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REGISTERED NUMBER: 11901120 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Source Connect UK Limited

Source Connect UK Limited (Registered number: 11901120)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Source Connect UK Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: D Raj





REGISTERED OFFICE: Belmont
Renton Avenue
Guiseley
Leeds
West Yorkshire
LS20 8EE





REGISTERED NUMBER: 11901120 (England and Wales)





ACCOUNTANTS: Charles Stewart & Co Limited
3 Park Square
Leeds
LS1 2NE

Source Connect UK Limited (Registered number: 11901120)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 18,011 2,168

CURRENT ASSETS
Debtors 5 1,071,771 896,133
Cash at bank 13,779 1,831
1,085,550 897,964
CREDITORS
Amounts falling due within one year 6 224,768 242,533
NET CURRENT ASSETS 860,782 655,431
TOTAL ASSETS LESS CURRENT
LIABILITIES

878,793

657,599

CREDITORS
Amounts falling due after more than one
year

7

(11,237

)

(20,858

)

PROVISIONS FOR LIABILITIES 8 (625 ) (412 )
NET ASSETS 866,931 636,329

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 10 866,831 636,229
SHAREHOLDERS' FUNDS 866,931 636,329

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Source Connect UK Limited (Registered number: 11901120)

Balance Sheet - continued
31 March 2024


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 5 February 2025 and were signed by:





D Raj - Director


Source Connect UK Limited (Registered number: 11901120)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Source Connect UK Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.
Computer equipment - 33% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 6 ) .

Source Connect UK Limited (Registered number: 11901120)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 - 6,211 6,211
Additions 16,500 2,153 18,653
At 31 March 2024 16,500 8,364 24,864
DEPRECIATION
At 1 April 2023 - 4,043 4,043
Charge for year 1,031 1,779 2,810
At 31 March 2024 1,031 5,822 6,853
NET BOOK VALUE
At 31 March 2024 15,469 2,542 18,011
At 31 March 2023 - 2,168 2,168

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 35,250 30,210
Corporation tax recoverable 214,871 214,871
Directors' current accounts 778,602 651,052
Tax 43,048 -
1,071,771 896,133

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Tax 171,807 179,181
Social security and other taxes 2,943 1,450
VAT 23,985 37,454
Bank loan 10,648 10,648
Accrued expenses 15,385 13,800
224,768 242,533

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loan 11,237 20,858

The bank loan represents a loan under HM Government Coronavirus Business Bounce Back Loan Scheme. The bank loan carries an interest rate of 2.5% per annum and it is repayable in accordance with the rules of the scheme.

Source Connect UK Limited (Registered number: 11901120)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax 625 412

Deferred
tax
£   
Balance at 1 April 2023 412
Charge to Income Statement during year 213
Balance at 31 March 2024 625

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
100 Ordinary £1 100 100

10. RESERVES
Retained
earnings
£   

At 1 April 2023 636,229
Profit for the year 305,602
Dividends (75,000 )
At 31 March 2024 866,831

11. RELATED PARTY DISCLOSURES

At 31 March 2024 the company was owed a balance of £778,601 (2023: £651,052) from its director.

12. ULTIMATE CONTROLLING PARTY

The company is under the ultimate control of its director.