JW Sourcing Limited 07717479 false 2022-08-01 2023-07-31 2023-07-31 The principal activity of the company is Project management Digita Accounts Production Advanced 6.30.9574.0 true 07717479 2022-08-01 2023-07-31 07717479 2023-07-31 07717479 bus:Director1 1 2023-07-31 07717479 core:RetainedEarningsAccumulatedLosses 2023-07-31 07717479 core:ShareCapital 2023-07-31 07717479 core:CurrentFinancialInstruments 2023-07-31 07717479 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 07717479 core:FurnitureFittings 2023-07-31 07717479 bus:SmallEntities 2022-08-01 2023-07-31 07717479 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 07717479 bus:FullAccounts 2022-08-01 2023-07-31 07717479 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 07717479 bus:RegisteredOffice 2022-08-01 2023-07-31 07717479 bus:Director1 2022-08-01 2023-07-31 07717479 bus:Director1 1 2022-08-01 2023-07-31 07717479 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 07717479 core:FurnitureFittings 2022-08-01 2023-07-31 07717479 countries:EnglandWales 2022-08-01 2023-07-31 07717479 2022-07-31 07717479 bus:Director1 1 2022-07-31 07717479 core:FurnitureFittings 2022-07-31 07717479 2021-08-01 2022-07-31 07717479 2022-07-31 07717479 bus:Director1 1 2022-07-31 07717479 core:RetainedEarningsAccumulatedLosses 2022-07-31 07717479 core:ShareCapital 2022-07-31 07717479 core:CurrentFinancialInstruments 2022-07-31 07717479 core:CurrentFinancialInstruments core:WithinOneYear 2022-07-31 07717479 core:FurnitureFittings 2022-07-31 07717479 bus:Director1 1 2021-08-01 2022-07-31 07717479 bus:Director1 1 2021-07-31 iso4217:GBP xbrli:pure

Registration number: 07717479

JW Sourcing Limited
 

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 31 July 2023

 

JW Sourcing Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 5

 

JW Sourcing Limited

(Registration number: 07717479)
Statement of Financial Position as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

675

731

Current assets

 

Debtors

5

28,668

26,498

Cash at bank and in hand

 

3,760

16,938

 

32,428

43,436

Creditors: Amounts falling due within one year

6

(30,451)

(36,584)

Net current assets

 

1,977

6,852

Total assets less current liabilities

 

2,652

7,583

Provisions for liabilities

(142)

(139)

Net assets

 

2,510

7,444

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

1,510

6,444

Shareholders' funds

 

2,510

7,444

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the director on 17 November 2023
 

.........................................
D J Williams
Director

 

JW Sourcing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is: Knoll House, Knoll Road, Camberley, Surrey, GU15 3SY, United Kingdom.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Government grants

Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in “other income” within profit or loss in the same period as the related expenditure.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

JW Sourcing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fittings, fixtures and equipment

33% reducing balance

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

Provisions

Provisions are recognised when the company has an obligation at the reporting date 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.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The Company only enters into basic financial instruments 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 related parties.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

JW Sourcing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 August 2022

2,512

2,512

Additions

767

767

Disposals

(733)

(733)

At 31 July 2023

2,546

2,546

Depreciation

At 1 August 2022

1,781

1,781

Charge for the year

494

494

Eliminated on disposal

(404)

(404)

At 31 July 2023

1,871

1,871

Carrying amount

At 31 July 2023

675

675

At 31 July 2022

731

731

5

Debtors

2023
£

2022
£

Trade debtors

15,434

23,030

Prepayments

388

303

Other debtors

12,846

3,165

28,668

26,498

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Trade creditors

257

-

Taxation and social security

24,802

31,044

Accruals and deferred income

5,392

5,140

Other creditors

-

400

30,451

36,584

 

JW Sourcing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

7

Related party transactions

During the year, the following amounts had been advanced to the director. Interest was charged as applicable at the beneficial loan interest rate prevailing during the year, resulting in an interest charge of £203 (2022: £Nil).

Transactions with the director

2023

At 1 August 2022
£

Advances to director
£

At 31 July 2023
£

D J Williams

Advances to director

(400)

13,246

12,846

 

(400)

13,246

12,846

     

 

2022

At 1 August 2021
£

Repayments by director
£

At 31 July 2022
£

D J Williams

Advances to director

8,224

(8,624)

(400)

 

8,224

(8,624)

(400)