1 February 2022 false No description of principal activity Taxfiler 2023.9.1 11798783business:PrivateLimitedCompanyLtd2022-02-012023-01-31 117987832022-01-31 117987832022-02-012023-01-31 11798783business:AuditExemptWithAccountantsReport2022-02-012023-01-31 11798783business:FilletedAccounts2022-02-012023-01-31 117987832023-01-31 11798783business:Director12022-02-012023-01-31 11798783business:RegisteredOffice2022-02-012023-01-31 117987832022-01-31 11798783core:WithinOneYear2023-01-31 11798783core:WithinOneYear2022-01-31 11798783core:AfterOneYear2023-01-31 11798783core:AfterOneYear2022-01-31 11798783core:ShareCapitalcore:PreviouslyStatedAmount2023-01-31 11798783core:ShareCapitalcore:PreviouslyStatedAmount2022-01-31 11798783core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-01-31 11798783core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2022-01-31 11798783core:PreviouslyStatedAmount2023-01-31 11798783core:PreviouslyStatedAmount2022-01-31 11798783business:SmallEntities2022-02-012023-01-31 11798783countries:EnglandWales2022-02-012023-01-31 11798783core:ComputerEquipment2022-02-012023-01-31 11798783core:ComputerEquipment2022-01-31 11798783core:ComputerEquipment2023-01-31 11798783core:AfterOneYear2022-02-012023-01-31 117987832021-02-012022-01-31 iso4217:GBP xbrli:pure
Company Registration No. 11798783 (England and Wales)
Gulf Source Ltd Unaudited accounts for the year ended 31 January 2023
Gulf Source Ltd Unaudited accounts Contents
Page
- 2 -
Gulf Source Ltd Company Information for the year ended 31 January 2023
Director
Asem Abdulaziz Alghamdi
Company Number
11798783 (England and Wales)
Registered Office
APARTMENT 2001 20 BROCK STREET LONDON NW1 3DS UNITED KINGDOM
Accountants
Yahya & Co Accountants Ltd T/A Yahya Accountancy 164 West Hendon Broadway London NW9 7AA
- 3 -
Chartered Certified Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Gulf Source Ltd for the year ended 31 January 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Gulf Source Ltd for the year ended 31 January 2023 as set out on pages 5 - 7 from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/uk/en/about-us/regulation/rulebook.html
This report is made solely to the Board of Directors of Gulf Source Ltd, as a body, in accordance with the terms of our engagement letter dated 5 February 2019. Our work has been undertaken solely to prepare for your approval the accounts of Gulf Source Ltd and state those matters that we have agreed to state to the Board of Directors of Gulf Source Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gulf Source Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Gulf Source Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Gulf Source Ltd. You consider that Gulf Source Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Gulf Source Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Yahya & Co Accountants Ltd Chartered Certified Accountants T/A Yahya Accountancy 164 West Hendon Broadway London NW9 7AA 12 October 2023
- 4 -
Gulf Source Ltd Statement of financial position as at 31 January 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
4,570 
1,199 
Current assets
Inventories
- 
32,461 
Debtors
2,720 
5 
Cash at bank and in hand
77,774 
4,681 
80,494 
37,147 
Creditors: amounts falling due within one year
(53,677)
(698)
Net current assets
26,817 
36,449 
Total assets less current liabilities
31,387 
37,648 
Creditors: amounts falling due after more than one year
(3,000)
(32,000)
Net assets
28,387 
5,648 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
28,287 
5,548 
Shareholders' funds
28,387 
5,648 
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 12 October 2023 and were signed on its behalf by
Asem Abdulaziz Alghamdi Director Company Registration No. 11798783
- 5 -
Gulf Source Ltd Notes to the Accounts for the year ended 31 January 2023
1
Statutory information
Gulf Source Ltd is a private company, limited by shares, registered in England and Wales, registration number 11798783. The registered office is APARTMENT 2001, 20 BROCK STREET, LONDON, NW1 3DS, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
25% on reducing balance method
4
Tangible fixed assets
Computer equipment 
£ 
Cost or valuation
At cost 
At 1 February 2022
1,988 
Additions
4,375 
At 31 January 2023
6,363 
Depreciation
At 1 February 2022
789 
Charge for the year
1,004 
At 31 January 2023
1,793 
Net book value
At 31 January 2023
4,570 
At 31 January 2022
1,199 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due after more than one year
Other debtors
2,720 
5 
- 6 -
Gulf Source Ltd Notes to the Accounts for the year ended 31 January 2023
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
VAT
5,432 
95 
Trade creditors
8,608 
- 
Taxes and social security
4,614 
- 
Loans from directors
51 
603 
Accruals
8,640 
- 
Deferred income
26,332 
- 
53,677 
698 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Loans from directors
3,000 
32,000 
As on the balance sheet date, the company owed it's director Mr. Asem Abdulaziz Alghamdi an amount of £32,000 as director's unsecured long term loan.
8
Average number of employees
During the year the average number of employees was 2 (2022: 2).
- 7 -