REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2022 |
for |
CMC Capital Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2022 |
for |
CMC Capital Limited |
CMC Capital Limited (Registered number: 08792194) |
Contents of the Financial Statements |
for the Year Ended 31 December 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
CMC Capital Limited |
Company Information |
for the Year Ended 31 December 2022 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Auditors: |
120 New Cavendish Street, |
London |
W1W 6XX |
CMC Capital Limited (Registered number: 08792194) |
Balance Sheet |
31 December 2022 |
31.12.22 | 31.12.21 |
Notes | £ | £ |
Current assets |
Debtors | 4 |
Cash at bank |
Creditors |
Amounts falling due within one year | 5 | ( |
) | ( |
) |
Net current assets |
Total assets less current liabilities |
Capital and reserves |
Called up share capital | 6 |
Retained earnings | 7 |
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 |
CMC Capital Limited (Registered number: 08792194) |
Notes to the Financial Statements |
for the Year Ended 31 December 2022 |
1. | Statutory information |
The Company is a private company limited by shares, incorporated in England and Wales. Its registered office is 48, Dover Street, London, W1S 4FF. |
The company's principal business activity is the provision of financial advisory services. |
2. | Accounting policies |
Basis of preparing the financial statements |
The functional currency of the Company is considered to be the Euro because that is the currency of the primary economic environment in which the Company operates. |
The financial statements are presented in Sterling (£) |
Significant judgements and estimates |
In the application of the entities accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The financial statements do not included any significant judgements or estimates. |
Turnover |
Revenue represents the sale of financial advisory services, and is measured at the fair value of the consideration received or receivable for the services rendered, net of discounts and Value Added Tax. |
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. |
3. | Employees and directors |
The average number of employees during the year was |
CMC Capital Limited (Registered number: 08792194) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
4. | Debtors: amounts falling due within one year |
31.12.22 | 31.12.21 |
£ | £ |
Trade debtors |
Other debtors |
5. | Creditors: amounts falling due within one year |
31.12.22 | 31.12.21 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
Amounts owed to the Directors and Related Parties are unsecured, repayable on demand and interest free. |
6. | Called up share capital |
31.12.22 | 31.12.22 | 31.12.21 | 31.12.21 |
No. | £ | No. | £ |
Ordinary "A" shares of £0.002 each | 35,000,000 | 70,000 | 35,000,000 | 70,000 |
Ordinary "B" shares of £0.002 each | 52,500,000 | 105,000 | 52,500,000 | 105,000 |
87,500,000 | 175,000 | 87,500,000 | 175,000 |
The Ordinary "A" shares and the Ordinary "B" shares rank pari passu in all respects to rights to dividends and the distribution of capital. Each Ordinary "A" share and each Ordinary "B" share shall carry the right to receive notice of and attend and vote at any general meeting of the company or to vote on any resolution which may be proposed as a written resolution. Each Ordinary "A" share shall carry the right to one vote at any general meeting of the company or when voting on any resolution which may be proposed as a written resolution. Each Ordinary "B" share shall carry the right to five votes at any general meeting of the company or when voting on any resolution which may be proposed as a written resolution. |
7. | Reserves |
Retained |
earnings |
£ |
At 1 January 2022 |
Profit for the year |
Dividends | ( |
) |
At 31 December 2022 |
The retained earnings reserve records retained earnings and accumulated losses. |
CMC Capital Limited (Registered number: 08792194) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
8. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
9. | Directors' advances, credits and guarantees |
During the year the directors had the following loan accounts with the company. |
C.M. Calabria |
31.12.22 | 31.12.21 |
£ | £ |
Balance brought forward | 14,929 | (25,093 | ) |
Dividend received | (498,750 | ) | - |
Monies received from C.M. Calabria | (15,000 | ) | - |
Monies repaid to C.M. Calabria | 313,142 | 40,022 |
Balance carried forward | (185,679 | ) | 14,929 |
Ms D. Del Favero |
31.12.22 | 31.12.21 |
£ | £ |
Balance brought forward | (270 | ) | (6,558 | ) |
Dividends received | (1250 | ) | - |
Monies repaid to Ms D. Del Favero | - | 6,288 |
Balance carried forward | (1,520 | ) | (270 | ) |
The above loans are unsecured, interest fee and repayable on demand. |
CMC Capital Limited (Registered number: 08792194) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
10. | Related party disclosures |
CMC Holdings Sarl |
During the year the company had the following transactions with CMC Holdings Sarl, Luxembourg, a company which is controlled by C.M. Calabria. |
31.12.22 | 31.12.21 |
£ | £ |
Balance brought forward | (14,669 | ) | (29,045 | ) |
Monies paid to CMC Holdings Sarl | - | 14,375 |
Management charges over provided in prior years | 14,669 | - |
Balance carried forward | - | (14,669 | ) |
CMC Holdings Sarl was dissolved during the year ended 31 December 2022. |
Phoenix Advisory Partners Limited |
During the year the company had the following transactions with Phoenix Advisory Partners Limited, a company which is controlled by Ms. D. Del Favero. |
31.12.22 | 31.12.21 |
£ | £ |
Balance brought forward | - | - |
Monies advanced to Phoenix Advisory Partners Limited | - | 10,000 |
Monies repaid by Phoenix Advisory Partners Limited | (648 | ) | (7,903 | ) |
Provision for irrecoverable loans | 648 | (2,097 | ) |
Balance carried forward | - | - |
Phoenix Advisory Partners Limited was dissolved on 28 February 2023. |
The above loans were interest free and repayable on demand. |
11. | Ultimate controlling party |
The company was under the control of C.M. Calabria throughout the year, by virtue of his majority shareholding. |