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REGISTERED NUMBER: 10790332 (England and Wales)











Financial Statements

for the Year Ended 31 May 2023

for

COSOURCED LIMITED

COSOURCED LIMITED (REGISTERED NUMBER: 10790332)






Contents of the Financial Statements
for the Year Ended 31 May 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


COSOURCED LIMITED

Company Information
for the Year Ended 31 May 2023







DIRECTOR: P W Blackford





REGISTERED OFFICE: 42 Lytton Road
Barnet
Hertfordshire
EN5 5BY





REGISTERED NUMBER: 10790332 (England and Wales)





ACCOUNTANTS: Jeff Lermer & Associates
Chartered Accountants
42 Lytton Road
Barnet
Hertfordshire
EN5 5BY

COSOURCED LIMITED (REGISTERED NUMBER: 10790332)

Balance Sheet
31 May 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 43,104 17,148

CURRENT ASSETS
Debtors 5 1,643,086 960,350
Cash at bank 298,222 285,282
1,941,308 1,245,632
CREDITORS
Amounts falling due within one year 6 1,715,961 846,640
NET CURRENT ASSETS 225,347 398,992
TOTAL ASSETS LESS CURRENT
LIABILITIES

268,451

416,140

CREDITORS
Amounts falling due after more than one year 7 (93,333 ) (143,629 )

PROVISIONS FOR LIABILITIES (10,776 ) (1,315 )
NET ASSETS 164,342 271,196

CAPITAL AND RESERVES
Called up share capital 9 1,006 1,006
Retained earnings 163,336 270,190
SHAREHOLDERS' FUNDS 164,342 271,196

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

COSOURCED LIMITED (REGISTERED NUMBER: 10790332)

Balance Sheet - continued
31 May 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 February 2024 and were signed by:





P W Blackford - Director


COSOURCED LIMITED (REGISTERED NUMBER: 10790332)

Notes to the Financial Statements
for the Year Ended 31 May 2023

1. STATUTORY INFORMATION

Cosourced Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 33% on reducing balance
Fixtures and fittings - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 37 (2022 - 35 ) .

COSOURCED LIMITED (REGISTERED NUMBER: 10790332)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 June 2022 21,694 1,691 22,952 - 46,337
Additions 4,216 - 26,725 9,976 40,917
Disposals - - (22,952 ) - (22,952 )
At 31 May 2023 25,910 1,691 26,725 9,976 64,302
DEPRECIATION
At 1 June 2022 5,814 423 22,952 - 29,189
Charge for year 9,652 253 2,969 2,087 14,961
Eliminated on disposal - - (22,952 ) - (22,952 )
At 31 May 2023 15,466 676 2,969 2,087 21,198
NET BOOK VALUE
At 31 May 2023 10,444 1,015 23,756 7,889 43,104
At 31 May 2022 15,880 1,268 - - 17,148

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade debtors 1,480,940 946,033
Other debtors 16,351 2,602
Prepayments and accrued income 145,795 11,715
1,643,086 960,350

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Bank loans and overdrafts (see note 8) 40,000 40,000
Finance leases 20,203 3,203
Trade creditors 366,937 327,178
Amounts owed to group undertakings 788,694 48,694
Tax 144,059 240,064
Social security and other taxes 71,398 42,838
VAT 175,964 127,424
Other creditors 19,219 9,513
Directors' current accounts - 176
Accruals and deferred income 89,487 7,550
1,715,961 846,640

COSOURCED LIMITED (REGISTERED NUMBER: 10790332)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.5.23 31.5.22
£    £   
Bank loans (see note 8) 93,333 133,333
Finance leases - 10,296
93,333 143,629

8. LOANS

An analysis of the maturity of loans is given below:

31.5.23 31.5.22
£    £   
Amounts falling due within one year or on demand:
Bank loans 40,000 40,000

Amounts falling due between one and two years:
Bank loans - 1-2 years 40,000 40,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 53,333 93,333

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.23 31.5.22
value: £    £   
1,000 A Ordinary £1 1,000 1,000
1 B Ordinary £1 1 1
1 C Ordinary £1 1 1
1 D Ordinary £1 1 1
1 E Ordinary £1 1 1
1 F Ordinary £1 1 1
1 G Ordinary £1 1 1
1,006 1,006

10. RELATED PARTY DISCLOSURES

As at the balance sheet date, included within creditors due within one year is £nil (2022: £176) due and payable to the directors. This amount is interest free and repayable upon demand.

As at the balance sheet date, included in creditors due within one year is £788,694 (2022: £48,694) due and payable to Ruma Investments Ltd, a company in which the directors have common control.

11. ULTIMATE CONTROLLING PARTY

The controlling party is P W Blackford.