Company registration number 09317485 (England and Wales)
CLM TRADING COMPANY LIMITED
Unaudited Financial Statements
For The Year Ended 30 April 2023
Pages For Filing With Registrar
CLM Trading Company Limited
CLM TRADING COMPANY LIMITED
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
4 - 8
CLM Trading Company Limited
CLM TRADING COMPANY LIMITED
Balance Sheet
As At 30 April 2023
30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
28,793
29,525
Investments
5
50
50
28,843
29,575
Current assets
Debtors
6
647,525
406,412
Cash at bank and in hand
72,786
99,297
720,311
505,709
Creditors: amounts falling due within one year
7
(418,811)
(366,180)
Net current assets
301,500
139,529
Total assets less current liabilities
330,343
169,104
Creditors: amounts falling due after more than one year
8
(20,839)
(30,835)
Provisions for liabilities
(5,609)
(5,609)
Net assets
303,895
132,660
Capital and reserves
Called up share capital
101
101
Profit and loss reserves
303,794
132,559
Total equity
303,895
132,660

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 30 April 2023 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.

The 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.

CLM Trading Company Limited
CLM TRADING COMPANY LIMITED
Balance Sheet (Continued)
As At 30 April 2023
30 April 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 3 November 2023 and are signed on its behalf by:
Mr A Weston
Director
Company Registration No. 09317485
CLM Trading Company Limited
CLM TRADING COMPANY LIMITED
Statement Of Changes In Equity
For The Year Ended 30 April 2023
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2021
100
39,915
40,015
Year ended 30 April 2022:
Profit and total comprehensive income for the year
-
482,644
482,644
Issue of share capital
1
-
1
Dividends
-
(390,000)
(390,000)
Balance at 30 April 2022
101
132,559
132,660
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
717,461
717,461
Dividends
-
(546,226)
(546,226)
Balance at 30 April 2023
101
303,794
303,895
CLM Trading Company Limited
CLM TRADING COMPANY LIMITED
Notes To The Financial Statements
For The Year Ended 30 April 2023
- 4 -
1
Accounting policies
Company information

CLM Trading Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O Chavereys, The Goods Shed, Jubilee Way, Faversham, Kent, England, ME13 8GD.

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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
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:

Office equipment
25% reducing balance
Green commute initiative
33% straight line

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.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

CLM Trading Company Limited
CLM TRADING COMPANY LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 April 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price.

 

Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

 

Subsequently they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

1.7
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.

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.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
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 leases asset are consumed.

CLM Trading Company Limited
CLM TRADING COMPANY LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 April 2023
1
Accounting policies
(Continued)
- 6 -
1.10
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

 

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
17
16
CLM Trading Company Limited
CLM TRADING COMPANY LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 April 2023
- 7 -
4
Tangible fixed assets
Plant and machinery etc
Green commute initiative
Total
£
£
£
Cost
At 1 May 2022
69,811
9,028
78,839
Additions
14,026
-
0
14,026
Disposals
(21,251)
-
0
(21,251)
At 30 April 2023
62,586
9,028
71,614
Depreciation and impairment
At 1 May 2022
42,510
6,804
49,314
Depreciation charged in the year
10,688
1,251
11,939
Eliminated in respect of disposals
(18,432)
-
0
(18,432)
At 30 April 2023
34,766
8,055
42,821
Carrying amount
At 30 April 2023
27,820
973
28,793
At 30 April 2022
27,301
2,224
29,525
5
Fixed asset investments
2023
2022
£
£
Other investments other than loans
50
50
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
533,988
361,910
Other debtors
113,537
44,502
647,525
406,412
CLM Trading Company Limited
CLM TRADING COMPANY LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 April 2023
- 8 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
9,998
10,000
Trade creditors
14,217
30,680
Corporation tax
164,649
115,456
Other taxation and social security
125,937
72,929
Other creditors
104,010
137,115
418,811
366,180
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
20,839
30,835
9
Related party transactions

At the year end £27,471 (2022: £48,748) was due to a company which owns shares in CLM Trading Company Limited, and which has a mutual director. No interest was charged on the outstanding loan balance.

 

At the year end, £27,378 (2022: £26,969) was due to a company which owns shares in CLM Trading Company Limited, and which has a mutual director. No interest was charged on the outstanding loan balance.

 

At the year end, £26,218 (2022: £23,944) was due to a company which owns shares in CLM Trading Company Limited, and which has a mutual director. No interest was charged on the outstanding loan balance.

 

At the year end, £1,596 (2022: £16,582) was due to a company which owns shares in CLM Trading Company Limited, and which has a mutual director. No interest was charged on the outstanding loan balance.

 

At the year end, £1,621 (2022: £8,412) was due from a company which owns shares in CLM trading company, and which has a mutual director. No interest was charged on the outstanding loan balance.

 

At the year end, £nil (2022: £8,500) was due to a director of the company. No interest was charged on the outstanding loan balance and it was cleared post year end.

10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
188,702
214,145
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