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Registered number: 08628948
Direct Sourcing Ingredients Limited
Unaudited Financial Statements
For The Year Ended 31 July 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—8
Page 1
Balance Sheet
Registered number: 08628948
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 135,000 -
Tangible Assets 5 1,066,342 285,294
1,201,342 285,294
CURRENT ASSETS
Stocks 6 843,345 585,528
Debtors 7 6,165,998 3,894,367
Cash at bank and in hand 86,189 62,508
7,095,532 4,542,403
Creditors: Amounts Falling Due Within One Year 8 (5,035,854 ) (2,339,290 )
NET CURRENT ASSETS (LIABILITIES) 2,059,678 2,203,113
TOTAL ASSETS LESS CURRENT LIABILITIES 3,261,020 2,488,407
Creditors: Amounts Falling Due After More Than One Year 9 (1,227,685 ) (607,001 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (167,345 ) (71,323 )
NET ASSETS 1,865,990 1,810,083
CAPITAL AND RESERVES
Called up share capital 11 200 200
Profit and Loss Account 1,865,790 1,809,883
SHAREHOLDERS' FUNDS 1,865,990 1,810,083
Page 1
Page 2
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Matthew Armitage
Director
26/07/2024
The notes on pages 3 to 8 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Direct Sourcing Ingredients Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08628948 . The registered office is 1st Floor Chancery Lane, Retford, Nottinghamshire, DN22 6DF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 25% Straight Line
Plant & Machinery 25% Straight Line
Motor Vehicles 25% Straight Line
Fixtures & Fittings 25% Straight Line
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2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Page 4
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2.9. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.10. 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
2.11. 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.
2.12. Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the
reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the
obligation and the amount of the obligation can be estimated reliably.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 16 (2022: 12)
16 12
4. Intangible Assets
Goodwill
£
Cost
As at 1 August 2022 -
Additions 150,000
As at 31 July 2023 150,000
Amortisation
As at 1 August 2022 -
Provided during the period 15,000
As at 31 July 2023 15,000
Net Book Value
As at 31 July 2023 135,000
As at 1 August 2022 -
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5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 August 2022 1,467 83,757 262,746 11,981 359,951
Additions - 526,100 745,940 5,481 1,277,521
Disposals - - (416,495 ) - (416,495 )
As at 31 July 2023 1,467 609,857 592,191 17,462 1,220,977
Depreciation
As at 1 August 2022 550 16,320 50,873 6,914 74,657
Provided during the period 220 76,745 87,634 2,106 166,705
Disposals - - (86,727 ) - (86,727 )
As at 31 July 2023 770 93,065 51,780 9,020 154,635
Net Book Value
As at 31 July 2023 697 516,792 540,411 8,442 1,066,342
As at 1 August 2022 917 67,437 211,873 5,067 285,294
6. Stocks
2023 2022
£ £
Finished goods 843,345 585,528
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 4,215,438 1,845,057
Other debtors 1,950,560 2,049,310
6,165,998 3,894,367
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8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 176,551 42,475
Trade creditors 1,598,132 614,430
Bank loans and overdrafts 171,676 125,266
Other creditors 2,916,051 1,179,384
Taxation and social security 173,444 377,735
5,035,854 2,339,290
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 825,531 208,076
Bank loans 402,154 398,925
1,227,685 607,001
10. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 176,551 42,475
Later than one year and not later than five years 825,531 208,076
1,002,082 250,551
1,002,082 250,551
11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 200 200
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12. Related Party Transactions
Directors Loan Account - these loans are repayable on demand. The amount
is included within other debtors.
Amount due from the related party: 2023: £702,212 (2022: £550,628)
Interest has been charged on the directors overdrawn account at HMRC's official rate of 2%.
2011 Trading Limited - Directors in common.
There is a loan account between the two companies which is free of interest and repayable on demand and is
included within other debtors.
Amount due from the related party: 2023: £409,229 (2022: £734,827)
Direct Sourcing Manufacturing Limited - Directors in common.
There is a loan account between the two companies which is free of interest and repayable on demand and is
included within other debtors.
Amount due from the related party: 2023: £239,865 (2022: £324,579)
Et Voila Limited - Directors in common.
There is a loan account between the two companies which is free of interest and repayable on demand and is
included within other debtors.
Amount due from the related party: 2023: £380,846 (2022: £288,256)
All About Food Service Limited - Directors in common.
There is a loan account between the two companies which is free of interest and repayable on demand and is
included within other creditors.
Amount due to the related party: 2023: £20,000 (2022: £0)
13. Ultimate Controlling Party
The directors are the company's ultimate controlling party by virtue of their beneficial ownership of 100% of the issued share capital in the company.
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