Abbreviated Company Accounts - COMMERCE & FINANCE INTERNATIONAL LIMITED
Abbreviated Company Accounts - COMMERCE & FINANCE INTERNATIONAL LIMITED
Registered Number 01944431
COMMERCE & FINANCE INTERNATIONAL LIMITED
Abbreviated Accounts
31 December 2015
COMMERCE & FINANCE INTERNATIONAL LIMITED Registered Number 01944431
Abbreviated Balance Sheet as at 31 December 2015
| Notes | 2015 | 2014 | |
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| € | € | ||
| Current assets | |||
| Debtors | 2 |
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| Cash at bank and in hand |
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| Creditors: amounts falling due within one year |
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( |
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| Net current assets (liabilities) |
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| Total assets less current liabilities |
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| Creditors: amounts falling due after more than one year |
( |
( |
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| Total net assets (liabilities) |
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| Capital and reserves | |||
| Called up share capital | 3 |
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| Profit and loss account |
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| Shareholders' funds |
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For the year ending 31 December 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Approved by the Board on
And signed on their behalf by:
COMMERCE & FINANCE INTERNATIONAL LIMITED Registered Number 01944431
Notes to the Abbreviated Accounts for the period ended 31 December 2015
1Accounting Policies
Basis of measurement and preparation of accounts
Turnover policy
Other accounting policies
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
The company has not disclosed the ultimate controlling party which is a requirement of the Financial Reporting Standard for Smaller Entities (effective January 2015). This is a departure from accounting standards. The director is of the opinion that the non disclosure of this information does not affect the truth and fairness of the financial statements.
Deferred taxation
Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into euros at rates of exchange ruling at the balance sheet date.
Transactions in foreign currencies are translated into euros at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the Profit and loss account.
Restatement of comparatives
Other debtors due from Adam Developments representing a loan of €103,913 and other creditors due to Innovative Research SA representing a loan of €103,913 have been offset during the year, as the loans were held by the company on a nominee basis.
The accumulated interest from prior year’s consisting of interest receivable of €9,352 and interest payable of €8,684, have been reversed in the current year figures.
There have been no changes to the prior year figures beyond the reclassification of the loans.
2Debtors