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Registered number: 08319591










COMMODITY CENTRE (GROUP) LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
COMMODITY CENTRE (GROUP) LIMITED
 
 
COMPANY INFORMATION


Directors
Mr A Gunn 
Mr D Warriner 
Mr A Jordan 
Mr M Bibb (appointed 1 July 2024)




Registered number
08319591



Registered office
Commodity House
Braxted Park Road

Great Braxted

Witham

Essex

CM8 3EW




Independent auditors
Gravita Audit II Limited

Aldgate Tower

2 Leman Street

London

E1 8FA





 
COMMODITY CENTRE (GROUP) LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 3
Directors' Report
 
4 - 6
Independent Auditors' Report
 
7 - 11
Consolidated Profit and Loss Account
 
12
Consolidated Statement of Comprehensive Income
 
13
Consolidated Balance Sheet
 
14 - 15
Company Balance Sheet
 
16
Consolidated Statement of Changes in Equity
 
17 - 18
Company Statement of Changes in Equity
 
19
Consolidated Statement of Cash Flows
 
20 - 21
Consolidated Analysis of Net Debt
 
22
Notes to the Financial Statements
 
23 - 52


 
COMMODITY CENTRE (GROUP) LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
The Group provides dedicated commodity storage and a 4PL service for soft commodities, metals and general cargo. We handle many hundreds of thousands of tonnes of material every year in bonded, state of the art warehouses with supporting accreditations to back the wide range of service offering. We manage the whole supply chain from origin and shipping, through to customs, warehousing and onward distribution.

Business review
 
The Directors consider that the Group has performed in line with expectation achieving a turnover of £35.2m (2023 - £46.0m) and an operating profit of £2.18m (2023 - £3.90m).  As expected, this has been a challenging year with volatility in freight costs, increased costs of finance, variable commodity prices with many of our customers adapting to these margin pressures including reducing stock volumes/inventory days.  Despite these new challenges the Group has invested in our commercial team to expand our customer base providing a solid position to increase profitability for 2024/25. The Group has maintained its policy of inflationary pay rises to our employees to support with the ongoing cost of living increases.
The Group has a strong year end net asset position totalling £28.1m (2023 - £29.9m) when adding back FRS102 adjustments for deferred tax liability of £5.55m (2023 - £5.56m). The Directors continue to achieve their targets set as part of the Business Strategy including long term investment in new technology/IT systems, creating innovative solutions for our customers, staff training, marketing and branding. 
Carbon Neutral Status Achieved
The Directors are delighted to confirm that the Group’s main warehousing facilities and terminals have been certified as carbon neutral which further evidences our commitment to Corporate and Social Responsibility to maintain growth in a sustainable manner, including protection of the environment, minimising our impact on it, maintaining our belief in strong ethical principles and good stewardship.
Further, the Group continues to support several charities including the National Autistic Society as well as supporting other local community groups, schools and charities. 
The Group is well positioned to face the challenges of the forthcoming financial year, including the challenges faced globally. The Directors are confident that the Group will continue to trade profitably and sustainably in the coming year.

Page 1

 
COMMODITY CENTRE (GROUP) LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Principal risks and uncertainties
 
The Directors continually review the business environment to identify any new significant risks to the Group and where appropriate take action to respond to any changes. The Directors have assessed the main risks facing the Group as follows: 
Currency risk 
The Group’s activities expose it to the financial risks of changes in foreign currency exchange rates. However, the Directors do not deem this risk significant in relation to the operations of the group due to predominantly all purchases being made in the same currency as sales and multi-currency borrowing facilities.
 
Interest rate risk 
The Group finances its operations through a mixture of retained profits, cash, loans and trade creditors. The Directors are of the opinion that associated interest rate risks are monitored and mitigated accordingly. 
Marketplace risk 
As the provider of storage, a significant risk is under-utilisation of warehouse space which can be caused by a number of factors. The Directors are of the opinion that the varied customer base, the markets in which they operate, and diverse commodities stored mitigates this risk. The Group also has a balanced portfolio of owned and leased warehouses.
Operational risk 
The Group’s activities exposes it to two main operational risks, inefficiency and errors. Whilst the success of the Group would not be possible without the passion and commitment of its staff; the risks of inefficiency and errors are mitigated through clear procedures and a robust control environment. These procedures and controls are designed to limit the possibility of human error. Additional controls are in place at each point where human error is possible with full traceability and accountability.
 
Liquidity and cash flow risk 
The Group requires large working capital including the funding of work in progress. The Group manages the liquidity risk and cash flow risk by arranging sufficient working capital finance facilities which are in place to enable the Group to meet liabilities as they fall due.
 
Credit risk 
The Group’s principal financial assets are cash, trade receivables and other receivables. The Group’s credit risk is primarily attributable to its trade receivables. This risk is mitigated by using strict credit control procedures, the imposition of appropriate credit limits and obtaining third party references. The warehousing trading terms include lien arrangements secured against goods in store, so risk is further reduced.

Financial key performance indicators
 
The business maintains a strong management information function which is focussed on regular and accurate reporting. The Directors consider the following to be the key performance indicators of the Group:

Page 2

 
COMMODITY CENTRE (GROUP) LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


.



2024
2023
£
£



Turnover
35,198,609
45,982,576

Gross Profit
12,198,591
12,481,168

Gross Profit percentage (%)
35
27

Operating profit/(loss)
2,175,745
3,899,541

Other key performance indicators
 
The Directors consider warehouse utilisation, volume of cargo handled and staff headcount to be key non-financial performance indicators.

Directors' statement of compliance with duty to promote the success of the Group
 
The Directors consider that they have fulfilled their individual and collective duty under section 172(1) of the Companies Act 2006 to act in the way they consider, in good faith, would be most likely to promote the success of the Group for the benefit of shareholders. Whilst considering our expansion strategies during the year, we continue to always consider their likely implications for our Group’s employees, suppliers, and relationships with our customers. Our decisions have always been based on ensuring a positive impact on our stakeholders, as well as on the Group’s reputation throughout the community we operate in, and the environment.


