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Company No: 02362544 (England and Wales)

THE CONFEDERATION OF TRADES & COMMERCE LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

THE CONFEDERATION OF TRADES & COMMERCE LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

THE CONFEDERATION OF TRADES & COMMERCE LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
THE CONFEDERATION OF TRADES & COMMERCE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 31.03.2024 31.03.2023
£ £
Fixed assets
Tangible assets 4 0 271
Investments 5 730,478 1,267,356
730,478 1,267,627
Current assets
Debtors 6 2,876,497 2,300,291
Cash at bank and in hand 425,422 305,016
3,301,919 2,605,307
Creditors: amounts falling due within one year 7 ( 523,724) ( 588,792)
Net current assets 2,778,195 2,016,515
Total assets less current liabilities 3,508,673 3,284,142
Provision for liabilities 8 ( 40,477) ( 11,561)
Net assets 3,468,196 3,272,581
Capital and reserves
Called-up share capital 100 100
Fair value reserve 121,432 34,682
Profit and loss account 3,346,664 3,237,799
Total shareholder's funds 3,468,196 3,272,581

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of The Confederation of Trades & Commerce Limited (registered number: 02362544) were approved and authorised for issue by the Director. They were signed on its behalf by:

A. J. Marcus
Director

26 September 2024

THE CONFEDERATION OF TRADES & COMMERCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
THE CONFEDERATION OF TRADES & COMMERCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

The Confederation of Trades & Commerce Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided 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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably).

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 profit or loss.

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 creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Statement of Income and Retained Earnings. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the director has made in the process of applying the company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

Year ended
31.03.2024
Period from
01.07.2022 to
31.03.2023
Number Number
Monthly average number of persons employed by the company during the year, including the director 1 1

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2023 6,166 6,166
At 31 March 2024 6,166 6,166
Accumulated depreciation
At 01 April 2023 5,895 5,895
Charge for the financial year 271 271
At 31 March 2024 6,166 6,166
Net book value
At 31 March 2024 0 0
At 31 March 2023 271 271

5. Fixed asset investments

Listed investments Total
£ £
Cost or valuation before impairment
At 01 April 2023 1,267,356 1,267,356
Additions 314,965 314,965
Disposals ( 967,509) ( 967,509)
Movement in fair value 115,666 115,666
At 31 March 2024 730,478 730,478
Carrying value at 31 March 2024 730,478 730,478
Carrying value at 31 March 2023 1,267,356 1,267,356

6. Debtors

31.03.2024 31.03.2023
£ £
Amounts owed by fellow subsidiaries 2,848,600 2,278,600
Other debtors 27,897 21,691
2,876,497 2,300,291

7. Creditors: amounts falling due within one year

31.03.2024 31.03.2023
£ £
Amounts owed to fellow subsidiaries 3,500 0
Taxation and social security 23,737 86,227
Other creditors 496,487 502,565
523,724 588,792

8. Deferred tax

31.03.2024 31.03.2023
£ £
At the beginning of financial year/period ( 11,561) ( 57,303)
(Charged)/credited to the Statement of Income and Retained Earnings ( 28,916) 45,742
At the end of financial year/period ( 40,477) ( 11,561)

9. Related party transactions

Transactions with owners holding a participating interest in the entity

31.03.2024 31.03.2023
£ £
Included within other debtors are the balances owed by a company in which the director has an interest as director and participator 2,848,600 2,278,600
Included within other creditors are the balances owed to a company in which the director has an interest as director and participator 3,500 0