2022-08-012023-07-312023-07-31false05869527ONE SOURCE IT 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ONE SOURCE IT LIMITED

Registered Number
05869527
(England and Wales)

Unaudited Financial Statements for the Year ended
31 July 2023

ONE SOURCE IT LIMITED
Company Information
for the year from 1 August 2022 to 31 July 2023

Directors

CLARKE, Esme
SPYROU, Leon

Company Secretary

CLARKE, Esme

Registered Address

Unit 1 Westleigh Business Park
Winchester Avenue
Blaby
LE8 4EZ

Registered Number

05869527 (England and Wales)
ONE SOURCE IT LIMITED
Statement of Financial Position
31 July 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets513,47723,144
13,47723,144
Current assets
Stocks67,5007,500
Debtors7228,727265,482
Cash at bank and on hand206,835240,699
443,062513,681
Creditors amounts falling due within one year8(328,061)(334,394)
Net current assets (liabilities)115,001179,287
Total assets less current liabilities128,478202,431
Creditors amounts falling due after one year9(33,333)(42,901)
Provisions for liabilities10(3,369)(4,397)
Net assets91,776155,133
Capital and reserves
Called up share capital44
Profit and loss account91,772155,129
Shareholders' funds91,776155,133
The financial statements were approved and authorised for issue by the Board of Directors on 6 February 2024, and are signed on its behalf by:
SPYROU, Leon
Director
Registered Company No. 05869527
ONE SOURCE IT LIMITED
Notes to the Financial Statements
for the year ended 31 July 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Accounting policies
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Fixtures and fittings4
Office Equipment4
Stocks policy
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
4.Employee information

20232022
Average number of employees during the year55
5.Property, plant and equipment

Fixtures & fittings

Office Equipment

Total

£££
Cost or valuation
At 01 August 2214,15766,27280,429
Additions-1,5951,595
Disposals(2,965)(36,899)(39,864)
At 31 July 2311,19230,96842,160
Depreciation and impairment
At 01 August 227,28250,00357,285
Charge for year2,2925,7718,063
On disposals(2,965)(33,700)(36,665)
At 31 July 236,60922,07428,683
Net book value
At 31 July 234,5838,89413,477
At 31 July 226,87516,26923,144
6.Stocks

2023

2022

££
Other stocks7,5007,500
Total7,5007,500
7.Debtors

2023

2022

££
Trade debtors / trade receivables120,90842,019
Other debtors107,819128,341
Prepayments and accrued income-95,122
Total228,727265,482
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
8.Creditors within one year

2023

2022

££
Trade creditors / trade payables3,94330,369
Bank borrowings and overdrafts5,0571,130
Taxation and social security67,48953,518
Other creditors3,926-
Accrued liabilities and deferred income247,646249,377
Total328,061334,394
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
9.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts33,33342,901
Total33,33342,901
10.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)3,3694,397
Total3,3694,397