This report was approved by the board and signed on its behalf.





................................................
Mr A Gunn
Director

Date: 23 December 2024

Page 3

 
COMMODITY CENTRE (GROUP) LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The Directors present their report and the financial statements for the year ended 31 March 2024.

Directors' responsibilities statement

The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 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 of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the Group is the provision of controlled condition storage facilities in both the UK and Europe.

Results and dividends

The profit before tax for the year, amounted to £435,809 (2023 - £2,394,953).

An interim dividend of £700,000 was declared on 20 December 2023. No final dividend was recommended at 31 March 2024 (2023 - £Nil).

Directors

The Directors who served during the year were:

Mr A Gunn 
Mr D Warriner 
Mr A Jordan 

Future developments

The Directors will continue to seek opportunities to expand the business whether from internal or external sources. 

Page 4

 
COMMODITY CENTRE (GROUP) LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Greenhouse gas emissions, energy consumption and energy efficiency action

The Group's greenhouse gas emissions and energy consumption are as follows: 


2024
2023

Emissions resulting from activities for which the Group is responsible involving the combustion of gas or consumption of fuel for the purposes of transport (in tonnes of CO2 equivalent)
53.7
58.2

Emissions resulting from the purchase of the electricity by the Group for its own use, including the purposes of transport (in tonnes of CO2 equivalent)
33.2
46.5

Energy consumed from activities for which the Group is responsible involving the combustion of gas, or the consumption of fuel for the purposes of transport, and the annual quantity of energy consumed resulting from the purchase of electricity by the Group for its own use, including for the purposes of transport, in kWh
530,984
635,594

Reporting methodolgy
Reporting has taken into account all activities undertaken at our site in Great Braxted, Essex, where the Group has full financial control.
The reporting timescale is from April 2023 to March 2024, in line with the Group's financial year.
All emissions data was calculated using the UK Government's Greenhouse Gas reporting conversion factors for 2024. There are no omissions from the mandatory reporting scope.

Measures taken to increase energy efficiency
The reduction of greenhouse gas emissions and principle of developing energy efficient operating practices is central to the Group's wider sustainability agenda, which is critical to all strategic decisions taken.
Some examples of measures taken to increase energy efficiency and reduce emissions include fitting energy efficient LED lights with PIR motion sensor technology throughout our Great Braxted warehouse, replacing our entire fleet of forklift trucks with battery powered machines that we are able to charge using electricity generated from our existing on-site solar array, and continued investment in further developing an already industry-leading warehouse management system to improve efficiency in our cargo handling processes.

Intensity ratio
A key performance indicator for our Great Braxted site is number of pallets handled, and this is considered to be the most applicable quantifiable factor relating to the Group's activities that can be used in calculating an intensity ratio to express the Group's emissions.
The ratio of emissions of CO2e / number of pallets handled for 2024 was 0.780kg CO2e per pallet handled (2023 - 0.715kg CO2e per pallet handled).

Page 5

 
COMMODITY CENTRE (GROUP) LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

Post year end, Commodity Centre Belgium Forwarding BVBA, an 80% owned subsidiary of the Group, has been closed. All outstanding liabilities were settled upon closure of the company. 
Additionally, a bank loan totalling £2,380,594 in Commodity Centre Limited was paid in full post year end, as part of a refinancing activity within the Group, and consolidated into the mortgage in Routebuy Limited.

Auditors

The auditorsGravita Audit II Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
Mr A Gunn
Director

Date: 23 December 2024

Page 6

 
COMMODITY CENTRE (GROUP) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COMMODITY CENTRE (GROUP) LIMITED
 

Opinion


We have audited the financial statements of Commodity Centre (Group) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2024, which comprise the Consolidated Profit and Loss Account, the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 Group's and of the parent Company's affairs as at 31 March 2024 and of the Group's profit 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.


Basis for opinion


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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the parent 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.


Page 7

 
COMMODITY CENTRE (GROUP) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COMMODITY CENTRE (GROUP) LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion 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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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.


Page 8

 
COMMODITY CENTRE (GROUP) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COMMODITY CENTRE (GROUP) LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 9

 
COMMODITY CENTRE (GROUP) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COMMODITY CENTRE (GROUP) LIMITED (CONTINUED)


Auditors' 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 Auditors' 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 Group 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 ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. The laws and regulations applicable to the company were identified through discussions with directors and other management, and from our commercial knowledge and experience of commodity storage. Of these laws and regulations, we focused on those that we considered may have a direct material effect on the financial statements or the operations of the company, including GDPR, Data Protection, the Companies Act 2006, Taxation Legislation, Employment Law, Health and Safety at Work Act 1974, Business and Planning Act 2020, BRC Global Standards, Hazard Analysis and Critical Control Point (HACCP), Control of Substances Hazardous to Health Regulations 2002 (COSHH), Working time directive 2003, ICE Futures Europe, London Metal Exchange and Anti-Bribery laws. The extent of compliance with these laws and regulations identified above was assessed through making enquiries of management and inspecting legal correspondence. The identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
• making enquiries of management as to where they considered there was susceptibility to fraud, their     knowledge of actual, suspected and alleged fraud; 
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and    regulations; and 
• understanding the design of the company’s remuneration policies.
 
Page 10

 
COMMODITY CENTRE (GROUP) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COMMODITY CENTRE (GROUP) LIMITED (CONTINUED)


To address the risk of fraud through management bias and override of controls, we: 
• performed analytical procedures to identify any unusual or unexpected relationships; 
• tested journal entries to identify unusual transactions; 
• assessed whether judgements and assumptions made in determining the accounting estimates were    indicative of potential bias; and 
• investigated the rationale behind significant or unusual transactions. 
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 
• agreeing financial statement disclosures to underlying supporting documentation; 
• reading the minutes of meetings of those charged with governance; 
• enquiring of management as to actual and potential litigation and claims; and 
• reviewing correspondence with the company’s legal advisors. 
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our 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 2006Our 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 Auditors' 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.





