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Registered number: 09290107
Sourced Vintage Studio Ltd
Financial Statements
For The Year Ended 31 March 2025
The PHLT Group
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—3
Page 1
Balance Sheet
Registered number: 09290107
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 977 1,738
977 1,738
CURRENT ASSETS
Stocks 5 85,010 72,182
Debtors 6 16,641 20,360
Cash at bank and in hand 16,166 3,043
117,817 95,585
Creditors: Amounts Falling Due Within One Year 7 (104,706 ) (73,030 )
NET CURRENT ASSETS (LIABILITIES) 13,111 22,555
TOTAL ASSETS LESS CURRENT LIABILITIES 14,088 24,293
NET ASSETS 14,088 24,293
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 13,988 24,193
SHAREHOLDERS' FUNDS 14,088 24,293
For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Ms Claire Foster
Director
02/05/2025
The notes on pages 2 to 3 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Sourced Vintage Studio Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09290107 . The registered office is Flat 5 Wick Tower, 138 Powis Street, London, SE18 6LR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 4 years straight line
Computer Equipment 3 years straight line
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is immaterial and so not provided for.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2024: 1)
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4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 April 2024 4,546 1,449 5,995
As at 31 March 2025 4,546 1,449 5,995
Depreciation
As at 1 April 2024 2,808 1,449 4,257
Provided during the period 761 - 761
As at 31 March 2025 3,569 1,449 5,018
Net Book Value
As at 31 March 2025 977 - 977
As at 1 April 2024 1,738 - 1,738
5. Stocks
2025 2024
£ £
Materials 85,010 72,182
6. Debtors
2025 2024
£ £
Due within one year
Trade debtors 15,848 13,744
Prepayments and accrued income - 5,823
Other taxes and social security 793 793
16,641 20,360
7. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Trade creditors - 1,120
Corporation tax 10,161 5,476
VAT 5,078 3,707
Other creditors 4,149 -
Director's loan account 85,318 62,727
104,706 73,030
8. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 100 100
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