Company registration number 03590758 (England and Wales)
CAMBRIDGE COMMODITIES LIMITED
Annual report and financial statements
For the year ended 30 November 2023
CAMBRIDGE COMMODITIES LIMITED
COMPANY INFORMATION
Directors
Mr N Hammill
Mr I Mitchell
Mr J Stevens
Mr T Stevens
Secretary
Mrs L Stevens
Company number
03590758
Registered office
203 Lancaster Way Business Park
Ely
Cambridgeshire
CB6 3NX
Auditor
Price Bailey LLP
Chartered Accountants and Statutory Auditor
Tennyson House
Cambridge Business park
Cambridge
CB4 0WZ
CAMBRIDGE COMMODITIES LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 6
Independent auditor's report
7 - 9
Statement of comprehensive income
10
Statement of financial position
11
Statement of changes in equity
12
Notes to the financial statements
13 - 28
CAMBRIDGE COMMODITIES LIMITED
STRATEGIC REPORT
For the year ended 30 November 2023
The directors present the strategic report for the year ended 30 November 2023.
Principal activity and review of the business
The company is a wholly owned subsidiary within the Cambridge Commodities group of companies (the “group”). The group comprises of Cambridge Commodities Holdings Limited and its subsidiaries in the UK, USA and The Netherlands.
Cambridge Commodities Limited (the “company”) is a leading supplier of nutritional ingredients to the food & beverage, health and wellbeing, sports nutrition, and pet food industries. The company operates from the UK and EU and is focussed on growth in these two areas. The strategic focus remains on the sourcing of high-quality raw ingredients, the identification of new nutritional ingredients and the development of new applications and products incorporating these.
Business review
Executive Summary
The company has successfully navigated a challenging period marked by global economic uncertainties, political instability, and geopolitical tensions. Despite external challenges, the company has achieved significant milestones, including a return to sustained profitability, a substantial reduction in stock, attainment of B Corp certification and a flawless BRC audit. The focus on quality, service, and innovation remains steadfast as the company addresses challenges, capitalizes on growth opportunities, and invests in internal upgrades.
Sustained Profitability
Following a challenging number of years the company has turned the tide and successfully returned two successive profitable years for the first time since 2018. This achievement is a testament to the resilience of the business and effective strategic decision-making.
Stock Management
In the last 18 months the company has put in place processes to improve working capital use culminating in stock excluding stock in transit reducing from £9.9m to £6.0m in the year. The reduction has not only improved liquidity but reflects an enhanced overall increase in operational efficiency. This move positions the company to be more agile in responding to market demands and customer needs.
Certifications and Audits
Achieving B Corp certification reflects the company's commitment to social and environmental responsibility. The flawless BRC audit, with zero non-conformances, underscores the company’s dedication to maintaining the highest standards in product quality and safety.
Inflation and Staff Costs
Inflationary pressures have led to higher staff costs across all areas of the business. The company continues to look ways to increase operational efficiency and the adoption of technology to mitigate the impact on the workforce and maintain overall cost-effectiveness.
ERP System Upgrades
The commitment to upgrading the ERP systems reflects Cambridge Commodities' dedication to improving operational efficiencies. Streamlining internal processes is pivotal in enhancing productivity and agility.
Opportunities for Growth:
Quality, Service, and Innovation
The company's unwavering commitment to its proposition of Quality, Service, and Innovation remains a key driver for growth. Capitalizing on this core strength positions Cambridge Commodities as a market leader in the competitive landscape.
- 1 -
CAMBRIDGE COMMODITIES LIMITED
STRATEGIC REPORT (CONTINUED)
For the year ended 30 November 2023
- 2 -
CAMBRIDGE COMMODITIES LIMITED
STRATEGIC REPORT (CONTINUED)
For the year ended 30 November 2023
Development and performance
Cyber Crime and Fraud
As an international trading business, most transactions entered into are at least in part conducted via electronic means. As such the business is inherently exposed to the threat of cyber crime and fraud.
The company minimises the threat by utilising an array of cyber security solutions and by employing best practice processes which are continually reviewed and improved.