Daniel Rose (Senior Statutory Auditor)
  
for and on behalf of
Gravita Audit II Limited
 
Aldgate Tower
2 Leman Street
London
E1 8FA

23 December 2024
Page 11

 
COMMODITY CENTRE (GROUP) LIMITED
 
 
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024

Continuing operations
Discontin'd operations
Total
Continuing operations
Discontinued operations
Total
2024
2024
2024
2023
2023
2023
Note
£
£
£
£
£
£

  

Turnover
 4 
34,714,972
483,637
35,198,609
44,738,506
1,244,070
45,982,576

Cost of sales
  
(22,500,737)
(499,281)
(23,000,018)
(32,671,916)
(829,492)
(33,501,408)

Gross profit
  
12,214,235
(15,644)
12,198,591
12,066,590
414,578
12,481,168

Amortisation & impariment of negative goodwill
  
-
-
-
1,541,969
-
1,541,969

Administrative expenses
  
(9,698,324)
(324,522)
(10,022,846)
(9,356,570)
(266,651)
(9,623,221)

Exceptional administrative expenses
  
-
-
-
(500,375)
-
(500,375)

Operating profit
 5 
2,515,911
(340,166)
2,175,745
3,751,614
147,927
3,899,541

Interest payable and similar expenses
 9 
(1,737,458)
(2,478)
(1,739,936)
(1,498,918)
(5,670)
(1,504,588)

Profit before tax
  
778,453
(342,644)
435,809
2,252,696
142,257
2,394,953

Tax on profit
 10 
(176,513)
-
(176,513)
(142,932)
-
(142,932)

Profit for the financial year
  
601,940
(342,644)
259,296
2,109,764
142,257
2,252,021

Profit for the year attributable to:
  

Non-controlling interests
  
499,449
-
499,449
730,530
-
730,530

Owners of the parent
  
(240,153)
-
(240,153)
1,379,234
142,257
1,521,491

  
259,296
-
259,296
2,109,764
142,257
2,252,021

The notes on pages 23 to 52 form part of these financial statements.

Page 12

 
COMMODITY CENTRE (GROUP) LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£


Profit for the financial year

  

259,296
2,252,021

Other comprehensive income
  


Write down of investment in subsidiary
  
86,200
-

Disposal of properties held for sale
  
(558,208)
-

Foreign exchange movement
  
(448,404)
351,707

(Deficit)/surplus on revaluation of freehold property
  
(418,181)
(151,409)

Deferred tax adjustment
  
10,789
(168,632)

Other comprehensive income for the year
  
(1,327,804)
31,666

Total comprehensive income for the year
  
(1,068,508)
2,283,687

Profit for the year attributable to:
  


Non-controlling interest
  
499,449
730,530

Owners of the parent Company
  
(240,153)
1,521,491

  
259,296
2,252,021

Total comprehensive income attributable to:
  


Non-controlling interest
  
321,030
782,454

Owners of the parent Company
  
(1,389,538)
1,501,233

  
(1,068,508)
2,283,687

The notes on pages 23 to 52 form part of these financial statements.

Page 13

 
COMMODITY CENTRE (GROUP) LIMITED
REGISTERED NUMBER: 08319591

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
-
-

Tangible assets
 14 
69,437,701
72,338,135

Investments
 15 
292
313,783

  
69,437,993
72,651,918

Current assets
  

Stocks
 16 
3,275,806
10,282,430

Debtors: amounts falling due after more than one year
 17 
579,722
-

Debtors: amounts falling due within one year
 17 
7,942,098
7,068,402

Cash at bank and in hand
 18 
1,173,325
2,097,265

  
12,970,951
19,448,097

Creditors: amounts falling due within one year
 19 
(12,224,296)
(16,816,567)

Net current assets
  
 
 
746,655
 
 
2,631,530

Total assets less current liabilities
  
70,184,648
75,283,448

Creditors: amounts falling due after more than one year
 20 
(42,182,898)
(44,837,508)

Provisions for liabilities
  

Deferred taxation
 24 
(5,550,468)
(5,557,335)

Other provisions
 25 
-
(500,375)

  
 
 
(5,550,468)
 
 
(6,057,710)

Net assets
  
22,451,282
24,388,230


Capital and reserves
  

Called up share capital 
 26 
56
56

Revaluation reserve
 27 
11,183,038
12,330,725

Foreign exchange reserve
 27 
(380,721)
(292,056)

Merger reserve
 27 
(266,141)
(266,141)

Profit and loss account
 27 
8,585,106
9,438,292

Equity attributable to owners of the parent Company
  
19,121,338
21,210,876

Non-controlling interests
  
3,329,944
3,177,354

  
22,451,282
24,388,230

Page 14

 
COMMODITY CENTRE (GROUP) LIMITED
REGISTERED NUMBER: 08319591
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr A Gunn
Director

Date: 23 December 2024

The notes on pages 23 to 52 form part of these financial statements.

Page 15

 
COMMODITY CENTRE (GROUP) LIMITED
REGISTERED NUMBER: 08319591

COMPANY BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 15 
296,181
296,181

  
296,181
296,181

Current assets
  

Debtors: amounts falling due within one year
 17 
13,651,844
14,167,846

Cash at bank and in hand
 18 
711
891

  
13,652,555
14,168,737

Creditors: amounts falling due within one year
 19 
(10,923,402)
(12,867,964)

Net current assets
  
 
 
2,729,153
 
 
1,300,773

  

Creditors: amounts falling due after more than one year
 20 
(2,838,000)
(1,584,000)

  

Net assets
  
187,334
12,954


Capital and reserves
  

Called up share capital 
 26 
56
56

Profit and loss account carried forward
  
187,278
12,898

  
187,334
12,954


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr A Gunn
Director

Date: 23 December 2024

The notes on pages 23 to 52 form part of these financial statements.

