Registered number
10975823
4SRC LIMITED
Filleted Accounts
30 September 2024
4SRC LIMITED
Registered number: 10975823
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 13,094 7,959
13,094 7,959
Current assets
Stocks 148,000 160,000
Debtors 4 39,773 32,527
Cash at bank and in hand 66,904 96,396
254,677 288,923
Creditors: amounts falling due within one year 5 (257,552) (273,947)
Net current (liabilities)/assets (2,875) 14,976
Total assets less current liabilities 10,219 22,935
Creditors: amounts falling due after more than one year 6 (810) (3,414)
Net assets 9,409 19,521
Capital and reserves
Called up share capital 1 1
Profit and loss account 9,408 19,520
Shareholder's funds 9,409 19,521
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
ZHIHAI PANG
Director
Approved by the board on 29 May 2025
4SRC LIMITED
Notes to the Accounts
for the year ended 30 September 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor Vehicle and equipment 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Land and buildings Equipments Motor vehicles Total
£ £ £ £
Cost
At 1 October 2023 - 7,085 16,750 23,835
Additions - - 9,500 9,500
Surplus on revaluation - - - -
Disposals - - - -
At 30 September 2024 - 7,085 26,250 33,335
Depreciation
At 1 October 2023 - 4,425 11,451 15,876
Charge for the year - 665 3,700 4,365
Surplus on revaluation - - - -
On disposals - - - -
At 30 September 2024 - 5,090 15,151 20,241
Net book value
At 30 September 2024 - 1,995 11,099 13,094
At 30 September 2023 - 2,660 5,299 7,959
4 Debtors 2024 2023
£ £
Trade debtors 39,773 32,527
39,773 32,527
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 157,175 164,068
Director's loan account 46,103 81,103
Taxation and social security costs 3,952 1,438
Other creditors 50,322 27,338
257,552 273,947
6 Creditors: amounts falling due after one year 2024 2023
£ £
Finance lease and HP contracts 810 3,414
810 3,414
7 Controlling party
The company is controlled by Mr Zhihai Pang (100%).
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