Registration number:
Commerce Fabric Limited
Filleted
for the Period from 31 December 2020 to 31 December 2021
Commerce Fabric Limited
Contents
Company Information |
|
Statement of Financial Position |
|
Notes to the Financial Statements |
Commerce Fabric Limited
Company Information
Director |
Faisal Masud |
Company secretary |
Corporation Service Company (UK) Limited |
Registered office |
|
Auditor |
|
Commerce Fabric Limited
(Registration number: 13107451)
Statement of Financial Position as at 31 December 2021
Note |
2021 |
|
Creditors: Amounts falling due within one year |
( |
|
Capital and reserves |
||
Called up share capital |
|
|
Profit and loss account |
( |
|
Capital contribution reserve |
|
|
Total equity |
( |
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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.
Approved and authorised for issue by the
......................................... |
Commerce Fabric Limited
Notes to the Financial Statements for the Period from 31 December 2020 to 31 December 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is
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 financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
As set out in the Director's Report, due to the company taking the decision to cease to trade and to wind up operations the director has decided to prepare the financial statements on a basis other than that of a going concern. The financial statements have been prepared on a break-up basis at the year end. In adopting the break-up basis at the year end the following policies and procedures were implemented:
- all assets have been disclosed at the value at which they are expected to be realised; and
- all liabilities reflect the full amount at which they are expected to materialise.
These financial statements are prepared in sterling which is the functional currency of the entity.
Disclosure of long or short period
Going concern
The company has made the decision to cease to trade and to wind up the company. Consequently the director considers it inappropriate to prepare the financial statements on a going concern basis and has prepared the financial statements on a break up basis as set out under the basis of preparation.
Commerce Fabric Limited
Notes to the Financial Statements for the Period from 31 December 2020 to 31 December 2021 (continued)
2 |
Accounting policies (continued) |
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge 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.
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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Commerce Fabric Limited
Notes to the Financial Statements for the Period from 31 December 2020 to 31 December 2021 (continued)
2 |
Accounting policies (continued) |
Share based payments
The share option programme allows employees to acquire shares of the parent company, Commerce Fabric Inc.
The fair value of options granted is recognised as an employee expense with a corresponding increase in equity. The fair value is measured at grant date and spread over the period during which the employees become unconditionally entitled to the options. The fair value of the options granted is measured using an option pricing model, taking into account the terms and conditions upon which the options were granted.
The amount recognised as an expense is adjusted to reflect the actual number of awards for which the related service and non-market vesting conditions are expected to be met, such that the amount ultimately recognised as an expense is based on the number of awards that do meet the related service and non-market performance conditions at the vesting date.
Where the company's parent grants rights to its equity instruments to the company's employees, which are accounted for as equity-settled in the consolidated accounts of the parent, the company accounts for these share based payments as equity-settled.
Staff numbers |
The average number of persons employed by the company (including the director) during the period, was
Auditor's remuneration |
2021 |
|
Audit of the financial statements |
|
Other fees to auditor |
|
Taxation compliance services |
|
Commerce Fabric Limited
Notes to the Financial Statements for the Period from 31 December 2020 to 31 December 2021 (continued)
Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
|
Due within one year |
||
Amounts owed to group undertakings |
|
|
Accruals and deferred income |
|
|
|
Related party transactions |
The Company has taken advantage of the exemption available under paragraph 33.1A of FRS 102 and does not disclose related party transactions with members of the same group that are wholly owned.
Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing financial statements which include this company is
Audit report |
We draw attention to note 2 to the financial statements which explains that the company has taken the decision to cease to trade and wind down operations and therefore the director does not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in note 2. Our opinion is not modified in respect of this matter.
The name of the Senior Statutory Auditor who signed the audit report on
Azets Audit Services is a trading name of Azets Audit Services Limited.