Page 16

 

 
COMMODITY CENTRE (GROUP) LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024



Called up share capital
Revaluation reserve
Foreign exchange reserve
Merger reserve
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£
£
£
£
£
£
£
£


At 1 April 2023
56
12,330,725
(292,056)
(266,141)
9,438,292
21,210,876
3,177,354
24,388,230





Profit for the year
-
-
-
-
(240,153)
(240,153)
499,449
259,296


Foreign exchange movement
-
(230,021)
(88,665)
-
-
(318,686)
(129,718)
(448,404)


Revaluation of freehold property
-
(364,483)
-
-
(474,848)
(839,331)
(50,858)
(890,189)


Deferred tax adjustments
-
8,632
-
-
-
8,632
2,157
10,789


Dividends: Equity capital
-
-
-
-
(700,000)
(700,000)
(168,440)
(868,440)


Release in favour of Revaluation reserve
-
(561,815)
-
-
561,815
-
-
-



At 31 March 2024
56
11,183,038
(380,721)
(266,141)
8,585,106
19,121,338
3,329,944
22,451,282



The notes on pages 23 to 52 form part of these financial statements.

Page 17

 

 
COMMODITY CENTRE (GROUP) LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023



Called up share capital
Revaluation reserve
Foreign exchange reserve
Merger reserve
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£
£
£
£
£
£
£
£


At 1 April 2022
56
12,150,618
(271,674)
(266,141)
8,096,784
19,709,643
2,394,900
22,104,543





Profit for the year
-
-
-
-
1,521,491
1,521,491
730,530
2,252,021


Foreign exchange movement
-
259,030
(20,382)
-
-
238,648
113,059
351,707


Revaluation of freehold property
-
(121,127)
-
-
-
(121,127)
(30,282)
(151,409)


Deferred tax adjustments
-
(137,779)
-
-
-
(137,779)
(30,853)
(168,632)


Release in favour of Revaluation reserve
-
179,983
-
-
(179,983)
-
-
-



At 31 March 2023
56
12,330,725
(292,056)
(266,141)
9,438,292
21,210,876
3,177,354
24,388,230



The notes on pages 23 to 52 form part of these financial statements.

Page 18

 
COMMODITY CENTRE (GROUP) LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2022
56
211,565
211,621



Loss for the year
-
(398,667)
(398,667)

Dividends: Equity capital
-
200,000
200,000



At 1 April 2023
56
12,898
12,954



Profit for the year
-
874,380
874,380

Dividends: Equity capital
-
(700,000)
(700,000)


At 31 March 2024
56
187,278
187,334


The notes on pages 23 to 52 form part of these financial statements.

Page 19

 
COMMODITY CENTRE (GROUP) LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
259,296
2,252,021

Adjustments for:

Amortisation of intangible assets
-
(1,541,969)

Depreciation of tangible assets
2,167,068
2,092,867

Loss on disposal of tangible assets
58,752
351

Interest paid
1,739,936
1,504,588

Taxation charge
176,513
142,932

Decrease in stocks/assets held for sale
6,448,416
1,580,792

(Increase)/decrease in debtors
(1,283,337)
1,729,225

(Decrease) in creditors
(1,579,033)
(1,911,012)

(Decrease)/increase in provisions
(500,375)
500,375

Corporation tax (paid)
(175,895)
(206,321)

Net cash generated from operating activities

7,311,341
6,143,849


Cash flows from investing activities

Purchase of tangible fixed assets
(552,261)
(1,085,220)

Sale of tangible fixed assets
37,892
153,277

Sale of share in associates
150,000
-

HP interest paid
-
(67,282)

Net cash from investing activities

(364,369)
(999,225)

Cash flows from financing activities

New secured loans
367,810
79,200

Repayment of loans
(3,880,455)
(3,006,379)

Other new loans
-
250,000

Repayment of finance leases
(945,183)
(241,211)

New finance leases for purchase of tangible fixed assets
15,000
-

Dividends paid
(700,000)
-

Interest paid
(1,695,165)
(1,437,306)

HP interest paid
(44,770)
-

Dividends paid to non controlling interests
(168,440)
-

Net cash used in financing activities
(7,051,203)
(4,355,696)

Net (decrease)/increase in cash and cash equivalents
(104,231)
788,928

Cash and cash equivalents at beginning of year
790,149
524,943

Foreign exchange gains and losses
(137,243)
(523,722)
Page 20

 
COMMODITY CENTRE (GROUP) LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


2024
2023

£
£


Cash and cash equivalents at the end of year
548,675
790,149


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,173,325
2,097,265

Bank overdrafts
(624,650)
(1,307,116)

548,675
790,149


The notes on pages 23 to 52 form part of these financial statements.

Page 21

 
COMMODITY CENTRE (GROUP) LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024





At 1 April 2023
Cash flows
New finance leases
At 31 March 2024
£

£

£

£

Cash at bank and in hand

2,097,265

(923,940)

-

1,173,325

Bank overdrafts

(1,307,116)

682,466

-

(624,650)

Debt due after 1 year

(37,088,347)

2,797,434

-

(34,290,913)

Debt due within 1 year

(3,610,970)

1,368,532

-

(2,242,438)

Revolving credit facility

(3,000,000)

-

-

(3,000,000)

Finance leases

(4,070,176)

945,183

(15,000)

(3,139,993)


(46,979,344)
4,869,675
(15,000)
(42,124,669)

The notes on pages 23 to 52 form part of these financial statements.

