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REGISTERED NUMBER: 10315840 (England and Wales)




UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

FOR

COMMERCIAL FINANCE NETWORK LIMITED

COMMERCIAL FINANCE NETWORK LIMITED (REGISTERED NUMBER: 10315840)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


COMMERCIAL FINANCE NETWORK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2023







DIRECTORS: Mr R L Yorke
Mr D R Yorke





REGISTERED OFFICE: New Media House
Davidson Road
Lichfield
Staffordshire
WS14 9DZ





BUSINESS ADDRESS: 29 Wethered Park
Marlow
Buckinghamshire
SL7 2BH





REGISTERED NUMBER: 10315840 (England and Wales)





ACCOUNTANTS: Brookes Stephens
New Media House
Davidson Road
Lichfield
Staffordshire
WS14 9DZ

COMMERCIAL FINANCE NETWORK LIMITED (REGISTERED NUMBER: 10315840)

BALANCE SHEET
31 JANUARY 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Intangible assets 4 - 19,900
Tangible assets 5 6,266 7,426
6,266 27,326

Current assets
Debtors 6 222,603 201,957
Cash at bank and in hand 2,075 168
224,678 202,125
Creditors
Amounts falling due within one year 7 49,639 41,618
Net current assets 175,039 160,507
Total assets less current liabilities 181,305 187,833

Creditors
Amounts falling due after more than one
year

8

(17,032

)

(24,121

)

Provisions for liabilities (1,191 ) (1,411 )
Net assets 163,082 162,301

Capital and reserves
Called up share capital 10 100 100
Retained earnings 162,982 162,201
Shareholders' funds 163,082 162,301

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 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.

COMMERCIAL FINANCE NETWORK LIMITED (REGISTERED NUMBER: 10315840)

BALANCE SHEET - continued
31 JANUARY 2023


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 24 October 2023 and were signed on its behalf by:





Mr D R Yorke - Director


COMMERCIAL FINANCE NETWORK LIMITED (REGISTERED NUMBER: 10315840)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023


1. STATUTORY INFORMATION

Commercial Finance Network 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover represents net invoiced goods and services, excluding value added tax.

Intangible assets
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.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

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.

COMMERCIAL FINANCE NETWORK LIMITED (REGISTERED NUMBER: 10315840)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 February 2022 39,770
Additions 11,598
Disposals (51,368 )
At 31 January 2023 -
AMORTISATION
At 1 February 2022 19,870
Eliminated on disposal (19,870 )
At 31 January 2023 -
NET BOOK VALUE
At 31 January 2023 -
At 31 January 2022 19,900

The computer software held as an intangible asset by the company was disposed of during the year to Lucro Software Solutions Limited, a commonly owned company, under a Scheme of Reconstruction.

COMMERCIAL FINANCE NETWORK LIMITED (REGISTERED NUMBER: 10315840)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2022 13,525
Additions 929
At 31 January 2023 14,454
DEPRECIATION
At 1 February 2022 6,099
Charge for year 2,089
At 31 January 2023 8,188
NET BOOK VALUE
At 31 January 2023 6,266
At 31 January 2022 7,426

6. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 54,437 61,718
Other debtors 70,166 85,239
124,603 146,957

Amounts falling due after more than one year:
Other debtors 98,000 55,000

Aggregate amounts 222,603 201,957

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 7,090 6,968
Trade creditors 789 2,078
Taxation and social security 27,540 30,536
Other creditors 14,220 2,036
49,639 41,618

COMMERCIAL FINANCE NETWORK LIMITED (REGISTERED NUMBER: 10315840)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 17,032 24,121

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 21,500 21,500
Between one and five years 16,125 37,625
37,625 59,125

10. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

11. RELATED PARTY DISCLOSURES

At the year end, the company owed the directors £12,577 (2022: £577). These loans are interest free and repayable on demand.