2023-05-012024-04-302024-04-30false11305533HOLLY SORCE 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HOLLY SORCE LTD

Registered Number
11305533
(England and Wales)

Unaudited Financial Statements for the Year ended
30 April 2024

HOLLY SORCE LTD
Company Information
for the year from 1 May 2023 to 30 April 2024

Director

SORCE, Holly Elizabeth

Registered Address

Office 453 Building 3 & 4 North London Business Park
Oakleigh Road South
London
N11 1GN

Registered Number

11305533 (England and Wales)
HOLLY SORCE LTD
Balance Sheet as at
30 April 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3316677
316677
Current assets
Debtors439412,030
Cash at bank and on hand93,11153,760
93,50565,790
Creditors amounts falling due within one year5(35,275)(23,809)
Net current assets (liabilities)58,23041,981
Total assets less current liabilities58,54642,658
Provisions for liabilities6-(146)
Net assets58,54642,512
Capital and reserves
Called up share capital100100
Profit and loss account58,44642,412
Shareholders' funds58,54642,512
The financial statements were approved and authorised for issue by the Director on 29 July 2024, and are signed on its behalf by:
SORCE, Holly Elizabeth
Director
Registered Company No. 11305533
HOLLY SORCE LTD
Notes to the Financial Statements
for the year ended 30 April 2024

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 accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
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).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover represents net invoiced sales of services excluding value added tax. Turnover is recognised when the company receives the right to consideration.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
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
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Fixtures and fittings25
Office Equipment33
2.Average number of employees

20242023
Average number of employees during the year11
3.Tangible fixed assets

Fixtures & fittings

Office Equipment

Total

£££
Cost or valuation
At 01 May 233532,1192,472
Additions-583583
At 30 April 243532,7023,055
Depreciation and impairment
At 01 May 231411,6541,795
Charge for year53891944
At 30 April 241942,5452,739
Net book value
At 30 April 24159157316
At 30 April 23212465677
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables-9,780
Other debtors-2,250
Prepayments and accrued income394-
Total39412,030
5.Creditors: amounts due within one year

2024

2023

££
Taxation and social security34,02822,837
Other creditors17172
Accrued liabilities and deferred income1,230800
Total35,27523,809
6.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)-146
Total-146
7.Related party transactions
As at the date of the balance sheet, Mrs H Sorce, was owed £17 (2023: £172) by the company. The loan is repayable on demand and there are no terms attached.