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COMPANY REGISTRATION NUMBER: 13350633
Sourcerie Ltd
Filleted Unaudited Financial Statements
31 December 2023
Sourcerie Ltd
Financial Statements
Year ended 31 December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
Sourcerie Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
7,409
9,880
Current assets
Debtors
6
197,108
4,799
Cash at bank and in hand
543,537
1,416,918
---------
------------
740,645
1,421,717
Creditors: amounts falling due within one year
7
41,273
31,164
---------
------------
Net current assets
699,372
1,390,553
---------
------------
Total assets less current liabilities
706,781
1,400,433
---------
------------
Net assets
706,781
1,400,433
---------
------------
Capital and reserves
Called up share capital
3
3
Share premium account
1,794,996
1,794,996
Profit and loss account
( 1,088,218)
( 394,566)
------------
------------
Shareholders funds
706,781
1,400,433
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 27 March 2024 , and are signed on behalf of the board by:
Ms A M Beyer
Ms K E Cardwell
Director
Director
Company registration number: 13350633
Sourcerie Ltd
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 Dover Road, Canterbury, Kent, CT1 3DN, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
These accounts have been prepared on a going concern basis. The directors are satisfied that the company will continue to meet its current obligations for at least the next 12 months.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. For the rendering of services, revenue is recognised when the services are transferred. When the outcome of a transaction can be estimated reliably, revenue is recognised based on the stage of completion of the transaction at the end of the reporting period. If the outcome of the transaction involving the rendering of services cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
Income tax
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer Equipment
-
20% straight line
Office Equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contribution to defined contribution plans are recognised as an example in the period in which their related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2022: 4 ).
5. Tangible assets
Computer Equipment
Office Equipment
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
11,228
1,123
12,351
--------
-------
--------
Depreciation
At 1 January 2023
2,246
225
2,471
Charge for the year
2,246
225
2,471
--------
-------
--------
At 31 December 2023
4,492
450
4,942
--------
-------
--------
Carrying amount
At 31 December 2023
6,736
673
7,409
--------
-------
--------
At 31 December 2022
8,982
898
9,880
--------
-------
--------
6. Debtors
2023
2022
£
£
Trade debtors
2,515
Other debtors
194,593
4,799
---------
-------
197,108
4,799
---------
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
574
2,891
Social security and other taxes
16,606
15,076
Other creditors
24,093
13,197
--------
--------
41,273
31,164
--------
--------
8. Related party transactions
At the year end date, the company owed the directors £13,197 (2022: £13,197)