Company Registration No. 05059146 (England and Wales)
CONCEPT 4 CREATIVE LIMITED
UNAUDITED FINANCIAL STATEMENTS
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
CONCEPT 4 CREATIVE LIMITED
COMPANY INFORMATION
Directors
Mr J M Tomlinson
Mr A A Buck
Mrs J Cleaver
Secretary
Mr A A Buck
Company number
05059146
Registered office
Lomeshaye Business Village
Turner Road
Nelson
Lancashire
BB9 7DR
Accountants
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
CONCEPT 4 CREATIVE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
CONCEPT 4 CREATIVE LIMITED
BALANCE SHEET
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
4,994
6,987
Current assets
Stocks
10,306
8,218
Debtors
5
165,806
122,444
Cash at bank and in hand
42,794
152,627
218,906
283,289
Creditors: amounts falling due within one year
6
(71,311)
(125,250)
Net current assets
147,595
158,039
Total assets less current liabilities
152,589
165,026
Creditors: amounts falling due after more than one year
7
(31,587)
(40,000)
Provisions for liabilities
(1,196)
(1,179)
Net assets
119,806
123,847
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
119,804
123,845
Total equity
119,806
123,847
The notes on pages 3 to 6 form part of these financial statements.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 May 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
CONCEPT 4 CREATIVE LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 February 2023 and are signed on its behalf by:
Mr J M Tomlinson
Director
Company Registration No. 05059146
CONCEPT 4 CREATIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
- 3 -
1
Accounting policies
Company information
Concept 4 Creative Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Lomeshaye Business Village, Turner Road, Nelson, Lancashire, BB9 7DR.
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents the value of goods and services, excluding value added tax, despatched/provided during the year, for which the right to consideration has been obtained.
1.3
Intangible fixed assets other than goodwill
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
The intangible assets have been fully amortised.
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:
Plant and equipment
33% on cost
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
Stocks
Work in progress is valued at the lower of cost and net realisable value.
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs bringing stocks to their present location and condition.
1.6
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 4 CREATIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
1
Accounting policies
(Continued)
- 4 -
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.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
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 lease
s
asset are consumed.
1.9
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
12
11
CONCEPT 4 CREATIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
- 5 -
3
Intangible fixed assets
Goodwill
Website
Total
£
£
£
Cost
At 1 June 2021 and 31 May 2022
44,528
37,500
82,028
Amortisation and impairment
At 1 June 2021 and 31 May 2022
44,528
37,500
82,028
Carrying amount
At 31 May 2022
At 31 May 2021
4
Tangible fixed assets
Plant and equipment
£
Cost
At 1 June 2021
101,758
Additions
1,218
At 31 May 2022
102,976
Depreciation and impairment
At 1 June 2021
94,771
Depreciation charged in the year
3,211
At 31 May 2022
97,982
Carrying amount
At 31 May 2022
4,994
At 31 May 2021
6,987
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
118,286
97,202
Amounts owed by group undertakings
30,000
Other debtors
17,520
25,242
165,806
122,444
CONCEPT 4 CREATIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
- 6 -
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
9,723
10,000
Trade creditors
18,099
26,691
Taxation and social security
27,897
65,991
Other creditors
15,592
22,568
71,311
125,250
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
31,587
40,000
8
Leasing agreements
The company has future operating lease commitments of £3,580 (2021 - £3,580).
9
Contingent liabilities
The company has secured the borrowing of its ultimate holding company by means of a debenture.
At the date on which the directors approved these accounts no event had taken place that indicates the company's assets will be sequestrated pursuant to the terms of that debenture.
The amount secured is £89,552 (2021 - £119,552).