Company registration number 10324926 (England and Wales)
Sourcing Partner Limited
financial statements
For the year ended 30 June 2024
Sourcing Partner Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
Sourcing Partner Limited
Statement of financial position
As at 30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks
258,293
428,257
Debtors
3
521,597
646,876
Cash at bank and in hand
176,884
13,089
956,774
1,088,222
Creditors: amounts falling due within one year
4
(687,207)
(801,100)
Net current assets
269,567
287,122
Capital and reserves
Called up share capital
5
100
100
Profit and loss reserves
269,467
287,022
Total equity
269,567
287,122

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

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 28 March 2025 and are signed on its behalf by:
Mr R  Sutton
Director
Company registration number 10324926 (England and Wales)
Sourcing Partner Limited
Notes to the financial statements
For the year ended 30 June 2024
- 2 -
1
Accounting policies
Company information

Sourcing Partner Limited is a private company limited by shares incorporated in England and Wales. The registered office is Sutton House, Berry Hill Road, Fenton, Stoke On Trent, Staffordshire, ST4 2NL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with other group entities where the relationship is one of being wholly owned.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on despatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Sourcing Partner Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
- 3 -
1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors, cash and bank balances and loans from fellow group companies, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans due to fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable.

Sourcing Partner Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
2
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
135,422
133,785
Amounts owed by group undertakings
207,405
101,742
Other debtors
178,770
411,349
521,597
646,876
Sourcing Partner Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
- 5 -
4
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
514
517,799
Trade creditors
34,998
2,069
Amounts owed to group undertakings
609,857
217,605
Taxation and social security
14,945
17,258
Other creditors
26,893
46,369
687,207
801,100

Included in bank loans and overdrafts are amounts of £Nil (2022 - £27,575) relating to invoice discounting facilities. These amounts are secured by a fixed charge on all debts purchased.

 

There is also an unlimited multilateral guarantee in place dated 1 August 2019 between R K Wholesale Limited, Sutton Venture Group Limited, Clearco Specialists Limited, Powerforce Distribution Limited and Sourcing Partner Limited.

5
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
6
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Gary Chadwick FCCA
Statutory Auditor:
DJH Audit Limited
Date of audit report:
29 May 2025
7
Directors' transactions

Interest free loans have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Director loan account
-
-
1,386
1,386
-
1,386
1,386
Sourcing Partner Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
- 6 -
8
Parent company

The ultimate parent company is Sutton Venture Group Limited, incorporated in England and Wales, registered office, Sutton House, Berry Hill Road, Fenton, Stoke on Trent, Staffordshire, ST4 2NL.

 

The largest and smallest group in which the results of the company are consolidated is that headed by Sutton Venture Group Limited, incorporated in England and Wales, registered office, Sutton House, Berry Hill Road, Fenton, Stoke on Trent, Staffordshire, ST4 2NL. The consolidated accounts of this company are available to the public and may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ. No other group accounts include the results of this company.

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