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REGISTERED NUMBER: 02876790 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

SOURCING - IT LIMITED

SOURCING - IT LIMITED (REGISTERED NUMBER: 02876790)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SOURCING - IT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTORS: S Wemyss
A L Wemyss





SECRETARY: D Claridge





REGISTERED OFFICE: 5th Floor, R+ Building
2 Blagrave Street
Reading
Berkshire
RG1 1AZ





REGISTERED NUMBER: 02876790 (England and Wales)





ACCOUNTANTS: Crowe U.K. LLP
5th Floor, R+ Building
2 Blagrave Street
Reading
Berkshire
RG1 1AZ

SOURCING - IT LIMITED (REGISTERED NUMBER: 02876790)

BALANCE SHEET
30 SEPTEMBER 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 299,150 320,689

CURRENT ASSETS
Stocks 141,265 325,191
Debtors 5 996,308 939,050
Cash at bank and in hand 396,270 886,260
1,533,843 2,150,501
CREDITORS
Amounts falling due within one year 6 (1,027,942 ) (1,401,684 )
NET CURRENT ASSETS 505,901 748,817
TOTAL ASSETS LESS CURRENT
LIABILITIES

805,051

1,069,506

CREDITORS
Amounts falling due after more than
one year

7

(174,612

)

(249,009

)

PROVISIONS FOR LIABILITIES 9 (8,577 ) (10,183 )
NET ASSETS 621,862 810,314

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 621,860 810,312
621,862 810,314

SOURCING - IT LIMITED (REGISTERED NUMBER: 02876790)

BALANCE SHEET - continued
30 SEPTEMBER 2024


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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 24 April 2025 and were signed on its behalf by:





A L Wemyss - Director


SOURCING - IT LIMITED (REGISTERED NUMBER: 02876790)

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


1. STATUTORY INFORMATION

Sourcing - It 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.

Going concern
The company has cash resources but depends on its existing bank facilities to meet its day to day working capital requirements. Current forecasts indicate that the company expects to be able to operate within these facilities for whole of the foreseeable future. Accordingly, the directors believe it is appropriate to prepare the financial statements on the going concern basis.

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:

Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the company has transferred the significant risks and rewards of ownership to the buyer;
- the company retains neither continuing managerial involvement to the degree usually
associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

SOURCING - IT LIMITED (REGISTERED NUMBER: 02876790)

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


2. ACCOUNTING POLICIES - continued

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.

Depreciation is provided on the following basis:

Freehold property - 2% straight line
Freehold property improvements - 2% straight line
Leasehold property improvements - 20% straight line
Motor vehicles - 25% reducing balance
Office equipment - 25% reducing balance

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 the Statement of income and retained earnings.

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.


SOURCING - IT LIMITED (REGISTERED NUMBER: 02876790)

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


2. ACCOUNTING POLICIES - continued
Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Pension
Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

SOURCING - IT LIMITED (REGISTERED NUMBER: 02876790)

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


2. ACCOUNTING POLICIES - continued

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. Nonmonetary 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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Operating leases: the company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the
lease term.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 17 ) .

SOURCING - IT LIMITED (REGISTERED NUMBER: 02876790)

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


4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 October 2023 289,961 257,971 547,932
Additions - 4,556 4,556
At 30 September 2024 289,961 262,527 552,488
DEPRECIATION
At 1 October 2023 41,272 185,971 227,243
Charge for year 6,956 19,139 26,095
At 30 September 2024 48,228 205,110 253,338
NET BOOK VALUE
At 30 September 2024 241,733 57,417 299,150
At 30 September 2023 248,689 72,000 320,689

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 696,948 644,648
Amounts owed by participating interests 36,000 -
Other debtors 263,360 294,402
996,308 939,050

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 93,055 92,629
Hire purchase contracts (see note 8)
5,653

-
Trade creditors 516,394 626,577
Taxation and social security 33,075 57,647
Other creditors 379,765 624,831
1,027,942 1,401,684

SOURCING - IT LIMITED (REGISTERED NUMBER: 02876790)

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


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 8)
18,009

-
Bank loans 156,603 249,009
174,612 249,009

The bank loans are secured by a fixed and floating charge over the freehold property of the company. £49,133 (2023 - £61,863) is due in over 5 years.

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 5,653 -
Between one and five years 18,009 -
23,662 -

Non-cancellable operating leases
2024 2023
£    £   
Within one year 8,476 3,571
Between one and five years - 8,476
8,476 12,047

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 8,577 10,183

SOURCING - IT LIMITED (REGISTERED NUMBER: 02876790)

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


9. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 October 2023 10,183
Credit to Statement of Income and Retained Earnings during
year

(1,606

)
Balance at 30 September 2024 8,577

10. PENSION COMMITMENTS

The company contributes to the personal pension plans of the directors and also operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the funds and amounted to £19,222 (2023 - £28,530). No contributions (2023 - £nil) were payable to the funds at the balance sheet date.

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the directors were provided with advances totalling £nil (2023 - £nil), of which £35,842 (2023 - £2,000) was repaid. At the balance sheet date £147,118 (2023 - £182,960) was due from the directors to the company and is included in other debtors. No interest is due on these amounts which are unsecured and repayable on demand.

12. RELATED PARTY TRANSACTIONS

During the year, a management charge was made to a related company totalling £30,000 (2023: £nil) for management services provided. The amount due to Sourcing-IT Limited at the year end was £36,000 (2023: £nil).