0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 170,000 170,000 170,000 170,100 170,000 100 100 xbrli:pure xbrli:shares iso4217:GBP 10179893 2023-04-01 2024-03-31 10179893 2024-03-31 10179893 2023-03-31 10179893 2022-04-01 2023-03-31 10179893 2023-03-31 10179893 2022-03-31 10179893 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 10179893 bus:Director1 2023-04-01 2024-03-31 10179893 core:WithinOneYear 2024-03-31 10179893 core:WithinOneYear 2023-03-31 10179893 core:ShareCapital 2024-03-31 10179893 core:ShareCapital 2023-03-31 10179893 core:RetainedEarningsAccumulatedLosses 2024-03-31 10179893 core:RetainedEarningsAccumulatedLosses 2023-03-31 10179893 core:CostValuation core:Non-currentFinancialInstruments 2024-03-31 10179893 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2024-03-31 10179893 core:Non-currentFinancialInstruments 2024-03-31 10179893 core:Non-currentFinancialInstruments 2023-03-31 10179893 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 10179893 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 10179893 bus:SmallEntities 2023-04-01 2024-03-31 10179893 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 10179893 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 10179893 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 10179893 bus:FullAccounts 2023-04-01 2024-03-31 10179893 bus:OrdinaryShareClass1 2024-03-31 10179893 bus:OrdinaryShareClass1 2023-03-31
COMPANY REGISTRATION NUMBER: 10179893
Sourcecircle Holdings Limited
Filleted Unaudited Financial Statements
For the year ended
31 March 2024
Sourcecircle Holdings Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
170,000
170,000
Investments
5
100
100
----------
----------
170,100
170,100
Current assets
Debtors
6
250,000
250,000
Cash at bank and in hand
135,062
128,391
----------
----------
385,062
378,391
Creditors: amounts falling due within one year
7
464,466
466,178
----------
----------
Net current liabilities
79,404
87,787
----------
----------
Total assets less current liabilities
90,696
82,313
---------
---------
Sourcecircle Holdings Limited
Statement of Financial Position (continued)
31 March 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
8
100
100
Profit and loss account
90,596
82,213
---------
---------
Shareholders funds
90,696
82,313
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 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 were approved by the board of directors and authorised for issue on 12 September 2024 , and are signed on behalf of the board by:
D A King
Director
Company registration number: 10179893
Sourcecircle Holdings Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Swan Lake Glass Works, Upperton Road, Leicester, LE2 7AY, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost basis.
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
Certain of the amounts included in the financial statements involve the use of judgement and/or estimation. These judgements and estimates are based on management's best knowledge of the relevant facts and circumstances, having regard to prior experience. but actual results may differ from the amounts included in the financial statements. Information about such judgements and estimation is contained in the accounting policies the notes to the financial statements and the key areas are summarised below: Judgements in applying accounting policies: The directors must judge whether all of the conditions required for revenues to be recognised in the income statement of the financial year, have been met; Sources of estimation uncertainty: Valuation of the investment property held by the company.
Revenue recognition
Turnover represents rental income and management charges received and is recognised on an accrued basis.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Investments
Investments in subsidiaries are measured at cost less accumulated impairment.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Tangible assets
Freehold property
£
Cost
At 1 April 2023 and 31 March 2024
170,000
----------
Depreciation
At 1 April 2023 and 31 March 2024
----------
Carrying amount
At 31 March 2024
170,000
----------
At 31 March 2023
170,000
----------
The investment property was revalued by an independent professional valuer to a value of £170,000 in March 2017 and the directors consider that this continues to reflect the market value of the property at March 2024.
5. Investments
Shares in group undertakings
£
Cost
At 1 April 2023 and 31 March 2024
170,100
----------
Impairment
At 1 April 2023 and 31 March 2024
170,000
----------
Carrying amount
At 31 March 2024
100
----------
At 31 March 2023
100
----------
The Company's subsidiary company is Sourcecircle Limited. Further detail of the subsidiaries are disclosed in the accounts of Sourcecircle Group Limited, the Company's ultimate parent company.
6. Debtors
2024
2023
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
250,000
250,000
----------
----------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
461,471
461,471
Corporation tax
1,967
3,679
Social security and other taxes
1,028
1,028
----------
----------
464,466
466,178
----------
----------
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
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