Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false2023-07-01No description of principal activity55truetruefalse 02155600 2023-07-01 2024-06-30 02155600 2022-07-01 2023-06-30 02155600 2024-06-30 02155600 2023-06-30 02155600 2022-07-01 02155600 c:Director3 2023-07-01 2024-06-30 02155600 d:FurnitureFittings 2023-07-01 2024-06-30 02155600 d:FurnitureFittings 2024-06-30 02155600 d:FurnitureFittings 2023-06-30 02155600 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 02155600 d:OfficeEquipment 2023-07-01 2024-06-30 02155600 d:OfficeEquipment 2024-06-30 02155600 d:OfficeEquipment 2023-06-30 02155600 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 02155600 d:ComputerEquipment 2023-07-01 2024-06-30 02155600 d:ComputerEquipment 2024-06-30 02155600 d:ComputerEquipment 2023-06-30 02155600 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 02155600 d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 02155600 d:CurrentFinancialInstruments 2024-06-30 02155600 d:CurrentFinancialInstruments 2023-06-30 02155600 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 02155600 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 02155600 d:ShareCapital 2023-07-01 2024-06-30 02155600 d:ShareCapital 2024-06-30 02155600 d:ShareCapital 2022-07-01 2023-06-30 02155600 d:ShareCapital 2023-06-30 02155600 d:ShareCapital 2022-07-01 02155600 d:OtherMiscellaneousReserve 2023-07-01 2024-06-30 02155600 d:OtherMiscellaneousReserve 2024-06-30 02155600 d:OtherMiscellaneousReserve 2022-07-01 2023-06-30 02155600 d:OtherMiscellaneousReserve 2023-06-30 02155600 d:OtherMiscellaneousReserve 2022-07-01 02155600 d:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 02155600 d:RetainedEarningsAccumulatedLosses 2024-06-30 02155600 d:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 02155600 d:RetainedEarningsAccumulatedLosses 2023-06-30 02155600 d:RetainedEarningsAccumulatedLosses 2022-07-01 02155600 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-06-30 02155600 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-06-30 02155600 c:FRS102 2023-07-01 2024-06-30 02155600 c:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 02155600 c:FullAccounts 2023-07-01 2024-06-30 02155600 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 02155600 2 2023-07-01 2024-06-30 02155600 6 2023-07-01 2024-06-30 02155600 d:AcceleratedTaxDepreciationDeferredTax 2024-06-30 02155600 d:AcceleratedTaxDepreciationDeferredTax 2023-06-30 02155600 e:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure
Registered number: 02155600














INTERNATIONAL COMMODITY SERVICES LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 JUNE 2024

 
INTERNATIONAL COMMODITY SERVICES LIMITED
REGISTERED NUMBER: 02155600

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note

Fixed assets
  

Tangible assets
 4 
14,125
6,830

Investments
 5 
347,980
322,277

  
362,105
329,107

Current assets
  

Debtors: amounts falling due within one year
 6 
120,736
93,731

Cash at bank and in hand
 7 
1,066,967
940,807

  
1,187,703
1,034,538

Creditors: amounts falling due within one year
 8 
(682,647)
(459,514)

Net current assets
  
 
 
505,056
 
 
575,024

Total assets less current liabilities
  
867,161
904,131

Provisions for liabilities
  

Deferred tax
 10 
-
(1,707)

  
 
 
-
 
 
(1,707)

Net assets
  
£867,161
£902,424


Capital and reserves
  

Called up share capital 
  
10,200
10,200

Other reserves
 11 
11,313
-

Profit and loss account
 11 
845,648
892,224

  
£867,161
£902,424


Page 1

 
INTERNATIONAL COMMODITY SERVICES LIMITED
REGISTERED NUMBER: 02155600

BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 March 2025.




___________________________
L Rolley
Director

The notes on pages 4 to 12 form part of these financial statements.

Page 2

 
INTERNATIONAL COMMODITY SERVICES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Other reserves
Profit and loss account
Total equity

At 1 July 2023
10,200
-
892,224
902,424


Comprehensive income for the year

Profit for the year
-
-
184,737
184,737
Total comprehensive income for the year
-
-
184,737
184,737


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(220,000)
(220,000)

Transfer to/from profit and loss account
-
11,313
(11,313)
-


Total transactions with owners
-
11,313
(231,313)
(220,000)


At 30 June 2024
£10,200
£11,313
£845,648
£867,161



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023


Called up share capital
Other reserves
Profit and loss account
Total equity

At 1 July 2021
10,200
(35,038)
1,156,344
1,131,506


Comprehensive income for the year

Loss for the year
-
-
(9,082)
(9,082)
Total comprehensive income for the year
-
-
(9,082)
(9,082)


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(220,000)
(220,000)

Transfer to/from profit and loss account
-
35,038
(35,038)
-


Total transactions with owners
-
35,038
(255,038)
(220,000)


At 30 June 2023
£10,200
£-
£892,224
£902,424


The notes on pages 4 to 12 form part of these financial statements.

