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Registration number: 12074674

Material Source Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Material Source Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 7

 

Material Source Limited

(Registration number: 12074674)
Statement of Financial Position as at 30 June 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Tangible assets

4

499,415

484,068

Current assets

 

Debtors

5

157,740

102,256

Cash at bank and in hand

 

128,695

47,510

 

286,435

149,766

Creditors: Amounts falling due within one year

6

(549,125)

(428,256)

Net current liabilities

 

(262,690)

(278,490)

Total assets less current liabilities

 

236,725

205,578

Creditors: Amounts falling due after more than one year

6

(92,960)

(32,500)

Net assets

 

143,765

173,078

Capital and reserves

 

Called up share capital

100

100

Retained earnings

143,665

172,978

Shareholders' funds

 

143,765

173,078

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 March 2024 and signed on its behalf by:
 

.........................................
Mr Darren Michael Clanford
Director

   
     
 

Material Source Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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:
1 Federation Street
Manchester
M4 4BF

These financial statements were authorised for issue by the Board on 28 March 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

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

Tax

The tax expense for the period comprises current 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.

 

Material Source Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

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:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Material Source Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 5).

 

Material Source Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 July 2022

-

389,674

214,532

16,075

Additions

40,140

5,611

-

151,603

Disposals

-

-

-

(75,419)

At 30 June 2023

40,140

395,285

214,532

92,259

Depreciation

At 1 July 2022

-

39,606

92,588

4,019

Charge for the year

-

35,252

71,511

9,897

Eliminated on disposal

-

-

-

(10,072)

At 30 June 2023

-

74,858

164,099

3,844

Carrying amount

At 30 June 2023

40,140

320,427

50,433

88,415

At 30 June 2022

-

350,068

121,944

12,056

Total
£

Cost or valuation

At 1 July 2022

620,281

Additions

197,354

Disposals

(75,419)

At 30 June 2023

742,216

Depreciation

At 1 July 2022

136,213

Charge for the year

116,660

Eliminated on disposal

(10,072)

At 30 June 2023

242,801

Carrying amount

At 30 June 2023

499,415

At 30 June 2022

484,068

 

Material Source Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Included within the net book value of land and buildings above is £40,140 (2022 - £Nil) in respect of long leasehold land and buildings.
 

5

Debtors

2023
£

2022
£

Trade debtors

113,565

102,256

Other debtors

3,139

-

Prepayments

41,036

-

157,740

102,256

 

Material Source Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

(As restated)

2022
£

Due within one year

 

Loans and borrowings

7

24,094

10,000

Trade creditors

 

48,458

62,625

Taxation and social security

 

90,748

62,397

Accruals and deferred income

 

384,787

291,764

Other creditors

 

1,038

1,470

 

549,125

428,256

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

92,960

32,500

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

22,500

32,500

Hire purchase contracts

70,460

-

92,960

32,500

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Hire purchase contracts

14,094

-

24,094

10,000