Concept Engineering Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00859061 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

FOR

CONCEPT ENGINEERING LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Directors' Responsibilities Statement

8

Independent Chartered Accountants' Review Report

9

DIRECTORS:

T A Dunnington

M G Hope

A M Dunnington

Mrs M G Hope

I C Matthews

SECRETARY:

I C Matthews

REGISTERED OFFICE:

Sterling House

27 Hatchlands Road

Redhill

Surrey

RH1 6RW

REGISTERED NUMBER:

00859061 (England and Wales)

ACCOUNTANTS:

GBJ Financial Limited

Sterling House

27 Hatchlands Road

Redhill

Surrey

RH1 6RW

FIXED ASSETS

Tangible assets

4

885,881

243,480

Investments

5

169,000

144,947

1,054,881

388,427

CURRENT ASSETS

Stocks

199,613

14,362

Debtors

6

96,644

4,462

Cash at bank and in hand

2,865,889

2,490,339

3,162,146

2,509,163

CREDITORS

Amounts falling due within one year

7

732,740

641,287

NET CURRENT ASSETS

2,429,406

1,867,876

TOTAL ASSETS LESS CURRENT LIABILITIES

3,484,287

2,256,303

PROVISIONS FOR LIABILITIES

59,629

-

NET ASSETS

3,424,658

2,256,303

CAPITAL AND RESERVES

Called up share capital

500

500

Revaluation reserve

8

439,134

-

Retained earnings

8

2,985,024

2,255,803

SHAREHOLDERS' FUNDS

3,424,658

2,256,303

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 March 2021 and were signed on its behalf by:

T A Dunnington - Director

1.	STATUTORY INFORMATION

Concept Engineering Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents amounts receivable for the manufacture and sale of special props and smoke machines net of VAT and trade discounts.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Land and buildings Freehold Freehold land and buildings are included in the balance sheet at their fair value. No depreciation is charged as it is the company's policy to maintain these to extend their useful lives.

Plant and machinery 15% straight line

Fixtures, fittings & equipment 20% - 33.33% straight line, depending on asset

Motor vehicles 25% straight line

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date.Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction.All differences are taken to profit and loss account.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2019 - 13 ) .

4.	TANGIBLE FIXED ASSETS

Office

equipment

Freehold

Plant and

and

Motor

property

machinery

furniture

vehicles

Totals

£

£

£

£

£

COST OR VALUATION

At 1 April 2019

351,238

26,436

7,823

164,950

550,447

Disposals

-

-

-

(36,000

)

(36,000

)

Revaluations

498,762

-

-

-

498,762

At 31 March 2020

850,000

26,436

7,823

128,950

1,013,209

DEPRECIATION

At 1 April 2019

187,235

26,424

7,810

85,498

306,967

Charge for year

-

-

-

31,736

31,736

Eliminated on disposal

-

-

-

(24,140

)

(24,140

)

Revaluation adjustments

(187,235

)

-

-

-

(187,235

)

At 31 March 2020

-

26,424

7,810

93,094

127,328

NET BOOK VALUE

At 31 March 2020

850,000

12

13

35,856

885,881

At 31 March 2019

164,003

12

13

79,452

243,480

Cost or valuation at 31 March 2020 is represented by:

Office

equipment

Freehold

Plant and

and

Motor

property

machinery

furniture

vehicles

Totals

£

£

£

£

£

Valuation in 2020

498,762

-

-

-

498,762

Cost

351,238

26,436

7,823

128,950

514,447

850,000

26,436

7,823

128,950

1,013,209

If freehold property had not been revalued it would have been included at the following historical cost:

2020

2019

£

£

Cost

351,238

351,238

Freehold property was valued on an open market basis on 1 February 2020 by independent property consultants .

A provision has been made for deferred tax on gains on revaluing the property to its fair value. The total amount provided is £59,629.

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 April 2019

144,947

Additions

50,000

Impairments

(25,947

)

At 31 March 2020

169,000

NET BOOK VALUE

At 31 March 2020

169,000

At 31 March 2019

144,947

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

47,359

4,462

Other debtors

49,285

-

96,644

4,462

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

421,970

276,155

Taxation and social security

166,416

162,891

Other creditors

144,354

202,241

732,740

641,287

8.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 April 2019

2,255,803

-

2,255,803

Profit for the year

709,592

709,592

Dividends

(40,000

)

(40,000

)

Deferred tax on revaluation

59,629

(59,629

)

-

Freehold property revaluation

-

498,763

498,763

At 31 March 2020

2,985,024

439,134

3,424,158

The following reproduces the text of the report prepared for the directors and members in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

We confirm that as directors we have met our duty in accordance with the Companies Act 2006 to:

-	ensure that the company has kept proper accounting records;

-

prepare financial statements which give a true and fair view of the state of affairs of the company as at 31 March 2020 and of its profit for that period in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and

-	follow the applicable accounting policies, subject to any material departures disclosed and explained in the notes to the financial statements.

ON BEHALF OF THE BOARD:

T A Dunnington - Director

26 March 2021

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

We have reviewed the financial statements of Concept Engineering Limited for the year ended 31 March 2020, which comprise the Income Statement, Balance Sheet and the related notes 1 to 10. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

This report is made solely to the company's directors, as a body, in accordance with our terms of engagement. Our review has been undertaken so that we might state to the directors those matters that we have agreed with them in our engagement letter and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's directors as a body for our work, for this report or the conclusions we have formed.

Directors' responsibility for the financial statements

As explained more fully in the Directors' Responsibilities Statement set out on page ten, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.

Accountants' responsibility

Our responsibility is to express a conclusion based on our review of the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), 'Engagements to review historical financial statements' and ICAEW Technical Release TECH 09/13AAF 'Assurance review engagements on historical financial statements'. ISRE 2400 also requires us to comply with the ICAEW Code of Ethics.

Scope of the assurance review

A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have performed additional procedures to those required under a compilation engagement. These primarily consist of making enquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK and Ireland). Accordingly, we do not express an audit opinion on these financial statements.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared:

-	so as to give a true and fair view of the state of the company's affairs as at 31 March 2020 and of its profit for the year then ended;

-	in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and

-	in accordance with the requirements of the Companies Act 2006.

GBJ Financial Limited

Sterling House

27 Hatchlands Road

Redhill

Surrey

RH1 6RW

26 March 2021