Page 3

 
INTERNATIONAL COMMODITY SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

International Commodity Services Ltd is a private company limited by shares and is incorporated in England and Wales. The company registration number is 02155600. The registered office and principal place of business of the company is Second Floor Magnesia House, 6 Playhouse Yard, London EC4V 5EX..

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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 Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
INTERNATIONAL COMMODITY SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

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.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.

Page 5

 
INTERNATIONAL COMMODITY SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.7

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 operates and generates 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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.


 
2.8

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
reducing balance
Office equipment
-
25%
reducing balance
Computer equipment
-
25%
reducing balance

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 6

 
INTERNATIONAL COMMODITY SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.10

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.

 
2.11

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.

 
2.12

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.

 
2.13

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.

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement
Page 7

 
INTERNATIONAL COMMODITY SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)

of financial assets that are subsequently measured at fair value through profit and loss) 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 Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments 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 creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the
Page 8

 
INTERNATIONAL COMMODITY SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)

effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

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 Company 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 Company 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 Company's contractual obligations expire or are discharged or cancelled.

 
2.15

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2023 - 5).

Page 9

 
INTERNATIONAL COMMODITY SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Tangible fixed assets





Fixtures and fittings
Office equipment
Computer equipment
Total



Cost or valuation


At 1 July 2023
24,920
25,619
23,165
73,704


Additions
-
2,553
9,638
12,191


Disposals
(1,114)
(6,842)
(8,850)
(16,806)



At 30 June 2024

23,806
21,330
23,953
69,089



Depreciation


At 1 July 2023
23,604
23,388
19,882
66,874


Charge for the year on owned assets
329
918
2,967
4,214


Disposals
(1,084)
(6,645)
(8,395)
(16,124)



At 30 June 2024

22,849
17,661
14,454
54,964



Net book value



At 30 June 2024
£957
£3,669
£9,499
£14,125



At 30 June 2023
£1,316
£2,231
£3,283
£6,830


5.


Fixed asset investments





Listed investments



Cost or valuation


At 1 July 2023
322,277


Additions
123,555


Disposals
(119,404)


Revaluations
21,552



At 30 June 2024
£347,980




Page 10

 
INTERNATIONAL COMMODITY SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Debtors

2024
2023


Trade debtors
85,054
62,442

Other debtors
1,531
5,347

Prepayments and accrued income
23,598
25,942

Deferred taxation
10,553
-

£120,736
£93,731



7.


Cash and cash equivalents

2024
2023

Cash at bank and in hand
£1,066,967
£940,807



8.


Creditors: Amounts falling due within one year

2024
2023

Trade creditors
20,604
30,880

Corporation tax
69,247
-

Other taxation and social security
17,836
17,443

Other creditors
5,068
2,415

Accruals and deferred income
569,892
408,776

£682,647
£459,514



9.


Financial instruments

2024
2023

Financial assets


Financial assets measured at fair value through profit or loss
£1,414,947
£1,263,085




Financial assets measured at fair value through profit or loss comprise fixed asset investments and cash at bank and in hand. 


10.


Deferred taxation

Page 11

 
INTERNATIONAL COMMODITY SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
10.Deferred taxation (continued)




2024





At beginning of year
(1,707)


Charged to profit or loss
12,260



At end of year
£10,553

The deferred taxation balance is made up as follows:

2024
2023


Accelerated capital allowances
£(10,553)
£1,707


11.


Reserves

Other reserves

Other reserves represent reserves arising on the revaluation of fixed asset investments.

Profit and loss account

The profit and loss account represents the general surpluses and deficits arising from the company's activities. The profit and loss account is fully distributable.


12.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £70,906 (2023 - £31,275). Contributions totalling £62,068 (2023 - £19,415) were payable to the fund at the balance sheet date.


13.
Controlling party

In the opinion of the directors Mrs H Dudley has control of the company by virtue of an effective holding in excess of 49% of the issued share capital.
The parent undertaking is International Commodity Services (Holdings) Limited, a company incorporated in England and Wales.
The company is exempt from the requirement of preparing consolidated financial statements as it is a subsidiary undertaking of a small group under section 383 of the Companies Act 2006.


Page 12