REGISTERED NUMBER: |
International Commodities Trading |
Limited |
Unaudited Financial Statements |
for the Year Ended 31 August 2024 |
REGISTERED NUMBER: |
International Commodities Trading |
Limited |
Unaudited Financial Statements |
for the Year Ended 31 August 2024 |
International Commodities Trading |
Limited (Registered number: 08169230) |
Contents of the Financial Statements |
for the year ended 31 August 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
International Commodities Trading |
Limited |
Company Information |
for the year ended 31 August 2024 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
New Derwent House |
69-73 Theobalds Road |
London |
WC1X 8TA |
International Commodities Trading |
Limited (Registered number: 08169230) |
Balance Sheet |
31 August 2024 |
2024 | 2023 |
Notes | £ | £ |
Current assets |
Stocks |
Debtors | 4 |
Cash at bank |
Creditors |
Amounts falling due within one year | 5 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities | ( |
) | ( |
) |
Capital and reserves |
Called up share capital | 6 |
Retained earnings | 7 | ( |
) | ( |
) |
Shareholders' funds | ( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
International Commodities Trading |
Limited (Registered number: 08169230) |
Notes to the Financial Statements |
for the year ended 31 August 2024 |
1. | Statutory information |
International Commodities Trading Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover shown in the profit and loss account represents commissions received for agency services. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the company's cash management. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Going concern |
The company had net liabilities at the year-end of £320,951. The financial statements have been prepared on a going concern basis as the directors believe sufficient working capital has been generated post year-end for the company to continue as a going concern. In particular, the directors have reviewed and considered relevant information, including future cash flows, to take into account the impact on the business of possible scenarios alongside the measures that they can take to mitigate that impact. Based on these assessments, given the measures that could be undertaken and the current resources available, the directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. |
3. | Employees and directors |
The average number of employees during the year was NIL (2023 - NIL). |
International Commodities Trading |
Limited (Registered number: 08169230) |
Notes to the Financial Statements - continued |
for the year ended 31 August 2024 |
4. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
5. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade creditors |
Other creditors |
6. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
7. | Reserves |
Retained |
earnings |
£ |
At 1 September 2023 | ( |
) |
Deficit for the year | ( |
) |
At 31 August 2024 | ( |
) |