Disruption to Shipping Routes
The company is exposed to the risk of disruption to major shipping routes caused by such as incidents as the grounding of the Ever Given in the Suez Canal in 2021 and the attacks on vessels in the Red Sea in early 2024. The impact of disruption to the company could manifest itself directly in the flow of physical goods and indirectly by increasing the cost of freight as it did following the outbreak of Covid-19 in 2020.
The company is working towards having parallel nationality supply for all critical ingredients where possible.
Environmental Risks
We recognise the growing significance of environmental risks and their potential impact on our business operations and reputation. Climate change remains a primary concern, with extreme weather events, rising sea levels, and regulatory shifts affecting our supply chain and production processes. To mitigate these risks, we continue to engage stakeholders, invest in eco-friendly technologies, and promote environmental stewardship across our operations. An example of this is the promotion of our branded vegan vitamin D “Vita-algae D” that is derived from algae rather than other animal sources including overexploited wild fish populations.
Market risk
The company sources most of the goods it sells from Asia and South America and is exposed to volatility in market prices caused by a wide range of political and economic conditions. Green initiatives and continuing changes to environmental laws and regulations in China being an example factor that has driven up prices in a key marketplace for the company.
The company minimises its exposure to market risk by doing the following:
It employs the highest quality personnel with local knowledge of key markets.
It closely monitors market data.
It operates a procurement strategy aimed at multiple suppliers in different regions for each product where possible.
Food standards
As a buyer and seller of nutritional ingredients the company is exposed to the risk of being supplied goods that fall short of the required technical and food safety standards. Primarily these risks come from:
the deliberate adulteration of products.
the deliberate or accidental mis selling/mis labelling of products.
the deliberate or accidental contamination of products.
The company mitigates the risks of taking receipt of these goods by doing the following:
it operates a comprehensive supplier approval process.
It has an in-house technical team to undertake supplier audits
It works with 3rd party technical accreditation bodies and subjects itself to independent audit to ensure best practice and legislative compliance.
It operates a strict positive release process to minimise the risk of non-compliance.
- 3 -
CAMBRIDGE COMMODITIES LIMITED
STRATEGIC REPORT (CONTINUED)
For the year ended 30 November 2023
Liquidity
Liquidity risk is managed by ensuring enough resources are available to meet trading cash flows through appropriate banking facilities.
Interest rates
Interest rate risk is managed by regular reviews of fixed and variable rate facilities available from the company’s bankers.
Credit
Credit risk is managed by agreeing credit limits and payments terms with customers appropriate for their size and ability to pay in conjunction with tight management and monitoring of outstanding balances.
Streamlined energy and carbon reporting (SECR)
The group reports under SECR on a consolidated basis, and as a result the company is exempt from reporting its individual data as it is reported in the group consolidated financial statements.
Mr I Mitchell
Director
30 August 2024
- 4 -
CAMBRIDGE COMMODITIES LIMITED
DIRECTORS' REPORT
For the year ended 30 November 2023
The directors present their annual report and financial statements for the year ended 30 November 2023.
Principal activities
Cambridge Commodities Limited (the “company”) is a leading supplier of nutritional ingredients to the food & beverage, health and wellbeing, sports nutrition, and pet food industries. The company operates from the UK and EU and is focussed on growth in these two areas. The strategic focus remains on the sourcing of high-quality raw ingredients, the identification of new nutritional ingredients and the development of new applications and products incorporating these.
Results and dividends
The results for the year are set out on page 10.