Page 22

 
COMMODITY CENTRE (GROUP) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Commodity Centre (Group) Limited is a private company, limited by shares, incorporated in England and Wales. The Company was incorporated on 5 December 2012 under the company registration number 08319591. The registered office is Commodity House, Braxted Park Road, Great Braxted, Witham, Essex, CM8 3EW, which is also its principal place of business. 
The significant accounting policies applied in the presentation of these financial statements are set out below.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Profit and Loss Account from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 April 2014.

Page 23

 
COMMODITY CENTRE (GROUP) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Pound Sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Warehousing and handling
Revenue is recognised based on the period when services are provided.
Technical and associated warehousing
Revenue is recognised based on the period when the services are completed. 
Freight forwarding, haulage and logistics
Revenue is recognised once a delivery has been completed and proof of delivery has been obtained.

Page 24

 
COMMODITY CENTRE (GROUP) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 25

 
COMMODITY CENTRE (GROUP) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that 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 income 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.

 
2.10

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

Page 26

 
COMMODITY CENTRE (GROUP) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.11

Intangible assets

Negative Goodwill
Negative Goodwill represents the excess between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, negative goodwill is measured at cost less accumulated amortisation and accumulated impairment losses.
 
Negative goodwill is amortised on a straight line basis to the Consolidated Statement of Comprehensive Income over its useful economic life of 5 years with a full year’s amortisation released in the year of acquisition.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line
Leasehold improvements
-
10%
to 50% straight line
Short-term leasehold property
-
straight line over the term of the lease
Plant and machinery
-
5%
to 20% straight line
Motor vehicles
-
20%
to 25% straight line
Office equipment
-
20%
straight line
Computer equipment
-
20%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 27

 
COMMODITY CENTRE (GROUP) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.13

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.14

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.16

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Properties transferred from Freehold property to Stock are held at the lower of cost and net realisable value. The fair value of the property upon transfer is deemed to be the 'cost' figure in accordance with FRS 102.

 
2.17

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 28

 
COMMODITY CENTRE (GROUP) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.18

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.19

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.20

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.21

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Balance Sheet when the Group 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Page 29

 
COMMODITY CENTRE (GROUP) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.21
Financial instruments (continued)


Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

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

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

 
2.22

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 30

 
COMMODITY CENTRE (GROUP) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

 3.1   Work in Progress
 
 Costs relating to goods were no charge on entry into store is made by the Group are carried    forward as work in progress and released when the goods are moved out of store and matched    against the exit charge arising. Work in progress is reviewed for impairment and a provision made   for any amounts not considered recoverable.
 3.2 Valuation of Freehold Property 
Freehold properties are valued on the basis of fair value using either market valuations or     valuations provided by the Directors.  
 
3.3 Depreciation 
 
 Judgment is applied to determine the useful economic life of fixed assets, which is used to     calculate annual depreciation. The Group's depreciation policy has been identified within     accounting policy note 2.12. 
3.4 Deferred Tax Asset 
 
 Management uses forecasts of future profits to assess the recoverability of deferred tax assets.    


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Provision of storage and ancillary services
35,198,609
45,982,576

35,198,609
45,982,576


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
16,911,500
20,645,532

Rest of Europe
18,287,109
25,337,044

35,198,609
45,982,576


Page 31

 
COMMODITY CENTRE (GROUP) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Amortisation released on negative goodwill
-
(513,990)

Exchange differences
(5,553)
(5,936)

Other operating lease rentals
2,790,377
3,258,478

Loss on sale of tangible fixed assets
58,752
351

Depreciation of tangible fixed assets
2,167,068
2,092,867


6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Group's auditor and its associates for the audit of the Group's annual financial statements
68,000
62,700

Fees payable to the Group's auditor and its associates for other services
10,200
9,500

Page 32

 
COMMODITY CENTRE (GROUP) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Employees

Staff costs, including Directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
6,295,116
6,313,290
-
-

Social security costs
805,428
720,585
-
-

Cost of defined contribution scheme
170,328
158,932
-
-

7,270,872
7,192,807
-
-


The average monthly number of employees, including the Directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Directors
3
3
3
3



Employees
97
106
-
-

100
109
3
3


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
811,500
723,674

Group contributions to defined contribution pension schemes
35,332
24,215

846,832
747,889


During the year retirement benefits were accruing to 3 Directors (2023 - 3) in respect of defined contribution pension schemes.

The highest paid Director received remuneration of £375,000 (2023 - £311,667).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £11,777 (2023 - £8,072).

Page 33

 
COMMODITY CENTRE (GROUP) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
1,695,166
1,437,306

Finance leases and hire purchase contracts
44,770
67,282

1,739,936
1,504,588


10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
175,895
66,714


175,895
66,714


Total current tax
175,895
66,714

Deferred tax


Origination and reversal of timing differences
618
76,218

Total deferred tax
618
76,218


Taxation on profit on ordinary activities
176,513
142,932
Page 34

 
COMMODITY CENTRE (GROUP) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
435,809
2,394,953


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
108,952
455,041

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
117,107
217,708

Utilisation of tax losses
(280,276)
(84,847)

Adjustments to tax charge in respect of prior periods
34,085
(135,152)

Other differences leading to an increase (decrease) in the tax charge
196,645
(309,818)

Total tax charge for the year
176,513
142,932


11.


Dividends

2024
2023
£
£


Ordinary dividends payable
700,000
-

700,000
-


12.


