Company Registration No. 11787222 (England and Wales)
Sourcewhere Limited
Unaudited accounts
for the year ended 31 January 2024
Sourcewhere Limited
Unaudited accounts
Contents
Sourcewhere Limited
Company Information
for the year ended 31 January 2024
Director
Erica Elizabeth Wright
Company Number
11787222 (England and Wales)
Registered Office
86-90 PAUL STREET 86-90 PAUL STREET
3RD FLOOR
LONDON
EC2A 4NE
ENGLAND
Accountants
The Accountancy Cloud
1 Fore Street Avenue
London
EC2Y 9DT
Sourcewhere Limited
Statement of financial position
as at 31 January 2024
Tangible assets
2,552
2,235
Cash at bank and in hand
41,623
4,721
Creditors: amounts falling due within one year
(628,307)
(547,217)
Net current liabilities
(580,371)
(469,106)
Net liabilities
(577,819)
(466,871)
Called up share capital
100
100
Profit and loss account
(577,919)
(466,971)
Shareholders' funds
(577,819)
(466,871)
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 29 October 2024 and were signed on its behalf by
Erica Elizabeth Wright
Director
Company Registration No. 11787222
Sourcewhere Limited
Notes to the Accounts
for the year ended 31 January 2024
Sourcewhere Limited is a private company, limited by shares, registered in England and Wales, registration number 11787222. The registered office is 86-90 PAUL STREET 86-90 PAUL STREET, 3RD FLOOR, LONDON, EC2A 4NE, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
The accounts have been prepared on the assumption that the company is able to carry on business as a going concern for the foreseeable future.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
Straight line over 5 years
Computer equipment
Straight line over 4 years
Research and Development Tax Credit
During the financial year, Sourcewhere Limited received a tax credit for qualifying research and development expenditure under the Research and Development tax relief scheme. This is presented as a tax repayment in the Statement of Profit or Loss in line with disclosure requirements under FRS 102.
Expenditure on research and development is written off in the year in which it is incurred.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Sourcewhere Limited
Notes to the Accounts
for the year ended 31 January 2024
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Plant & machinery
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 February 2023
169
3,026
3,195
At 31 January 2024
1,358
3,026
4,384
At 1 February 2023
71
889
960
Charge for the year
113
759
872
At 31 January 2024
184
1,648
1,832
At 31 January 2024
1,174
1,378
2,552
At 31 January 2023
98
2,137
2,235
Amounts falling due within one year
Amounts falling due after more than one year
Accrued income and prepayments
-
69,627
6
Creditors: amounts falling due within one year
2024
2023
Taxes and social security
631
820
Other creditors
(189)
(267)
Loans from directors
627,246
536,246
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
Sourcewhere Limited
Notes to the Accounts
for the year ended 31 January 2024
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
The directors' loan is interest-free and repayable on demand.
9
Average number of employees
During the year the average number of employees was 2 (2023: 2).