Ordinary dividends were paid amounting to nil (2022: £2.9m). The directors do not recommend payment of further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr N Hammill
Mr I Mitchell
Mr S Mortimer
(Resigned 23 November 2023)
Mr J Stevens
Mr T Stevens
Auditor
In accordance with the company's articles, a resolution proposing that Price Bailey LLP Chartered Accountants and Statutory Auditor be reappointed as auditor of the company will be put at a General Meeting.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law, including FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs and profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
- 5 -
CAMBRIDGE COMMODITIES LIMITED
DIRECTORS' REPORT (CONTINUED)
For the year ended 30 November 2023
Statement of disclosure to auditor
The directors confirm that:
so far as each director is aware, there is no relevant audit information of which the company’s auditor is unaware; and
the directors have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company’s auditor is aware of that information
On behalf of the board
Mr I Mitchell
Director
30 August 2024
- 6 -
CAMBRIDGE COMMODITIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF CAMBRIDGE COMMODITIES LIMITED
Opinion
- 7 -
We have audited the financial statements of Cambridge Commodities Limited (the ‘company’) for the year ended 30 November 2023 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
give a true and fair view of the state of the company’s affairs as at 30 November 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
CAMBRIDGE COMMODITIES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF CAMBRIDGE COMMODITIES LIMITED
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors for the financial statements
As explained more fully in the directors’ responsibilities statement set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations. This included those regulations directly related to the financial statements, including financial reporting, tax legislation and industry regulations including GDPR, employment law and health and safety.
We communicated the identified laws and regulations with the audit team and remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified.
These included the following:
- 8 -
CAMBRIDGE COMMODITIES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF CAMBRIDGE COMMODITIES LIMITED
agreeing the financial statement disclosures to underlying supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
enquiries of management including those responsible for key regulations for any instances of actual, suspected or alleged fraud or non-compliance;
reviewing minutes of board meetings, correspondence with their regulators and reports from external visits;
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
In addressing the risk of management override of controls, we carried out testing of journal entries and other adjustments for appropriateness, assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of significant transactions outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.]7
A further description of our responsibilities is available on the FRC’s website at: https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-the-fi/description-of-the-auditor%E2%80%99s-responsibilities-for. This description forms part of our auditor’s report.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Adam Norman (Senior Statutory Auditor)
for and on behalf of Price Bailey LLP
Chartered Accountants and Statutory Auditors
30 August 2024
Tennyson House
Cambridge Business park
Cambridge
CB4 0WZ
- 9 -
CAMBRIDGE COMMODITIES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
For the year ended 30 November 2023
2023
2022
Notes
£
£
Turnover
3
51,410,522
50,978,817
Cost of sales
(40,628,549)
(43,206,360)
Gross profit
10,781,973
7,772,457
Administrative expenses
(8,090,300)
(8,137,543)
Operating profit/(loss)
4
2,691,673
(365,086)
Interest receivable and similar income
8
27,400
121,652
Interest payable and similar expenses
9
(540,500)
(295,513)
Profit/(loss) before taxation
2,178,573
(538,947)
Tax on profit/(loss)
10
188,484
Profit/(loss) for the financial year
2,367,057
(538,947)
Other comprehensive income
-
-
Total comprehensive income for the year
2,367,057
(538,947)
Operating profit/(loss)
2,691,673
(365,086)
Amounts written off investments
-
-
Movement in fair value of foreign currency contracts
(820,702)
685,062
Adjusted operating profit *
1,870,971
319,976
* Adjusted operating profit represents the underlying operating profit derived from the principal activity of the company, excluding the impacts of movements in the fair value of foreign currency contracts, and is a key metric used by management in determining the success of the business.
The income statement has been prepared on the basis that all operations are continuing operations.
The notes on pages 13 to 28 form part of these financial statements.
- 10 -
CAMBRIDGE COMMODITIES LIMITED
STATEMENT OF FINANCIAL POSITION
As at 30 November 2023
30 November 2023
30 November
30 November
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
884,585
506,898
Investments
13
293,280
978,596
1,177,865
1,485,494
Current assets
Stocks
15
8,206,145
11,794,430
Debtors falling due after more than one year
16
126,268
135,268
Debtors falling due within one year
16
11,142,503
9,518,107
Cash at bank and in hand
1,880,255
1,590,311
21,355,171
23,038,116
Creditors: amounts falling due within one year
17
(10,555,478)
(14,636,183)
Net current assets
10,799,693
8,401,933
Total assets less current liabilities
11,977,558
9,887,427
Creditors: amounts falling due after more than one year
18
(147,312)
(120,780)
Net assets
11,830,246
9,766,647
Capital and reserves
Called up share capital
22
93
93
Share premium account
23
99,999
99,999
Capital redemption reserve
23
12
12
Other reserves
23
292,146
595,604
Profit and loss reserves
23
11,437,996
9,070,939
Total equity
11,830,246
9,766,647
The financial statements were approved by the board of directors and authorised for issue on 30 August 2024 and are signed on its behalf by:
Mr I Mitchell
Director
Company Registration No. 03590758
The notes on pages 13 to 28 form part of these financial statements.
