Company registration number SC656863 (Scotland)
SOURCED AYRSHIRE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
SOURCED AYRSHIRE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
SOURCED AYRSHIRE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
3
7,500
10,000
Tangible assets
4
219
438
7,719
10,438
Current assets
Debtors
5
13,115
17,754
Cash at bank and in hand
704
1,555
13,819
19,309
Creditors: amounts falling due within one year
6
(22,126)
(6,786)
Net current (liabilities)/assets
(8,307)
12,523
Total assets less current liabilities
(588)
22,961
Creditors: amounts falling due after more than one year
7
(43,688)
(50,000)
Provisions for liabilities
(42)
(83)
Net liabilities
(44,318)
(27,122)
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
(44,418)
(27,222)
Total equity
(44,318)
(27,122)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SOURCED AYRSHIRE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2022
31 March 2022
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 23 October 2023
Ms N J Hargreaves
Director
Company Registration No. SC656863
SOURCED AYRSHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 3 -
1
Accounting policies
Company information
Sourced Ayrshire Limited is a private company limited by shares incorporated in Scotland. The registered office is G/R, 19 Union Street, Largs, Ayrshire, KA30 8DG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
At the year end, the company had net liabilities of £44,318. The director has confirmed that she will continue to provide financial support to the company until such time that the financial position improves. The director therefore considers it appropriate to prepare the financial statements on a going concern basis.
1.3
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Franchise fee
5 years straight line
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
SOURCED AYRSHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
3 years straight line
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.
1.6
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 current liabilities.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
SOURCED AYRSHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
1
3
Intangible fixed assets
Franchise fee
£
Cost
At 1 April 2021 and 31 March 2022
12,500
Amortisation and impairment
At 1 April 2021
2,500
Amortisation charged for the year
2,500
At 31 March 2022
5,000
Carrying amount
At 31 March 2022
7,500
At 31 March 2021
10,000
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2021 and 31 March 2022
657
Depreciation and impairment
At 1 April 2021
219
Depreciation charged in the year
219
At 31 March 2022
438
Carrying amount
At 31 March 2022
219
At 31 March 2021
438
SOURCED AYRSHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 6 -
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
10,114
14,753
2022
2021
Amounts falling due after more than one year:
£
£
Corporation tax recoverable
3,001
3,001
Total debtors
13,115
17,754
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
400
279
Corporation tax
3,001
3,001
Other taxation and social security
2,217
Other creditors
16,508
3,506
22,126
6,786
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
43,688
50,000
8
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
9
Related party transactions
Included within other debtors is an amount of £1,500 due from Booked It First Limited and included in other creditors is amounts of £12,002 due to Pringle Property Limited and £506 due to Auchinleck Developments Limited. The director of Sourced Ayrshire Limited is also a director in both these companies.
10
Directors' transactions
Included in other debtors at the year end is the sum of £8,614 (2021: £9,233) owed to the company by the director.