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Registered number: 08796120
Channel Solutions Resource Limited
Unaudited Financial Statements
For The Year Ended 30 September 2024
Channel Solutions Resource Limited
Contents
Contents
Page
Company Information 1
Balance Sheet 2—3
Notes to the Financial Statements 4—7
Page 1
Channel Solutions Resource Limited
Company Information
For The Year Ended 30 September 2024
Company Information
Directors Mr Donald Moore
Ms Stella Garner
Mr Yue Mu
Mr Jin Lu
Company Number 08796120
Registered Office Unit 6, Wheatley Business Centre
Old London Road
Wheatley
Oxford
OX33 1XW
Accountants C.E. Hill & Co. Ltd
Chartered Accountants
Unit 6
Wheatley Business Centre Old London Road
Wheatley
Oxford
OX33 1XW
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Page 2
Channel Solutions Resource Limited
Balance Sheet
As At 30 September 2024
Balance Sheet
Registered number: 08796120
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 - 465
Tangible Assets 5 10,240 7,391
10,240 7,856
CURRENT ASSETS
Stocks 61,065 85,000
Debtors 6 237,770 268,970
Cash at bank and in hand 26,234 127,350
325,069 481,320
Creditors: Amounts Falling Due Within One Year 7 (228,119 ) (186,237 )
NET CURRENT ASSETS (LIABILITIES) 96,950 295,083
TOTAL ASSETS LESS CURRENT LIABILITIES 107,190 302,939
Creditors: Amounts Falling Due After More Than One Year 8 (405,785 ) (419,533 )
NET LIABILITIES (298,595 ) (116,594 )
CAPITAL AND RESERVES
Called up share capital 9 114 114
Share premium account 99,986 99,986
Profit and Loss Account (398,695 ) (216,694 )
SHAREHOLDERS' FUNDS (298,595) (116,594)
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Channel Solutions Resource Limited
Balance Sheet (continued)
As At 30 September 2024
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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
Mr Donald Moore
Director
25 September 2025
The notes on pages 4 to 7 form part of these financial statements.
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Channel Solutions Resource Limited
Notes to the Financial Statements
For The Year Ended 30 September 2024
Notes to the Financial Statements
1. General Information
Channel Solutions Resource Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08796120 . The registered office is Unit 6, Wheatley Business Centre, Old London Road, Wheatley, Oxford, OX33 1XW.
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. Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual property assets are initially recognised at cost. It is amortised to the profit and loss account over its estimated economic life of 10 years.
2.4. 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:
Plant & Machinery 25%
Motor Vehicles 25%
Fixtures & Fittings 25%
Computer Equipment 25%
2.5. 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.
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Channel Solutions Resource Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 September 2024
3. Average Number of Employees
Average number of employees, including directors, during the year was: 14 (2023: 13)
14 13
4. Intangible Assets
Intellectual Property
£
Cost
As at 1 October 2023 5,700
As at 30 September 2024 5,700
Amortisation
As at 1 October 2023 5,235
Provided during the period 465
As at 30 September 2024 5,700
Net Book Value
As at 30 September 2024 -
As at 1 October 2023 465
5. Tangible Assets
Plant & Machinery etc.
£
Cost
As at 1 October 2023 24,859
Additions 6,447
As at 30 September 2024 31,306
Depreciation
As at 1 October 2023 17,468
Provided during the period 3,598
As at 30 September 2024 21,066
Net Book Value
As at 30 September 2024 10,240
As at 1 October 2023 7,391
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Channel Solutions Resource Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 September 2024
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 116,374 149,459
Amounts owed by group undertakings 84,189 86,071
Other debtors 37,207 33,440
237,770 268,970
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 121,533 118,793
Bank loans and overdrafts 10,000 10,000
Other creditors 66,620 34,663
Taxation and social security 29,966 22,781
228,119 186,237
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans - BBL > 1yr 7,500 17,500
Other creditors 398,285 402,033
405,785 419,533
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 114 114
10. Related Party Transactions
Transactions with directors and former director
Included in other creditors falling due after 1 year is the carrying amount of £398,285 (2023: £402,033) of loans made to the company by non-shareholder directors and a former director at 2% rate of interest. The carrying amount is the present value of future payments, at a discount rate of 10% on similar loans, needed to settle the face value of the loans which amounted to £460,800 at the year end. Further details of each director's loan are provided below.
Zhen Liu (former director)
The nominal loan amount is £60,800 (2023: £80,000). The principal is payable over a term of 8 years and interest free.
...CONTINUED
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Channel Solutions Resource Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 September 2024
10. Related Party Transactions - continued
Yue Mu
The nominal loan amount is £200,000. This is at an interest rate of 2% per annum and the principal sum payable after 2025.
Jin Lu
The nominal loan amount is £200,000. This is at an interest rate of 2% per annum and the principal sum payable after 2025.
11. Ultimate Controlling Party
The company's ultimate controlling party is Solutions Resource Group Ltd by virtue of his ownership of 100% of the issued share capital in the company.
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