- 11 -
CAMBRIDGE COMMODITIES LIMITED
STATEMENT OF CHANGES IN EQUITY
For the year ended 30 November 2023
Share capital
Share premium account
Capital redemption reserve
Profit and loss account
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 December 2021
93
99,999
12
606,951
12,509,886
13,216,941
Period ended 30 November 2022:
Loss and total comprehensive income
-
-
-
-
(538,947)
(538,947)
Dividends
11
-
-
-
-
(2,900,000)
(2,900,000)
Share based payment
-
-
-
(11,347)
-
(11,347)
Balance at 30 November 2022
93
99,999
12
595,604
9,070,939
9,766,647
Year ended 30 November 2023:
Profit and total comprehensive income
-
-
-
-
2,367,057
2,367,057
Share based payment
-
-
-
(303,458)
-
(303,458)
Balance at 30 November 2023
93
99,999
12
292,146
11,437,996
11,830,246
- 12 -
CAMBRIDGE COMMODITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 November 2023
1
Accounting policies
Company information
Cambridge Commodities Limited is a private company limited by shares incorporated in England and Wales. The registered office is 203 Lancaster Way Business Park, Ely, Cambridgeshire, CB6 3NX.
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.
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. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Part of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Cambridge Commodities Holdings Limited. These consolidated financial statements are available from the Registrar of Companies, Companies House, Crown Way, Maindy, Cardiff CF14 3UZ.
1.2
Going concern
The company’s business activities together with the factors likely to affect its future development, its financial position and principal risks and uncertainties are set out in the Strategic Report.true
The directors have prepared forecasts and projections that show that the business will have sufficient financial resources to continue in operational existence for the foreseeable future, being at least 12 months from the date of approval of these financial statements.
In preparing the forecasts the directors have made certain assumptions around forecast revenues and cash flows which the directors believe are prudent in that they are no better than those achieved historically.
Accordingly, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
- 13 -
CAMBRIDGE COMMODITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 30 November 2023
1
Accounting policies
(Continued)
1.3
Turnover
- 14 -
Turnover is recognised at the fair value of the consideration received or receivable for goods 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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on delivery of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Research and development expenditure
Research and development expenditure is written off against profits in the period in which it is incurred.
1.5
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:
Plant and machinery
25% on a reducing balance basis
Fixtures and fittings
20% on a reducing balance basis
Motor vehicles
15% on a reducing balance basis
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 statement of comprehensive income.
1.6
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 statement of comprehensive income.
1.7
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.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in statement of comprehensive income. Reversals of impairment losses are also recognised in statement of comprehensive income.
CAMBRIDGE COMMODITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 30 November 2023
1
Accounting policies
(Continued)
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
Financial instruments are recognised in the company's statement of financial position 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in statement of comprehensive income, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in statement of comprehensive income.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
- 15 -
CAMBRIDGE COMMODITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 30 November 2023
1
Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
Derivatives
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured to fair value, at each reporting date. Fair value gains and losses are recognised in statement of comprehensive income.
1.13
Current and deferred taxation
Tax is recognised in the statement of comprehensive income except when 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 corporation 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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.
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.
- 16 -
CAMBRIDGE COMMODITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 30 November 2023
1
Accounting policies
(Continued)
1.14
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
Share-based payments
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using an established option pricing model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
1.17
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to statement of comprehensive income so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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.
1.18
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
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.
- 17 -
CAMBRIDGE COMMODITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 30 November 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
The directors have carried out a review of unlisted investments for impairment and have decided no impairment is necessary on the basis that the future value of the investments will exceed the carrying value.
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements mainly relate to the provision of stock obsolescence and bad debts.
