Caseware UK (AP4) 2024.0.164 2024.0.164 2025-03-31 2025-03-31 false false 3 true true 2024-04-01 false 3 true 10259752 2024-04-01 2025-03-31 10259752 2023-04-01 2024-03-31 10259752 2025-03-31 10259752 2024-03-31 10259752 2023-04-01 10259752 5 2024-04-01 2025-03-31 10259752 5 2023-04-01 2024-03-31 10259752 d:Director1 2024-04-01 2025-03-31 10259752 d:Director2 2024-04-01 2025-03-31 10259752 d:Director3 2024-04-01 2025-03-31 10259752 d:RegisteredOffice 2024-04-01 2025-03-31 10259752 e:CurrentFinancialInstruments 2025-03-31 10259752 e:CurrentFinancialInstruments 2024-03-31 10259752 e:CurrentFinancialInstruments e:WithinOneYear 2025-03-31 10259752 e:CurrentFinancialInstruments e:WithinOneYear 2024-03-31 10259752 e:UKTax 2024-04-01 2025-03-31 10259752 e:UKTax 2023-04-01 2024-03-31 10259752 e:ShareCapital 2025-03-31 10259752 e:ShareCapital 2024-03-31 10259752 e:ShareCapital 2023-04-01 10259752 e:RetainedEarningsAccumulatedLosses 2024-04-01 2025-03-31 10259752 e:RetainedEarningsAccumulatedLosses 2025-03-31 10259752 e:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 10259752 e:RetainedEarningsAccumulatedLosses 2024-03-31 10259752 e:RetainedEarningsAccumulatedLosses 2023-04-01 10259752 d:OrdinaryShareClass1 2024-04-01 2025-03-31 10259752 d:OrdinaryShareClass1 2025-03-31 10259752 d:OrdinaryShareClass1 2024-03-31 10259752 d:FRS102 2024-04-01 2025-03-31 10259752 d:Audited 2024-04-01 2025-03-31 10259752 d:FullAccounts 2024-04-01 2025-03-31 10259752 d:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 10259752 e:Subsidiary1 2024-04-01 2025-03-31 10259752 e:Subsidiary1 1 2024-04-01 2025-03-31 10259752 e:Subsidiary2 2024-04-01 2025-03-31 10259752 e:Subsidiary2 1 2024-04-01 2025-03-31 10259752 e:Subsidiary3 2024-04-01 2025-03-31 10259752 e:Subsidiary3 1 2024-04-01 2025-03-31 10259752 6 2024-04-01 2025-03-31 10259752 f:Euro 2024-04-01 2025-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 10259752 COMMODITY CENTRE EUROPE LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
COMMODITY CENTRE EUROPE LIMITED COMPANY INFORMATION
Directors | Mr A Gunn
| Mr D Warriner
| Mr A Jordan
Registered number | 10259752
Registered office | Commodity House
| Braxted Park Road
| Witham
| Essex
| CM8 3EW
Independent auditors | Gravita Audit II Limited
| Chartered Accountants
| Algate Tower
| 2 Leman Street
| London
| E1 8FA
COMMODITY CENTRE EUROPE LIMITED CONTENTS
| Page
Strategic Report | 1 - 3
Directors' Report | 4 - 5
Independent Auditors' Report | 6 - 9
Statement of Comprehensive Income | 10
Balance Sheet | 11
Statement of Changes in Equity | 12
Notes to the Financial Statements | 13 - 21
COMMODITY CENTRE EUROPE LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2025
Introduction
The Company 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 Company has performed in line with expectation. The Directors continue to achieve their targets set as part its strategic alignment with the overall Commodity Centre Group Limited ("Group"), including long term investment in new technology/IT systems, creating innovative solutions for our customers, staff training, marketing and branding. This growth has been harmonious with our 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. The Company is well positioned to face the challenges of the forthcoming financial year, and the Directors are confident that the Company will trade profitably with sustainable growth in the coming year. Page 1
COMMODITY CENTRE EUROPE LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Principal risks and uncertainties
The Directors continually review the business environment to identify any new significant risks to the Company and where appropriate take action to respond to any changes. The Directors have assessed the main risks facing the Company as follows: Currency risk The Company’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 Company due to predominantly all purchases being made in the same currency as sales. Interest rate risk The Company finances its operations through a mixture of retained profits, cash, loans with Group companies 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. Operational risk The Company’s activities exposes it to two main operational risks, inefficiency and errors. Whilst the success of the Company would not be possible without the passion and commitment of its staff; the risk 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 Company manages the liquidity risk and cash flow risk by arranging sufficient working capital finance facilities with the Group which are in place to enable the Company to meet liabilities as they fall due. Credit risk The Company’s principal financial assets are cash, trade receivables and other receivables. The Company’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 trading terms for warehousing customers allow lien arrangements to be in place with their goods in store, so risk is further reduced.
