Silverfin false false 31/10/2024 01/11/2023 31/10/2024 B S Dunevein 01/10/2003 J Dunevein L Dunevein 26/01/2024 S A Dunevein 22 July 2025 The principal activity of the Company during the financial year was the supply of industrial consumables. 01882650 2024-10-31 01882650 bus:Director1 2024-10-31 01882650 bus:Director3 2024-10-31 01882650 2023-10-31 01882650 core:CurrentFinancialInstruments 2024-10-31 01882650 core:CurrentFinancialInstruments 2023-10-31 01882650 core:Non-currentFinancialInstruments 2024-10-31 01882650 core:Non-currentFinancialInstruments 2023-10-31 01882650 core:ShareCapital 2024-10-31 01882650 core:ShareCapital 2023-10-31 01882650 core:RetainedEarningsAccumulatedLosses 2024-10-31 01882650 core:RetainedEarningsAccumulatedLosses 2023-10-31 01882650 core:ComputerSoftware 2023-10-31 01882650 core:ComputerSoftware 2024-10-31 01882650 core:LeaseholdImprovements 2023-10-31 01882650 core:PlantMachinery 2023-10-31 01882650 core:Vehicles 2023-10-31 01882650 core:FurnitureFittings 2023-10-31 01882650 core:ComputerEquipment 2023-10-31 01882650 core:LeaseholdImprovements 2024-10-31 01882650 core:PlantMachinery 2024-10-31 01882650 core:Vehicles 2024-10-31 01882650 core:FurnitureFittings 2024-10-31 01882650 core:ComputerEquipment 2024-10-31 01882650 core:CostValuation 2023-10-31 01882650 core:CostValuation 2024-10-31 01882650 core:CurrentFinancialInstruments core:Secured 2024-10-31 01882650 core:Non-currentFinancialInstruments core:Secured 2024-10-31 01882650 core:WithinOneYear 2024-10-31 01882650 core:WithinOneYear 2023-10-31 01882650 core:BetweenOneFiveYears 2024-10-31 01882650 core:BetweenOneFiveYears 2023-10-31 01882650 2023-11-01 2024-10-31 01882650 bus:FilletedAccounts 2023-11-01 2024-10-31 01882650 bus:SmallEntities 2023-11-01 2024-10-31 01882650 bus:AuditExemptWithAccountantsReport 2023-11-01 2024-10-31 01882650 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 01882650 bus:Director1 2023-11-01 2024-10-31 01882650 bus:Director2 2023-11-01 2024-10-31 01882650 bus:Director3 2023-11-01 2024-10-31 01882650 bus:Director4 2023-11-01 2024-10-31 01882650 core:ComputerSoftware core:TopRangeValue 2023-11-01 2024-10-31 01882650 core:LeaseholdImprovements core:TopRangeValue 2023-11-01 2024-10-31 01882650 core:PlantMachinery 2023-11-01 2024-10-31 01882650 core:Vehicles 2023-11-01 2024-10-31 01882650 core:FurnitureFittings 2023-11-01 2024-10-31 01882650 core:ComputerEquipment core:TopRangeValue 2023-11-01 2024-10-31 01882650 2022-11-01 2023-10-31 01882650 core:ComputerSoftware 2023-11-01 2024-10-31 01882650 core:LeaseholdImprovements 2023-11-01 2024-10-31 01882650 core:ComputerEquipment 2023-11-01 2024-10-31 01882650 core:Non-currentFinancialInstruments 2023-11-01 2024-10-31 iso4217:GBP xbrli:pure

Company No: 01882650 (England and Wales)

CONCEPT PRODUCTS LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2024
Pages for filing with the registrar

CONCEPT PRODUCTS LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2024

Contents

CONCEPT PRODUCTS LIMITED

BALANCE SHEET

As at 31 October 2024
CONCEPT PRODUCTS LIMITED

BALANCE SHEET (continued)

As at 31 October 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 31,717 49,017
Tangible assets 4 190,928 141,322
Investments 5 264 264
222,909 190,603
Current assets
Stocks 244,076 301,573
Debtors 6 580,513 743,868
Cash at bank and in hand 158,256 99,020
982,845 1,144,461
Creditors: amounts falling due within one year 7 ( 692,823) ( 820,080)
Net current assets 290,022 324,381
Total assets less current liabilities 512,931 514,984
Creditors: amounts falling due after more than one year 8 ( 78,189) ( 75,843)
Provision for liabilities 9 ( 40,522) ( 27,787)
Net assets 394,220 411,354
Capital and reserves
Called-up share capital 18,000 18,000
Profit and loss account 376,220 393,354
Total shareholders' funds 394,220 411,354