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom sales
32,706,517
34,029,304
European Union sales
18,024,113
16,164,640
Rest of World sales
679,891
784,873
51,410,522
50,978,817
4
Operating profit
2023
2022
£
£
Exchange losses
866,844
597,918
Research and development costs
2,527
7,200
Depreciation of owned tangible fixed assets
102,589
123,567
Depreciation of tangible fixed assets held under finance leases
22,581
21,089
Loss/(profit) on disposal of tangible fixed assets
9,462
(5,080)
EMI scheme (credit)
(303,458)
(11,347)
Operating lease charges
666,645
647,798
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
38,370
59,500
For other services
Audit-related assurance services
3,750
8,000
- 18 -
CAMBRIDGE COMMODITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 30 November 2023
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Technical, logistics and production
59
66
Sales, marketing and product development
44
48
Administration and support
43
43
146
157
Staff costs, including directors' remuneration, were as follows:
2023
2022
£
£
Wages and salaries
4,928,006
4,904,504
Social security costs
519,688
518,627
Pension costs
208,780
146,234
5,656,474
5,569,365
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
623,626
584,588
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2022 - 5).
Included within remuneration for qualifying services is £92,162 (2022: £40,038) of pension contributions.
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
173,172
144,913
Company pension contributions to defined contribution schemes
22,313
7,200
- 19 -
CAMBRIDGE COMMODITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 30 November 2023
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest from bank balances and investments
19,105
314
Interest receivable from group companies
8,295
113,635
Interest received from early payment of corporation tax
7,703
Total income
27,400
121,652
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
467,887
257,476
Interest payable to group undertakings
52,734
24,517
520,621
281,993
Other finance costs:
Interest on finance leases and hire purchase contracts
23,099
13,203
Other interest
(3,220)
317
540,500
295,513
10
Taxation
£
£
Current tax
UK corporation tax on profits for the current period
(188,484)
The actual (credit)/charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:
- 20 -
CAMBRIDGE COMMODITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 30 November 2023
10
Taxation
(Continued)
2023
2022
£
£
(538,947)
Profit/(loss) before taxation
2,178,573
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
544,643
(102,400)
Tax effect of expenses that are not deductible in determining taxable profit
(360,152)
141,818
Utilisation of tax losses
(193,747)
(10,781)
Effect of revaluations of investments
59,006
Under/(over) provided in prior years
(188,484)
Capital allowances in excess of depreciation
(49,750)
(28,637)
Taxation credit for the year
(188,484)
-
At 30 November 2023 the company had unutilised tax losses of £1,170,417 (2022: £3,962,813). In the absence of unequivocal evidence that there will be sufficient taxable profits against which to deduct the losses in future periods the company has not recognised a corresponding deferred tax asset in these financial statements. At the current 25% rate of corporation tax, the deferred tax asset would be worth £292,604 (2022: £752,934).
Factors that may affect future tax charges
There are no factors that may affect future tax charges to disclose.
11
Dividends
2023
2022
£
£
Final paid
2,900,000
- 21 -
CAMBRIDGE COMMODITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 30 November 2023
12
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 December 2022
233,235
613,029
158,465
1,004,729
Additions
38,059
290,785
231,925
560,769
Disposals
(7,934)
(14,568)
(109,640)
(132,142)
At 30 November 2023
263,360
889,246
280,750
1,433,356
Depreciation and impairment
At 1 December 2022
86,892
340,547
70,392
497,831
Depreciation charged in the year
22,726
66,156
36,288
125,170
Eliminated in respect of disposals
(7,934)
(14,568)
(51,728)
(74,230)
At 30 November 2023
101,684
392,135
54,952
548,771
Carrying amount
At 30 November 2023
161,676
497,111
225,798
884,585
At 30 November 2022
146,343
272,482
88,073
506,898
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2023
2022
£
£
Plant and machinery
238,522
Motor vehicles
88,073
238,522
88,073
13
Fixed asset investments
2023
2022
£
£
Unlisted investments
293,280
978,596
- 22 -
CAMBRIDGE COMMODITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 30 November 2023
13
Fixed asset investments
(Continued)
Movements in fixed asset investments
Unlisted investments
£
Cost
At 1 December 2022
978,596
Impairment
(236,022)
Disposals
(449,294)
At 30 November 2023
293,280
Carrying amount
At 30 November 2023
293,280
At 30 November 2022
978,596
14
Financial instruments
2023
2022
£
£
Carrying amount of financial assets
Measured at amortised cost
11,558,053
10,802,874
Carrying amount of financial liabilities
Measured at fair value through profit or loss
- Derivative financial instruments
(356,808)
(1,177,509)
Measured at amortised cost
(10,174,740)
(11,613,562)
Financial assets measured at amortised cost comprise trade debtors, amounts owed by group undertakings & other debtors and accrued income and cash.
