Company registration number 6671770 (England and Wales)
CONCEPT ENERGY SOLUTIONS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
CONCEPT ENERGY SOLUTIONS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
CONCEPT ENERGY SOLUTIONS LTD
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
137,684
153,190
Tangible assets
4
10,634
9,461
148,318
162,651
Current assets
Stocks
5,405
2,400
Debtors
5
345,518
329,318
Cash at bank and in hand
5,022
9,039
355,945
340,757
Creditors: amounts falling due within one year
6
(409,128)
(400,841)
Net current liabilities
(53,183)
(60,084)
Total assets less current liabilities
95,135
102,567
Creditors: amounts falling due after more than one year
7
(138,272)
(164,091)
Net liabilities
(43,137)
(61,524)
Capital and reserves
Called up share capital
48,100
48,100
Profit and loss reserves
(91,237)
(109,624)
Total equity
(43,137)
(61,524)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

CONCEPT ENERGY SOLUTIONS LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2024
31 May 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 August 2024 and are signed on its behalf by:
Mr P A Stockwell
Director
Company Registration No. 6671770
CONCEPT ENERGY SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information

Concept Energy Solutions Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Square, Basing View, Basingstoke, Hampshire, United Kingdom, RG21 4EB.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

 

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 provision of services is recognised when these have been delivered to the buyer/client (usually on dispatch of documentation – reports, etc – or by the availability of data online), 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.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation 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:

Software
5 years
Development costs
5 years
CONCEPT ENERGY SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
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:

Fixtures and fittings
Straight line over 4 years
Computers
Straight line over 3 years
1.7
Impairment of fixed assets

At each reporting period end date, the company 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.

1.8
Stocks

We have a small holding of stock items to enable us to fulfil our contract customer requirements for fast remedy of issues. This stock is predominantly data collection devices that have a finite lifespan due to the use of batteries. Other items are cabling and power supplies which can be damaged by external influences.

1.9
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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. Financial assets classified as receivable within one year are not amortised.

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 company after deducting all of its liabilities.

CONCEPT ENERGY SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, 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.

1.10
Equity instruments

Equity instruments issued by the company 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 company.

1.11
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.

1.12
Retirement benefits

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

1.13
Leases

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 leases asset are consumed.

1.14
Government grants

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

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

2
Employees

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

2024
2023
Number
Number
Total
21
22
CONCEPT ENERGY SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
3
Intangible fixed assets
Software
Development costs
Total
£
£
£
Cost
At 1 June 2023
-
0
776,327
776,328
Additions - internally developed
-
0
45,277
45,277
Additions - separately acquired
370
-
0
370
At 31 May 2024
370
821,605
821,975
Amortisation and impairment
At 1 June 2023
-
0
623,137
623,136
Amortisation charged for the year
74
61,081
61,155
At 31 May 2024
74
684,217
684,291
Carrying amount
At 31 May 2024
296
137,388
137,684
At 31 May 2023
-
0
153,190
153,190
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 June 2023
18,691
103,948
122,639
Additions
129
6,621
6,750
At 31 May 2024
18,820
110,569
129,389
Depreciation and impairment
At 1 June 2023
13,824
99,354
113,178
Depreciation charged in the year
1,813
3,764
5,577
At 31 May 2024
15,637
103,118
118,755
Carrying amount
At 31 May 2024
3,183
7,451
10,634
At 31 May 2023
4,867
4,594
9,461
CONCEPT ENERGY SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
265,033
221,246
Other debtors
80,485
108,072
345,518
329,318
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
62,500
62,500
Trade creditors
90,766
99,054
Taxation and social security
80,499
94,032
Other creditors
175,363
145,255
409,128
400,841

The total amount of secured creditors at the balance sheet date was £149,388 (2023: £119,167).

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
138,272
164,091
8
Operating lease commitments
Lessee

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

2024
2023
£
£
24,000
24,000
9
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
-
628
152
(780)
-
628
152
(780)
-
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