Company registration number 09411356 (England and Wales)
TRADE FINANCE MERCHANTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
TRADE FINANCE MERCHANTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
TRADE FINANCE MERCHANTS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
Current assets
Debtors
4
140
641
Cash at bank and in hand
514,699
412,817
514,839
413,458
Creditors: amounts falling due within one year
5
(41,501)
(25,426)
Net current assets
473,338
388,032
Capital and reserves
Called up share capital
100
100
Share premium account
99,900
99,900
Profit and loss reserves
373,338
288,032
Total equity
473,338
388,032

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 26 August 2024 and are signed on its behalf by:
Mr L Ceretti
Director
Company registration number 09411356 (England and Wales)
TRADE FINANCE MERCHANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Trade Finance Merchants Limited is a private company limited by shares incorporated in England and Wales. The registered office is Montpelier House, 106 Brompton Road, London, SW3 1JJ.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in Euros, 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.

1.2
Turnover

Turnover represents trading income, being the net amount receivable from trading in forfeiting assets and is recognised on the date at which the trade completes.

1.3
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.

1.4
Financial instruments

The company only has financial instruments which are classified as basic financial instruments.

 

Short-term debtors and creditors are measured at the settlement value. Any losses from impairment are recognised in profit and loss.

1.5
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.

1.6
Taxation

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.7
Foreign exchange

Monetary assets and liabilities denominated in foreign currencies are translated into Euros at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

TRADE FINANCE MERCHANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
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.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was 2 (2023 - 2).

4
Debtors
2024
2023
Amounts falling due within one year:
Other debtors
140
641
5
Creditors: amounts falling due within one year
2024
2023
Trade creditors
9,687
8,843
Corporation tax
24,942
10,111
Other creditors
6,872
6,472
41,501
25,426
6
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Jonathan Healey FCA
Statutory Auditor:
Lindeyer Francis Ferguson Limited
Date of audit report:
4 September 2024
7
Financial commitments, guarantees and contingent liabilities

The company had a floating charge over its assets that were managed by UBS Switzerland AG (formerly Credit Suisse AG). On 29 May 2023, the company's assets were released from the charge.

TRADE FINANCE MERCHANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
8
Related party transactions

During the year, the company acquired consultancy services from Maganex Sarl, a company in which L. Ceretti has significant influence, and which is registered in Monaco, amounting to 86,497 (2023 - €48,557). At the year end an amount of €9,543 (2023 - €8,843) was due to Maganex Sarl.

9
Parent company

The immediate parent company is Merchants Financiere Holdings S.A. by virtue of holding the entire share capital of the company. There is no ultimate controlling party.

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