Exceptional items

2024
2023
£
£


Onerous Lease
-
500,375

-
500,375

Page 35

 
COMMODITY CENTRE (GROUP) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Intangible assets

Group and company





Negative goodwill

£



Cost or valuation


At 1 April 2023
(2,569,949)


Disposals
2,569,949



At 31 March 2024

-



Ammortisation


At 1 April 2023
(2,569,949)


On disposals
2,569,949



At 31 March 2024

-



Net book value



At 31 March 2024
-



At 31 March 2023
-


The Group acquired two subsidiaries in 2021; Waagnatie NV and W-IMMO-MAT BVBA (both of which are registered in Belgium. The acquisitions occured on 16 February 2021 and the purchase price plus cost of acquisition was £1,155,783. The fair value of assets acquired, specifically a warehouse, was far higher than the total consideration and as such created negative goodwill of £2,569,949 in the financial year ending 31 March 2021. 
The sale of the properties held by Waagnatie NV and W-IMMO-MAT BVBA was agreed before the prior year end and completed in the current financi year. As a result, the negative goodwill arising on the acquisition of Waagnatie NV and W-IMMO-MAT BVBA had been fully impaired in the prior year, and fully disposed of in the current financial year. 
Page 36

 
COMMODITY CENTRE (GROUP) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Tangible fixed assets

Group






Freehold property
Short-term leasehold property
Plant and machinery
Other fixed assets
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
67,385,222
655,324
9,415,139
1,222,385
78,678,070


Additions
94,086
-
436,867
36,308
567,261


Disposals
-
(590,274)
(172,594)
-
(762,868)


Exchange adjustments
(1,152,182)
-
(141,069)
(5,840)
(1,299,091)



At 31 March 2024

66,327,126
65,050
9,538,343
1,252,853
77,183,372



Depreciation


At 1 April 2023
1,675,648
596,241
3,350,750
717,296
6,339,935


Charge for the year on owned assets
669,158
61,191
1,041,742
394,977
2,167,068


Disposals
-
(592,382)
(73,842)
-
(666,224)


Exchange adjustments
(31,636)
-
(61,469)
(2,003)
(95,108)



At 31 March 2024

2,313,170
65,050
4,257,181
1,110,270
7,745,671



Net book value



At 31 March 2024
64,013,956
-
5,281,162
142,583
69,437,701



At 31 March 2023
65,709,574
59,083
6,064,389
505,089
72,338,135




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
64,013,956
65,709,574

Short leasehold
-
59,083

64,013,956
65,768,657


Page 37

 
COMMODITY CENTRE (GROUP) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

           14.Tangible fixed assets (continued)

The 2024 valuations were made by the Directors, on an open market basis for existing use basis.
The freehold properties held by the Group were previously valued by the following independent valuers; ADM Group (recognised by the Flemish Tax Authorities (VLABEL)), Savills (RICS Registered), Cushman and Wakefield (RICS Registered), and Troostwijk-Roux Expertises (RICS Registered). 
In making their assessment of the 2024 valuations the Directors have considered these valuations and consider these to remain reasonable, not withstanding the additional expenditure undertaken on the properties.
At the prior Balance Sheet date, properties held by the Group were transferred from Freehold property to Stock. The sale of these properties was agreed before the prior year end and completed during the current financial year. These properties were transferred at a fair value of £5,192,000 which was equal to the agreed sales price.
If the Freehold properties were recorded under the Historical cost model they would be included at cost of £38,236,856 (2023 - £38,852,346), comprised of cost of land of £934,213 (2023 - £934,213) and the cost of properties of £37,302,643 (2023 - £37,918,133).

Page 38

 
COMMODITY CENTRE (GROUP) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

15.


Fixed asset investments

Group





Investments in associates

£



Cost or valuation


At 1 April 2023
313,783


Disposals
(150,000)


Amounts written off
(163,491)



At 31 March 2024
292




Investments in associates
The Group previously held a 25% share of Green Forest Products SA, a company registered in Bolivia. The principal activity of this company is the processing of nuts for export. There have been no dividends or other distributions in the year (2023 - £Nil). During the year, the investment was sold for £150,000 and a balance of £163,783 was written-off to the profit and loss account.

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
296,181



At 31 March 2024
296,181




Page 39

 
COMMODITY CENTRE (GROUP) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

           15.Fixed asset investments (continued)


Direct subsidiary undertakings


The following were direct subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Commodity Centre Limited
England and Wales
Ordinary
100%
Commodity Centre Europe Limited
England and Wales
Ordinary
80%
Commodity Centre UK Limited
England and Wales
Ordinary
100%
Commodity Store Limited
England and Wales
Ordinary
100%
Quantuvis Limited
England and Wales
Ordinary
100%
Routebuy Limited
England and Wales
Ordinary
100%
Commodity Centre Property Holdings Limited
England and Wales
Ordinary
100%
Commodity Centre Osprey Holdings Limited
England and Wales
Ordinary
100%
Commodity Centre Real Estate Limited
England and Wales
Ordinary
90%


Indirect subsidiary undertakings


The following were indirect subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Erus Metals Limited
England and Wales
Ordinary
60%
Commodity Centre Netherlands BV
Netherlands
Ordinary
80%
Commodity Centre Belgium NV
Belgium
Ordinary
80%
Commodity Centre Handling Belgium CVBA
Belgium
Ordinary
80%
Waagnatie NV
Belgium
Ordinary
80%
W-IMMO-MAT BVBA
Belgium
Ordinary
80%
Commodity Centre Belgium Forwarding BVBA
Belgium
Ordinary
80%
Commodity Technical Services Limited
England and Wales
Ordinary
100%
Commodity Centre Falcon Terminal Limited
England and Wales
Ordinary
80%
Commodity Centre Netherlands Falcon BV
Netherlands
Ordinary
80%
Commodity Centre Osprey Terminal Limited
England and Wales
Ordinary
90%
Commodity Centre Netherlands (Osprey) BV
Netherlands
Ordinary
90%

Commodity Centre (Group) Limited have provided support to Erus Metals Limited to ensure they will have adequate financial resources to meet their liabilities should they fall due, for the period of 12 months commencing on the date the financial statements are approved.

Page 40

 
COMMODITY CENTRE (GROUP) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

16.


