash absorbed by operations
(373)
(210)
26
Analysis of changes in net funds - group
1 November 2022
Cash flows
31 October 2023
£
£
£
Cash at bank and in hand
3,921,011
(2,288,352)
1,632,659
Borrowings excluding overdrafts
(247,796)
146,081
(101,715)
3,673,215
(2,142,271)
1,530,944
27
Analysis of changes in net funds - company
1 November 2022
Cash flows
31 October 2023
£
£
£
Cash at bank and in hand
6,964
(373)
6,591
2023-10-312022-11-01falseCCH SoftwareCCH Accounts Production 2024.100M A O BaumgartT PowellG Treadwellfalsefalse07060928bus:Consolidated2022-11-012023-10-31070609282022-11-012023-10-3107060928bus:Director12022-11-012023-10-3107060928bus:Director22022-11-012023-10-3107060928bus:CompanySecretary12022-11-012023-10-3107060928bus:RegisteredOffice2022-11-012023-10-31070609282023-10-3107060928bus:Consolidated2021-11-012022-10-31070609282021-11-012022-10-3107060928bus:Consolidated2023-10-3107060928core:Goodwillbus:Consolidated2023-10-3107060928core:Goodwillbus:Consolidated2022-10-3107060928bus:Consolidated2022-10-3107060928core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-10-3107060928core:FurnitureFittingsbus:Consolidated2023-10-3107060928core:MotorVehiclesbus:Consolidated2023-10-3107060928core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2022-10-3107060928core:FurnitureFittingsbus:Consolidated2022-10-3107060928core:MotorVehiclesbus:Consolidated2022-10-3107060928core:ShareCapitalbus:Consolidated2023-10-3107060928core:ShareCapitalbus:Consolidated2022-10-3107060928core:ShareCapital2023-10-3107060928core:ShareCapital2022-10-3107060928core:ShareCapitalbus:Consolidated2021-10-31070609282021-10-3107060928core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-10-3107060928core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-10-3107060928core:ShareCapital2021-10-3107060928core:RetainedEarningsAccumulatedLosses2021-10-3107060928core:RetainedEarningsAccumulatedLosses2022-10-3107060928core:RetainedEarningsAccumulatedLosses2023-10-31070609282022-10-3107060928bus:Consolidated2021-10-3107060928core:Goodwill2022-11-012023-10-3107060928core:LandBuildingscore:LongLeaseholdAssets2022-11-012023-10-3107060928core:FurnitureFittings2022-11-012023-10-3107060928core:MotorVehicles2022-11-012023-10-3107060928core:UKTaxbus:Consolidated2022-11-012023-10-3107060928core:UKTaxbus:Consolidated2021-11-012022-10-3107060928bus:Consolidated12022-11-012023-10-3107060928bus:Consolidated12021-11-012022-10-3107060928bus:Consolidated22022-11-012023-10-3107060928bus:Consolidated22021-11-012022-10-3107060928bus:Consolidated32022-11-012023-10-3107060928bus:Consolidated32021-11-012022-10-3107060928core:Goodwillbus:Consolidated2022-10-3107060928core:Goodwillbus:Consolidated2022-11-012023-10-3107060928core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2022-10-3107060928core:FurnitureFittingsbus:Consolidated2022-10-3107060928core:MotorVehiclesbus:Consolidated2022-10-3107060928bus:Consolidated2022-10-3107060928core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2022-11-012023-10-3107060928core:FurnitureFittingsbus:Consolidated2022-11-012023-10-3107060928core:MotorVehiclesbus:Consolidated2022-11-012023-10-3107060928core:CurrentFinancialInstrumentsbus:Consolidated2023-10-3107060928core:CurrentFinancialInstrumentsbus:Consolidated2022-10-3107060928core:CurrentFinancialInstruments2023-10-3107060928core:CurrentFinancialInstruments2022-10-3107060928core:Non-currentFinancialInstrumentsbus:Consolidated2023-10-3107060928core:Non-currentFinancialInstrumentsbus:Consolidated2022-10-3107060928core:Non-currentFinancialInstruments2023-10-3107060928core:Non-currentFinancialInstruments2022-10-3107060928core:WithinOneYearbus:Consolidated2023-10-3107060928core:WithinOneYearbus:Consolidated2022-10-3107060928core:CurrentFinancialInstrumentscore:WithinOneYear2023-10-3107060928core:CurrentFinancialInstrumentscore:WithinOneYear2022-10-3107060928core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2023-10-3107060928core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2022-10-3107060928core:Non-currentFinancialInstrumentscore:AfterOneYear2023-10-3107060928core:Non-currentFinancialInstrumentscore:AfterOneYear2022-10-3107060928core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-10-3107060928core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2022-10-3107060928bus:PrivateLimitedCompanyLtd2022-11-012023-10-3107060928bus:FRS1022022-11-012023-10-3107060928bus:Audited2022-11-012023-10-3107060928bus:ConsolidatedGroupCompanyAccounts2022-11-012023-10-3107060928bus:FullAccounts2022-11-012023-10-31xbrli:purexbrli:sharesiso4217:GBP