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Registered number: 14351114










SOURCESCRUB UK, LTD.










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
SOURCESCRUB UK, LTD.
REGISTERED NUMBER: 14351114

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
6,396
4,695

Current assets
  

Debtors: amounts falling due within one year
 5 
296,400
181,692

Cash at bank and in hand
  
2,296
2,524

  
298,696
184,216

Creditors: amounts falling due within one year
 6 
(272,028)
(173,366)

Net current assets
  
 
 
26,668
 
 
10,850

  

Net assets
  
33,064
15,545


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
33,063
15,544

  
33,064
15,545


The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 March 2025.




J Phillips
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
SOURCESCRUB UK, LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Sourcescrub UK, Ltd. is a private Company limited by shares, incorporated in England and Wales (registered number: 14351114). Its registered office is First Floor, 10 Temple Back, Bristol, BS1 6FL. The principal activity of the Company throughout the period was that of the provision of administration services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the Balance Sheet date, the Company’s profit and loss reserves were positive, but the Company's future is dependant on the continued sales to group companies. The Company will continue to receive the necessary support from Sparta Topco, L.P. (ultimate parent), including no repayment requirement of the intercompany debts and timely advancements of funds when required. The directors therefore consider it appropriate to prepare the accounts on a going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 2

 
SOURCESCRUB UK, LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Income and Retained Earnings

 
2.6

Taxation

Tax is recognised in the Statement of Income and Retained Earnings.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


Page 3

 
SOURCESCRUB UK, LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows..

The depreciation rates used are:

Computer equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).

The average monthly number of employees, including directors, during the year was 0 (2023 - 0).

Page 4

 
SOURCESCRUB UK, LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Tangible fixed assets





Computer equipment

£



Cost 


At 1 January 2024
7,740


Additions
4,902



At 31 December 2024

12,642



Depreciation


At 1 January 2024
3,045


Charge for the year on owned assets
3,201



At 31 December 2024

6,246



Net book value



At 31 December 2024
6,396



At 31 December 2023
4,695


5.


Debtors

2024
2023
£
£


Other debtors
18,900
18,900

Prepayments
277,500
162,792

296,400
181,692


Page 5

 
SOURCESCRUB UK, LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Amounts owed to group undertakings
192,457
55,961

Corporation tax
5,395
6,129

Accruals
74,176
111,276

272,028
173,366



7.


Related party transactions

The Company has taken advantage of the exemption in FRS 102 Section 33.1A to not disclose transactions with wholly owned group entities.


8.


Controlling party

The immediate and ultimate controlling party is SourceScrub LLC, a company incorporated in the United States of America. 
The results of Sourcescrub UK, Limited are consolididated in the financial statements of SourceScrub LLC and are available from 115 Sansome St, 1200, San Francisco, CA 94104, United States.


9.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 25 March 2025 by Kirstie Wilson ACA DChA (Senior Statutory Auditor) on behalf of Shorts.

 
Page 6