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Registrar
Company registration number: 08999171
Commercial Financial Solutions Limited
Unaudited filleted financial statements
31 March 2023
Commercial Financial Solutions Limited
Contents
Statement of financial position
Notes to the financial statements
Commercial Financial Solutions Limited
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Current assets
Debtors 5 57,874 59,967
_______ _______
57,874 59,967
Creditors: amounts falling due
within one year 6 ( 89,053) ( 70,910)
_______ _______
Net current liabilities ( 31,179) ( 10,943)
_______ _______
Total assets less current liabilities ( 31,179) ( 10,943)
Creditors: amounts falling due
after more than one year 7 ( 7,073) ( 9,410)
_______ _______
Net liabilities ( 38,252) ( 20,353)
_______ _______
Capital and reserves
Called up share capital 8 100 100
Profit and loss account ( 38,352) ( 20,453)
_______ _______
Shareholders deficit ( 38,252) ( 20,353)
_______ _______
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 12 March 2024 , and are signed on behalf of the board by:
Mr D R Lees
Director
Company registration number: 08999171
Commercial Financial Solutions Limited
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 13 Portland Road, Edgbaston, Birmingham, B16 9HN. The business address is 6 Peregrine Way, Apley, Telford, Shropshire, TF1 6TH.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity and have been rounded to the nearest £1.
Going concern
The company's balance sheet shows an adverse position at the year end of £38,252 (2022: £20,353). The other creditors includes £49,161 (2022: £39,016) which relates to loans received from a director. The director does not expect repayment until such time as the company has sufficient funds available to make the repayments without adversely affecting the company's ability to continue to trade. For this reason the directors believe that the company will continue to trade for the foreseeable future.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Debtors and creditors due within one year
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 adminsitrative expenses.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a financing transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 1 ).
5. Debtors
2023 2022
£ £
Other debtors 57,874 59,967
_______ _______
6. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 2,953 5,890
Social security and other taxes - 24
Other creditors 86,100 64,996
_______ _______
89,053 70,910
_______ _______
7. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 7,073 9,410
_______ _______
Included within creditors is an unsecured Bounce Back loan, taken out as a result of Covid-19, of £7, 073 (2022: £9,410).
8. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______