IRIS Accounts Production v24.1.9.2 05957579 Board of Directors 1.11.22 31.10.23 31.10.23 false true false false true false Ordinary 5.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh059575792022-10-31059575792023-10-31059575792022-11-012023-10-31059575792021-10-31059575792021-11-012022-10-31059575792022-10-3105957579ns15:EnglandWales2022-11-012023-10-3105957579ns14:PoundSterling2022-11-012023-10-3105957579ns10:Director12022-11-012023-10-3105957579ns10:PrivateLimitedCompanyLtd2022-11-012023-10-3105957579ns10:SmallEntities2022-11-012023-10-3105957579ns10:AuditExempt-NoAccountantsReport2022-11-012023-10-3105957579ns10:SmallCompaniesRegimeForDirectorsReport2022-11-012023-10-3105957579ns10:SmallCompaniesRegimeForAccounts2022-11-012023-10-3105957579ns10:FullAccounts2022-11-012023-10-3105957579ns10:OrdinaryShareClass12022-11-012023-10-3105957579ns10:Director22022-11-012023-10-3105957579ns10:Director32022-11-012023-10-3105957579ns10:Director42022-11-012023-10-3105957579ns10:CompanySecretary12022-11-012023-10-3105957579ns10:RegisteredOffice2022-11-012023-10-3105957579ns5:CurrentFinancialInstruments2023-10-3105957579ns5:CurrentFinancialInstruments2022-10-3105957579ns5:ShareCapital2023-10-3105957579ns5:ShareCapital2022-10-3105957579ns5:CapitalRedemptionReserve2023-10-3105957579ns5:CapitalRedemptionReserve2022-10-3105957579ns5:RetainedEarningsAccumulatedLosses2023-10-3105957579ns5:RetainedEarningsAccumulatedLosses2022-10-3105957579ns5:PlantMachinery2022-10-3105957579ns5:PlantMachinery2022-11-012023-10-3105957579ns5:PlantMachinery2023-10-3105957579ns5:PlantMachinery2022-10-3105957579ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-10-3105957579ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-10-3105957579ns5:CurrentFinancialInstruments2022-11-012023-10-3105957579ns10:OrdinaryShareClass12023-10-31
REGISTERED NUMBER: 05957579 (England and Wales)








Unaudited Financial Statements

for the Year Ended 31 October 2023

for

Direct Sourcing Solutions Limited

Direct Sourcing Solutions Limited (Registered number: 05957579)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Direct Sourcing Solutions Limited

Company Information
for the Year Ended 31 October 2023







DIRECTORS: D Weir
S Culley
H C Richardson



SECRETARY: Miss J R Miller



REGISTERED OFFICE: Bosworth Barn
Fryton
Slingsby
York
YO62 4AT



REGISTERED NUMBER: 05957579 (England and Wales)



ACCOUNTANTS: Hardcastle France
Chartered Accountants
30 Yorkersgate
Malton
North Yorkshire
YO17 7AW



BANKERS: Barclays Bank

Direct Sourcing Solutions Limited (Registered number: 05957579)

Balance Sheet
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 90,010 98,300

CURRENT ASSETS
Stocks 1,457,072 1,341,349
Debtors 5 747,486 769,768
Cash at bank 102,579 148,320
2,307,137 2,259,437
CREDITORS
Amounts falling due within one year 6 1,702,286 1,568,175
NET CURRENT ASSETS 604,851 691,262
TOTAL ASSETS LESS CURRENT LIABILITIES 694,861 789,562

PROVISIONS FOR LIABILITIES 12,480 18,677
NET ASSETS 682,381 770,885

CAPITAL AND RESERVES
Called up share capital 7 50 50
Capital redemption reserve 50 50
Retained earnings 682,281 770,785
SHAREHOLDERS' FUNDS 682,381 770,885

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Direct Sourcing Solutions Limited (Registered number: 05957579)

Balance Sheet - continued
31 October 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 March 2024 and were signed on its behalf by:





H C Richardson - Director


Direct Sourcing Solutions Limited (Registered number: 05957579)

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

1. STATUTORY INFORMATION

Direct Sourcing Solutions 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.

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 etc - 33.33% on cost, 20% on reducing balance, 15% on reducing balance and 25% on reducing balance.

Stocks
Stock is valued at the lower of cost or net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Direct Sourcing Solutions Limited (Registered number: 05957579)

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

2. ACCOUNTING POLICIES - continued

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 15 (2022 - 15 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 November 2022 410,059
Additions 43,868
At 31 October 2023 453,927
DEPRECIATION
At 1 November 2022 311,759
Charge for year 52,158
At 31 October 2023 363,917
NET BOOK VALUE
At 31 October 2023 90,010
At 31 October 2022 98,300

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 727,352 751,662
Other debtors 20,134 18,106
747,486 769,768

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 309,417 325,111
Other creditors 106,775 81,428
Directors' current accounts 1,286,094 1,161,636
1,702,286 1,568,175

Tax and social security included in the above amounts to £117,508 (2022: £73,428 ).

Direct Sourcing Solutions Limited (Registered number: 05957579)

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

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary 5p 50 50

8. RELATED PARTY DISCLOSURES

Included in creditors are balances of £1,286,094 (2022: £1,161,634) owing to the directors of the company. Neither account was overdrawn in the year. No interest has been paid by the company on credit balances.

During the year, dividends paid to directors amounted to £97,500 (2022: £195,000).