Company registration number 05510853 (England and Wales)
CONCEPT 2 COMPLETION (MIDLANDS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
CONCEPT 2 COMPLETION (MIDLANDS) LIMITED
CONTENTS
Page
Balance sheet
2
Notes to the financial statements
3 - 6
CONCEPT 2 COMPLETION (MIDLANDS) LIMITED
COMPANY INFORMATION
- 1 -
Director
Mr P R Cowley
Secretary
Miss Anthiea Turnbull
Company number
05510853
Registered office
88 Hill Village Road
Sutton Coldfield
West Midlands
B75 5BE
Accountants
Haslehursts Limited
88 Hill Village Road
Sutton Coldfield
West Midlands
England
B75 5BE
CONCEPT 2 COMPLETION (MIDLANDS) LIMITED
BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,500
3,000
Tangible assets
4
613
880
2,113
3,880
Current assets
Debtors
5
26,943
29,347
Cash at bank and in hand
307,866
283,954
334,809
313,301
Creditors: amounts falling due within one year
6
(73,345)
(70,663)
Net current assets
261,464
242,638
Net assets
263,577
246,518
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
8
263,576
246,517
Total equity
263,577
246,518
For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 11 February 2025
Mr P R Cowley
Director
Company registration number 05510853 (England and Wales)
CONCEPT 2 COMPLETION (MIDLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
1
Accounting policies
Company information
Concept 2 Completion (Midlands) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 88 Hill Village Road, Sutton Coldfield, West Midlands, B75 5BE.
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.3
Intangible fixed assets - goodwill
Goodwill is being amortised over its estimated useful life of ten years.
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
1.4
Tangible fixed assets
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:
Plant and equipment
20% on cost
Fixtures and fittings
15% on reducing balance
Computers
33% on reducing balance
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
CONCEPT 2 COMPLETION (MIDLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Intangible fixed assets
Goodwill
£
Cost
At 1 August 2023 and 31 July 2024
30,000
Amortisation and impairment
At 1 August 2023
27,000
Amortisation charged for the year
1,500
At 31 July 2024
28,500
Carrying amount
At 31 July 2024
1,500
At 31 July 2023
3,000
CONCEPT 2 COMPLETION (MIDLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 5 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 August 2023 and 31 July 2024
3,747
992
4,360
9,099
Depreciation and impairment
At 1 August 2023
3,747
846
3,626
8,219
Depreciation charged in the year
22
245
267
At 31 July 2024
3,747
868
3,871
8,486
Carrying amount
At 31 July 2024
124
489
613
At 31 July 2023
146
734
880
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
26,222
28,170
Other debtors
721
1,177
26,943
29,347
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
7,900
5,088
Taxation and social security
4,729
5,585
Other creditors
60,716
59,990
73,345
70,663
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1
1
1
1
CONCEPT 2 COMPLETION (MIDLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
8
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
246,517
226,782
Profit for the year
17,559
21,735
Dividends declared and paid in the year
(500)
(2,000)
At the end of the year
263,576
246,517