0 3 October 2024 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 162,359 162,359 162,359 xbrli:pure xbrli:shares iso4217:GBP 11513882 2023-01-01 2023-12-31 11513882 2023-12-31 11513882 2022-12-31 11513882 2022-01-01 2022-12-31 11513882 2022-12-31 11513882 2021-12-31 11513882 bus:Director1 2023-01-01 2023-12-31 11513882 core:WithinOneYear 2023-12-31 11513882 core:WithinOneYear 2022-12-31 11513882 core:ShareCapital 2023-12-31 11513882 core:ShareCapital 2022-12-31 11513882 core:RetainedEarningsAccumulatedLosses 2023-12-31 11513882 core:RetainedEarningsAccumulatedLosses 2022-12-31 11513882 core:CostValuation core:Non-currentFinancialInstruments 2023-12-31 11513882 core:Non-currentFinancialInstruments 2023-12-31 11513882 core:Non-currentFinancialInstruments 2022-12-31 11513882 bus:SmallEntities 2023-01-01 2023-12-31 11513882 bus:Audited 2023-01-01 2023-12-31 11513882 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 11513882 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11513882 bus:FullAccounts 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 11513882
INSIDE SOURCE UK LIMITED
FILLETED FINANCIAL STATEMENTS
31 December 2023
INSIDE SOURCE UK LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Investments
4
162,359
162,359
Current assets
Debtors
5
306,000
178,500
Creditors: amounts falling due within one year
6
142,207
142,207
----------
----------
Net current assets
163,793
36,293
----------
----------
Total assets less current liabilities
326,152
198,652
----------
----------
Capital and reserves
Called up share capital
1
1
Profit and loss account
326,151
198,651
----------
----------
Shareholders funds
326,152
198,652
----------
----------
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.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 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 3 October 2024 , and are signed on behalf of the board by:
D B Denny
Director
Company registration number: 11513882
INSIDE SOURCE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 168 Church Road, Hove, East Sussex, BN3 2DL.
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 on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company has sufficient liquid resources to continue as a going concern for the foreseeable future and the directors believe the company will be able to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements. The directors consider that the uncertainty caused in the office furniture industry, initially as a result of Coronavirus and more recently with ongoing inflationary and cost of living considerations, should not materially affect the company's ability to continue as a going concern.
Consolidation
The company 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 company and its subsidiary undertakings comprise a small group.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Investments
Shares in group undertakings
£
Cost
At 1 January 2023 and 31 December 2023
162,359
----------
Impairment
At 1 January 2023 and 31 December 2023
----------
Carrying amount
At 31 December 2023
162,359
----------
At 31 December 2022
162,359
----------
5. Debtors
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
306,000
178,500
----------
----------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
142,207
142,207
----------
----------
7. Summary audit opinion
The auditor's report dated 3 October 2024 was unqualified .
The senior statutory auditor was David Guest FCA , for and on behalf of UHY Hacker Young (S.E.) Limited .
8. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2023
2022
2023
2022
£
£
£
£
Inside Source EMEA Limited
127,500
102,000
306,000
178,500
----------
----------
----------
----------
Inside Source EMEA Limited is the subsidiary undertaking of Inside Source Limited. The loans provided are interest free, unsecured and repayable on demand.
9. Controlling party
The Inside Source, Inc. is the parent of the smallest group for which group accounts are drawn up and of which the company is a member, although these group accounts are not publicly available. The registered office of The Inside Source Inc is 985 Industrial Road, Suite 101, San Carlos, CA 94070, USA.