Concept Research Limited 05196560 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is that of the sale of pest deterrents and pest control devices Digita Accounts Production Advanced 6.30.9574.0 true true 05196560 2023-06-01 2024-05-31 05196560 2024-05-31 05196560 bus:OrdinaryShareClass1 bus:CumulativeShares 2024-05-31 05196560 core:RetainedEarningsAccumulatedLosses 2024-05-31 05196560 core:ShareCapital 2024-05-31 05196560 core:CurrentFinancialInstruments 2024-05-31 05196560 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 05196560 core:Goodwill 2024-05-31 05196560 core:FurnitureFittingsToolsEquipment 2024-05-31 05196560 bus:SmallEntities 2023-06-01 2024-05-31 05196560 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 05196560 bus:FilletedAccounts 2023-06-01 2024-05-31 05196560 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 05196560 bus:RegisteredOffice 2023-06-01 2024-05-31 05196560 bus:CompanySecretaryDirector1 2023-06-01 2024-05-31 05196560 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-06-01 2024-05-31 05196560 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 05196560 core:NetGoodwill 2023-06-01 2024-05-31 05196560 core:FurnitureFittings 2023-06-01 2024-05-31 05196560 core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 05196560 core:OfficeEquipment 2023-06-01 2024-05-31 05196560 core:ParentEntities 2023-06-01 2024-05-31 05196560 1 2023-06-01 2024-05-31 05196560 countries:EnglandWales 2023-06-01 2024-05-31 05196560 2023-05-31 05196560 core:Goodwill 2023-05-31 05196560 core:FurnitureFittingsToolsEquipment 2023-05-31 05196560 2022-06-01 2023-05-31 05196560 2023-05-31 05196560 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-05-31 05196560 core:RetainedEarningsAccumulatedLosses 2023-05-31 05196560 core:ShareCapital 2023-05-31 05196560 core:CurrentFinancialInstruments 2023-05-31 05196560 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 05196560 core:FurnitureFittingsToolsEquipment 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05196560

Concept Research Limited

Unaudited Financial Statements

for the Year Ended 31 May 2024

 

Concept Research Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Concept Research Limited

(Registration number: 05196560)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

1,098

1,090

Current assets

 

Stocks

6

3,366

2,240

Debtors

7

22,733

30,963

Cash at bank and in hand

 

216,487

144,593

 

242,586

177,796

Creditors: Amounts falling due within one year

8

(79,405)

(49,421)

Net current assets

 

163,181

128,375

Total assets less current liabilities

 

164,279

129,465

Provisions for liabilities

(209)

(207)

Net assets

 

164,070

129,258

Capital and reserves

 

Called up share capital

100

100

Retained earnings

163,970

129,158

Shareholders' funds

 

164,070

129,258

 

Concept Research Limited

(Registration number: 05196560)
Balance Sheet as at 31 May 2024

For the financial year ending 31 May 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 November 2024 and signed on its behalf by:
 

.........................................
Mr Tim Denyer
Company secretary and director

 

Concept Research Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 9 Bowmans Trading Estate
Bessemer Drive
Stevenage
Hertfordshire
SG1 2DL

These financial statements were authorised for issue by the Board on 21 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity.

 

Concept Research Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

2

Accounting policies (continued)

Judgements

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

Concept Research Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% reducing balance

Office equipment

25% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for goods sold in the ordinary course of business.

Trade debtors are recognised at transaction price.

Trade debtors are reviewed annually for any bad debts and any adjustment is made accordingly through the profit and loss.

 

Concept Research Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

2

Accounting policies (continued)

Stocks

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Trade creditors are recognised at transaction price.

Share capital

Ordinary shares are classified as equity.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Concept Research Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2023

62,000

62,000

At 31 May 2024

62,000

62,000

Amortisation

At 1 June 2023

62,000

62,000

At 31 May 2024

62,000

62,000

Carrying amount

At 31 May 2024

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2023

37,415

37,415

Additions

374

374

At 31 May 2024

37,789

37,789

Depreciation

At 1 June 2023

36,325

36,325

Charge for the year

366

366

At 31 May 2024

36,691

36,691

Carrying amount

At 31 May 2024

1,098

1,098

At 31 May 2023

1,090

1,090

 

Concept Research Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

3,366

2,240

7

Debtors

Current

2024
£

2023
£

Trade debtors

21,273

29,954

Prepayments

742

621

Other debtors

718

388

 

22,733

30,963

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

5,277

2,801

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

27,273

22,663

Taxation and social security

 

8,164

1,954

Accruals and deferred income

 

38,691

22,003

 

79,405

49,421

 

Concept Research Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

10

Related party transactions

Summary of transactions with parent


At the balance sheet date the company owed £27,273 (2023: £22,663) to Challenge Electronics Limited, the parent company.

This loan is provided interest free and is repayable on demand.

 

11

Ultimate controlling party

The company's immediate parent is Challenge Electronics Limited, incorporated in England, by virtue of their shareholding.

 The ultimate controlling party is Mr Tim Denyer and Mr David Johnson, directors and majority shareholders of the parent entity.