Acorah Software Products - Accounts Production 16.0.110 false true 28 February 2023 1 March 2022 false 1 March 2023 29 February 2024 29 February 2024 05031222 Mr Paul Wenman Mrs Susie Wenman iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 05031222 2023-02-28 05031222 2024-02-29 05031222 2023-03-01 2024-02-29 05031222 frs-core:CurrentFinancialInstruments 2024-02-29 05031222 frs-core:Non-currentFinancialInstruments 2024-02-29 05031222 frs-core:ComputerEquipment 2024-02-29 05031222 frs-core:ComputerEquipment 2023-03-01 2024-02-29 05031222 frs-core:ComputerEquipment 2023-02-28 05031222 frs-core:ShareCapital 2024-02-29 05031222 frs-core:RetainedEarningsAccumulatedLosses 2024-02-29 05031222 frs-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 05031222 frs-bus:FilletedAccounts 2023-03-01 2024-02-29 05031222 frs-bus:SmallEntities 2023-03-01 2024-02-29 05031222 frs-bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 05031222 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 05031222 frs-bus:Director1 2023-03-01 2024-02-29 05031222 frs-bus:CompanySecretary1 2023-03-01 2024-02-29 05031222 frs-countries:EnglandWales 2023-03-01 2024-02-29 05031222 2022-02-28 05031222 2023-02-28 05031222 2022-03-01 2023-02-28 05031222 frs-core:CurrentFinancialInstruments 2023-02-28 05031222 frs-core:Non-currentFinancialInstruments 2023-02-28 05031222 frs-core:ShareCapital 2023-02-28 05031222 frs-core:RetainedEarningsAccumulatedLosses 2023-02-28
Registered number: 05031222
Sourceasia Limited
Financial Statements
For The Year Ended 29 February 2024
One Plus One Ltd
34/36 Fore Street
Bovey Tracey
Devon
TQ13 9AE
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 05031222
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 645 700
645 700
CURRENT ASSETS
Debtors 5 473 -
Cash at bank and in hand 2,989 6,833
3,462 6,833
Creditors: Amounts Falling Due Within One Year 6 (34,092 ) (40,997 )
NET CURRENT ASSETS (LIABILITIES) (30,630 ) (34,164 )
TOTAL ASSETS LESS CURRENT LIABILITIES (29,985 ) (33,464 )
Creditors: Amounts Falling Due After More Than One Year 7 (6,939 ) (8,233 )
NET LIABILITIES (36,924 ) (41,697 )
CAPITAL AND RESERVES
Called up share capital 8 2 2
Profit and Loss Account (36,926 ) (41,699 )
SHAREHOLDERS' FUNDS (36,924) (41,697)
Page 1
Page 2
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Paul Wenman
Director
21 November 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Sourceasia Limited Registered number 05031222 is a limited by shares company incorporated in England & Wales. The Registered Office is 34/36 Fore Street, Bovey Tracy, Devon, TQ13 9AE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment 25% reducing balance
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Computer Equipment
£
Cost
As at 1 March 2023 6,371
Additions 159
As at 29 February 2024 6,530
Depreciation
As at 1 March 2023 5,671
Provided during the period 214
As at 29 February 2024 5,885
Net Book Value
As at 29 February 2024 645
As at 1 March 2023 700
Page 3
Page 4
5. Debtors
2024 2023
£ £
Due within one year
VAT 473 -
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,649 1,649
Bank loans and overdrafts 1,294 1,294
VAT - 312
Other creditors 1,878 2,056
HSBC Credit card 3,980 5,048
Director's loan account 25,291 30,638
34,092 40,997
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 6,939 8,233
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
Page 4