IRIS Accounts Production v24.3.2.46 09084079 Board of Directors 1.7.23 30.6.24 30.6.24 false true false false true false Ordinary A 1.00000 Ordinary B 1.00000 Ordinary C 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh090840792023-06-30090840792024-06-30090840792023-07-012024-06-30090840792022-06-30090840792022-07-012023-06-30090840792023-06-3009084079ns15:EnglandWales2023-07-012024-06-3009084079ns14:PoundSterling2023-07-012024-06-3009084079ns10:Director12023-07-012024-06-3009084079ns10:PrivateLimitedCompanyLtd2023-07-012024-06-3009084079ns10:SmallEntities2023-07-012024-06-3009084079ns10:AuditExempt-NoAccountantsReport2023-07-012024-06-3009084079ns10:SmallCompaniesRegimeForDirectorsReport2023-07-012024-06-3009084079ns10:SmallCompaniesRegimeForAccounts2023-07-012024-06-3009084079ns10:FullAccounts2023-07-012024-06-3009084079ns10:OrdinaryShareClass12023-07-012024-06-3009084079ns10:OrdinaryShareClass22023-07-012024-06-3009084079ns10:OrdinaryShareClass32023-07-012024-06-3009084079ns10:Director22023-07-012024-06-3009084079ns10:RegisteredOffice2023-07-012024-06-3009084079ns5:CurrentFinancialInstruments2024-06-3009084079ns5:CurrentFinancialInstruments2023-06-3009084079ns5:ShareCapital2024-06-3009084079ns5:ShareCapital2023-06-3009084079ns5:RetainedEarningsAccumulatedLosses2024-06-3009084079ns5:RetainedEarningsAccumulatedLosses2023-06-3009084079ns5:PlantMachinery2023-07-012024-06-3009084079ns5:FurnitureFittings2023-07-012024-06-3009084079ns5:PlantMachinery2023-06-3009084079ns5:FurnitureFittings2023-06-3009084079ns5:ComputerEquipment2023-06-3009084079ns5:ComputerEquipment2023-07-012024-06-3009084079ns5:PlantMachinery2024-06-3009084079ns5:FurnitureFittings2024-06-3009084079ns5:ComputerEquipment2024-06-3009084079ns5:PlantMachinery2023-06-3009084079ns5:FurnitureFittings2023-06-3009084079ns5:ComputerEquipment2023-06-3009084079ns5:WithinOneYearns5:CurrentFinancialInstruments2024-06-3009084079ns5:WithinOneYearns5:CurrentFinancialInstruments2023-06-3009084079ns5:Secured2024-06-3009084079ns5:Secured2023-06-3009084079ns10:OrdinaryShareClass12024-06-3009084079ns10:OrdinaryShareClass22024-06-3009084079ns10:OrdinaryShareClass32024-06-3009084079ns5:RetainedEarningsAccumulatedLosses2023-06-3009084079ns5:RetainedEarningsAccumulatedLosses2023-07-012024-06-30
REGISTERED NUMBER: 09084079 (England and Wales)












SOURCED COMPONENTS (EUROPE) LTD

Unaudited Financial Statements

for the Year Ended 30 June 2024






SOURCED COMPONENTS (EUROPE) LTD (REGISTERED NUMBER: 09084079)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SOURCED COMPONENTS (EUROPE) LTD

Company Information
for the Year Ended 30 June 2024







DIRECTORS: Mrs D F Greenslade
M P Greenslade





REGISTERED OFFICE: Unit 33, Daish Way
Dodnor Industrial Estate
Newport
Isle of Wight
PO30 5XJ





REGISTERED NUMBER: 09084079 (England and Wales)





ACCOUNTANTS: The Bailey Partnership
Chartered Accountants
The Old Mill, Kings Mill
Kings Mill Lane
South Nutfield
Surrey
RH1 5NB

SOURCED COMPONENTS (EUROPE) LTD (REGISTERED NUMBER: 09084079)

Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 18,796 24,457

CURRENT ASSETS
Stocks 5 145,883 91,500
Debtors 6 94,747 127,449
Cash at bank and in hand 60,067 50,916
300,697 269,865
CREDITORS
Amounts falling due within one year 7 285,274 264,770
NET CURRENT ASSETS 15,423 5,095
TOTAL ASSETS LESS CURRENT
LIABILITIES

34,219

29,552

CAPITAL AND RESERVES
Called up share capital 9 200 200
Retained earnings 10 34,019 29,352
SHAREHOLDERS' FUNDS 34,219 29,552

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 January 2025 and were signed on its behalf by:





M P Greenslade - Director


SOURCED COMPONENTS (EUROPE) LTD (REGISTERED NUMBER: 09084079)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Sourced Components (Europe) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance

Fixed assets do not require replacement of parts or the cost of major inspections to be recognised separately.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Holiday pay
No liability is recognised in respect of holiday pay as employees are unable to carry forward holiday into future periods.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

SOURCED COMPONENTS (EUROPE) LTD (REGISTERED NUMBER: 09084079)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 July 2023 15,795 16,592 3,188 35,575
Additions - 604 - 604
At 30 June 2024 15,795 17,196 3,188 36,179
DEPRECIATION
At 1 July 2023 3,949 6,077 1,092 11,118
Charge for year 2,962 2,779 524 6,265
At 30 June 2024 6,911 8,856 1,616 17,383
NET BOOK VALUE
At 30 June 2024 8,884 8,340 1,572 18,796
At 30 June 2023 11,846 10,515 2,096 24,457

5. STOCKS
2024 2023
£    £   
Stocks 145,883 91,500

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 79,845 127,449
Other debtors 14,902 -
94,747 127,449

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 32,948 38,304
Hire purchase contracts 7,883 10,483
Trade creditors 61,006 75,397
Tax 52,188 44,953
Social security and other taxes 127 2,503
VAT 10,576 15,372
Other creditors 16,347 15,609
Directors' loan accounts 95,499 60,524
Accrued expenses 8,700 1,625
285,274 264,770

SOURCED COMPONENTS (EUROPE) LTD (REGISTERED NUMBER: 09084079)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 78 6
Bank loans 32,870 38,298
32,948 38,304

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary A £1 100 100
50 Ordinary B £1 50 50
50 Ordinary C £1 50 50
200 200

10. RESERVES
Retained
earnings
£   

At 1 July 2023 29,352
Profit for the year 78,667
Dividends (74,000 )
At 30 June 2024 34,019