Stocks

Group
Group
2024
2023
£
£

Work in progress
2,702,510
4,260,398

Finished goods and goods for resale
573,296
6,022,032

3,275,806
10,282,430


Included in Stock is £Nil (2023 - £5,192,000) in relation to warehouses held for sale transferred from Freehold property. The sale of these warehouses was agreed before the prior year end and completed during the current financial year.
No stock is held in the parent Company. 

Page 41

 
COMMODITY CENTRE (GROUP) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

17.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due after more than one year

Deferred tax asset
579,722
-
-
-

579,722
-
-
-


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due within one year

Trade debtors
3,554,266
3,684,782
-
-

Amounts owed by group undertakings
-
-
13,651,838
14,167,840

Other debtors
2,066,061
1,203,128
6
6

Prepayments and accrued income
2,054,710
2,083,512
-
-

Tax recoverable
267,061
96,980
-
-

7,942,098
7,068,402
13,651,844
14,167,846



18.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
1,173,325
2,097,265
711
891

Less: bank overdrafts
(624,650)
(1,307,116)
-
-

548,675
790,149
711
891


Page 42

 
COMMODITY CENTRE (GROUP) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank overdrafts
624,650
1,307,116
-
-

Bank loans
2,140,569
3,327,567
-
-

Other loans
250,000
250,000
-
-

Trade creditors
2,338,543
2,956,587
-
-

Amounts owed to group undertakings
-
-
10,828,928
11,547,964

Corporation tax
190,787
-
-
-

Other taxation and social security
122,518
153,909
-
-

Obligations under finance lease and hire purchase contracts
824,454
905,015
-
-

Other creditors
522,750
1,753,521
94,474
1,320,000

Accruals and deferred income
5,210,025
6,162,852
-
-

12,224,296
16,816,567
10,923,402
12,867,964


Bank loans and overdrafts are secured by way of a debenture and fixed charge over all assets of the Group. An unlimited multilateral guarantee is in place between Commodity Centre (Group) Limited, Commodity Centre Limited, Routebuy Limited, Commodity Centre UK Limited, Commodity Centre Europe Limited, Commodity Technical Services Limited, Commodity Centre Property Holdings Limited, Quantuvis Limited, Commodity Centre Falcon Terminal Limited, Commodity Store Limited, Commodity Centre Osprey Holdings Limited and Commodity Centre Osprey Terminal Limited.
Finance leases and hire purchase contracts are secured against the assets to which they relate.

Page 43

 
COMMODITY CENTRE (GROUP) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

20.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
34,029,359
37,088,347
-
-

Revolving credit facilities
3,000,000
3,000,000
-
-

Net obligations under finance leases and hire purchase contracts
2,315,539
3,165,161
-
-

Other creditors
2,838,000
1,584,000
2,838,000
1,584,000

42,182,898
44,837,508
2,838,000
1,584,000


Included within the overall financing facilities of the Group are £3,000,000 (2023 - £3,000,000) of Revolving Credit Facilities, of which £Nil (2023 - £Nil) has been disclosed within Creditors: Amounts falling due within one year, and £3,000,000 (2023 - £3,000,000) which has been disclosed as Creditors: Amounts falling due after more than one year. These facilities are maintained at a consistent level to fund the long term working capital requirements of the Group. The Directors consider that the facility should be classified as a long term liability to enable a clear understanding of the financing structure for the Group.
Securities over bank loans, other loans, finance leases and hire purchases contracts are included in Note 19.


21.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2024
2023
£
£

Amounts falling due within one year

Bank loans
2,140,569
3,327,567

Other loans
250,000
250,000

Amounts falling due 1-2 years

Bank loans
2,709,294
3,438,269

Amounts falling due 2-5 years

Bank loans
11,936,767
15,510,002

Amounts falling due after more than 5 years

Bank loans
19,383,298
18,140,076

36,419,928
40,665,914


Securities over bank loans, other loans, finance leases and hire purchase contracts are included in Note 19.
No bank loans are held in the Parent Company.

Page 44

 
COMMODITY CENTRE (GROUP) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

22.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
824,454
908,725

Between 1-5 years
2,291,359
2,730,013

Over 5 years
24,180
435,148

3,139,993
4,073,886


23.


Financial instruments

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
5,938,115
6,978,395
2,822,916
2,620,773


Financial liabilities

Financial liabilities measured at amortised cost
(49,451,843)
(60,610,035)
(2,932,474)
(2,904,000)


Financial assets measured at amortised cost comprise trade debtors, other debtors, amounts owed by group undertakings and accrued income. 


Financial liabilities measured at amortised cost comprise bank loans, other loans, trade creditors, other creditors and accruals. 

Page 45

 
COMMODITY CENTRE (GROUP) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

24.


Deferred taxation


Group



Group
2024


£






At beginning of year
5,557,335


Credited to profit or loss
(559,641)


Charged to other comprehensive income
10,789


Exchange adjustments
(37,737)



At end of year
4,970,746

The deferred tax balance is made up as follows:

Group
Group
2024
2023
£
£

Fixed asset timing differences
4,299,765
4,853,617

Short term timing differences
2,000
(2,000)

Capital gains / (losses)
643,434
643,434

Exchange adjustments
(25,547)
(62,284)

4,970,746
5,557,335

Comprising:

Asset - due after one year
579,722
-

Liability
(5,550,468)
(5,557,335)

(4,970,746)
(5,557,335)


Page 46

 
COMMODITY CENTRE (GROUP) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

25.


Provisions


Group



Onerous Lease

£





At 1 April 2023
500,375


Utilised in year
(500,375)



At 31 March 2024
-

In the prior year, a provision was created in respect of onerous leases on two warehouses held by the Group. The leases expired during the current financial year but all cargo had left store by the prior Balance Sheet date, with no new cargo expected which would generate future income.
The total above represents the expected net costs of exiting the warehouses, including rent, rates, utilities, insurance and accompanying legal fees, from the prior year end up until the lease expiry dates. The expense was charged to the Statement of Comprehensive Income in the prior year under exceptional administrative expenses. 
The provision has been released in the current financial year against the actual costs incurred.


