Registered number
09145270
HRC SOURCING LTD
Filleted Accounts
31 July 2024
HRC SOURCING LTD
Registered number: 09145270
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 5,257 8,396
Current assets
Debtors 4 14,767 18,118
Cash at bank and in hand 25,041 39,596
39,808 57,714
Creditors: amounts falling due within one year 5 (24,332) (36,486)
Net current assets 15,476 21,228
Total assets less current liabilities 20,733 29,624
Creditors: amounts falling due after more than one year 6 (5,000) (11,000)
Provisions for liabilities (999) (1,595)
Net assets 14,734 17,029
Capital and reserves
Called up share capital 100 100
Profit and loss account 14,634 16,929
Shareholders' funds 14,734 17,029
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr C Mansergh
Director
Approved by the board on 23 September 2024
HRC SOURCING LTD
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Motor vehicles over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 August 2023 10,809 19,685 30,494
Additions 938 - 938
At 31 July 2024 11,747 19,685 31,432
Depreciation
At 1 August 2023 10,587 11,511 22,098
Charge for the year 240 3,837 4,077
At 31 July 2024 10,827 15,348 26,175
Net book value
At 31 July 2024 920 4,337 5,257
At 31 July 2023 222 8,174 8,396
4 Debtors 2024 2023
£ £
Trade debtors 13,960 17,445
Other debtors 807 673
14,767 18,118
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 6,000 6,000
Trade creditors 3,959 5,812
Taxation and social security costs 12,133 22,506
Other creditors 2,240 2,168
24,332 36,486
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 5,000 11,000
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
C Mansergh
Directors Loan (382) 34,206 (34,356) (532)
(382) 34,206 (34,356) (532)
8 Related party transactions
Included within other creditors is the amount of £532 owed to the Director (2023 - £382 owed to the Director). This amount is undated, unsecured and interest free.
9 Controlling party
The company is under the control of sole Director, Mr C Mansergh.
# Other information
HRC SOURCING LTD is a private company limited by shares and incorporated in England. Its registered office is:
1 The Briars
Waterberry Drive
Waterlooville
Hampshire
PO7 7YH
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