Newsource Commercial Finance Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 08374586 (England and Wales)

FINANCIAL STATEMENTS

FOR THE PERIOD 1 APRIL 2024 TO 30 APRIL 2025

FOR

NEWSOURCE COMMERCIAL FINANCE LIMITED

Page

Balance Sheet

1

Notes to the Financial Statements

2

FIXED ASSETS

Tangible assets

4

2,433

2,077

CURRENT ASSETS

Debtors

5

109,619

110,372

Cash at bank

55,236

58,735

164,855

169,107

CREDITORS

Amounts falling due within one year

6

(124,142

)

(118,448

)

NET CURRENT ASSETS

40,713

50,659

TOTAL ASSETS LESS CURRENT
LIABILITIES

43,146

52,736

PROVISIONS FOR LIABILITIES

(608

)

(519

)

NET ASSETS

42,538

52,217

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

42,438

52,117

42,538

52,217

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 January 2026 and were signed on its behalf by:

D J Booth - Director

1.	STATUTORY INFORMATION

Newsource Commercial Finance Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

08374586

Registered office:

Riverside House

Irwell Street

United Kingdom

Manchester

M3 5EN

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis, the functional and presentation currency is £ sterling.

Preparation of consolidated financial statements

The financial statements contain information about Newsource Commercial Finance Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, , .

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 wholly owned subsidiaries within the group.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Office furniture and equipment

-

25% on cost

Computer equipment

-

33% on cost

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised 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, which include trade debtors, amounts owed by group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

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, including trade creditors, other creditors, and amounts owed to group undertakings, that are classified as debt, 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 are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continues to adopt the going concern basis of accounting in preparing the financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 7 (2024 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Office

furniture

and

Computer

equipment

Totals

£

COST

At 1 April 2024

4,195

1,221

5,416

Additions

510

765

1,275

At 30 April 2025

4,705

1,986

6,691

DEPRECIATION

At 1 April 2024

2,936

403

3,339

Charge for period

640

279

919

At 30 April 2025

3,576

682

4,258

NET BOOK VALUE

At 30 April 2025

1,129

1,304

2,433

At 31 March 2024

1,259

818

2,077

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

(Unaudited)

£

Amounts owed by group undertakings

100,000

Other debtors

9,619

10,372

109,619

110,372

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

(Unaudited)

£

Bank loans and overdrafts

-

10,273

Trade creditors

2,564

-

Amounts owed to group undertakings

59,561

-

Taxation and social security

60,517

96,675

Other creditors

1,500

11,500

124,142

118,448

7.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Frederick Norman (Senior Statutory Auditor)

for and on behalf of Harold Sharp Limited

8.	ULTIMATE CONTROLLING PARTY

The company's immediate parent company is Reach Commercial Finance Limited, whose registered office is Riverside House, Irwell Street, Manchester, M3 5EN.

On 19 August 2025 as a result of new equity investment, the ultimate parent company changed to Maximus Topco Limited whose registered office is Riverside House, Irwell Street, Manchester , M3 5EN.

At the reporting date,the smallest and largest group of which Newsource Commercial Finance is a member and for which consolidated financial statements are prepared is Project Hallelujah Bidco Limited. Copies of the consolidated accounts can be obtained from Companies House, Cardiff.

The directors are of the opinion that there is no ultimate controlling party of Project Hallelujah Bidco Limited.