Registered number
11962794
SOURCED SW LONDON LTD
Filleted Accounts
30 April 2023
SOURCED SW LONDON LTD
Registered number: 11962794
Balance Sheet
as at 30 April 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 5,479 227,687
Investments 4 - 25,000
5,479 252,687
Current assets
Debtors 5 - 49,411
Cash at bank and in hand 96,145 106,540
96,145 155,951
Creditors: amounts falling due within one year 7 (7,201) (5,866)
Net current assets 88,944 150,085
Total assets less current liabilities 94,423 402,772
Creditors: amounts falling due after more than one year 8 (101,174) (428,032)
Net liabilities (6,751) (25,260)
Capital and reserves
Called up share capital 100 100
Profit and loss account (6,851) (25,360)
Shareholder's funds (6,751) (25,260)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mohammed Haaris Nizam
Director
Approved by the board on 9 April 2024
SOURCED SW LONDON LTD
Notes to the Accounts
for the year ended 30 April 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
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. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 10% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
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.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 May 2022 221,599 8,238 229,837
Disposals (221,599) - (221,599)
At 30 April 2023 - 8,238 8,238
Depreciation
At 1 May 2022 - 2,150 2,150
Charge for the year - 609 609
At 30 April 2023 - 2,759 2,759
Net book value
At 30 April 2023 - 5,479 5,479
At 30 April 2022 221,599 6,088 227,687
4 Investments
Other
investments
£
Cost
At 1 May 2022 25,000
Additions 40,000
Disposals (65,000)
At 30 April 2023 -
5 Debtors 2023 2022
£ £
Other debtors - 49,411
6 Profit on sale 2023
£
Sales price 270,339
Cost price 221,599
48,740
Ancillary cost
Legal fee 1,740
Disbursements 91
1,831
Profit on sale 46,909
7 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors - 467
Other creditors 7,201 5,399
7,201 5,866
8 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans - 269,123
Director's current account 101,174 158,909
101,174 428,032
9 Other information
SOURCED SW LONDON LTD is a private company limited by shares and incorporated in England. Its registered office is:
30 Woodbourne Avenue
London
SW16 1UU
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