Registered number
06701917
Concept Blind Systems Ltd
Filleted Accounts
31 December 2023
Concept Blind Systems Ltd
Registered number: 06701917
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 649,833 632,511
Current assets
Stocks 155,717 190,768
Debtors 5 567,701 664,660
Cash at bank and in hand 101,577 102,080
824,995 957,508
Creditors: amounts falling due within one year 6 (410,692) (604,434)
Net current assets 414,303 353,074
Total assets less current liabilities 1,064,136 985,585
Creditors: amounts falling due after more than one year 7 (209,989) (166,207)
Net assets 854,147 819,378
Capital and reserves
Called up share capital 101 4
Profit and loss account 854,046 819,374
Shareholders' funds 854,147 819,378
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J M Smith
Director
Approved by the board on 21 March 2024
Concept Blind Systems Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and equipment 20%-25% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 56 56
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2023 60,000
At 31 December 2023 60,000
Amortisation
At 1 January 2023 60,000
At 31 December 2023 60,000
Net book value
At 31 December 2023 -
Goodwill has being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and equipment Motor vehicles Total
£ £ £
Cost
At 1 January 2023 1,061,554 186,993 1,248,547
Additions 211,118 - 211,118
At 31 December 2023 1,272,672 186,993 1,459,665
Depreciation
At 1 January 2023 581,822 34,214 616,036
Charge for the year 155,601 38,195 193,796
At 31 December 2023 737,423 72,409 809,832
Net book value
At 31 December 2023 535,249 114,584 649,833
At 31 December 2022 479,732 152,779 632,511
5 Debtors 2023 2022
£ £
Trade debtors 548,551 645,510
Other debtors 19,150 19,150
567,701 664,660
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 9,984
Trade creditors 208,720 338,781
Taxation and social security costs 132,676 99,357
Other creditors 59,296 156,312
410,692 604,434
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 15,833 25,849
Other creditors 194,156 140,358
209,989 166,207
8 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 25,833 35,833
9 Capital commitments 2023 2022
£ £
Amounts contracted for but not provided in the accounts 63,750 52,500
10 Related party transactions
During the year, various transactions took place with The Blind Rack Limited, a company in which J M Smith is a director. At the end of the year, £24,873 (2022: £102,392) is outstanding from The Blind Rack Limited and is included in trade debtors.
At the beginning of the year, the intercompany loan from The Blind Rack Limited brought forward was £135,558. Payments were made during the year and at the end of the year the balance is £87,822. This is inlcuded in other creditors.
During the year transactions took place with Your Blinds Limited, a company in which J M Smith is a director. At the end of the year £248,190 (2022: £245,840) is outstanding from Your Blinds Limited and is included in trade debtors.
At the beginning of the year, £15,020 was owed from Your Blinds Limited and there were no transactions during the year. £15,020 is outstanding at the year end and is included in other debtors.
11 Other information
Concept Blind Systems Ltd is a private company limited by shares and incorporated in England. Its registered office is:
35 Menzies Road
Leicester
LE4 0JL
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