Financial liabilities measured at amortised cost comprise trade creditors, other creditors, bank loans, lease liabilities, amounts owed to group undertakings and accruals.
Derivative financial instruments – forward contracts
The company uses forward currency contracts to mitigate the exchange risk for certain foreign currency receivables and payables. At 30 November 2023 the outstanding contracts were all due to mature within 17 months (2022: 23 months).
At 30 November 2023, dependent on the prevailing market rates of GBP:EUR and GBP:USD the company was obligated to sell a minimum of £nil in exchange for $nil (2022: £nil) and sell a maximum of £9,000,031 and €7,104,000 in exchange for $15,941,000 and £2,400,000 (2022: £5,329,316, €12,332,750 and $5,768,200 in exchange for $11,380,500 and £9,340,000).
The forward currency contracts are measured at fair value which is determined using valuation techniques that utilise observable inputs. The key inputs used in valuing the derivatives are the forward exchange rates for GBP:EUR and GBP:USD.
- 23 -
CAMBRIDGE COMMODITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 30 November 2023
14
Financial instruments
(Continued)
Derivatives not designated as hedging instruments reflect the positive change in fair value of those foreign exchange forward contracts that are not designated in hedge relationships, but are, nevertheless, intended to reduce the level of foreign currency risk for expected sales and purchases.
Derivatives designated as hedging instruments reflect the positive change in fair value of foreign exchange forward contracts, designated as cash flow hedges to hedge highly probable forecast sales in USD and EUR.
Fair Value
At 30 November 2023 the fair value liability of derivatives not designated as hedging instruments was £356,808 (2022: £1,177,509); the fair value of derivatives designated as hedging instruments was £nil (2022: £nil). The fair value liability is included within other creditors falling due within one year.
15
Stocks
2023
2022
£
£
Raw materials and consumables
7,303,343
9,207,434
Work in progress
416,521
1,243,959
Finished goods and goods for resale
486,281
1,343,037
8,206,145
11,794,430
The impairment losses reversed in profit or loss in the year amounted to £416,938 (2022: £155,854 - impairment recognised).
16
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
8,129,474
8,854,210
Amounts owed by group undertakings
1,407,105
206,573
Other debtors
941,555
16,512
Prepayments and accrued income
664,369
440,812
11,142,503
9,518,107
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
126,268
135,268
Total debtors
11,268,771
9,653,375
- 24 -
CAMBRIDGE COMMODITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 30 November 2023
16
Debtors
(Continued)
Other debtors of £126,268 (2022: £135,268) consists of loan to an unrelated 3rd party, the loan is interest bearing at a rate of 5% per annum and due for repayment on or before 31 January 2024.
17
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Invoice discounting facility
3,563,210
4,588,852
Obligations under finance leases
19
92,761
94,009
Trade creditors
3,811,596
5,242,522
Amounts owed to group undertakings
1,472,203
1,676,713
Corporation tax
23,114
Other taxation and social security
145,863
230,106
Other creditors
1,001,748
1,223,062
Accruals and deferred income
444,983
1,580,919
10,555,478
14,636,183
The company has a £5,000,000 (2022: £5,000,000) invoice discounting facility with Barclays Bank plc secured by a fixed and floating charge over the assets of the parent entity Cambridge Commodities Holdings Limited and its subsidiaries, Cambridge Commodities Limited, Cambridge Commodities Inc and Cambridge Commodities (Pty) Ltd. At 30 November 2023 the balance due on the facility was £3,563,210 (2022: £4,588,852).
