Registered number
06353973
Commercial Finance Brokers UK Ltd
Filleted Accounts
30 June 2023
Commercial Finance Brokers UK Ltd
Registered number: 06353973
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 8,699 8,337
Current assets
Debtors 4 1,100 1,100
Cash at bank and in hand 272,210 280,027
273,310 281,127
Creditors: amounts falling due within one year 5 (29,742) (38,739)
Net current assets 243,568 242,388
Total assets less current liabilities 252,267 250,725
Creditors: amounts falling due after more than one year 6 (39,631) (43,266)
Net assets 212,636 207,459
Capital and reserves
Called up share capital 100 100
Profit and loss account 212,536 207,359
Shareholders' funds 212,636 207,459
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Karl Mallett
Director
Approved by the board on 28 February 2024
Commercial Finance Brokers UK Ltd
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 8 5
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 July 2022 30,159 6,150 36,309
Additions 3,259 - 3,259
At 30 June 2023 33,418 6,150 39,568
Depreciation
At 1 July 2022 26,434 1,538 27,972
Charge for the year 1,744 1,153 2,897
At 30 June 2023 28,178 2,691 30,869
Net book value
At 30 June 2023 5,240 3,459 8,699
At 30 June 2022 3,725 4,612 8,337
4 Debtors 2023 2022
£ £
Other debtors 1,100 1,100
5 Creditors: amounts falling due within one year 2023 2022
£ £
Corporation tax 1,632 8,003
Other taxes and social security costs 17,284 14,184
Other creditors 10,826 16,552
29,742 38,739
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 39,631 43,266
7 Other information
Commercial Finance Brokers UK Ltd is a private company limited by shares and incorporated in England. Its registered office is:
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