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Registered number:
FOR THE YEAR ENDED 31 MARCH 2025
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COMMODITY CENTRE UK LIMITED
COMPANY INFORMATION
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COMMODITY CENTRE UK LIMITED
CONTENTS
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COMMODITY CENTRE UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
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.
The Directors consider that the Company has performed in line with expectation.
The Directors continue to achieve their targets set as part of its strategic alignment with the overall Commodity Centre Group Limited ("Group") Business Strategy 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. Further to the above, the Company continues to support a number of charities including the National Autistic Society as well as supporting other local community groups, schools and charities. 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.
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COMMODITY CENTRE UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
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 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 requires large working capital including the funding of work in progress. The Company manages the liquidity risk and cash flow risk by arranging sufficient working capital finance facilities along with Group funding arrangements 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.
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COMMODITY CENTRE UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The business maintains a strong management information function which is focused on regular and accurate reporting. The below metrics are the key performance indicators used by the Company.
The Directors consider warehouse utilisation, volume of cargo handled and staff headcount to be key non-financial performance indicators.
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.
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COMMODITY CENTRE UK 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.
The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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.
The profit for the year, after taxation, amounted to £1,488,030 (2024 - £132,887).
A dividend of £1,300,000 was recommended at 31 March 2025 (2024 - £200,000).
The Directors who served during the year were:
The Company will continue to invest in facilities to enable it to expand its storage offering.
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COMMODITY CENTRE UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
There have been no significant events affecting the Company since the year end.
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.
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COMMODITY CENTRE UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COMMODITY CENTRE UK LIMITED
We have audited the financial statements of Commodity Centre UK 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).
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.
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.
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COMMODITY CENTRE UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COMMODITY CENTRE UK LIMITED (CONTINUED)
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.
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.
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.
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COMMODITY CENTRE UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COMMODITY CENTRE UK LIMITED (CONTINUED)
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, 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 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: • 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.
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COMMODITY CENTRE UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COMMODITY CENTRE UK LIMITED (CONTINUED)
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.
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.
for and on behalf of
Chartered Accountants
Aldgate Tower
2 Leman Street
E1 8FA
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COMMODITY CENTRE UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
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COMMODITY CENTRE UK LIMITED
REGISTERED NUMBER: 02687982
BALANCE SHEET
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 28 form part of these financial statements.
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COMMODITY CENTRE UK LIMITED
REGISTERED NUMBER: 02687982
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025
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COMMODITY CENTRE UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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COMMODITY CENTRE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Commodity Centre UK Limited is a limited liability company incorporated in England and Wales. The Company was incorporated on 17 February 1992 under the Company registration number 02687982. The registered office is Commodity House, Braxted Road, Great Braxted, Witham, Essex, CM8 3EW.
The financial statements are presented in pound sterling which is the functional currency of the Company and have been rounded to the nearest pound. The significant accounting policies applied in the presentation of these financial statements are set out below.
2.Accounting policies
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 management to exercise judgment in applying the Company's accounting policies (see note 3).
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 entitiy and not about its Group.
The Company is a wholly owned subsidiary of Commodity Centre (Group) Limited, and the results of the Company are included in the consolidated financials statements of Commodity Centre (Group) Limited which are publicly available.
The following principal accounting policies have been applied:
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.
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COMMODITY CENTRE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
The financial statements have been prepared under the going concern basis. As at 31 March 2025 the financial statements reflect current liabilities of £400,915 (2024: £815,685). However, as of that date the company owed £414,917 to group undertakings (2024: £976,936) which the Directors have confirmed will not be withdrawn until third party suppliers are satisfied. Therefore, the Directors consider it reasonable to continue to prepare the financial statements on the going concern basis.
Functional and presentation currency
Transactions and balances
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COMMODITY CENTRE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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 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.
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COMMODITY CENTRE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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:
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.
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COMMODITY CENTRE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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
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COMMODITY CENTRE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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 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.
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COMMODITY CENTRE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Costs relating to goods where no charge on entry into store is made by the Company 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 provision made for any amounts not considered recoverable. 4.2 Useful Ecomomic Life of fixed assets and depreciation policy The useful economic life of all fixed assets has been reviewed in the year to better reflect the assets actual expected life span, and the depreciation has been recalculated to reflect this update, depreciating the assets on a straight line basis. 4.3 Dilapidation provision As part of the Company's property leasing arrangements there is an obligation to repair damages which are incurred during the life of the lease, such as wear and tear. The cost is charged to profit and loss as the obligation arises. The provision is expected to be utilised between 2027 and 2029 as the leases terminate. There are difficulties in predicting expenditure that will be required on return of the property to the landlord many years into the future, the dilapidations provision is considered a source of significant estimation uncertainty. The provision has been calculated using historical experience of actual expenditure incurred on dilapidations, estimated lease termination dates and discounted back to present value. The Directors considered the most likely amount to be £187,396, which has been recognised in the Balance Sheet.
The whole of the turnover is attributable to the provision of controlled condition storage facilities.
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COMMODITY CENTRE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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COMMODITY CENTRE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
There were no factors that may affect future tax charges.
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COMMODITY CENTRE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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COMMODITY CENTRE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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COMMODITY CENTRE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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COMMODITY CENTRE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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COMMODITY CENTRE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Profit and loss account
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COMMODITY CENTRE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The Company operates a defined contributions 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 £69,790 (2024 - £49,184). Contributions totalling £17,371 (2024 - £15,771) were payable to the fund at the Balance Sheet date and are included within other creditors.
The Company is a wholly owned 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, Witham, 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.
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