Company No: 01882650 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	3	14,417		31,717
Tangible assets	4	171,579		190,928
Investments	5	264		264
		186,260		222,909
Current assets
Stocks		238,017		244,076
Debtors	6	599,368		580,513
Cash at bank and in hand		246,945		158,256
		1,084,330		982,845
Creditors: amounts falling due within one year	7	( 797,189)		( 692,823)
Net current assets		287,141		290,022
Total assets less current liabilities		473,401		512,931
Creditors: amounts falling due after more than one year	8	( 43,920)		( 78,189)
Provision for liabilities	9	( 36,988)		( 40,522)
Net assets		392,493		394,220
Capital and reserves
Called-up share capital		18,000		18,000
Profit and loss account		374,493		376,220
Total shareholders' funds		392,493		394,220

For the financial year ending 31 October 2025 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 financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Concept Products Limited (registered number: 01882650) were approved and authorised for issue by the Board of Directors on 27 July 2026. They were signed on its behalf by:

B S Dunevein Director

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.

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

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

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.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

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 is made up of direct materials. 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.

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.

Ordinary share capital

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

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	31		33

3. Intangible assets

	Computer software		Total
	£		£
Cost
At 01 November 2024	51,900		51,900
At 31 October 2025	51,900		51,900
Accumulated amortisation
At 01 November 2024	20,183		20,183
Charge for the financial year	17,300		17,300
At 31 October 2025	37,483		37,483
Net book value
At 31 October 2025	14,417		14,417
At 31 October 2024	31,717		31,717

4. Tangible assets

	Leasehold improve- ments		Plant and machinery		Vehicles		Fixtures and fittings		Computer equipment		Total
	£		£		£		£		£		£
Cost
At 01 November 2024	11,094		169,022		64,007		141,471		102,289		487,883
Additions	0		30,000		0		0		0		30,000
Disposals	0		( 27,305)		0		0		0		( 27,305)
At 31 October 2025	11,094		171,717		64,007		141,471		102,289		490,578
Accumulated depreciation
At 01 November 2024	7,770		127,514		25,477		111,130		25,064		296,955
Charge for the financial year	1,110		12,626		9,633		6,068		18,800		48,237
Disposals	0		( 26,193)		0		0		0		( 26,193)
At 31 October 2025	8,880		113,947		35,110		117,198		43,864		318,999
Net book value
At 31 October 2025	2,214		57,770		28,897		24,273		58,425		171,579
At 31 October 2024	3,324		41,508		38,530		30,341		77,225		190,928

5. Fixed asset investments

	Other investments		Total
	£		£
Cost or valuation before impairment
At 01 November 2024	264		264
At 31 October 2025	264		264
Carrying value at 31 October 2025	264		264
Carrying value at 31 October 2024	264		264

6. Debtors

	2025		2024
	£		£
Trade debtors	392,798		467,432
Amounts owed by directors	170,755		105,405
Other debtors	35,815		7,676
	599,368		580,513

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	26,765		30,039
Trade creditors	306,671		201,503
Other loans (secured)	273,276		229,723
Corporation tax	16,065		54,248
Other taxation and social security	94,582		83,441
Obligations under finance leases and hire purchase contracts (secured)	28,153		26,148
Other creditors	51,677		67,721
	797,189		692,823

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

	2025		2024
	£		£
Bank loans	19,945		46,755
Obligations under finance leases and hire purchase contracts (secured)	23,975		31,434
	43,920		78,189

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 £65,222 (2024 - £69,966).

Within bank loans is a balance of £6,667 relating to an outstanding amount due from a Covid Bounce Back Loan (2024 - £16,667). The UK government has guaranteed 100% of the value of the loan.

Within other loans is a balance of £273,276 (2024 - £229,723) which is secured by a fixed and floating charge over the assets of the company.

9. Provision for liabilities

	2025		2024
	£		£
Deferred tax	36,988		40,522

10. Financial commitments

Commitments

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

	2025		2024
	£		£
Within one year	57,451		54,919
Between one and five years	59,523		56,043
Total future minimum lease payments under non-cancellable operating leases	116,974		110,962

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 2024, the balance owed by the directors was £105,405. During the year, £116,338 was advanced to the directors, and £50,988 was repaid by the directors. At 31 October 2025, the balance owed by the directors was £170,755.

At 1 November 2023, the balance owed by the directors was £101,844. During the year, £224,190 was advanced to the directors, and £220,629 was repaid by the directors. At 31 October 2024, the balance owed by the directors was £105,405.