Registered number
11760915
Concord Products Ltd
Information for Filing with The Registrar
31 March 2024
Concord Products Ltd
Registered number: 11760915
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 443,121 241,850
Current assets
Stocks 48,549 39,193
Debtors 4 40,262 85,178
Cash at bank and in hand 39,654 40,403
128,465 164,774
Creditors: amounts falling due within one year 5 (141,076) (77,240)
Net current (liabilities)/assets (12,611) 87,534
Total assets less current liabilities 430,510 329,384
Creditors: amounts falling due after more than one year 6 (393,431) (323,710)
Net assets 37,079 5,674
Capital and reserves
Called up share capital 2 2
Profit and loss account 37,077 5,672
Shareholders' funds 37,079 5,674
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.
Suzanne Digwood
Director
Approved by the board on 14 August 2024
Concord Products Ltd
Notes to the Accounts
for the year ended 31 March 2024
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.
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:
Property Improvements Over 10 years
Plant and machinery Over 10 years, Over 3 years
and 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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 43,140 251,990 20,995 316,125
Additions 8,385 171,086 75,033 254,504
At 31 March 2024 51,525 423,076 96,028 570,629
Depreciation
At 1 April 2023 5,387 59,702 9,186 74,275
Charge for the year 4,558 41,033 7,642 53,233
At 31 March 2024 9,945 100,735 16,828 127,508
Net book value
At 31 March 2024 41,580 322,341 79,200 443,121
At 31 March 2023 37,753 192,288 11,809 241,850
4 Debtors 2024 2023
£ £
Trade debtors 35,630 51,001
Other debtors 4,632 34,177
40,262 85,178
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 30,571 29,935
Obligations under finance lease and hire purchase contracts 37,987 7,506
Trade creditors 32,635 16,636
Taxation and social security costs 33,812 21,416
Other creditors 6,071 1,747
141,076 77,240
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 267,029 296,506
Obligations under finance lease and hire purchase contracts 126,402 27,204
393,431 323,710
7 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 121,171 160,769
Secured bank loans 269,061 293,136
A debenture from Concord Products Ltd
A joint and several guarantee from Richard and Suzanne Digwood of £310,000.
First legal charge over the two residential properties owned by Mrs T Wood.  
8 Other information
Concord Products Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Church Farm
Loughton
Bridgnorth
Shropshire
WV16 6QP
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