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REGISTERED NUMBER: 11074932 (England and Wales)




UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

COMMERCIAL FINANCE NETWORK CORPORATION
LTD

COMMERCIAL FINANCE NETWORK CORPORATION
LTD (REGISTERED NUMBER: 11074932)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


COMMERCIAL FINANCE NETWORK CORPORATION
LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTORS: Mr R L Yorke
Mr D R Yorke





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





REGISTERED NUMBER: 11074932 (England and Wales)





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

COMMERCIAL FINANCE NETWORK CORPORATION
LTD (REGISTERED NUMBER: 11074932)

BALANCE SHEET
30 NOVEMBER 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Tangible assets 4 76 101

Current assets
Stocks 48,541 82,671
Debtors 5 4,866 728
Cash at bank and in hand 486 7,466
53,893 90,865
Creditors
Amounts falling due within one year 6 38,078 78,525
Net current assets 15,815 12,340
Total assets less current liabilities 15,891 12,441

Creditors
Amounts falling due after more than one
year

7

199,624

105,331
Net liabilities (183,733 ) (92,890 )

Capital and reserves
Called up share capital 8 100 100
Retained earnings (183,833 ) (92,990 )
Shareholders' funds (183,733 ) (92,890 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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 CORPORATION
LTD (REGISTERED NUMBER: 11074932)

BALANCE SHEET - continued
30 NOVEMBER 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 28 August 2024 and were signed on its behalf by:





Mr D R Yorke - Director


COMMERCIAL FINANCE NETWORK CORPORATION
LTD (REGISTERED NUMBER: 11074932)

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


1. STATUTORY INFORMATION

Commercial Finance Network Corporation Ltd 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.

Going concern

The directors have reviewed the credit facilities available to the company over the forthcoming 12 months, including the financial support of a company controlled by the directors. The commonly controlled company was owed £195,098 at the year end, of which £194,812 was a loan that matures two years after the balance sheet date and is included in Creditors due after 1 year.

Taking this loan into account, the directors have assessed that the credit facilities are sufficient to allow the company to continue to trade and meet its financial obligations as they fall due.

For this reason, the directors have prepared the accounts on a going concern basis.

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

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

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.


COMMERCIAL FINANCE NETWORK CORPORATION
LTD (REGISTERED NUMBER: 11074932)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


2. ACCOUNTING POLICIES - continued
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.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 9 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 December 2022
and 30 November 2023 320
DEPRECIATION
At 1 December 2022 219
Charge for year 25
At 30 November 2023 244
NET BOOK VALUE
At 30 November 2023 76
At 30 November 2022 101

COMMERCIAL FINANCE NETWORK CORPORATION
LTD (REGISTERED NUMBER: 11074932)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 4,657 266
Other debtors 209 462
4,866 728

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 2,445 2,404
Trade creditors 180 36
Taxation and social security 4,398 11,368
Other creditors 31,055 64,717
38,078 78,525

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 4,812 7,331
Other creditors 194,812 98,000
199,624 105,331

8. CALLED UP SHARE CAPITAL

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

9. RELATED PARTY DISCLOSURES

At the year end, the company owed £195,098 (2022: £150,823) to a company controlled by the directors.

Of the balance at 30 November 2023, £194,812 (2022: £98,000) was due for repayment by 1 December 2025 (2022: 1 December 2024) and 3% interest per annum is due on the outstanding amount. The remaining balance of £286 (2022: £52,823) is interest free and repayable on demand.

The company also owed £28,901 (2022: £10,000) to the directors of the company. These loans are interest free and repayable on demand.