Caseware UK (AP4) 2022.0.179 2022.0.179 2023-06-302023-06-30false2022-07-01No description of principal activity55truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02155600 2022-07-01 2023-06-30 02155600 2021-07-01 2022-06-30 02155600 2023-06-30 02155600 2022-06-30 02155600 2021-07-01 02155600 c:Director3 2022-07-01 2023-06-30 02155600 d:FurnitureFittings 2022-07-01 2023-06-30 02155600 d:FurnitureFittings 2023-06-30 02155600 d:FurnitureFittings 2022-06-30 02155600 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 02155600 d:OfficeEquipment 2022-07-01 2023-06-30 02155600 d:OfficeEquipment 2023-06-30 02155600 d:OfficeEquipment 2022-06-30 02155600 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 02155600 d:ComputerEquipment 2022-07-01 2023-06-30 02155600 d:ComputerEquipment 2023-06-30 02155600 d:ComputerEquipment 2022-06-30 02155600 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 02155600 d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 02155600 d:CurrentFinancialInstruments 2023-06-30 02155600 d:CurrentFinancialInstruments 2022-06-30 02155600 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 02155600 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 02155600 d:ShareCapital 2022-07-01 2023-06-30 02155600 d:ShareCapital 2023-06-30 02155600 d:ShareCapital 2021-07-01 2022-06-30 02155600 d:ShareCapital 2022-06-30 02155600 d:ShareCapital 2021-07-01 02155600 d:OtherMiscellaneousReserve 2022-07-01 2023-06-30 02155600 d:OtherMiscellaneousReserve 2023-06-30 02155600 d:OtherMiscellaneousReserve 2021-07-01 2022-06-30 02155600 d:OtherMiscellaneousReserve 2022-06-30 02155600 d:OtherMiscellaneousReserve 2021-07-01 02155600 d:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 02155600 d:RetainedEarningsAccumulatedLosses 2023-06-30 02155600 d:RetainedEarningsAccumulatedLosses 2021-07-01 2022-06-30 02155600 d:RetainedEarningsAccumulatedLosses 2022-06-30 02155600 d:RetainedEarningsAccumulatedLosses 2021-07-01 02155600 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-06-30 02155600 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-06-30 02155600 c:FRS102 2022-07-01 2023-06-30 02155600 c:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 02155600 c:FullAccounts 2022-07-01 2023-06-30 02155600 c:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 02155600 2 2022-07-01 2023-06-30 02155600 6 2022-07-01 2023-06-30 02155600 e:PoundSterling 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure
Registered number: 02155600














INTERNATIONAL COMMODITY SERVICES LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 JUNE 2023

 
INTERNATIONAL COMMODITY SERVICES LIMITED
REGISTERED NUMBER:02155600

BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
Note

Fixed assets
  

Tangible assets
 4 
6,830
9,169

Investments
 5 
322,277
324,141

  
329,107
333,310

Current assets
  

Debtors: amounts falling due within one year
 6 
93,731
187,230

Cash at bank and in hand
 7 
940,807
1,102,235

  
1,034,538
1,289,465

Creditors: amounts falling due within one year
 8 
(459,514)
(488,977)

Net current assets
  
 
 
575,024
 
 
800,488

Total assets less current liabilities
  
904,131
1,133,798

Provisions for liabilities
  

Deferred tax
  
(1,707)
(2,292)

  
 
 
(1,707)
 
 
(2,292)

Net assets
  
£902,424
£1,131,506


Capital and reserves
  

Called up share capital 
  
10,200
10,200

Other reserves
 10 
-
(35,038)

Profit and loss account
 10 
892,224
1,156,344

  
£902,424
£1,131,506


Page 1

 
INTERNATIONAL COMMODITY SERVICES LIMITED
REGISTERED NUMBER:02155600

BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 February 2024.




___________________________
L Rolley
Director

The notes on pages 4 to 12 form part of these financial statements.

Page 2

 
INTERNATIONAL COMMODITY SERVICES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023


Called up share capital
Other reserves
Profit and loss account
Total equity

At 1 July 2022
10,200
(35,038)
1,156,344
1,131,506


Comprehensive income for the year

Loss for the year
-
-
(9,082)
(9,082)
Total comprehensive income for the year
-
-
(9,082)
(9,082)


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(220,000)
(220,000)

Transfer to/from profit and loss account
-
35,038
(35,038)
-


Total transactions with owners
-
35,038
(255,038)
(220,000)


At 30 June 2023
£10,200
£-
£892,224
£902,424



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2022


Called up share capital
Other reserves
Profit and loss account
Total equity

At 1 July 2021
10,200
20,284
1,291,750
1,322,234


Comprehensive income for the year

Profit for the year
-
-
59,272
59,272
Total comprehensive income for the year
-
-
59,272
59,272


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(250,000)
(250,000)

Transfer to/from profit and loss account
-
(55,322)
55,322
-


Total transactions with owners
-
(55,322)
(194,678)
(250,000)


At 30 June 2022
£10,200
£(35,038)
£1,156,344
£1,131,506


The notes on pages 4 to 12 form part of these financial statements.

Page 3

 
INTERNATIONAL COMMODITY SERVICES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

International Commodity Services Ltd is a private company limited by shares and is incorporated in England and Wales. The company registration number is 02155600. The registered office and principal place of business of the company is Second Floor Magnesia House, 6 Playhouse Yard, London EC4V 5EX..

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
INTERNATIONAL COMMODITY SERVICES LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
INTERNATIONAL COMMODITY SERVICES LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
reducing balance
Office equipment
-
25%
reducing balance
Computer equipment
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 6

 
INTERNATIONAL COMMODITY SERVICES LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 7

 
INTERNATIONAL COMMODITY SERVICES LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Page 8

 
INTERNATIONAL COMMODITY SERVICES LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)


Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2022 - 5).

Page 9

 
INTERNATIONAL COMMODITY SERVICES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

4.


Tangible fixed assets





Fixtures and fittings
Office equipment
Computer equipment
Total



Cost or valuation


At 1 July 2022
24,920
25,619
23,165
73,704



At 30 June 2023

24,920
25,619
23,165
73,704



Depreciation


At 1 July 2022
23,163
22,642
18,730
64,535


Charge for the year on owned assets
441
746
1,152
2,339



At 30 June 2023

23,604
23,388
19,882
66,874



Net book value



At 30 June 2023
£1,316
£2,231
£3,283
£6,830



At 30 June 2022
£1,757
£2,977
£4,435
£9,169


5.


Fixed asset investments





Listed investments



Cost or valuation


At 1 July 2022
324,141


Additions
103,893


Disposals
(105,937)


Revaluations
180



At 30 June 2023
£322,277




Page 10

 
INTERNATIONAL COMMODITY SERVICES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

6.


Debtors

2023
2022


Trade debtors
62,442
160,745

Other debtors
5,347
1,953

Prepayments and accrued income
25,942
24,532

£93,731
£187,230



7.


Cash and cash equivalents

2023
2022

Cash at bank and in hand
940,807
1,102,235

Less: bank overdrafts
-
(699)

£940,807
£1,101,536



8.


Creditors: Amounts falling due within one year

2023
2022

Bank overdrafts
-
699

Trade creditors
30,880
23,992

Corporation tax
-
7,635

Other taxation and social security
17,443
21,643

Other creditors
2,415
2,296

Accruals and deferred income
408,776
432,712

£459,514
£488,977



9.


Financial instruments

2023
2022

Financial assets


Financial assets measured at fair value through profit or loss
£1,263,085
£1,426,376




Financial assets measured at fair value through profit or loss comprise fixed asset investments and cash at bank and in hand. 

Page 11

 
INTERNATIONAL COMMODITY SERVICES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

10.


Reserves

Other reserves

Other reserves represent reserves arising on the revaluation of fixed asset investments.

Profit and loss account

The profit and loss account represents the general surpluses and deficits arising from the company's activities. The profit and loss account is fully distributable.


11.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £31,275 (2022 - £13,696). Contributions totalling £2,245 (2022 - £2,296) were payable to the fund at the balance sheet date.


12.
Controlling party

In the opinion of the directors Mrs H Dudley has control of the company by virtue of an effective holding in excess of 49% of the issued share capital.
The parent undertaking is International Commodity Services (Holdings) Limited, a company incorporated in England and Wales.
The company is exempt from the requirement of preparing consolidated financial statements as it is a subsidiary undertaking of a small group under section 383 of the Companies Act 2006.


Page 12