Company registration number 02634620 (England and Wales)
REGENCY TRADE FINANCE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
REGENCY TRADE FINANCE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
REGENCY TRADE FINANCE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
18,573,641
8,347,412
Cash at bank and in hand
-
0
55,105
18,573,641
8,402,517
Creditors: amounts falling due within one year
4
(17,555,868)
(7,425,023)
Net current assets
1,017,773
977,494
Capital and reserves
Called up share capital
5
500,000
500,000
Profit and loss reserves
517,773
477,494
Total equity
1,017,773
977,494

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

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

The financial statements were approved by the board of directors and authorised for issue on 14 March 2025 and are signed on its behalf by:
J T Farrell A.C.I.B.
Director
Company Registration No. 02634620
REGENCY TRADE FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Regency Trade Finance Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Regency Chambers, Jubilee Way, Bury, Lancashire, BL9 0JW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover historically represented income arising on the disposal of assets acquired in the process of providing asset based funding before the balance sheet date. In March 2021, the company entered into a receivables purchase agreement ("RPA") with Cubitt Trade Capital LLC (the "purchaser") and other parties, under which the company will sell its receivables to the purchaser who will immediately resell to the issuer on the same terms and conditions. Pursuant to the RPA, the company sells, conveys, and assigns to the purchaser all its rights, title, and interest in these receivables. The company earns a management fee from the purchaser for its services, which is included as turnover within these accounts.

 

Under the Receivables Purchase Agreement with the holding company Cubitt Trade Capital LLC, all turnover of the company is attributable to that holding company. However, acting in the role of agent for the holding company all turnover is declared for value added tax purposes by this company. The amounts declared for value added tax purposes in this financial year amount to £79,187,383 (2022: £69,661,159).

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

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

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

REGENCY TRADE FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

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

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

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

1.8
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the profit and loss account.
2
Employees

The company has no employees. Employee services were provided by a fellow subsidiary undertaking.

 

The directors received no remuneration during the period.

REGENCY TRADE FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
18,545,341
7,953,641
Other debtors
28,300
393,771
18,573,641
8,347,412
4
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts due to group undertakings
17,423,678
7,395,227
Corporation tax
20,275
7,568
Other taxation and social security
-
0
2,250
Other creditors
111,915
19,978
17,555,868
7,425,023
REGENCY TRADE FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
5
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
500,000
500,000
500,000
500,000
6
Audit report information

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

The auditor's report was unqualified.

Senior Statutory Auditor:
Peter Atkinson F.C.A.
Statutory Auditor:
JS. Audit Limited
Date of audit report:
19 March 2025
7
Parent company

The company's immediate parent undertaking is Cubitt Trade Holdings (Europe) LLC, a company incorporated in the United States of America. The ultimate parent company is Petra Group Holdings Limited, a company incorporated in the Cayman Islands.

2023-12-312023-01-01falsefalsefalse19 March 2025CCH SoftwareCCH Accounts Production 2024.310No description of principal activityJ T Farrell A.C.I.B.J S M CraftJ A TilroeN C FergusonR S SchreiberN J ElliottJ S M Craft026346202023-01-012023-12-31026346202023-12-31026346202022-12-3102634620core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3102634620core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3102634620core:CurrentFinancialInstruments2023-12-3102634620core:CurrentFinancialInstruments2022-12-3102634620core:ShareCapital2023-12-3102634620core:ShareCapital2022-12-3102634620core:RetainedEarningsAccumulatedLosses2023-12-3102634620core:RetainedEarningsAccumulatedLosses2022-12-3102634620bus:Director12023-01-012023-12-3102634620core:WithinOneYear2023-12-3102634620core:WithinOneYear2022-12-3102634620bus:PrivateLimitedCompanyLtd2023-01-012023-12-3102634620bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3102634620bus:FRS1022023-01-012023-12-3102634620bus:Audited2023-01-012023-12-3102634620bus:Director22023-01-012023-12-3102634620bus:Director32023-01-012023-12-3102634620bus:Director42023-01-012023-12-3102634620bus:Director52023-01-012023-12-3102634620bus:Director62023-01-012023-12-3102634620bus:CompanySecretary12023-01-012023-12-3102634620bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP