Company registration number 08974934 (England and Wales)
Concept R Consultants Ltd
Unaudited financial statements
For the year ended 21 March 2024
Concept R Consultants Ltd
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
Concept R Consultants Ltd
Balance sheet
As at 21 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,430
3,166
Current assets
Debtors
4
10,200
23,590
Cash at bank and in hand
7
163
10,207
23,753
Creditors: amounts falling due within one year
5
(39,826)
(46,822)
Net current liabilities
(29,619)
(23,069)
Total assets less current liabilities
(26,189)
(19,903)
Creditors: amounts falling due after more than one year
6
(27,668)
(20,573)
Provisions for liabilities
(602)
Net liabilities
(53,857)
(41,078)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(53,858)
(41,079)
Total equity
(53,857)
(41,078)
Concept R Consultants Ltd
Balance sheet (continued)
As at 21 March 2024
- 2 -
For the financial year ended 21 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has 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 have 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 21 March 2025
Mr J M Wilcock
Director
Company registration number 08974934 (England and Wales)
Concept R Consultants Ltd
Notes to the financial statements
For the year ended 21 March 2024
- 3 -
1
Accounting policies
Company information
Concept R Consultants Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Chester House, Lloyd Drive, Cheshire Oaks Business Park, Ellesmere Port, Cheshire, England, CH65 9HQ.
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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Despite the deficit shown on the balance sheet, at the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.true
1.3
Turnover
Turnover represents amounts receivable for financial intermediary services.
Revenue is recongnised when the company is contractually entitled to income in line with agreements in place with finance providers.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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:
Fixtures, fittings & equipment
- 15% on reducing balance
Computer equipment
- 33% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Concept R Consultants Ltd
Notes to the financial statements (continued)
For the year ended 21 March 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. As all financial assets are classified within one year, they are not amortised but carried at face value.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price. Financial liabilities classified as payable within one year are carried at face value.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and continue to be measured at face value.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
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 R Consultants Ltd
Notes to the financial statements (continued)
For the year ended 21 March 2024
1
Accounting policies
(Continued)
- 5 -
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.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (excluding directors without service contracts) employed by the company during the year was 2 (2023 - 2).
2024
2023
Number
Number
Total
2
2
Concept R Consultants Ltd
Notes to the financial statements (continued)
For the year ended 21 March 2024
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 22 March 2023
10,511
Additions
2,819
Disposals
(6,255)
At 21 March 2024
7,075
Depreciation and impairment
At 22 March 2023
7,345
Depreciation charged in the year
1,277
Eliminated in respect of disposals
(4,977)
At 21 March 2024
3,645
Carrying amount
At 21 March 2024
3,430
At 21 March 2023
3,166
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,000
990
Other debtors
7,200
22,600
10,200
23,590
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
5,030
20,951
Trade creditors
1,154
24
Taxation and social security
24,512
19,870
Other creditors
9,130
5,977
39,826
46,822
Concept R Consultants Ltd
Notes to the financial statements (continued)
For the year ended 21 March 2024
- 7 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
27,668
20,573
7
Directors' transactions
Repayable upon demand loan has been granted by the company to its director as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Loan
2.50
16,741
1,000
145
(15,662)
2,224
16,741
1,000
145
(15,662)
2,224