Registration number:
Sourcedbyajay LTD
for the Year Ended 31 May 2023
Sourcedbyajay LTD
Contents
Company Information |
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Director's Report |
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Accountants' Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
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Detailed Profit and Loss Account |
Sourcedbyajay LTD
Company Information
Director |
Mr Alajie Momodou Taal |
Registered office |
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Accountants |
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Sourcedbyajay LTD
Director's Report for the Year Ended 31 May 2023
The director presents his report and the financial statements for the year ended 31 May 2023.
Director of the company
The director who held office during the year was as follows:
Principal activity
The principal activity of the company is Retail sale via mail order house
Small companies provision statement
This report has 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.
Approved and authorised by the
......................................... |
Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Sourcedbyajay LTD
for the Year Ended 31 May 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sourcedbyajay LTD for the year ended 31 May 2023 as set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the Board of Directors of Sourcedbyajay LTD, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Sourcedbyajay LTD and state those matters that we have agreed to state to the Board of Directors of Sourcedbyajay LTD, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sourcedbyajay LTD and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Sourcedbyajay LTD has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Sourcedbyajay LTD. You consider that Sourcedbyajay LTD is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Sourcedbyajay LTD. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Certified Accountants
Sourcedbyajay LTD
Profit and Loss Account for the Year Ended 31 May 2023
Note |
2023 |
2022 |
|
Turnover |
|
- |
|
Cost of sales |
( |
- |
|
Gross profit |
|
- |
|
Administrative expenses |
( |
( |
|
Operating profit/(loss) |
8,590 |
(1,707) |
|
Profit/(loss) before tax |
|
( |
|
Tax on profit/(loss) |
( |
- |
|
Profit/(loss) for the financial year |
|
( |
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Sourcedbyajay LTD
Statement of Comprehensive Income for the Year Ended 31 May 2023
2023 |
2022 |
|
Profit/(loss) for the year |
|
( |
Total comprehensive income for the year |
|
( |
Sourcedbyajay LTD
(Registration number: 12621649)
Balance Sheet as at 31 May 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
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- |
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Current assets |
|||
Stocks |
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- |
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Cash at bank and in hand |
|
- |
|
|
- |
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets/(liabilities) |
|
( |
|
Net assets/(liabilities) |
|
( |
|
Capital and reserves |
|||
Called up share capital |
1 |
- |
|
Retained earnings |
5,503 |
(1,707) |
|
Shareholders' funds/(deficit) |
5,504 |
(1,707) |
For the financial year ending 31 May 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 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
......................................... |
Sourcedbyajay LTD
Statement of Changes in Equity for the Year Ended 31 May 2023
Share capital |
Retained earnings |
Total |
|
At 1 June 2022 |
- |
( |
( |
Profit for the year |
- |
|
|
New share capital subscribed |
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- |
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At 31 May 2023 |
|
|
|
Retained earnings |
Total |
|
Loss for the year |
( |
( |
At 31 May 2022 |
( |
( |
Sourcedbyajay LTD
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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
The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities 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.
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.
Tangible assets
Tangible assets are stated in the balance sheet 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.
Sourcedbyajay LTD
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
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:
Depreciation rates
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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
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.
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Profit/loss before tax |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
|
- |
Sourcedbyajay LTD
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
Tangible assets |
Motor vehicles |
Total |
|
Cost or valuation |
||
Additions |
|
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At 31 May 2023 |
|
|
Depreciation |
||
Charge for the year |
|
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At 31 May 2023 |
|
|
Carrying amount |
||
At 31 May 2023 |
|
|
Stocks |
2023 |
2022 |
|
Other inventories |
|
- |
Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
|
Due within one year |
||
Taxation and social security |
|
- |
Accruals and deferred income |
|
|
Other creditors |
|
|
|
|
Share capital |
Sourcedbyajay LTD
Detailed Profit and Loss Account for the Year Ended 31 May 2023
2023 |
2022 |
|
turnover |
31,922 |
- |
Cost of sales |
(19,617) |
- |
Gross profit |
12,305 |
- |
Gross profit (%) |
38.55% |
0% |
Administrative expenses |
||
Establishment costs |
520 |
- |
General administrative expenses |
2,455 |
1,707 |
Finance charges |
240 |
- |
Depreciation costs |
500 |
- |
3,715 |
1,707 |
|
Operating profit/(loss) |
8,590 |
(1,707) |
Profit/(loss) before tax |
8,590 |
(1,707) |
Sourcedbyajay LTD
Detailed Profit and Loss Account for the Year Ended 31 May 2023
2023 |
2022 |
Turnover |
||
Sale of goods, UK |
31,922 |
- |
Cost of sales |
||
Purchases |
26,077 |
- |
Direct costs |
1,540 |
- |
Closing finished goods |
(8,000) |
- |
19,617 |
- |
Establishment costs |
||
Use of home as office |
520 |
- |
General administrative expenses |
||
Printing, postage and stationery |
21 |
- |
Trade subscriptions |
308 |
- |
Motor expenses |
85 |
- |
Travel and subsistence |
1,537 |
1,287 |
Accountancy fees |
504 |
420 |
2,455 |
1,707 |
Finance charges |
||
Bank charges |
240 |
- |
Depreciation costs |
||
Depreciation of motor vehicles (owned) |
500 |
- |