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Company Registration No. 12005477 (England and Wales)
New Source Ltd Unaudited accounts for the year ended 31 May 2025
New Source Ltd Unaudited accounts Contents
Page
Company information
3
Accountants' report
4
Statement of financial position
5
Notes to the accounts
6
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New Source Ltd Company Information for the year ended 31 May 2025
Directors
Ioana Rotaru Marinela-Luminita Dancescu
Company Number
12005477 (England and Wales)
Registered Office
Flat 11, Hines Lodge 70 Lankaster Gardens London N2 9FG GB
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Chartered Management Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of New Source Ltd for the year ended 31 May 2025
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of New Source Ltd for the year ended 31 May 2025 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.
As a CIMA Registered Member in Practice and Practising Certificate holder, I am subject to its ethical and other professional requirements which are detailed at https://www.cimaglobal.com/Members/Your-Membership-Information/Members-handbook/Licensing-and-monitoring/Members-in-practice/
This report is made solely to the Board of Directors of New Source Ltd, as a body, in accordance with the terms of our engagement letter dated 1 October 2019. Our work has been undertaken solely to prepare for your approval the accounts of New Source Ltd and state those matters that we have agreed to state to the Board of Directors of New Source Ltd, as a body, in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than New Source Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that New Source Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of New Source Ltd. You consider that New Source Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of New Source Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Member in Practice 7 January 2026
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New Source Ltd Statement of financial position as at 31 May 2025
2025
2024
Notes
£
£
Fixed assets
Tangible assets
4
34,727
500
Investments
26,078
26,078
60,805
26,578
Current assets
Debtors
509,551
597,018
Cash at bank and in hand
97,226
107,684
606,777
704,702
Creditors: amounts falling due within one year
(344,127)
(421,413)
Net current assets
262,650
283,289
Total assets less current liabilities
323,455
309,867
Creditors: amounts falling due after more than one year
(22,090)
(31,756)
Net assets
301,365
278,111
Capital and reserves
Called up share capital
100
100
Profit and loss account
301,265
278,011
Shareholders' funds
301,365
278,111
For the year ending 31 May 2025 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.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 6 January 2026 and were signed on its behalf by
Ioana Rotaru Director Company Registration No. 12005477
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New Source Ltd Notes to the Accounts for the year ended 31 May 2025
1
Statutory information
New Source Ltd is a private company, limited by shares, registered in England and Wales, registration number 12005477. The registered office is Flat 11, Hines Lodge, 70 Lankaster Gardens, London, N2 9FG, GB.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
These financial accounts 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 financial statements are prepared in Sterling (£), which is functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound. The financial statements have been prepared under the historical cost convention.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net to VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and material, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
Presentation currency
The accounts are presented in £ sterling.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Cash at bank and in hand
Cash at bank and in hand are basic financial asset and include cash in hand, deposits held with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
Holiday Accrual
Holiday payable of the staff for the year are accrued as per statutory holiday entitlement.
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New Source Ltd Notes to the Accounts for the year ended 31 May 2025
Tangible fixed assets and depreciation
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using written down value method. The asset’s residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. Computer Equipment at 20% Furniture and Fixtures at 15%
Fixtures & fittings
34327
Computer equipment
400
Factoring Charges
The company has a factoring facility, under which client invoices are assigned to the factor in exchange for immediate working capital.
Employment Allowance
The company claimed the Employment Allowance for the 2024/2025 tax year, as it met the eligibility criteria under HMRC guidelines. The claim was submitted via the Employer Payment Summary (EPS), and the allowance was applied to reduce the employer’s Class 1 National Insurance contributions during the year.
4
Tangible fixed assets
Total
£
Cost or valuation
At 1 June 2024
500
Additions
35,554
At 31 May 2025
36,054
Depreciation
Charge for the year
1,327
At 31 May 2025
1,327
Net book value
At 31 May 2025
34,727
At 31 May 2024
500
Provisions are measured at the best estimate (including risks and uncertainties) of the expenditure required to settle the present obligation, and reflects the present value of expenditures required to settle the obligation.
6
Average number of employees
During the year the average number of employees was 54 (2024: 61).
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