Financial key performance indicators
The business maintains a strong management information function which is focused on regular and accurate reporting. Page 2
COMMODITY CENTRE EUROPE LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
. |
|  | 2025 | 2024
|  | € | €
| Turnover | 17,777,532 | 14,203,411
| Gross Profit | 50,203 | 1,702,726
| Gross profit percentage (%) | - | 12
| Operating profit/(loss) | (23,635) | 3,089,894
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 Company
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 Company 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 Company'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: 4 December 2025
Page 3
COMMODITY CENTRE EUROPE LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Directors present their report and the financial statements for the year ended 31 March 2025.
Directors' responsibilities statement
The Directors are responsible for preparing the Strategic Report, the Directors' Report and the 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 of the profit or loss of the Company for that period. In preparing these financial statements, the Directors are required to: ∙select suitable accounting policies for the Company'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 Company 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 to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Principal activity
The principal activity of the Company during the year was the provision of controlled condition storage facilities.
Results and dividends
The loss for the year, after taxation, amounted to €37,382 (2024 - profit €3,066,945). A dividend of €600,000 was recommended as at 31 March 2025 (2024 - €1,000,000).
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 EUROPE LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
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'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's auditors are aware of that information.
Post balance sheet events
There have been no significant events affecting the Company since the year end.
Auditors
The auditors, Gravita Audit II Limited, will 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: 4 December 2025
Page 5
COMMODITY CENTRE EUROPE LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COMMODITY CENTRE EUROPE LIMITED
Opinion
We have audited the financial statements of Commodity Centre Europe Limited (the 'Company') for the year ended 31 March 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The 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 Company's affairs as at 31 March 2025 and of its loss 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 Company 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 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 6
COMMODITY CENTRE EUROPE LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COMMODITY CENTRE EUROPE 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 Report. Our 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 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 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or ∙the 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.
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 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 Company or to cease operations, or have no realistic alternative but to do so. Page 7
COMMODITY CENTRE EUROPE LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COMMODITY CENTRE EUROPE 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 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. 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, Health and Safety at Work Act 1974, ICE Futures Europe 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. To address the risk of fraud through management bias and override of controls, we: 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 2006. Our 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. Page 8
COMMODITY CENTRE EUROPE LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COMMODITY CENTRE EUROPE LIMITED (CONTINUED) Daniel Rose (Senior Statutory Auditor) for and on behalf of Gravita Audit II Limited, Statutory Auditor Chartered Accountants Algate Tower 2 Leman Street London E1 8FA 5 December 2025 Page 9
COMMODITY CENTRE EUROPE LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2025
| 2025 | 2024
Note | € | €
Turnover | 3 | 17,777,532 | 14,203,411
Cost of sales |  | (17,727,329) | (12,500,685)
Gross profit |  | 50,203 | 1,702,726
Administrative expenses |  | (73,838) | (312,832)
Other operating income | 4 | - | 1,700,000
Operating (loss)/profit |  | (23,635) | 3,089,894
Interest payable and similar expenses | 7 | (13,747) | (17,759)
(Loss)/profit before tax |  | (37,382) | 3,072,135
Tax on (loss)/profit | 8 | - | (5,190)
(Loss)/profit for the financial year |  | (37,382) | 3,066,945
There was no other comprehensive income for 2025 (2024:€NIL).