18
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
19
147,312
61,707
Other borrowings
59,073
147,312
120,780
19
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
92,761
94,009
In two to five years
147,312
61,707
240,073
155,716
The company has plant and machinery held under finance lease arrangements. Finance lease liabilities are secured by the related asset held under finance leases. The lease agreements include fixed lease payments and a purchase option at the end of the lease.
- 25 -
CAMBRIDGE COMMODITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 30 November 2023
19
Finance lease obligations
(Continued)
20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
208,780
146,234
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
Contributions totalling £27,184 (2022: £25,466) were payable to the scheme at the reporting date and are included within other creditors.
21
Share-based payment transactions
Number of share options
2023
2022
as restated
Outstanding at 1 December 2022
124,547
104,232
Granted
65,102
35,470
Expired
(51,471)
(15,155)
Outstanding at 30 November 2023
138,178
124,547
The options outstanding on 30 November 2023 had an exercise price ranging from £2.88 to £11.35, and contractual lives of 10 years. The outstanding options have a weighted average exercise price of £5.18 (2022: £8.23) and a weighted average of 1.48 (2022: 0.29) years remaining to the exercise date.
During the year 65,102 (2022: 35,740) options were granted and 51,471 (2022: 31,897) options were forfeited. The weighted average exercise price of the options granted was £3.52 (2022: £3.48) and the weighted average exercise price of the options forfeited was £10.47 (2022: £5.27).
The fair value of the share options at the grant date was calculated using the Black Scholes model which is considered to be the most appropriate generally accepted valuation method of measuring fair valuation method of measuring fair value.
At 30 November 2023 the share options were valued at £292,145 (2022: £595,604). A credit of £303,459 (2022: £11,347) has been made in the statement of comprehensive income in the year.
The assumptions used in the calculation were as follows:
- 26 -
CAMBRIDGE COMMODITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 30 November 2023
22
Share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
930,000 ordinary shares of 0.01p each
93
93
23
Reserves
Share premium
The share premium account represents the premium arising on the issue of shares net of issue costs.
Capital redemption reserve
The capital redemption reserve represents a non-distributable reserve arising on the purchase of own shares.
Other reserves
Where EMI options are measured at fair value a transfer is made to the non-distributable reserve, instead of a transfer to retained earnings, to assist with the identification of profits available for distribution.
Profit and loss account
The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.
24
Operating lease commitments
Lessee
At the 30 November 2023 the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
644,080
535,047
Between two and five years
2,478,609
2,120,389
In over five years
5,532,466
5,166,164
8,655,155
7,821,600
- 27 -
CAMBRIDGE COMMODITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 30 November 2023
25
Related party transactions
Included in amounts owed by group undertakings, are amounts owed by Cambridge Commodities Inc which is 90% owned by the Group.
At 30 November 2023 £23,796 (2022: £152,345) was owed by Cambridge Commodities Inc to Cambridge Commodities Ltd. This amount is a combination of a loan provided to the entity of £20,316 (2022: £3,763) and a trading balance of £3,480 (2022: £148,582). Interest is charged at 4% on the loan amount outstanding. During the year advances of £15,878 (2022: £3,787) and repayments £nil (2022: £2,900,000) were made and interest of £676 (2022: £113,635) was charged.
During the year sales of £28,895 (2022: £87,129) were made at cost +5% by Cambridge Commodities Limited to Cambridge Commodities Inc.
Total remuneration for key management personnel is the same as directors’ remuneration.
26
Directors' transactions
The company has received a loan from the director Mr J Stevens, upon which there are no repayment terms, and no interest is accruing on the outstanding balance.
During the year the director was advanced £214,271 (2022: £100,265) and repaid £160,000 (2022: £58,114) such that at the period end the director was owed £4,802 (2022: £59,073). The balance of £4,802 (2022: 59,073) is included in other creditors.
27
Ultimate controlling party
The immediate and ultimate parent undertaking is Cambridge Commodities Holdings Limited, a company incorporated in England and Wales.
The ultimate controlling party of the company is Mr J Stevens, the CEO, who owns 52% of the issued share capital of the ultimate parent undertaking.
The smallest and largest group in which the results of the company are included within is that headed by Cambridge Commodities Holdings Limited. Copies of these consolidated financial statements are publicly available from Registrar of Companies, Companies House, Crown Way, Cardiff CF14 3UZ.
28
Contingent Liability
The Company has entered into an indemnity agreement with its bankers as of 30 November 2023 in respect of guarantees to HMRC of £400,000 (2022: £400,000).
- 28 -
2023-11-302022-12-01falseCCH SoftwareCCH Accounts Production 2024.200Mr N HammillMr I MitchellMr S MortimerMr J StevensMr T StevensMrs L Stevensfalsefalse035907582022-12-012023-11-3003590758bus:Director12022-12-012023-11-3003590758bus:Director22022-12-012023-11-3003590758bus:Director42022-12-012023-11-3003590758bus:Director52022-12-012023-11-3003590758bus:CompanySecretary12022-12-012023-11-3003590758bus:Director32022-12-012023-11-3003590758bus:RegisteredOffice2022-12-012023-11-30035907582023-11-30035907582021-12-012022-11-3003590758core:RetainedEarningsAccumulatedLosses2021-12-012022-11-3003590758core:RetainedEarningsAccumulatedLosses2022-12-012023-11-30035907582022-11-3003590758core:PlantMachinery2023-11-3003590758core:FurnitureFittings2023-11-3003590758core:MotorVehicles2023-11-3003590758core:PlantMachinery2022-11-3003590758core:FurnitureFittings2022-11-3003590758core:MotorVehicles2022-11-3003590758core:Non-currentFinancialInstrumentscore:AfterOneYear2023-11-3003590758core:Non-currentFinancialInstrumentscore:AfterOneYear2022-11-3003590758core:CurrentFinancialInstruments2023-11-3003590758core:CurrentFinancialInstruments2022-11-3003590758core:Non-currentFinancialInstruments2023-11-3003590758core:Non-currentFinancialInstruments2022-11-3003590758core:ShareCapital2023-11-3003590758core:ShareCapital2022-11-3003590758core:SharePremium2023-11-3003590758core:SharePremium2022-11-3003590758core:CapitalRedemptionReserve2023-11-3003590758core:CapitalRedemptionReserve2022-11-3003590758core:OtherMiscellaneousReserve2023-11-3003590758core:OtherMiscellaneousReserve2022-11-3003590758core:RetainedEarningsAccumulatedLosses2023-11-3003590758core:RetainedEarningsAccumulatedLosses2022-11-3003590758core:ShareCapital2021-11-3003590758core:SharePremium2021-11-3003590758core:CapitalRedemptionReserve2021-11-3003590758core:RetainedEarningsAccumulatedLosses2021-11-3003590758core:PlantMachinery2022-12-012023-11-3003590758core:FurnitureFittings2022-12-012023-11-3003590758core:MotorVehicles2022-12-012023-11-3003590758dpl:Item12022-12-012023-11-3003590758dpl:Item12021-12-012022-11-300359075812022-12-012023-11-300359075812021-12-012022-11-3003590758core:UKTax2022-12-012023-11-3003590758core:UKTax2021-12-012022-11-300359075822022-12-012023-11-300359075822021-12-012022-11-300359075832022-12-012023-11-300359075832021-12-012022-11-3003590758core:PlantMachinery2022-11-3003590758core:FurnitureFittings2022-11-3003590758core:MotorVehicles2022-11-30035907582022-11-3003590758core:Non-currentFinancialInstrumentscore:UnlistedNon-exchangeTraded2023-11-3003590758core:Non-currentFinancialInstrumentscore:UnlistedNon-exchangeTraded2022-11-3003590758dpl:Item12022-11-3003590758core:WithinOneYear2023-11-3003590758core:WithinOneYear2022-11-3003590758core:BetweenTwoFiveYears2023-11-3003590758core:BetweenTwoFiveYears2022-11-3003590758core:MoreThanFiveYears2023-11-3003590758core:MoreThanFiveYears2022-11-3003590758bus:PrivateLimitedCompanyLtd2022-12-012023-11-3003590758bus:FRS1022022-12-012023-11-3003590758bus:Audited2022-12-012023-11-3003590758bus:FullAccounts2022-12-012023-11-30xbrli:purexbrli:sharesiso4217:GBP