Commercial Finance Network Corporation L - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11074932 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2020

FOR

COMMERCIAL FINANCE NETWORK CORPORATION

LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr R L Yorke

Mr D R Yorke

Mr G E Tingay

REGISTERED OFFICE:

New Media House

Davidson Road

Lichfield

Staffordshire

WS14 9DZ

BUSINESS ADDRESS:

Unit 46 Basepoint

Cressex Business Park

Lincoln Rd

High Wycombe

Buckinghamshire

HP12 3RL

REGISTERED NUMBER:

11074932 (England and Wales)

ACCOUNTANTS:

Brookes Stephens

New Media House

Davidson Road

Lichfield

Staffordshire

WS14 9DZ

Fixed assets

Tangible assets

4

180

240

Current assets

Stocks

58,949

-

Debtors

5

968

2,866

Cash at bank and in hand

36,442

1,339

96,359

4,205

Creditors

Amounts falling due within one year

6

127,883

55,747

Net current liabilities

(31,524

)

(51,542

)

Total assets less current liabilities

(31,344

)

(51,302

)

Creditors

Amounts falling due after more than one year

7

11,812

-

Net liabilities

(43,156

)

(51,302

)

Capital and reserves

Called up share capital

8

100

100

Retained earnings

(43,256

)

(51,402

)

Shareholders' funds

(43,156

)

(51,302

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2020 in accordance with Section 476 of the Companies Act 2006.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 August 2021 and were signed on its behalf by:

Mr D R Yorke - Director

1.	STATUTORY INFORMATION

Commercial Finance Network Corporation Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The directors have reviewed the credit facilities available to the company over the forthcoming 12 months and assessed that they are sufficient to allow the company to continue to trade and meet its financial obligations as they fall due. Having taken these factors into account the directors have prepared the accounts on a going concern basis.

Turnover

Turnover represents net invoiced goods and services, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2019 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 December 2019

and 30 November 2020

320

DEPRECIATION

At 1 December 2019

80

Charge for year

60

At 30 November 2020

140

NET BOOK VALUE

At 30 November 2020

180

At 30 November 2019

240

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

-

399

Other debtors

968

2,467

968

2,866

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

188

-

Trade creditors

996

934

Taxation and social security

9,134

1,649

Other creditors

117,565

53,164

127,883

55,747

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

11,812

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

2,314

-

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

100

Ordinary

£1

100

100

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 November 2020 and 30 November 2019:

2020

2019

£

£

Mr R L Yorke

Balance outstanding at start of year

-

25

Amounts repaid

-

(25

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

Mr D R Yorke

Balance outstanding at start of year

-

50

Amounts repaid

-

(50

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

Mr C J Hart

Balance outstanding at start of year

-

-

Amounts advanced

-

1,000

Amounts repaid

-

(1,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

These loans are interest free and repayable on demand.

10.	RELATED PARTY DISCLOSURES

At the year end, the company owed £81,367 (2019: £36,092) to a company controlled by the directors and £nil (2019: £15,000) to a shareholder. These loans are interest free and are repayable on demand.

The company also owed £35,041 (2019 £nil) to the directors of the company. These loans are also interest free and repayable on demand.