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REGISTERED NUMBER: 11782681 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 June 2024

for

New World Sourcing Limited

New World Sourcing Limited (Registered number: 11782681)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


New World Sourcing Limited

Company Information
for the Year Ended 30 June 2024







DIRECTOR: Vijay Kumar Sharma





REGISTERED OFFICE: Office 1 Hatherton Court
Hatherton Street
Walsall
United Kingdom
WS4 2LA





REGISTERED NUMBER: 11782681 (England and Wales)





ACCOUNTANTS: Dhillon Accountants Limited
Chartered Accountants
Office 1
21 Hatherton Street
Walsall
WS4 2LA

New World Sourcing Limited (Registered number: 11782681)

Balance Sheet
30 June 2024

30.6.24 30.6.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 93,566 117,341

CURRENT ASSETS
Debtors 5 2,308,734 895,409
Cash at bank and in hand 402,683 1,880,343
2,711,417 2,775,752
CREDITORS
Amounts falling due within one year 6 (608,811 ) (1,545,302 )
NET CURRENT ASSETS 2,102,606 1,230,450
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,196,172

1,347,791

CREDITORS
Amounts falling due after more than
one year

7

(48,284

)

(73,129

)
NET ASSETS 2,147,888 1,274,662

CAPITAL AND RESERVES
Called up share capital 2,500 2,500
Retained earnings 2,145,388 1,272,162
SHAREHOLDERS' FUNDS 2,147,888 1,274,662

New World Sourcing Limited (Registered number: 11782681)

Balance Sheet - continued
30 June 2024


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 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 6 March 2025 and were signed by:





Vijay Kumar Sharma - Director


New World Sourcing Limited (Registered number: 11782681)

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


1. STATUTORY INFORMATION

New World Sourcing 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.

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
Motor vehicles - 25% on reducing balance
Computer equipment - 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.

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 14 (2023 - 18 ) .

New World Sourcing Limited (Registered number: 11782681)

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


4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 July 2023 1,978 1,741 124,080 399 128,198
Additions - 3,125 - 2,605 5,730
At 30 June 2024 1,978 4,866 124,080 3,004 133,928
DEPRECIATION
At 1 July 2023 484 - 10,340 33 10,857
Charge for year 373 435 28,435 262 29,505
At 30 June 2024 857 435 38,775 295 40,362
NET BOOK VALUE
At 30 June 2024 1,121 4,431 85,305 2,709 93,566
At 30 June 2023 1,494 1,741 113,740 366 117,341

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 185,854 278,988
Other debtors 2,122,880 616,421
2,308,734 895,409

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Hire purchase contracts 34,910 34,910
Trade creditors 55,339 726,307
Taxation and social security 313,765 235,367
Other creditors 204,797 548,718
608,811 1,545,302

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
30.6.24 30.6.23
£    £   
Hire purchase contracts 48,284 73,129

New World Sourcing Limited (Registered number: 11782681)

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


8. RELATED PARTY DISCLOSURES

Included in other creditors is the balance of £29,700 (2023 - £29,700) due to Evolve Hospitality Limited.

Included in other debtors are the following balances due from parties mentioned below

VS Hospitality Limited - £127,500 (2023 - £127,500)
NK2N Hotels (glasgow) Limited. - £1,218,886 (2023 - Nil)

Mr. Vijay Sharma is the director of Evolve Hospitality Limited and NK2N Hotels (glasgow) Limited as at 30 June 2024.

Mr. Vijay Sharma is a 51% shareholder in VS Hospitality Limited.

The above amounts are repayable on demand.