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REGISTERED NUMBER: 08279106 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2023

FOR

SRC EUROPE LIMITED

SRC EUROPE LIMITED (REGISTERED NUMBER: 08279106)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30th June 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


SRC EUROPE LIMITED

COMPANY INFORMATION
for the Year Ended 30th June 2023







DIRECTOR: Mr M A Bowker





REGISTERED OFFICE: 1010 Cambourne Business Park
Cambourne
Cambridge
CB23 6DP





REGISTERED NUMBER: 08279106 (England and Wales)





ACCOUNTANTS: KJG
100 Barbirolli Square
Manchester
M2 3BD

SRC EUROPE LIMITED (REGISTERED NUMBER: 08279106)

STATEMENT OF FINANCIAL POSITION
30th June 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Stocks 11,809 15,287
Debtors 5 - 7,077
Cash at bank 5,592 7,925
17,401 30,289
CREDITORS
Amounts falling due within one year 6 (328,726 ) (244,233 )
NET CURRENT LIABILITIES (311,325 ) (213,944 )
TOTAL ASSETS LESS CURRENT LIABILITIES (311,325 ) (213,944 )

CREDITORS
Amounts falling due after more than one year 7 (23,274 ) (33,206 )
NET LIABILITIES (334,599 ) (247,150 )

CAPITAL AND RESERVES
Called up share capital 8 2,000 2,000
Share premium 113,000 113,000
Retained earnings (449,599 ) (362,150 )
SHAREHOLDERS' FUNDS (334,599 ) (247,150 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SRC EUROPE LIMITED (REGISTERED NUMBER: 08279106)

STATEMENT OF FINANCIAL POSITION - continued
30th June 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 13th February 2024 and were signed by:





Mr M A Bowker - Director


SRC EUROPE LIMITED (REGISTERED NUMBER: 08279106)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30th June 2023


1. STATUTORY INFORMATION

SRC Europe Limited is a private company limited by share capital, incorporated in England and Wales, registration number 08279106. The address of the registered office and principal place of business is 1010 Cambourne Business Park Cambourne, Cambridge, England, CB23 6DP

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

During the year the company made a loss of £87,449 (2022: £57,672) and also has a deficit on shareholders funds of £334,559 (2022: £247,150). The directors consider the going concern basis to be appropriate having continued support from associated companies that the director has a controlling interest in.

Turnover
Turnover represents amounts recognised by the company in respect of goods supplied, exclusive of Value Added Tax and trade discounts. Turnover principally consists of weight loss supplements which are recognised at the point of which the goods are provided.

Intangible assets
At each reporting date, the company reviews the carrying amounts of its intangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Patents and licence are not currently incurring any impairment against them.

Stocks
Stock is stated at the lower of cost and estimated selling price less costs to complete and sell. Costs are based on the method most appropriate to the type of inventory class, usually on a first-in-first-out basis.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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 statement of financial position date.

SRC EUROPE LIMITED (REGISTERED NUMBER: 08279106)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30th June 2023


2. ACCOUNTING POLICIES - continued

Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
Additions 170
Disposals (170 )
At 30th June 2023 -
NET BOOK VALUE
At 30th June 2023 -

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors - 7,077

SRC EUROPE LIMITED (REGISTERED NUMBER: 08279106)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30th June 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 9,932 9,687
Trade creditors 23,162 30,899
Taxation and social security 1,048 -
Other creditors 294,584 203,647
328,726 244,233

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 23,274 33,206

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2,000 Ordinary £1.00 2,000 2,000

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the year ended 30 June 2023 the directors' loan account was in credit by £20 (2022: £nil).