2023-01-012023-12-312023-12-31false04996243SOURCE MODELS (UK) 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SOURCE MODELS (UK) LIMITED

Registered Number
04996243
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

SOURCE MODELS (UK) LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

EVANS, Glynn Owen
EVANS, Paula Jane
GIBBS, David Neil

Company Secretary

EVANS, Glynn Owen

Registered Address

C/O Bulpitt Crocker Taxation Limited Tayfield House
38 Poole Road
Bournemouth
BH4 9DW

Registered Number

04996243 (England and Wales)
SOURCE MODELS (UK) LIMITED
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets337,60441,990
37,60441,990
Current assets
Debtors44,678135,947
Cash at bank and on hand718,872615,087
763,550751,034
Creditors amounts falling due within one year4(125,733)(162,910)
Net current assets (liabilities)637,817588,124
Total assets less current liabilities675,421630,114
Provisions for liabilities(630)-
Net assets674,791630,114
Capital and reserves
Called up share capital66
Profit and loss account674,785630,108
Shareholders' funds674,791630,114
The financial statements were approved and authorised for issue by the Board of Directors on 3 April 2024, and are signed on its behalf by:
GIBBS, David Neil
Director
Registered Company No. 04996243
SOURCE MODELS (UK) LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
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.
Statement of compliance
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.
Going concern
The directors have assessed that the company is a going concern.
Revenue from sale of goods
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.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
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.
Deferred tax
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-20
Plant and machinery25-
Office Equipment-3
2.Average number of employees

20232022
Average number of employees during the year32
3.Tangible fixed assets

Land & buildings

Plant & machinery

Office Equipment

Total

££££
Cost or valuation
At 01 January 2338,98414,8858,76362,632
Additions--1,9201,920
At 31 December 2338,98414,88510,68364,552
Depreciation and impairment
At 01 January 231,94914,4284,26520,642
Charge for year1,9491144,2436,306
At 31 December 233,89814,5428,50826,948
Net book value
At 31 December 2335,0863432,17537,604
At 31 December 2237,0354574,49841,990
4.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables87-
Taxation and social security82,643120,434
Other creditors40,82739,379
Accrued liabilities and deferred income2,1763,097
Total125,733162,910
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.