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REGISTERED NUMBER: 11688676 (England and Wales)


















PLAY SOURCE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2024






PLAY SOURCE LIMITED (REGISTERED NUMBER: 11688676)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PLAY SOURCE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2024







DIRECTORS: Mr Neil Jeffrey Totman
Mrs Donna Anne Totman





REGISTERED OFFICE: Sovereign House
15 Towcester Road
Old Stratford
Milton Keynes
Northamptonshire
MK19 6AN





REGISTERED NUMBER: 11688676 (England and Wales)





ACCOUNTANTS: Thompson Balch Limited
Chartered Accountants
Sovereign House
15 Towcester Road
Old Stratford
Milton Keynes
MK19 6AN

PLAY SOURCE LIMITED (REGISTERED NUMBER: 11688676)

BALANCE SHEET
30 NOVEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 19,885 26,515

CURRENT ASSETS
Stocks 6,000 8,628
Debtors 5 7,488 3,166
Cash at bank - 14,340
13,488 26,134
CREDITORS
Amounts falling due within one year 6 16,304 12,089
NET CURRENT (LIABILITIES)/ASSETS (2,816 ) 14,045
TOTAL ASSETS LESS CURRENT
LIABILITIES

17,069

40,560

CREDITORS
Amounts falling due after more than one
year

7

(13,289

)

(20,502

)

PROVISIONS FOR LIABILITIES (3,778 ) (5,038 )
NET ASSETS 2 15,020

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings - 15,018
SHAREHOLDERS' FUNDS 2 15,020

PLAY SOURCE LIMITED (REGISTERED NUMBER: 11688676)

BALANCE SHEET - continued
30 NOVEMBER 2024


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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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 20 February 2025 and were signed on its behalf by:





Mr Neil Jeffrey Totman - Director


PLAY SOURCE LIMITED (REGISTERED NUMBER: 11688676)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024


1. STATUTORY INFORMATION

Play Source 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 financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

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.


PLAY SOURCE LIMITED (REGISTERED NUMBER: 11688676)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 1 (2023 - 1 ) .

PLAY SOURCE LIMITED (REGISTERED NUMBER: 11688676)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 December 2023
and 30 November 2024 771 34,340 488 35,599
DEPRECIATION
At 1 December 2023 286 8,585 213 9,084
Charge for year 122 6,439 69 6,630
At 30 November 2024 408 15,024 282 15,714
NET BOOK VALUE
At 30 November 2024 363 19,316 206 19,885
At 30 November 2023 485 25,755 275 26,515

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 December 2023
and 30 November 2024 34,340
DEPRECIATION
At 1 December 2023 8,585
Charge for year 6,439
At 30 November 2024 15,024
NET BOOK VALUE
At 30 November 2024 19,316
At 30 November 2023 25,755

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 2,586
Other debtors 7,488 580
7,488 3,166

PLAY SOURCE LIMITED (REGISTERED NUMBER: 11688676)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

Included in Other Debtors is a directors loan balance of £6,753 in 2024 (2023: £nil). This amount was repaid within 9 months of the period end.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 933 -
Hire purchase contracts 4,519 188
Trade creditors 312 2,351
Taxation and social security 1,478 6,597
Other creditors 9,062 2,953
16,304 12,089

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 13,289 20,502