Company Registration No. 12005477 (England and Wales)
New Source Ltd
Unaudited accounts
for the year ended 31 May 2024
New Source Ltd
Company Information
for the year ended 31 May 2024
Directors
Ioana Rotaru
Marinela-Luminita Dancescu
Company Number
12005477 (England and Wales)
Registered Office
Flat 11, Hines Lodge
70 Lankaster Gardens
London
N2 9FG
GB
Chartered Management Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of
New Source Ltd
for the year ended 31 May 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of New Source Ltd for the year ended 31 May 2024 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.
As a CIMA Registered Member in Practice and Practising Certificate holder, I am subject to its ethical and other professional requirements which are detailed at https://www.cimaglobal.com/Members/Your-Membership-Information/Members-handbook/Licensing-and-monitoring/Members-in-practice/
This report is made solely to the Board of Directors of New Source Ltd, as a body, in accordance with the terms of our engagement letter dated 1 October 2019. Our work has been undertaken solely to prepare for your approval the accounts of New Source Ltd and state those matters that we have agreed to state to the Board of Directors of New Source Ltd, as a body, in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than New Source Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that New Source Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of New Source Ltd. You consider that New Source Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of New Source Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Member in Practice
31 January 2025
New Source Ltd
Statement of financial position
as at 31 May 2024
Cash at bank and in hand
107,684
58,289
Creditors: amounts falling due within one year
(421,413)
(623,112)
Net current assets
283,289
173,196
Total assets less current liabilities
309,867
199,274
Creditors: amounts falling due after more than one year
(31,756)
(43,853)
Provisions for liabilities
Net assets
278,111
154,422
Called up share capital
100
100
Profit and loss account
278,011
154,322
Shareholders' funds
278,111
154,422
For the year ending 31 May 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
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 of Directors and authorised for issue on 6 February 2025 and were signed on its behalf by
Ioana Rotaru
Director
Company Registration No. 12005477
New Source Ltd
Notes to the Accounts
for the year ended 31 May 2024
New Source Ltd is a private company, limited by shares, registered in England and Wales, registration number 12005477. The registered office is Flat 11, Hines Lodge, 70 Lankaster Gardens, London, N2 9FG, GB.
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.
These financial accounts have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in The UK and Republic of Ireland" (FRS 102) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in Sterling (£), which is functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention.
Turnover is measured at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net to VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and material, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
The accounts are presented in £ sterling.
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.
Cash at bank and in hand are basic financial asset and include cash in hand, deposits held with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
Holiday payable of the staff for the year are accrued as per statutory holiday entitlement.
New Source Ltd
Notes to the Accounts
for the year ended 31 May 2024
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. There is no depreciation charged for this Year.
4
Tangible fixed assets
Total
5
Provisions for liabilities
£
Decrease in existing provisions
(999)
Provisions are measured at the best estimate (including risks and uncertainties) of the expenditure required to settle the present obligation, and reflects the present value of expenditures required to settle the obligation.
6
Average number of employees
During the year the average number of employees was 61 (2023: 57).