Silverfin false 31/01/2023 01/02/2022 31/01/2023 J Jackson 16/01/2001 D Lancaster 01/03/2002 M Ogden 11/09/2013 06 October 2023 The principal activity of the company continued to be that of the wholesale of paper. 04141692 2023-01-31 04141692 bus:Director1 2023-01-31 04141692 bus:Director2 2023-01-31 04141692 bus:Director3 2023-01-31 04141692 2022-01-31 04141692 core:CurrentFinancialInstruments 2023-01-31 04141692 core:CurrentFinancialInstruments 2022-01-31 04141692 core:ShareCapital 2023-01-31 04141692 core:ShareCapital 2022-01-31 04141692 core:RetainedEarningsAccumulatedLosses 2023-01-31 04141692 core:RetainedEarningsAccumulatedLosses 2022-01-31 04141692 core:LeaseholdImprovements 2022-01-31 04141692 core:PlantMachinery 2022-01-31 04141692 core:LeaseholdImprovements 2023-01-31 04141692 core:PlantMachinery 2023-01-31 04141692 2021-01-31 04141692 core:AcceleratedTaxDepreciationDeferredTax 2023-01-31 04141692 core:AcceleratedTaxDepreciationDeferredTax 2022-01-31 04141692 bus:OrdinaryShareClass1 2023-01-31 04141692 bus:OrdinaryShareClass2 2023-01-31 04141692 core:WithinOneYear 2023-01-31 04141692 core:WithinOneYear 2022-01-31 04141692 core:BetweenOneFiveYears 2023-01-31 04141692 core:BetweenOneFiveYears 2022-01-31 04141692 2022-02-01 2023-01-31 04141692 bus:FullAccounts 2022-02-01 2023-01-31 04141692 bus:SmallEntities 2022-02-01 2023-01-31 04141692 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 04141692 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 04141692 bus:Director1 2022-02-01 2023-01-31 04141692 bus:Director2 2022-02-01 2023-01-31 04141692 bus:Director3 2022-02-01 2023-01-31 04141692 core:LeaseholdImprovements core:TopRangeValue 2022-02-01 2023-01-31 04141692 core:PlantMachinery core:TopRangeValue 2022-02-01 2023-01-31 04141692 2021-02-01 2022-01-31 04141692 core:LeaseholdImprovements 2022-02-01 2023-01-31 04141692 core:PlantMachinery 2022-02-01 2023-01-31 04141692 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 04141692 bus:OrdinaryShareClass1 2021-02-01 2022-01-31 04141692 bus:OrdinaryShareClass2 2022-02-01 2023-01-31 04141692 bus:OrdinaryShareClass2 2021-02-01 2022-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 04141692 (England and Wales)

INTERSOURCE LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2023
Pages for filing with the registrar

INTERSOURCE LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2023

Contents

INTERSOURCE LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 January 2023
INTERSOURCE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 January 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 477 1,055
477 1,055
Current assets
Stocks 49,430 68,008
Debtors 4 358,320 225,986
Cash at bank and in hand 341,180 353,441
748,930 647,435
Creditors: amounts falling due within one year 5 ( 319,433) ( 235,734)
Net current assets 429,497 411,701
Total assets less current liabilities 429,974 412,756
Provision for liabilities 6 ( 78) ( 154)
Net assets 429,896 412,602
Capital and reserves
Called-up share capital 7 50,100 50,100
Profit and loss account 379,796 362,502
Total shareholders' funds 429,896 412,602

For the financial year ending 31 January 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Intersource Limited (registered number: 04141692) were approved and authorised for issue by the Director. They were signed on its behalf by:

M Ogden
Director

06 October 2023

INTERSOURCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
INTERSOURCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Intersource Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 35 Ballards Lane, London, N3 1XW, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 6.67 years straight line
Plant and machinery 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, and loans to and from related parties.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 5

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Total
£ £ £
Cost
At 01 February 2022 2,106 44,757 46,863
Disposals 0 ( 8,615) ( 8,615)
At 31 January 2023 2,106 36,142 38,248
Accumulated depreciation
At 01 February 2022 1,554 44,254 45,808
Charge for the financial year 451 127 578
Disposals 0 ( 8,615) ( 8,615)
At 31 January 2023 2,005 35,766 37,771
Net book value
At 31 January 2023 101 376 477
At 31 January 2022 552 503 1,055

4. Debtors

2023 2022
£ £
Trade debtors 335,294 192,322
Prepayments 1,816 1,171
VAT recoverable 21,210 29,610
Other debtors 0 2,883
358,320 225,986

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank overdrafts 0 40,212
Trade creditors 217,553 143,357
Accruals 11,326 8,446
Taxation and social security 4,148 5,486
Other creditors 86,406 38,233
319,433 235,734

6. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 154) ( 75)
Credited/(charged) to the Profit and Loss Account 76 ( 79)
At the end of financial year ( 78) ( 154)

The deferred taxation balance is made up as follows:

2023 2022
£ £
Accelerated capital allowances ( 78) ( 154)

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
25,551 Ordinary A shares of £ 1.00 each 25,551 25,551
24,549 Ordinary B shares of £ 1.00 each 24,549 24,549
50,100 50,100

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 6,197 5,633
between one and five years 10,328 16,430
16,525 22,063

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 450 649