Concept Research Limited - Period Ending 2017-05-31

Concept Research Limited - Period Ending 2017-05-31


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Registration number: 05196560

Concept Research Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 May 2017

 

Concept Research Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Abridged Financial Statements

3 to 7

 

Concept Research Limited

(Registration number: 05196560)
Abridged Balance Sheet as at 31 May 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

5

5,275

7,034

Current assets

 

Stocks

6

11,935

12,990

Debtors

39,003

104,003

Cash at bank and in hand

 

109,922

111,312

 

160,860

228,305

Creditors: Amounts falling due within one year

(110,651)

(175,588)

Net current assets

 

50,209

52,717

Total assets less current liabilities

 

55,484

59,751

Provisions for liabilities

(1,002)

(1,407)

Net assets

 

54,482

58,344

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

54,382

58,244

Total equity

 

54,482

58,344

For the financial year ending 31 May 2017 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Concept Research Limited

(Registration number: 05196560)
Abridged Balance Sheet as at 31 May 2017

Approved and authorised by the Board on 11 January 2018 and signed on its behalf by:
 

.........................................

Mr Tim Denyer

Director

 

Concept Research Limited

Notes to the Abridged Financial Statements for the Year Ended 31 May 2017

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 9 Bowmans Trading Estate
Bessemer Drive
Stevenage
Herts
SG1 2DL

These financial statements were authorised for issue by the Board on 11 January 2018.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Foreign currency transactions and balances

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Concept Research Limited

Notes to the Abridged Financial Statements for the Year Ended 31 May 2017

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% reducing balance

Office equipment

25% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for goods sold in the ordinary course of business.

Stocks

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

 

Concept Research Limited

Notes to the Abridged Financial Statements for the Year Ended 31 May 2017

2

Accounting policies (continued)

Share capital

Ordinary shares are classified as equity.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2016 - 2).

 

Concept Research Limited

Notes to the Abridged Financial Statements for the Year Ended 31 May 2017

4

Intangible assets

Total
£

Cost or valuation

At 1 June 2016

62,000

At 31 May 2017

62,000

Amortisation

At 1 June 2016

62,000

At 31 May 2017

62,000

Carrying amount

At 31 May 2017

-

5

Tangible assets

Total
£

Cost or valuation

At 1 June 2016

36,842

At 31 May 2017

36,842

Depreciation

At 1 June 2016

29,808

Charge for the year

1,759

At 31 May 2017

31,567

Carrying amount

At 31 May 2017

5,275

At 31 May 2016

7,034

6

Stocks

2017
£

2016
£

Other inventories

11,935

12,990

 

Concept Research Limited

Notes to the Abridged Financial Statements for the Year Ended 31 May 2017

7

Share capital

Allotted, called up and fully paid shares

 

2017

2016

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

8

Parent and ultimate parent undertaking

The company's immediate parent is Challenge Electronics Limited, incorporated in England, by virtue of their shareholding.

 

9

Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1st June 2015.

No transitional adjustments were required in equity or profit or loss for the year.