For the financial year ending 31 October 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Concept Products Limited (registered number: 01882650) were approved and authorised for issue by the Board of Directors on 22 July 2025. They were signed on its behalf by:

B S Dunevein
Director
CONCEPT PRODUCTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
CONCEPT PRODUCTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Concept Products Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Albert Goodman, Lupin Way, Yeovil, BA22 8WW, United Kingdom. The principal place of business is 10 Cary Court, Somerton Business Park, Somerton, Somerset, TA11 6SB.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software 3 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 10 years straight line
Plant and machinery 20 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 20 % reducing balance
Computer equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in other operating income over the period in which the related costs are recognised, and timing differences are presented as other debtors or deferred income within the balance sheet. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 33 37

3. Intangible assets

Computer software Total
£ £
Cost
At 01 November 2023 51,900 51,900
At 31 October 2024 51,900 51,900
Accumulated amortisation
At 01 November 2023 2,883 2,883
Charge for the financial year 17,300 17,300
At 31 October 2024 20,183 20,183
Net book value
At 31 October 2024 31,717 31,717
At 31 October 2023 49,017 49,017

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £ £
Cost
At 01 November 2023 11,094 161,897 64,007 135,659 32,289 404,946
Additions 0 13,101 0 5,812 70,000 88,913
Disposals 0 ( 5,976) 0 0 0 ( 5,976)
At 31 October 2024 11,094 169,022 64,007 141,471 102,289 487,883
Accumulated depreciation
At 01 November 2023 6,660 123,971 12,633 104,254 16,106 263,624
Charge for the financial year 1,110 9,034 12,844 6,876 8,958 38,822
Disposals 0 ( 5,491) 0 0 0 ( 5,491)
At 31 October 2024 7,770 127,514 25,477 111,130 25,064 296,955
Net book value
At 31 October 2024 3,324 41,508 38,530 30,341 77,225 190,928
At 31 October 2023 4,434 37,926 51,374 31,405 16,183 141,322
Leased assets included above:
Net book value
At 31 October 2024 0 16,761 15,862 0 0 32,623
At 31 October 2023 0 20,952 28,650 0 0 49,602

5. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 November 2023 264 264
At 31 October 2024 264 264
Carrying value at 31 October 2024 264 264
Carrying value at 31 October 2023 264 264

6. Debtors

2024 2023
£ £
Trade debtors 467,432 612,397
Amounts owed by directors 105,405 101,844
Prepayments 0 23,502
Other debtors 7,676 6,125
580,513 743,868

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured £ 20,039) 30,039 17,632
Trade creditors 201,503 315,153
Corporation tax 54,248 85,087
Other taxation and social security 83,441 116,183
Obligations under finance leases and hire purchase contracts (secured) 26,148 26,582
Other creditors 297,444 259,443
692,823 820,080

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured £ 40,088) 46,755 18,261
Obligations under finance leases and hire purchase contracts (secured) 31,434 57,582
78,189 75,843

The obligations under finance leases and hire purchase contracts are secured on the underlying assets which are included within plant & machinery, motor vehicles and intangible assets . The net book value of the relevant assets at the balance sheet date is £69,966 (2023 £98,619) .

Within bank loans is a balance of £16,667 relating to an outstanding amount due from a Covid Bounce Back Loan (2023 £26,667). The UK government has guaranteed 100% of the value of the loan.
Providers of the other loans have a fixed and floating charge over the assets of the company.

9. Provision for liabilities

2024 2023
£ £
Deferred tax 40,522 27,787

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 54,919 55,377
between one and five years 56,043 17,546
110,962 72,923

This relates to non-cancellable operating leases over the business premises and hire of certain items of office equipment and motor vehicles.

11. Related party transactions

Transactions with the entity's directors

Advances

The Directors' loan accounts are repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 November 2023, the balance owed by the directors was £101,844. During the year, £224,190 was advanced to the directors, and £190,629 was repaid by the directors. At 31 October 2024, the balance owed by the directors was £135,405.

At 1 November 2022, the balance owed by the directors was £77,116. During the year, £194,896 was advanced to the directors, and £170,168 was repaid by the directors. At 31 October 2023, the balance owed by the directors was £101,844.