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REGISTERED NUMBER: 10790332 (England and Wales)











Financial Statements

for the Year Ended 31 May 2024

for

COSOURCED LIMITED

COSOURCED LIMITED (REGISTERED NUMBER: 10790332)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


COSOURCED LIMITED

Company Information
for the Year Ended 31 May 2024







DIRECTOR: Mr P W Blackford





REGISTERED OFFICE: Robert Denholm House Bletchingley Road
Nutfield
Redhill
RH1 4HW





REGISTERED NUMBER: 10790332 (England and Wales)





ACCOUNTANTS: Jeff Lermer & Associates
Chartered Accountants
42 Lytton Road
Barnet
Hertfordshire
EN5 5BY

COSOURCED LIMITED (REGISTERED NUMBER: 10790332)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 217,382 43,104

CURRENT ASSETS
Debtors 5 1,777,513 1,643,086
Cash at bank 4,948 298,222
1,782,461 1,941,308
CREDITORS
Amounts falling due within one year 6 1,351,696 1,715,961
NET CURRENT ASSETS 430,765 225,347
TOTAL ASSETS LESS CURRENT
LIABILITIES

648,147

268,451

CREDITORS
Amounts falling due after more than one year 7 (154,312 ) (93,333 )

PROVISIONS FOR LIABILITIES 10 (40,715 ) (10,776 )
NET ASSETS 453,120 164,342

CAPITAL AND RESERVES
Called up share capital 11 1,006 1,006
Retained earnings 452,114 163,336
SHAREHOLDERS' FUNDS 453,120 164,342

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

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 26 February 2025 and were signed by:



Mr P W Blackford - Director


COSOURCED LIMITED (REGISTERED NUMBER: 10790332)

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

1. STATUTORY INFORMATION

Cosourced 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.
Plant and machinery - 33% on reducing balance
Fixtures and fittings - 25% on reducing balance

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.

Hire purchase and leasing commitments
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 45 (2023 - 37 ) .

COSOURCED LIMITED (REGISTERED NUMBER: 10790332)

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

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 June 2023 25,910 1,691 26,725 9,976 64,302
Additions 2,394 - 212,333 11,162 225,889
At 31 May 2024 28,304 1,691 239,058 21,138 290,191
DEPRECIATION
At 1 June 2023 15,466 676 2,969 2,087 21,198
Charge for year 10,783 254 34,666 5,908 51,611
At 31 May 2024 26,249 930 37,635 7,995 72,809
NET BOOK VALUE
At 31 May 2024 2,055 761 201,423 13,143 217,382
At 31 May 2023 10,444 1,015 23,756 7,889 43,104

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 1,051,354 1,480,940
Amounts owed by group undertakings 386,856 -
Other debtors 23,209 16,351
Prepayments and accrued income 316,094 145,795
1,777,513 1,643,086

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans and overdrafts (see note 8) 255,434 40,000
Finance leases 26,313 20,203
Trade creditors 218,582 366,937
Amounts owed to group undertakings 291,836 788,694
Tax 281,460 144,059
Social security and other taxes 69,620 71,398
VAT 98,460 175,964
Other creditors 14,512 19,219
Accruals and deferred income 95,479 89,487
1,351,696 1,715,961

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans (see note 8) 53,333 93,333
Finance leases 100,979 -
154,312 93,333

COSOURCED LIMITED (REGISTERED NUMBER: 10790332)

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

8. LOANS

An analysis of the maturity of loans is given below:

31.5.24 31.5.23
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 215,434 -
Bank loans 40,000 40,000
255,434 40,000

Amounts falling due between one and two years:
Bank loans - 1-2 years 40,000 40,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 13,333 53,333

9. SECURED DEBTS

The following secured debts are included within creditors:

31.5.24 31.5.23
£    £   
Finance leases 127,292 20,203

10. PROVISIONS FOR LIABILITIES
31.5.24 31.5.23
£    £   
Deferred tax 40,715 10,776

Deferred
tax
£   
Balance at 1 June 2023 10,776
Provided during year 29,939
Balance at 31 May 2024 40,715

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: £    £   
1,000 A Ordinary £1 1,000 1,000
1 B Ordinary £1 1 1
1 C Ordinary £1 1 1
1 D Ordinary £1 1 1
1 E Ordinary £1 1 1
1 F Ordinary £1 1 1
1 G Ordinary £1 1 1
1,006 1,006

COSOURCED LIMITED (REGISTERED NUMBER: 10790332)

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

12. RELATED PARTY DISCLOSURES

As at the balance sheet date, included in creditor due within one year is £291,836 (2023 : £788,694) payable to Ruma Investments Ltd.

As at the balance sheet date, included in debtor due within one year £42,878 (2023: £nil) due from Accurate Cooling Services Ltd, and £343,978 (2023: £nil) due from Cosourced Group Limited.

The companies are under common control by the director.

As at the balance sheet date, included in creditors due within one year is £nil (2023: £nil) due and payable from the director. During the period interest of £547 was charged on any overdrawn balance at a rate of 2.25% per annum.

13. ULTIMATE CONTROLLING PARTY

The controlling party is Mr P W Blackford.