Company registration number 08360063 (England and Wales)
COMMUNITY FIRST TRADING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
COMMUNITY FIRST TRADING LIMITED
COMPANY INFORMATION
Directors
Mrs L Gibson
Mr J R Moody
Secretary
Mrs L Gibson
Mrs K Williams
Company number
08360063
Registered office
Unit C2 Beacon Business Centre
Hopton Park
Devizes
Wiltshire
SN10 2EY
Accountants
David Owen & Co
17 The Market Place
Devizes
Wiltshire
SN10 1BA
COMMUNITY FIRST TRADING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
COMMUNITY FIRST TRADING LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
3
-
0
288
Cash at bank and in hand
88,417
94,402
88,417
94,690
Creditors: amounts falling due within one year
4
(88,317)
(94,590)
Net current assets
100
100
Capital and reserves
Called up share capital
5
100
100

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

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and FRS 102 Section 1A.

The financial statements were approved by the board of directors and authorised for issue on 23 July 2024 and are signed on its behalf by:
Mrs L Gibson
Mr J R Moody
Director
Director
Company Registration No. 08360063
COMMUNITY FIRST TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Community First Trading Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit C2, Beacon Business Centre, Hopton Park, Devizes, Wiltshire, SN10 2EY.

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 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.

1.2
Turnover

Turnover represents commissions receivable from the sale of insurance premiums, bulk oil buying membership fees and design services for external organisations. Turnover is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts and settlement discounts.

Revenue is recognised and allocated to the period to which it relates.

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 has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet 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.

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.

COMMUNITY FIRST TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies 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.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.

 

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
288
4
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
51,158
52,454
Amounts owed to group undertakings
30,122
30,185
Taxation and social security
227
295
Other creditors
6,810
11,656
88,317
94,590
5
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
COMMUNITY FIRST TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
6
Parent company

The Ultimate parent company is Community First, a company limited by guarantee and registered in England and Wales which owns 100% of the issued share capital.

 

Community First prepares group financial statements and copies can be obtained from Unit C2 Beacon Business Centre, Hopton, Devizes, Wiltshire, SN10 2EY.

 

The Trustees of the holding company, Community First, have reviewed and approved these financial statements.

7
Related party transactions

During the year administration charges were paid to the holding company, Community First, to cover the costs of administering insurance policy sales and MIDAS training.

 

It was agreed that 100% of the profits of the company would be gift aided to the charitable holding company, Community First.

 

Prior to the donation to Community First the company has always been profit making. Therefore there is no requirement for there to be a justification of the use of the going concern basis.

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