The notes on pages 13 to 21 form part of these financial statements.
Page 10
COMMODITY CENTRE EUROPE LIMITED REGISTERED NUMBER: 10259752 BALANCE SHEET AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | € |  | €
Fixed assets |  |  |  |  |
Investments | 10 |  | 68,700 |  | 68,700
|  |  | 68,700 |  | 68,700
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 11 | 6,123,500 |  | 6,342,782 |
Cash at bank and in hand | 12 | 1,028 |  | 191,823 |
|  | 6,124,528 |  | 6,534,605 |
Creditors: amounts falling due within one year | 13 | (332,911) |  | (105,606) |
Net current assets |  |  | 5,791,617 |  | 6,428,999
Total assets less current liabilities |  |  | 5,860,317 |  | 6,497,699
Net assets |  |  | 5,860,317 |  | 6,497,699
Capital and reserves |  |  |  |  |
Called up share capital | 14 |  | 1,500 |  | 1,500
Profit and loss account | 15 |  | 5,858,817 |  | 6,496,199
|  |  | 5,860,317 |  | 6,497,699
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ Mr A Gunn
Director
Date: 4 December 2025
The notes on pages 13 to 21 form part of these financial statements. Page 11
COMMODITY CENTRE EUROPE LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2025
| Called up share capital | Profit and loss account | Total equity
| € | € | €
At 1 April 2023 | 1,500 | 4,429,254 | 4,430,754
Profit for the year | - | 3,066,945 | 3,066,945
Dividends: Equity capital | - | (1,000,000) | (1,000,000)
At 1 April 2024 | 1,500 | 6,496,199 | 6,497,699
Loss for the year | - | (37,382) | (37,382)
Dividends: Equity capital | - | (600,000) | (600,000)
At 31 March 2025 | 1,500 | 5,858,817 | 5,860,317
| The notes on pages 13 to 21 form part of these financial statements.
Page 12
COMMODITY CENTRE EUROPE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
Commodity Centre Europe Limited is a limited liability Company incorporated in England and Wales. The Company was incorporated on 1 July 2016 under the Company registration number 10259752. The registered office is Commodity House, Braxted Road, Great Braxted, Witham, Essex, CM8 3EW. The financial statements are prepared in Euros, which is the functional currency of the Company, and rounded to the nearest Euro. 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 the 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 management to exercise judgment in applying the Company's accounting policies. The Company has taken advantage of the exemption under section 401 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the Company as an individual entity and not about its Group. The Company is a 80% owned subsidiary of the Group, and the results of the Company are included in the consolidated financial statements of Commodity Centre (Group) Limited, which are publicly available. The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Commodity Centre (Group) Limited as at 31 March 2025 and these financial statements may be obtained from Companies House. Page 13
COMMODITY CENTRE EUROPE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.3 | Going concern
At 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.
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is Euros. 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 Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.5 | 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: Warehousing and handling Revenue is recognised based on the period when services are provided. Technical and associated warehousing services Revenue is recognised based on the period when services are provided.
| 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. Page 14
COMMODITY CENTRE EUROPE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.7 | Taxation
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.
| 2.8 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.9 | 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.
| 2.10 | 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.
| 2.11 | 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.
| 2.12 | 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 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 Page 15
COMMODITY CENTRE EUROPE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.12 | Financial instruments (continued)
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. 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 effective interest method. Discounting is omitted where the effect of discounting is immaterial.
| 2.13 | 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. | Turnover
The whole of the turnover is attributable to the provision of controlled condition storage facilities.
| All turnover arose within the European Union excluding the United Kingdom.
Page 16
COMMODITY CENTRE EUROPE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
4. | Interest receivable and similar income
|  |  |  |  | 2025 | 2024
|  |  |  |  | € | €
| Ordinary dividends receivable | - | 1,700,000
|  | - | 1,700,000
5. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | € | €
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 10,000 | 9,000
| The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
6. | Employees
| The average monthly number of employees, including directors, during the year was 3 (2024 - 3).
7. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | € | €
| Bank interest payable | 13,747 | 17,759
|  | 13,747 | 17,759
Page 17
COMMODITY CENTRE EUROPE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
8. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | € | €
| Corporation tax |  |
| Current tax on profits for the year | - | 5,190
| Total current tax | - | 5,190
| Deferred tax |  |
| Total deferred tax | - | -
| Taxation on profit on ordinary activities | - | 5,190
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | € | €
| (Loss)/profit on ordinary activities before tax | (37,382) | 3,072,135
| (Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | (9,346) | 768,034
| Effects of: |  |
| Exempt ABGH distributions | - | (425,000)
| Group relief | 9,346 | (337,844)
| Total tax charge for the year | - | 5,190
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 18
COMMODITY CENTRE EUROPE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
9. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | € | €
| Ordinary dividends payable | 600,000 | 1,000,000
|  | 600,000 | 1,000,000
10. | Fixed asset investments
|  | Investments in subsidiary companies
|  | €
| Cost or valuation |
| At 1 April 2024 | 68,700
| At 31 March 2025 | 68,700
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Class of shares | Holding
| Commodity Centre Belgium NV | Belgium | Ordinary | 100%
| Commodity Centre Belgium Forwarding BVBA | Belgium | Ordinary | 100%
| Commodity Centre Netherlands BV | Netherlands | Ordinary | 50%
11. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | € | €
| Trade debtors | 2,198,476 | 682,153
| Amounts owed by group undertakings | 3,773,586 | 5,592,918
| Other debtors | 64,050 | 24,810
| Prepayments and accrued income | 87,388 | 42,901
|  | 6,123,500 | 6,342,782
Page 19
COMMODITY CENTRE EUROPE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
12. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | € | €
| Cash at bank and in hand | 1,028 | 191,823
|  | 1,028 | 191,823
13. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | € | €
| Trade creditors | 19,717 | 16,515
| Other creditors | 120,000 | -
| Accruals and deferred income | 193,194 | 89,091
|  | 332,911 | 105,606
| 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.
14. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | € | €
|  | Allotted, called up and fully paid |  |
|  | 1,250 (2024 - 1,250) Ordinary shares of £1.00 each | 1,500 | 1,500
15. | Reserves
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. Page 20
COMMODITY CENTRE EUROPE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
16. | Related party transactions
| The Company has taken advantage of the exemption in Section 33.1A in FRS 102 from the requirement to disclose transactions entered into between wholly owned members of the Group. Commodity Centre (Group) Limited is the parent company of the Group, of which Commodity Centre Europe Limited is 80% owned. At the balance sheet date an amount of €3,773,586 (2024 - €5,592,918) was owed by Commodity Centre (Group) Limited. Commodity Centre Belgium NV is an 80% member of the Group. At the Balance Sheet date the Company owed €Nil (2024 - €Nil) to Commodity Centre Belgium NV. During the year Commodity Centre Europe Limited made purchases of €17,777,532 (2024 - €13,366,342) from Commodity Centre Belgium NV. During the year Commodity Centre Europe Limited made sales of €50,203 (2024 - €1,483,710) to Commodity Centre Belgium NV. Commodity Centre Limited is a related company within the Group. In the year the Company made purchases from Commodity Centre Limited totalling €14,828 (2024 - €290,510). At the Balance Sheet date, the Company owed €14,828 (2024 - €Nil). At the Balance Sheet date the Company owed €120,000 (2024 - was due €30,000) to WT Agencies BVBA, who own 20% of the Company, which is included in other creditors. At the Balance Sheet date the Company was due €30,000 (2024 - €Nil) by Dimona BV. A Company with a Director in common, which is included in other debtors.
17. | Controlling party
The Company is a subsidiary of Commodity Centre (Group) Limited, a Company incorporated in England and Wales. Commodity Centre (Group) Limited is the parent of the smallest Group for which consolidated financial statements are drawn up and made publicly available. The registered office is Commodity House, Braxted Road, Great Braxted, Essex, CM8 3EW. The Company is exempt from preparing consolidated accounts as these are prepared by the parent undertaking, Commodity Centre (Group) Limited, a Company registered in England and Wales.
Page 21