Concept Tooling UK Limited 04864740 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is trading in tooling goods. Digita Accounts Production Advanced 6.30.9574.0 true true 04864740 2023-02-01 2024-01-31 04864740 2024-01-31 04864740 core:CurrentFinancialInstruments 2024-01-31 04864740 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 04864740 core:Goodwill 2024-01-31 04864740 core:FurnitureFittings 2024-01-31 04864740 core:OfficeEquipment 2024-01-31 04864740 bus:SmallEntities 2023-02-01 2024-01-31 04864740 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 04864740 bus:FilletedAccounts 2023-02-01 2024-01-31 04864740 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 04864740 bus:RegisteredOffice 2023-02-01 2024-01-31 04864740 bus:Director1 2023-02-01 2024-01-31 04864740 bus:Director2 2023-02-01 2024-01-31 04864740 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 04864740 core:Goodwill 2023-02-01 2024-01-31 04864740 core:FurnitureFittings 2023-02-01 2024-01-31 04864740 core:OfficeEquipment 2023-02-01 2024-01-31 04864740 countries:EnglandWales 2023-02-01 2024-01-31 04864740 2023-01-31 04864740 core:Goodwill 2023-01-31 04864740 core:FurnitureFittings 2023-01-31 04864740 core:OfficeEquipment 2023-01-31 04864740 2022-02-01 2023-01-31 04864740 2023-01-31 04864740 core:CurrentFinancialInstruments 2023-01-31 04864740 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 04864740 core:Goodwill 2023-01-31 04864740 core:FurnitureFittings 2023-01-31 04864740 core:OfficeEquipment 2023-01-31 iso4217:GBP xbrli:pure

Registration number: 04864740

Concept Tooling UK Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Concept Tooling UK Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Concept Tooling UK Limited

(Registration number: 04864740)
Statement of Financial Position as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

4,000

Tangible assets

5

22,332

33,356

 

22,332

37,356

Current assets

 

Debtors

7

48,480

138,771

Cash at bank and in hand

 

13,282

75,339

 

61,762

214,110

Creditors: Amounts falling due within one year

8

(5,676)

(146,740)

Net current assets

 

56,086

67,370

Net assets

 

78,418

104,726

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

78,416

104,724

Shareholders' funds

 

78,418

104,726

For the financial year ending 31 January 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 Statement of Comprehensive Income.

Approved and authorised by the Board on 31 January 2025 and signed on its behalf by:
 

 

Concept Tooling UK Limited

(Registration number: 04864740)
Statement of Financial Position as at 31 January 2024 (continued)


Mr P R Hollands
Director


Mr N D Hollands
Director

 

Concept Tooling UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 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:
64 High Street
Bideford
Devon
EX39 2AR

Principal activity

The principal activity of the company is trading in tooling goods.

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 except that as disclosed in the accounting policies certain items are shown at fair value.

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

Going concern

The financial statements have been prepared on a going concern basis.

 

Concept Tooling UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

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.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of 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.

Tax

The tax expense for the period comprises current 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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:

Impairment

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. Prior impairments are also reviewed for possible reversal at each reporting date.

 

Concept Tooling UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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:

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

Concept Tooling UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 4).

 

Concept Tooling UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2023

80,000

80,000

At 31 January 2024

80,000

80,000

Amortisation

At 1 February 2023

76,000

76,000

Amortisation charge

4,000

4,000

At 31 January 2024

80,000

80,000

Carrying amount

At 31 January 2024

-

-

At 31 January 2023

4,000

4,000

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 February 2023

59,540

9,438

68,978

At 31 January 2024

59,540

9,438

68,978

Depreciation

At 1 February 2023

28,294

7,321

35,615

Charge for the year

10,415

616

11,031

At 31 January 2024

38,709

7,937

46,646

Carrying amount

At 31 January 2024

20,831

1,501

22,332

At 31 January 2023

31,246

2,110

33,356

 

Concept Tooling UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

6

Stocks

2024
£

2023
£

7

Debtors

Note

2024
£

2023
£

Trade debtors

 

-

138,771

Amounts owed by related parties

48,178

-

Other debtors

 

302

-

 

48,480

138,771

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

-

96,713

Taxation and social security

3,176

50,027

Accruals and deferred income

2,500

-

5,676

146,740

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.