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Registration number: 04748637

Outsource International Limited

Filleted Financial Statements

for the Year Ended 30 April 2024

 

Outsource International Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 7

 

Outsource International Limited

(Registration number: 04748637)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

27,067

28,812

Current assets

 

Stocks

5

17,012

35,412

Debtors

6

1,091,046

761,268

Cash at bank and in hand

 

701,634

713,752

 

1,809,692

1,510,432

Creditors: Amounts falling due within one year

7

(1,449,137)

(1,114,858)

Net current assets

 

360,555

395,574

Total assets less current liabilities

 

387,622

424,386

Creditors: Amounts falling due after more than one year

7

-

(20,833)

Net assets

 

387,622

403,553

Capital and reserves

 

Called up share capital

100

100

Retained earnings

387,522

403,453

Shareholders' funds

 

387,622

403,553

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 August 2024 and signed on its behalf by:
 

.........................................
N J Stokes
Director

 

Outsource International Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
St Anne's House
Oxford Square
9 - 21 Oxford Street
Newbury
Berkshire
RG14 1JQ
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest pound.

Going concern

The financial statements have been prepared on a going concern basis.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 23 August 2024 was Dean Blunden BFP FCA, who signed for and on behalf of UHY Ross Brooke.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Contract revenue recognition

Income and expenditure on long term contracts is assessed on a contract by contract basis and reflected in the profit and loss account by recording the relevant proportion of turnover and related costs as contract activity progresses.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate ruling at the start of the month of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

 

Outsource International Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Tax

The tax expense for the period comprises current tax payable.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% straight line basis

Leasehold improvements

Straight line basis over lease term

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Outsource International Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 21 (2023 - 18).

4

Tangible assets

Short leasehold land and buildings
£

Office equipment
£

Total
£

Cost or valuation

At 1 May 2023

28,695

207,510

236,205

Additions

-

13,571

13,571

Disposals

-

(63,863)

(63,863)

At 30 April 2024

28,695

157,218

185,913

Depreciation

At 1 May 2023

21,769

185,624

207,393

Charge for the year

5,937

9,379

15,316

Eliminated on disposal

-

(63,863)

(63,863)

At 30 April 2024

27,706

131,140

158,846

Carrying amount

At 30 April 2024

989

26,078

27,067

At 30 April 2023

6,926

21,886

28,812

Included within the net book value of land and buildings above is £989 (2023 - £6,926) in respect of short leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

17,012

35,412

 

Outsource International Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

708,895

463,989

Prepayments

96,222

127,673

Other debtors

285,929

169,606

 

1,091,046

761,268

 

Outsource International Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

20,833

83,333

Trade creditors

 

536,949

388,757

Taxation and social security

 

300,298

129,741

Other creditors

 

591,057

513,027

 

1,449,137

1,114,858

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

-

20,833

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

20,833

83,333

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

20,833

Bank borrowings

The Coronavirus Business Interruption Loan is denominated in pounds with a nominal interest rate of 3.99% over the Bank of England Base Rate, and the final instalment is due on 1 June 2024. The carrying amount at year end is £20,833 (2023 - £104,166).

The bank loan is secured by a fixed and floating charge over the assets of the company.

 

Outsource International Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £12,874 (2023 - £85,167).

A new financial commitment was signed post year end which totalled £173,363.

10

Related party transactions

Key management personnel

There was no key management remuneration requiring disclosure other than that in relation to the directors of the company.

During the year, N Stokes (Director) had a loan with the company. At the balance sheet date the amount due to N Stokes was £590 (2023: nil).

Summary of transactions with other related parties

Contributions of £409,000 (2023: £115,784) were made by the company to Outsource EOT Limited during the period.

The company's remaining shareholders, who now own 20% of the company's shares, are trustees of Outsource EOT Limited.