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COMPANY REGISTRATION NUMBER: 02109482
Concept Chemicals & Coatings Limited
Filleted Unaudited Financial Statements
31 October 2023
Concept Chemicals & Coatings Limited
Statement of Income and Retained Earnings
Year ended 31 October 2023
2023
2022
Note
£
£
Retained earnings at the start of the year
1,933,481
1,865,150
-----------
-----------
Retained earnings at the end of the year
1,961,883
1,933,481
-----------
-----------
Concept Chemicals & Coatings Limited
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
2,374,990
2,368,590
Investments
6
10,658
8,680
-----------
-----------
2,385,648
2,377,270
Current assets
Stocks
1,018,041
1,228,229
Debtors
7
735,611
725,456
Cash at bank and in hand
148,202
142,098
-----------
-----------
1,901,854
2,095,783
Creditors: amounts falling due within one year
8
677,102
859,812
-----------
-----------
Net current assets
1,224,752
1,235,971
-----------
-----------
Total assets less current liabilities
3,610,400
3,613,241
Creditors: amounts falling due after more than one year
9
1,494,019
1,530,211
Provisions
Taxation including deferred tax
11,227
6,278
-----------
-----------
Net assets
2,105,154
2,076,752
-----------
-----------
Capital and reserves
Called up share capital
143,271
143,271
Profit and loss account
1,961,883
1,933,481
-----------
-----------
Shareholders funds
2,105,154
2,076,752
-----------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 October 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Concept Chemicals & Coatings Limited
Statement of Financial Position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 31 July 2024 , and are signed on behalf of the board by:
Mr D A Stockfis
Mrs A Davies
Director
Director
Company registration number: 02109482
Concept Chemicals & Coatings Limited
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Felt Court, Windmill Lane Industrial Estate, Denton, Manchester, M34 3RB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss .
(b) Trademarks
Expenditure associated with the development and protection of trademarks is written off to the profit and loss account in the accounting period in which it is incurred.
(c) Foreign exchange
Gains and losses due to foreign currency fluctuations are written off to the profit and loss account in the year they arise.
(d) Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity and a small company as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under Section 1A of FRS 102. - Disclosures in respect of each class of share capital have not been presented. - No cash flow statement has been presented for the company. - Disclosures in respect of financial instruments have not been presented. - Disclosures in respect of share-based payments have not been presented. - No disclosure has been given for the aggregate remuneration of key management personnel.
(e) Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
(f) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
(g) Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
(h) Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
(i) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
(j) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold buildings
-
Buildings 2% straight line, improvements 15% reducing balance
Plant & machinery
-
10% reducing balance
Fixtures & fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
(k) Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
(l) Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
(m) Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly.
(n) Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
(o) Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
(p) Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
(q) Defined contribution plans
The company operates a defined contribution pension scheme for its directors. The assets of the scheme are held separately from those of the company. The contributions are charged to the profit and loss account in the year in which they are paid. The company also operates a defined contribution pension scheme for its employees. The contributions are charged to the profit and loss account in the year in which they are paid.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 28 (2022: 29 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2022
2,809,753
1,150,215
104,210
51,723
4,115,901
Additions
17,016
88,620
105,636
Disposals
( 51,723)
( 51,723)
-----------
-----------
---------
-------
-----------
At 31 October 2023
2,809,753
1,167,231
104,210
88,620
4,169,814
-----------
-----------
---------
-------
-----------
Depreciation
At 1 November 2022
819,225
802,287
84,273
41,526
1,747,311
Charge for the year
35,471
33,541
2,794
19,006
90,812
Disposals
( 43,299)
( 43,299)
-----------
-----------
---------
-------
-----------
At 31 October 2023
854,696
835,828
87,067
17,233
1,794,824
-----------
-----------
---------
-------
-----------
Carrying amount
At 31 October 2023
1,955,057
331,403
17,143
71,387
2,374,990
-----------
-----------
---------
-------
-----------
At 31 October 2022
1,990,528
347,928
19,937
10,197
2,368,590
-----------
-----------
---------
-------
-----------
6. Investments
Shares in group undertakings
Loans to group undertakings
Total
£
£
£
Cost
At 1 November 2022
1
8,679
8,680
Additions
1,978
1,978
----
-------
-------
At 31 October 2023
1
10,657
10,658
----
-------
-------
Impairment
At 1 November 2022 and 31 October 2023
----
-------
-------
Carrying amount
At 31 October 2023
1
10,657
10,658
----
-------
-------
At 31 October 2022
1
8,679
8,680
----
-------
-------
7. Debtors
2023
2022
£
£
Trade debtors
598,015
607,914
Other debtors
137,596
117,542
---------
---------
735,611
725,456
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
118,899
282,706
Trade creditors
407,711
498,237
Corporation tax
17,278
Social security and other taxes
28,711
30,805
Wages control account
210
6,651
Other creditors
104,293
41,413
---------
---------
677,102
859,812
---------
---------
Included in creditors falling due within one year are items subject to the following securities.
A debenture was registered on the 25 April, 2003 in favour of The Royal Bank of Scotland plc, to secure the bank account.
Two debentures were registered on the 16 December, 2016 in favour of Lloyds Bank plc, to secure the mortgage.
A debenture was registered on the 19th October 2018, in favour of David Stockfis and Ann Davies to secure their capital injections.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
813,674
849,738
Other creditors
680,345
680,473
-----------
-----------
1,494,019
1,530,211
-----------
-----------
Included in creditors falling due after one year are items subject to the following securities.
A debenture was registered on the 25 April, 2003 in favour of The Royal Bank of Scotland plc, to secure the bank account.
Two debentures were registered on the 16 December, 2016 in favour of Lloyds Bank plc, to secure the mortgage.
A debenture was registered on the 19th October 2018, in favour of David Stockfis and Ann Davies to secure their capital injections.
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
41,712
43,913
Later than 1 year and not later than 5 years
17,852
46,217
-------
-------
59,564
90,130
-------
-------
11. Contingencies
Warranties In the normal course of trade, the company enters into warranty agreements. In accordance with the company's accounting policy, no general provision is made. Specific provision for any anticipated cost is made in the year of any such warranty claim arising in so far as the directors consider that a liability exists or will exist. It is not practicable to calculate the potential value of all outstanding warranties, but the directors consider that the success of any material warranty claim is remote. Furthermore, any material remedial cost would be met by the company's product liability insurance.
12. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr D A Stockfis
( 219,937)
21,975
( 12,000)
( 209,962)
Mrs A Davies
( 396,588)
30,210
( 20,210)
( 386,588)
---------
-------
-------
---------
( 616,525)
52,185
( 32,210)
( 596,550)
---------
-------
-------
---------
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr D A Stockfis
( 205,037)
23,353
( 38,253)
( 219,937)
Mrs A Davies
( 286,588)
( 110,000)
( 396,588)
---------
-------
---------
---------
( 491,625)
23,353
( 148,253)
( 616,525)
---------
-------
---------
---------