2024-05-012025-04-302025-04-30false11305533HOLLY SORCE 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HOLLY SORCE LTD

Registered Number
11305533
(England and Wales)

Unaudited Financial Statements for the Year ended
30 April 2025

HOLLY SORCE LTD
Company Information
for the year from 1 May 2024 to 30 April 2025

Director

SORCE, Holly Elizabeth

Registered Address

Office 4a Block D Southgate Office Village
286 Chase Road
London
N14 6HF

Registered Number

11305533 (England and Wales)
HOLLY SORCE LTD
Balance Sheet as at
30 April 2025

Notes

2025

2024

£

£

£

£

Fixed assets
Tangible assets4836316
836316
Current assets
Debtors512,247394
Cash at bank and on hand80,94293,111
93,18993,505
Creditors amounts falling due within one year6(28,280)(35,276)
Net current assets (liabilities)64,90958,229
Total assets less current liabilities65,74558,545
Net assets65,74558,545
Capital and reserves
Called up share capital100100
Profit and loss account65,64558,445
Shareholders' funds65,74558,545
The financial statements were approved and authorised for issue by the Director on 21 June 2025, and are signed on its behalf by:
SORCE, Holly Elizabeth
Director
Registered Company No. 11305533
HOLLY SORCE LTD
Notes to the Financial Statements
for the year ended 30 April 2025

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
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).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Revenue from rendering of services
Revenue 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.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
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.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Fixtures and fittings25
Office Equipment33
Trade and other 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.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other 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.
2.Average number of employees

20252024
Average number of employees during the year11
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Tangible fixed assets

Fixtures & fittings

Office Equipment

Total

£££
Cost or valuation
At 01 May 243532,7023,055
Additions-912912
At 30 April 253533,6143,967
Depreciation and impairment
At 01 May 241932,5462,739
Charge for year40352392
At 30 April 252332,8983,131
Net book value
At 30 April 25120716836
At 30 April 24160156316
5.Debtors: amounts due within one year

2025

2024

££
Trade debtors / trade receivables10,020-
Other debtors22
Prepayments and accrued income2,225392
Total12,247394
6.Creditors: amounts due within one year

2025

2024

££
Trade creditors / trade payables8,074-
Taxation and social security18,41034,029
Other creditors56617
Accrued liabilities and deferred income1,2301,230
Total28,28035,276
7.Share capital
100 ordinary shares were issued with a nominal value of £1 upon incorporation of the Company on 11 April 2018.
8.Related party transactions
At thedate of the balance sheet, the company owed £566 (2024: £17) to the director. The amount is repayable on demand and there are no terms attached.