1 November 2022 v2024.39.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalseNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP115986512022-11-012023-10-31115986512023-10-31115986512022-10-3111598651core:WithinOneYear2023-10-3111598651core:WithinOneYear2022-10-3111598651core:ShareCapital2023-10-3111598651core:ShareCapital2022-10-3111598651core:RetainedEarningsAccumulatedLosses2023-10-3111598651core:RetainedEarningsAccumulatedLosses2022-10-3111598651bus:Director12022-11-012023-10-3111598651bus:Director22022-11-012023-10-3111598651bus:RegisteredOffice2022-11-012023-10-3111598651core:NetGoodwill2022-11-012023-10-31115986512021-11-012022-10-3111598651core:NetGoodwill2023-10-3111598651core:PlantMachinery2022-11-0111598651core:PlantMachinery2022-11-012023-10-3111598651core:PlantMachinery2023-10-3111598651core:PlantMachinery2022-10-3111598651countries:EnglandWales2022-11-012023-10-3111598651bus:AuditExemptWithAccountantsReport2022-11-012023-10-3111598651bus:PrivateLimitedCompanyLtd2022-11-012023-10-3111598651bus:SmallEntities2022-11-012023-10-3111598651bus:FullAccounts2022-11-012023-10-31
Company registration number:
11598651
Rent-Source Ltd
Unaudited Filleted Financial Statements for the year ended
31 October 2023
Rent-Source Ltd
Statement of Financial Position
31 October 2023
20232022
Note££
Fixed assets    
Intangible assets 5
36,328
  -  
Tangible assets 6
5,505
 
4,007
 
41,833
 
4,007
 
Current assets    
Debtors 7
130,504
  -  
Cash at bank and in hand
144,698
 
189,842
 
275,202
 
189,842
 
Creditors: amounts falling due within one year 8
(232,351
)
(145,586
)
Net current assets
42,851
 
44,256
 
Total assets less current liabilities 84,684   48,263  
Provisions for liabilities
(1,235
) -  
Net assets
83,449
 
48,263
 
Capital and reserves    
Called up share capital
1
 
1
 
Profit and loss account
83,448
 
48,262
 
Shareholders funds
83,449
 
48,263
 
For the year ending
31 October 2023
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
  • The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
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 income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
21 August 2024
, and are signed on behalf of the board by:
Sahil Gandhi
Sawan Gandhi
DirectorDirector
Company registration number:
11598651
Rent-Source Ltd
Notes to the Financial Statements
Year ended
31 October 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
228 South Ealing Road
,
London
,
W5 4RP
, England.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Goodwill

Purchased goodwill arises on business acquisitions and represents the difference between the cost of acquisition and the fair values of the identifiable assets and liabilities acquired.
Goodwill is initially recorded at cost, and is subsequently stated at cost less any accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over the useful economic life of the asset. Where a reliable estimate of the useful life of goodwill cannot be made, the life is presumed not to exceed five years.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

4 Average number of employees

The average number of persons employed by the company during the year was
4
(2022:
4.00
).

5 Intangible assets

Goodwill
£
Cost  
At
1 November 2022
-  
Additions
38,240
 
At
31 October 2023
38,240
 
Amortisation  
At
1 November 2022
-  
Charge
1,912
 
At
31 October 2023
1,912
 
Carrying amount  
At
31 October 2023
36,328
 
At 31 October 2022 -  

6 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 November 2022
5,833
 
Additions
2,109
 
At
31 October 2023
7,942
 
Depreciation  
At
1 November 2022
1,826
 
Charge
611
 
At
31 October 2023
2,437
 
Carrying amount  
At
31 October 2023
5,505
 
At 31 October 2022
4,007
 

7 Debtors

20232022
££
Other debtors
130,504
  -  

8 Creditors: amounts falling due within one year

20232022
££
Bank loans and overdrafts
61,670
 
79,739
 
Taxation and social security
78,904
 
46,164
 
Other creditors
91,777
 
19,683
 
232,351
 
145,586