26.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



5,001 (2023 - 5,001) Ordinary shares shares of £0.01 each
50
50

Allotted, called up and partly paid



600 (2023 - 600) Ordinary shares shares of £0.01 each
6
6


Page 47

 
COMMODITY CENTRE (GROUP) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

27.


Reserves

Revaluation reserve

The Revaluation reserve represents the accumulated revaluation gains and losses on Freehold property. The movement between the Profit and loss account and the Revaluation reserve of 561,815 represents an in year correction to the revaluation reserve on our Dutch entities. 

Foreign exchange reserve

The Foreign exchange reserve represents the accumulation of unrealised foreign exchange differences arising from the consolidation of foreign subsidiaries with differing functional and presentational currencies into the consolidated Group financial statements. These reserves are non-distributable.

Merger Reserve

The Merger reserve relates to the adjustment arising on the adoption of merger accounting principles on certain business combinations.

Profit and loss account

The Profit and loss account represents the accumulation of retained profits, net of dividends, which are in the form of distributable reserves.


28.


Discontinued operations

In the financial year, Commodity Centre UK Limited (a wholly owned subsidiary company) exited the UK Bulk Cocoa market, which was based in our Liverpool location. The only assets sold related to Lego blocks, which generated a loss on disposal of £58,752. All other fixed assets were disposed of at a £Nil net book value or transferred for use at other UK locations, and related debtors and creditors were settled in full prior to the closure of the operation.

£


Cash proceeds
40,000

40,000

Net assets disposed of:


Tangible fixed assets
(98,478)

 
 
98,478

Profit/(Loss) on disposal before tax
(58,478)

£

Page 48

 
COMMODITY CENTRE (GROUP) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

29.


Pension commitments

The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £170,328 (2023 - £158,932). Contributions totalling £58,287 (2023 - £34,619) were payable at the Balance Sheet date and are included within Creditors: Amounts falling due within one year - Other creditors.


30.


Commitments under operating leases

At 31 March 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
1,791,961
2,790,377

Later than 1 year and not later than 5 years
1,835,369
3,469,001

3,627,330
6,259,378

31.


Related party transactions

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COMMODITY CENTRE (GROUP) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

31.Related party transactions (continued)

The Group has taken advantage of the exemption in Section 33.1A in FRS 102 from the requirement to disclose transactions entered into with its wholly owned subsidiaries, or with any other wholly owned members of the Group.
At the Balance Sheet date Mr A Gunn, a Director of the Group, owed £1,565,294 (2023 - £425,374) in respect of his Director's current account. £1,000,000 of this balance has been repaid in November 2024. At the Balance Sheet date Mr D Warriner, a Director of the Group, was due £18,948 (2023 - £33,403) in respect of his Director's current account. All loans to Directors are interest free.
At the Balance Sheet date USUS Investment Limited, a company in which Mr A Gunn is a Director, was owed £24,279 by the Group (2023 - £62,613).
During the year the Group made purchases of £101,800 (2023 - £54,500) from CLIR Limited, a company in which Mr D Warriner is a Director. At the Balance Sheet date an amount of £7,900 was owed by the Group to CLIR Limited (2023 - £7,900).
Key Management is defined as employees who take an active role in the management team. In the current and previous year this included the remunerated Directors of the Commodity Centre (Group) Limited and the senior leadership team. The aggregate cost of Key Management Personnel, including employers' national insurance and pension contributions was £1,434,579 (2023 - £1,292,607).
Commodity Centre Property Holdings Limited
During the year the Group entered into transactions with Commodity Centre Property Holdings Limited a company controlled but not 100% owned. At the Balance Sheet date an amount of £20 was owed to the Group (2023 - £20).
Commodity Centre Falcon Terminal Limited
During the year the Group entered into transactions with Commodity Centre Falcon Terminal Limited a company controlled but not 100% owned. At the Balance Sheet date an amount of £11,436 was owed to the Group (2023 - £11,436).
Commodity Centre Osprey Holdings Limited
During the year the Group entered into transactions with Commodity Centre Osprey Holdings Limited a company controlled but not 100% owned. At the Balance Sheet date an amount of £10 was owed to the Group (2023 - £10).
Commodity Centre Osprey Terminal Limited
During the year the Group entered into transactions with Commodity Centre Osprey Terminal Limited a company controlled but not 100% owned. At the Balance Sheet date an amount of £1,548,000 was owed to the Group (2023 - £1,584,000).
 
Commodity Centre Europe Limited
During the year the Group entered into transactions with Commodity Centre Europe Limited a company controlled but not 100% owned. Commodity Centre Europe Limited made net purchases from the Group of £10,871,415 (2023 - £16,878,375). At the Balance Sheet date an amount of £4,809,909 was owed from the Group (2023 - £6,436,900).
Commodity Centre Belgium NV
During the year the Group entered into transactions with Commodity Centre Belgium NV a company controlled but not 100% owned. Commodity Centre Belgium NV made net sales to the Group of £9,310,783 (2023 - £15,330,649). At the Balance Sheet date an amount of £658,756 was owed from the Group (2023 - £2,965,276 owed to the Group).
 
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COMMODITY CENTRE (GROUP) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

31.Related party transactions (continued)


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COMMODITY CENTRE (GROUP) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

32.


Post balance sheet events

Post year end, Commodity Centre Belgium Forwarding BVBA, an 80% owned subsidiary of the Group, has been closed. All outstanding liabilities were settled upon closure of the company. 
Additionally, a bank loan totalling £2,380,594 in Commodity Centre Limited was paid in full post year end, as part of a refinancing activity within the Group, and consolidated into the mortgage in Routebuy Limited. 
 


33.


Controlling party

Mr A Gunn was the ultimate controlling party of the Group throughout the current and previous period, by virtue of his majority shareholding.

 
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