Accounts filed on 31-05-2016
Accounts filed on 31-05-2016
trueConcept Research Limited051965602016-05-315824523990583452409010010058345240901407945133126184811192878209846185844199950424622098022830622093010400488395129902416011131210837570349896051770349379Basis of accounting
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over
the useful economic life of that asset as follows:
Goodwill-over 10 years
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance
for obsolete and slow moving items.
Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.
Fixed Assets
All fixed assets are initially recorded at cost.
Fixtures & FittingsReducing balance0.2500EquipmentReducing balance0.2500
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
62000620006200061483517368423684229808274632345988429884291808889462862Ordinary1001100100Ordinary1100100100Ultimate controlling partyDuring the period the company was controlled by Mr T Denyer and Mr D Johnson, directors and shareholders in the ultimate parent company, "Challenge Electronics Limited".2017-01-19Mr T Denyertruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureConcept Research Limited2015-06-012016-05-31Concept Research Limited2014-06-012015-05-31Concept Research Limited2014-05-31Concept Research Limited2015-05-31Concept Research Limited2015-05-31Concept Research Limited2016-05-31 2017-01-20
